Document:

Election Form for the Performance Share Deferral Program

 Exhibit 10.5 

Rayonier 

AGREEMENT TO DEFER PERFORMANCE SHARES 

(“PS Deferral Agreement”) 

The undersigned hereby irrevocably elects to defer receipt of the Performance Shares indicated below (the “Deferred Shares”), if any such
shares are earned for the specified Performance Period (the “Class Award Year”) under the Rayonier Incentive Stock Plan (the “Plan”). Terms not otherwise defined have the same meaning as in the Plan. The following terms shall
apply to the Deferred Shares: 
 1.
Name:                                       
                                         
                                         
            
 2. Class Award Year:    {Year} Class
Performance Shares payable January {Year} 
 3. Number of Deferred Shares (select A, B or C and input the amount): 

A. I would like to defer             % of shares awarded. 

B. I would like to defer              shares and receive any additional
shares awarded. 
 C. I would like to keep              shares
and defer all shares awarded in excess of that amount. 
 4. Employment Tax Liability (select A or B): 

Note: Employment taxes (Social Security and Medicare) are due at the time the shares are awarded, regardless of a deferral election.

  

					
	A.	 	            	 	I elect to have enough whole shares withheld from my deferral to cover my employment tax liability.
			
	B.	 	            	 	I elect to pay my employment taxes in cash.

 5. Timing of
Payout (select A, B or C): 
  

					
	A.	 	            	 	I elect to have my Deferred Shares payable upon termination of my employment with Rayonier.
			
	B.	 	            	 	I elect to have my Deferred Shares payable in January of the year following termination of my employment with Rayonier.
			
	C.	 	            	 	I elect to have my Deferred Shares payable in the month / year of              /
             (not earlier than February {Year}).

 6. Form
of Payout (select A or B): 
  

					
	A.	 	            	 	Lump sum.
			
	B.	 	            	 	Annual installments payable over              years (not to exceed 10 years).

7. Additional Terms. 

Additional terms applicable to this PS Deferral Agreement appear on the Uniform Terms 

Addendum attached hereto. 

CONSULT THE PLAN AND YOUR LEGAL AND/OR FINANCIAL ADVISOR ABOUT THE ADVISABILITY OF MAKING THIS ELECTION GIVEN YOUR PARTICULAR
CIRCUMSTANCES. 
  

							
	  
	  		  	  
	  	
				
	Employee’s Signature	  		  	Date	  	

 PS DEFERRAL AGREEMENT — UNIFORM TERMS ADDENDUM 

Additional Terms Applicable to Your Deferred Shares 

 
  
  

			
	 •    Notional Earnings
	  	The Company will credit a PS Deferral Account under the Excess Deferred Compensation and Savings Plan with an amount equal to the value of any dividends that would have been paid
had the Deferred Shares been issued to you. Interest on such dividends will be earned at a rate equal to 120% of the long term Applicable Federal Rate as such rate is published by the Internal Revenue Service, adjusted monthly, from the date such
dividends were paid by the Company. Amounts accrued in the Deferral Account will be payable to you at the time of payout of the Deferred Shares.

  

 
  

			
	 •    Section 409A Rules
	  	This PS Deferral Agreement is governed by the rules of Section 409A of the Internal Revenue Code, the Treasury Regulations promulgated thereunder and published guidance of the
Internal Revenue Services (together, the “Section 409A Rules”).

  

 
  

			
	
	 •    Early Termination of Deferral

		
	 Change in Control
	  	The Deferral Period shall end upon a Change in Control as defined in the Section 409A Rules.
		
	 Capital Transactions
	  	The Compensation and Management Development Committee of the Board of Directors shall establish rules governing the Deferred Shares in the event of a capital transaction
identified in Section 13 of the Plan, which may include (a) crediting the PS Deferral Account with the value of any stock dividend or stock split, (b) transferring the shares to a trustee under a rabbi trust to hold the Deferred Shares and any
shares received or exchanged in the capital transaction or (c) such other mechanism determined by the Committee in its discretion to reflect the Capital Transaction, including termination of the deferral and issuance of the Deferred Shares in a
timely manner to participate directly in the capital transaction but only if such action is permitted at the time without resulting in a penalty under the Section 409A Rules.

 
  
  

			
	 •    Further Deferral
	  	The Deferral Period may be extended for not less than an additional 5 years upon a Further Deferral Election under current Section 409A Rules. This election must be made not less
than one year prior to the date payments of Deferred Shares are scheduled to begin.

  

 
  

			
	 •    Eligibility
	  	Only employees with a base salary of $170,000 or more are eligible to enter into a PS Deferral AgreementFive Year Revolving Credit Agreement

 EXHIBIT 10.6 

EXECUTION COPY 

U.S. $250,000,000 

FIVE-YEAR REVOLVING CREDIT AGREEMENT 

Among 

RAYONIER INC., 

RAYONIER TRS HOLDINGS INC., 

and 

RAYONIER FOREST RESOURCES, L.P., 

as Borrowers 

and 

The Several Lenders from Time to Time Parties Hereto, 

The Issuing Banks from Time to Time Parties Hereto, 

CREDIT SUISSE, 

as Administrative Agent, 

CREDIT SUISSE SECURITIES (USA) LLC, 

as Sole Bookrunner, 

CREDIT SUISSE SECURITIES (USA) LLC and BANK OF AMERICA, N.A., 

as Co-Syndication Agents 

JPMORGAN CHASE BANK, SUN TRUST BANK 

and THE BANK OF NEW YORK, 

as Co-Documentation Agents 

and 

CREDIT SUISSE SECURITIES (USA) LLC, 

BANC OF AMERICA SECURITIES LLC 

as Joint Lead Arrangers 

Dated as of August 4, 2006 

 TABLE OF CONTENTS 

 

			
	 	  	Page
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	1
		
	 SECTION 1.01. Certain Defined Terms
	  	1
	 SECTION 1.02. Computation of Time Periods
	  	28
	 SECTION 1.03. Accounting Terms
	  	28
		
	 ARTICLE II AMOUNTS AND TERMS OF THE REVOLVING CREDIT ADVANCES
	  	28
		
	 SECTION 2.01. The Revolving Credit Advances
	  	28
	 SECTION 2.02. Making the Revolving Credit Advances
	  	29
	 SECTION 2.03. Letters of Credit
	  	30
	 SECTION 2.04. Fees
	  	35
	 SECTION 2.05. Termination or Reduction of the Commitments
	  	36
	 SECTION 2.06. Repayment of Revolving Credit Advances
	  	36
	 SECTION 2.07. Interest on Revolving Credit Advances
	  	36
	 SECTION 2.09. Inability to Determine Interest Rate
	  	38
	 SECTION 2.10. Conversion of Revolving Credit Advances
	  	38
	 SECTION 2.11. Prepayments of Revolving Credit Advances
	  	39
	 SECTION 2.12. Increased Costs
	  	39
	 SECTION 2.13. Illegality
	  	40
	 SECTION 2.14. Payments
	  	40
	 SECTION 2.15. Taxes
	  	41
	 SECTION 2.16. Sharing of Payments, Etc
	  	44
	 SECTION 2.17. Evidence of Debt
	  	45
	 SECTION 2.18. Use of Proceeds
	  	45
	 SECTION 2.19. Increase in the Aggregate Commitments
	  	45
		
	 ARTICLE III CONDITIONS PRECEDENT
	  	47
		
	 SECTION 3.01. Conditions Precedent to Closing Date
	  	47
	 SECTION 3.02. Conditions Precedent to Each Loan Event
	  	49
	 SECTION 3.03. Conditions Precedent to Additional Borrower Effective Date
	  	50
	 SECTION 3.04. Conditions Precedent to Additional Subsidiary Guarantor
	  	51
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	52
		
	 SECTION 4.01. Representations and Warranties of the Borrower
	  	52
		
	 ARTICLE V COVENANTS OF THE BORROWERS
	  	55
		
	 SECTION 5.01. Affirmative Covenants
	  	55
	 SECTION 5.02. Additional Rayonier’s Affirmative Covenants
	  	61
	 SECTION 5.03. Negative Covenants
	  	61
	 SECTION 5.04. Additional RFR’s Negative Covenants
	  	64
	 SECTION 5.05. Financial Covenants
	  	68

  

 ii 

			
	 ARTICLE VI EVENTS OF DEFAULT
	  	68
		
	 SECTION 6.01. Events of Default
	  	68
		
	 ARTICLE VII THE ADMINISTRATIVE AGENT
	  	72
		
	 SECTION 7.01. Authorization and Action
	  	72
	 SECTION 7.02. Administrative Agent’s Reliance, Etc
	  	72
	 SECTION 7.03. CS and Affiliates
	  	72
	 SECTION 7.04. Lender Credit Decision
	  	73
	 SECTION 7.05. Indemnification
	  	73
	 SECTION 7.06. Successor Administrative Agent
	  	74
	 SECTION 7.07. Other Administrative Agents
	  	74
		
	 ARTICLE VIII MISCELLANEOUS
	  	74
		
	 SECTION 8.01. Amendments, Etc
	  	74
	 SECTION 8.02. Notices, Etc
	  	75
	 SECTION 8.03. No Waiver; Remedies
	  	75
	 SECTION 8.04. Costs and Expenses
	  	75
	 SECTION 8.05. Right of Set-off
	  	77
	 SECTION 8.06. Binding Effect
	  	77
	 SECTION 8.07. Assignments and Participations
	  	78
	 SECTION 8.08. Confidentiality
	  	82
	 SECTION 8.09. Governing Law
	  	82
	 SECTION 8.10. Execution in Counterparts
	  	82
	 SECTION 8.11. Jurisdiction, Etc
	  	82
	 SECTION 8.12. Waiver of Jury Trial
	  	83

  

 iii 

 Schedules 

 

					
	 Schedule I
	  	-	    	 Commitment Amounts and Applicable Lending Offices

			
	 Schedule 4.01(g)
	  	-	    	 Disclosed Litigation

			
	 Schedule 4.01(l)
	  	-	    	 Environmental Matters

			
	 Schedule 4.01(o)
	  	-	    	 Post Retirement Benefit Obligations

			
	 Schedule 5.03(b)
	  	-	    	 Existing Liens

			
	 Schedule 5.04(b)
	  	-	    	 Existing Investments

			
	 Schedule 5.04(e)
	  	-	    	 Existing Subsidiary Payment Restrictions

Exhibits 
  

					
	 Exhibit A
	  	-	    	Form of Revolving Credit Promissory Note
			
	 Exhibit B
	  	-	    	 Form of Notice of Revolving Credit Borrowing

			
	 Exhibit C-1
	  	-	    	 Form of Guarantee Agreement

			
	 Exhibit C-2
	  	-	    	 Form of RFR Subsidiary Guarantee Agreement

			
	 Exhibit C-3
	  	-	    	 Form of TRS Subsidiary Guarantee Agreement

			
	 Exhibit C-4
	  	-	    	 Form of Subsidiary Guarantee Agreement

			
	 Exhibit D-1
	  	-	    	 Form of Opinion of Rayonier’s Vice President and General Counsel

			
	 Exhibit D-2
	  	-	    	 Form of Opinion of Counsel for the Borrowers

			
	 Exhibit D-3
	  	-	    	 Form of Opinion of Special New York Counsel for the Borrowers

			
	 Exhibit E
	  	-	    	 Form of Closing Certificate

			
	 Exhibit F
	  	-	    	 Form of Assignment and Acceptance

			
	 Exhibit G
	  	-	    	 Form of Additional Borrower Designation

			
	 Exhibit H
	  	-	    	 Form of Additional Subsidiary Guarantor Designation

 

 iv 

 FIVE-YEAR REVOLVING CREDIT AGREEMENT, dated as of August 4, 2006 (as supplemented,
modified and amended from time to time, the “Agreement”), among RAYONIER INC., a North Carolina corporation (“Rayonier”), RAYONIER TRS HOLDINGS INC., a Delaware corporation (“TRS”), RAYONIER FOREST
RESOURCES, L.P., a Delaware limited partnership (“RFR”) and any Additional Borrower (each of Rayonier, TRS, RFR and any Additional Borrower being referred to herein individually as a “Borrower” and collectively as
the “Borrowers”), the several banks, financial institutions and other institutional lenders from time to time party hereto (the “Lenders”), the issuing banks from time to time party hereto (the “Issuing
Banks”), CREDIT SUISSE, acting through one or more of its branches (“Credit Suisse” or “CS”)), as Administrative Agent (in such capacity, the “Administrative Agent”), CREDIT SUISSE
SECURITIES (USA) LLC (“Credit Suisse Securities”), as Sole Bookrunner, CREDIT SUISSE SECURITIES (USA) LLC and BANK OF AMERICA, N.A., as Co-Syndication Agents, JPMORGAN CHASE BANK, SUN TRUST BANK and THE BANK OF NEW YORK, as
Co-Documentation Agents, and CREDIT SUISSE SECURITIES and BANC OF AMERICA SECURITIES LLC, as Joint Lead Arrangers. 
 PRELIMINARY
STATEMENTS 
 1. The Borrowers have requested that the Lenders extend credit to the Borrowers in an aggregate principal amount
of up to $250,000,000 in the form of revolving credit advances and letters of credit. 
 2. In consideration of the premises and
the mutual covenants herein contained and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

SECTION 1.01. CERTAIN DEFINED TERMS . As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined): 

“Acquired Debt” means, with respect to any specified Person (a) Debt of any other Person existing at
the time such other Person merged with or into or became a Subsidiary of such specified Person, including Debt incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a Subsidiary of such specified
Person and (b) Debt encumbering any asset acquired by such specified Person. 
 “Additional
Borrower” means a domestic Subsidiary of Rayonier designated by Rayonier as a borrower hereunder (such designation to be in the form of Exhibit G hereto), and as to which the Additional Borrower Effective Date shall have occurred,
provided that: 

 (a) such Subsidiary shall be a direct Subsidiary of Rayonier, the accounts
and financial reports of which shall be consolidated with Rayonier in accordance with GAAP; 
 (b) only one such
designation may be made by Rayonier hereunder; and 
 (c) as of the Additional Borrower Effective Date,
(i) Rayonier shall have transferred to such Additional Borrower all assets and properties of Rayonier, including, without limitation, all capital stock and other equity interests in all direct Subsidiaries of Rayonier, (ii) such Additional
Borrower shall have assumed all liabilities and obligations of Rayonier, and (iii) for all purposes of this Agreement, (A) all Revolving Credit Advances owing by Rayonier and then outstanding shall be deemed to be Revolving Credit Advances
made to and owing by such Additional Borrower, and (B) all Letters of Credit issued for the account of Rayonier and then outstanding shall be deemed to be Letters of Credit issued for the account of such Additional Borrower and such Additional
Borrower shall have full liability in respect thereof to the same extent as though such Letters of Credit had been issued for the account of such Additional Borrower hereunder. 

“Additional Borrower Assumption Agreement” has the meaning specified in Section 3.03(a). 

“Additional Borrower Effective Date” means, with respect to any Additional Borrower, the date on which
all conditions set forth in Section 3.03 shall have been satisfied or waived by the Required Lenders. 

“Additional Subsidiary Guarantor” means a domestic Subsidiary of Rayonier that is not a Subsidiary of TRS
or RFR and that is designated by Rayonier as a Subsidiary Guarantor hereunder (such designation to be in the form of Exhibit H hereto), provided that (a) such Subsidiary shall be a direct or indirect Subsidiary of Rayonier (or, after any
Additional Borrower Effective Date, the Additional Borrower) the accounts and financial reports of which shall be consolidated with Rayonier in accordance with GAAP, (b) each Subsidiary of Rayonier (or, after any Additional Borrower Effective
Date, the Additional Borrower) that directly or indirectly holds any interest in the Capital Stock of such Subsidiary shall also be an Additional Subsidiary Guarantor, and (c) the conditions set forth in Section 3.04 with respect to such
Subsidiary shall have been satisfied or waived by the Required Lenders. 
 “Additional Subsidiary
Guarantor Guarantee Agreement” means a guarantee agreement among one or more Additional Subsidiary Guarantors and CS, as Administrative Agent, pursuant to which each such Additional Subsidiary Guarantor guarantees all obligations of
Rayonier, TRS, RFR and any Additional Borrower under this Agreement, such agreement to be substantially in the form of Exhibit C-4 hereto. 

“Adjusted Asset Sales Amount” means $100,000,000 as increased by 10% of the purchase price of Asset
Acquisitions (other than like-kind exchanges) subsequent to the Closing Date. 
  

 2 

 “Administrative Agent’s Account” means the account of
the Administrative Agent maintained by the Administrative Agent at The Bank of New York, ABA No. 02100018, Account No. 8900492627, Attn: Agency Cayman, Reference: Rayonier or such other account as the Administrative Agent may designate
from time to time by notice to Rayonier and the Lenders. 
 “Affiliate” means, as to any Person,
any other Person that, directly or indirectly, controls, is controlled by or is under common control with such Person or is a director or officer of such Person. For purposes of this definition, the term “control” (including the terms
“controlling”, “controlled by” and “under common control with”) of a Person means the possession, direct or indirect, of the power to vote 5% or more of the Voting Stock of such Person or to direct or cause the
direction of the management and policies of such Person, whether through the ownership of Voting Stock, by contract or otherwise. 

“Alternate Base Rate” shall mean, on any particular date, a rate of interest per annum equal to the
higher of 
 (a) the rate of interest per annum announced from time to time by CS as its prime rate in effect at
its principal office in New York City (which rate is not necessarily intended to be the lowest rate of interest charged by CS in connection with extensions of credit); and 

(b) the Federal Funds Rate for such date plus 0.50%. 

If for any reason the Administrative Agent shall have determined (which determination shall be conclusive absent manifest error) that it
is unable to ascertain the Federal Funds Rate, for any reason, including the inability or failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms hereof, the Alternate Base Rate shall be determined with out
regard to clause (b) above until the circumstances giving rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in the prime rate or the Federal Funds Rate shall be effective as of the effective day of
such change in the prime rate or the Federal Funds Rate, respectively. 
 “Alternate Base Rate
Advance” means a Revolving Credit Advance that bears interest as provided in Section 2.07(a)(i). 

“Applicable Lending Office” means, with respect to each Lender, such Lender’s Domestic Lending
Office in the case of an Alternate Base Rate Advance and such Lender’s Eurodollar Lending Office in the case of a Eurodollar Rate Advance. 

“Applicable Margin” means (a) for Alternate Base Rate Advances, 0% per annum and (b) for
Eurodollar Rate Advances, as of any date, a percentage per annum determined by reference to the Corporate Credit Rating in effect on such date as set forth below: 

 

 3 

			
	 Corporate Credit Rating
S&P/Moody’s
	  	 Applicable Margin for
Eurodollar Rate
Advances

	 Level 1

BBB+ or Baa1 or above
	  	0.320%
		
	 Level 2

Lower than Level 1 but at least BBB or Baa2
	  	0.400%
		
	 Level 3

Lower than Level 2 but at least BBB- and Baa3
	  	0.475%
		
	 Level 4

Lower than Level 3 (or Levels 1, 2 and 3 otherwise not applicable) but at least BBB- or Baa3
	  	0.600%
		
	 Level 5

Lower than Level 4 but at least BB+ and Ba1
	  	0.675%
		
	 Level 6

Lower than Level 5 (or Levels 1-5 otherwise not applicable)
	  	1.025%

“Asset Acquisition” means (a) an Investment by RFR or any Restricted Subsidiary in any other Person
pursuant to which such Person shall become a Restricted Subsidiary or shall be merged with or into RFR or any Restricted Subsidiary, (b) the acquisition by RFR or any Restricted Subsidiary of the assets of any Person (other than a Restricted
Subsidiary) which constitute all or substantially all of the assets of such Person, (c) the acquisition by RFR or any Restricted Subsidiary of merchantable Timber or Timberlands outside the ordinary course of business, or (d) the
acquisition by RFR or any Restricted Subsidiary of any division or line of business of any Person (other than a Restricted Subsidiary). 

“Asset Sale” means “Asset Sale” as such term is defined in the Installment Note Agreement as in
existence as of the date hereof. 
 “Assignment and Acceptance” means an assignment and
acceptance entered into by a Lender and an Eligible Assignee, and accepted by the Administrative Agent, in the form of Exhibit F hereto (or such other form as may be acceptable to the Administrative Agent). 

“Assuming Lender” has the meaning specified in Section 2.19(d). 

“Assumption Agreement” has the meaning specified in Section 2.19(d)(ii). 

“Attributable Debt” means, with respect to any Sale and Leaseback Transaction not involving a Capital
Lease, as of any date of determination, the total obligation (discounted to present value at the rate of interest implicit in the lease included in such transaction) of the lessee for rental payments (other than amounts required to be paid on

  

 4 

 
account of property taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items which do not constitute payments for property rights) during the
remaining portion of the term (including extensions which are at the sole option of the lessor) of the lease included in such transaction (in the case of any lease which is terminable by the lessee upon a payment of a penalty, such rental obligation
shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated). 

“Available Cash” means, with respect to any Fiscal Quarter, 

(a) the sum of (i) all cash and cash equivalents of the Partnership Group on hand at the end of such Fiscal Quarter,
and (ii) all additional cash and cash equivalents of the Partnership Group on hand on the date of determination of Available Cash with respect to such Fiscal Quarter resulting from the Working Capital Borrowings made subsequent to the end of
such Fiscal Quarter, less 
 (b) the amount of any cash reserves that is necessary or appropriate in the
reasonable discretion of the Managing General Partner to (i) provide for the proper conduct of the business of the Partnership Group (including reserves for future capital expenditures and for anticipated future credit needs of the Partnership
Group) subsequent to such Fiscal Quarter, or (ii) comply with applicable law or any loan agreement, security agreement, mortgage, debt instrument or other agreement or obligation to which any Group Member is a party or by which it is bound or
its assets are subject. 
 For purposes of the definition of “Available Cash”, the following terms
shall have the following meanings: 
 “Group Member” means a member of the Partnership Group.

 “Partnership Group” means RFR and all its Subsidiaries, treated as a single Consolidated
entity. 
 “Working Capital Borrowings” means borrowings by the Partnership Group under any
Working Capital Facility giving rise to Debt incurred for working capital purposes and for the purpose of making distributions to RFR and its Subsidiaries. 

“Business Day” means a day of the year on which banks are not required or authorized by law to close in
New York City and, if the applicable Business Day relates to any Eurodollar Rate Advances, on which dealings are carried on in the London interbank market. 

“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or
mixed) by such Person (as lessee or guarantor or other surety) which would, in accordance with GAAP, be required to be classified and accounted for as a capital lease on a balance sheet of such Person. 

 

 5 

 “Capital Stock” means, with respect to any Person, any and
all shares, units representing interests, participations, rights in or other equivalents (however designated) of such Person’s capital stock, including (x) with respect to partnerships, partnership interests (whether general or limited)
and any other interest or participation that confers upon a Person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership, (y) with respect to limited liability companies, member interests,
and (z) with respect to any Person, any rights (other than debt securities convertible into capital stock), warrants or options exchangeable for or convertible into such capital stock. 

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as
amended. 
 “CERCLIS” has the meaning specified in Section 4.01(m). 

“Closing Date” means the date on which the conditions precedent set forth in Section 3.01 shall be
satisfied or waived by the Required Lenders. 
 “Commitment” means, with respect to any Lender
at any time (a) the amount set forth opposite such Lender’s name as its “Commitment Amount” on Schedule I hereto, or (b) if such Lender has entered into any Assignment and Acceptance, the amount set forth for such Lender in
the Register maintained by the Administrative Agent pursuant to Section 8.07(d), as such amount may be reduced pursuant to Section 2.05. 

“Commitment Date” has the meaning specified in Section 2.19(b). 

“Commitment Increase” has the meaning specified in Section 2.19(a). 

“Commitment Percentage” means, as to any Lender at any time, the percentage which such Lender’s
Commitment then constitutes of the aggregate Commitments (or, at any time after the Closing Date, the percentage which the aggregate principal amount of such Lender’s Revolving Credit Advances and its proportionate interest in LC Exposure then
outstanding constitutes of the aggregate principal amount of the Revolving Credit Advances and LC Exposure then outstanding). 

“Confidential Information” means (a) any financial information that relates specifically to the
assets, results of operations or financial condition of any Loan Party or its Subsidiaries, or (b) any other information that any Borrower furnishes to the Administrative Agent or any Lender or Issuing Bank in a writing designated as
confidential, but “Confidential Information” does not include any such information under clause (a) or (b) that is or becomes generally available to the public or that is or becomes available to the Administrative Agent or such
Lender or Issuing Bank from a source other than any Borrower, that to the knowledge of the Administrative Agent or such Lender or Issuing Bank, as the case may be, is not acting in violation of a confidentiality agreement with any Borrower.

  

 6 

 “Consolidated” refers to the consolidation of accounts in
accordance with GAAP. 
 “Consolidated Assets” means on any date of determination, all amounts
that are or should, in accordance with GAAP be included under assets on a Consolidated balance sheet of any Person and its Subsidiaries determined in accordance with GAAP as at such date. 

“Consolidated Cash Flow Available for Fixed Charges” means, with respect to RFR and its Restricted
Subsidiaries for any period, the sum of, without duplication, the amounts for such period, taken as a single accounting period, of (a) RFR Consolidated Net Income, (b) Consolidated Non-Cash Charges, (c) Consolidated Interest Expenses,
and (d) Consolidated Income Tax Expense. 
 “Consolidated Fixed Charges” means, with
respect to RFR and its Restricted Subsidiaries for any period, the sum of, without duplication, (a) the amount for such period of Consolidated Interest Expense and (b) the product of (i) the aggregate amount of dividends and other
distributions paid or accrued during such period in respect of Preferred Stock and Redeemable Capital Stock of Restricted Subsidiaries on a Consolidated basis and (ii) a fraction, the numerator of which is one and the denominator of which is
one minus the then applicable current combined federal, state and local statutory tax rate, expressed as a percentage. 

“Consolidated Income Tax Expense” means, with respect to any period, all provisions for federal, state,
local and foreign income taxes of RFR and its Restricted Subsidiaries for such period as determined on a Consolidated basis in accordance with GAAP. 

“Consolidated Interest Expense” means, with respect to RFR and its Restricted Subsidiaries for any
period, without duplication, the sum of (a) the interest expense (not including any amounts paid or accrued in respect of any Preferred Stock or Redeemable Capital Stock) of RFR and its Restricted Subsidiaries for such period as determined on a
Consolidated basis in accordance with GAAP, including, without limitation, (i) any amortization of debt discount, (ii) the net cost under Interest Rate Agreements, (iii) the interest portion of any deferred payment obligation,
(iv) all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financings that constitute Debt, and (v) all accrued interest and (b) the interest component of Capital
Leases paid, accrued or scheduled to be paid or accrued by RFR and its Restricted Subsidiaries during such period as determined on a Consolidated basis in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any specified Person for any period, Consolidated net
income (or loss) of such Person and its Subsidiaries for such period determined on a Consolidated basis in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any other Person accrued prior to the
date 
  

 7 

 
it becomes a Subsidiary of such specified Person or is merged into or Consolidated with such specified Person or any of its Subsidiaries and (b) the undistributed earnings of any Subsidiary
of such specified Person to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any contractual obligation or requirement of law applicable to such
Subsidiary. 
 “Consolidated Non-Cash Charges” means, with respect to RFR and its Restricted
Subsidiaries for any period, the aggregate depreciation, depletion, amortization and any other non-cash charges (including, without limitation, the non-cash cost basis of land sold), in each case reducing RFR Consolidated Net Income for such period,
determined on a Consolidated basis in accordance with GAAP. 
 “Consolidated Tangible Net Worth”
means, with respect to any Person as of any date of determination, the excess of total assets over total liabilities, total assets and total liabilities each to be determined in accordance with GAAP, excluding, however, from the
determination of total assets, (a) goodwill, experimental or organizational expenses, research and development expenses, franchises, trademarks, service marks, trade names, copyrights, patents, patent applications, licenses and rights in any
thereof, and other similar intangibles, (b) all unamortized debt discount and expense, (c) treasury stock and Capital Stock, obligations or other securities of, or capital contributions to, or investments in, any Subsidiary, and
(d) any items not included in clauses (a) through (c) above which are treated as intangibles in conformity with GAAP, in each case, determined on a Consolidated basis and in accordance with GAAP. 

“Control” means (a) the possession of the power to direct or cause the direction of the management
or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise and (b) such other control, if any, required under GAAP for the consolidation of financial statements between the Person having such control
and such other Person. 
 “Convert”, “Conversion” and
“Converted” each refers to a conversion of Revolving Credit Advances of one Type into Revolving Credit Advances of the other Type pursuant to Section 2.09 or 2.10. 

“Corporate Credit Rating” means, as of any date, the rating that has been most recently announced by
either S&P or Moody’s, as the case may be, as the “corporate rating” or “corporate family rating” of Rayonier. For purposes of the foregoing, (i) if neither S&P nor Moody’s shall have in effect a Corporate
Credit Rating, the Applicable Margin and the Facility Fee will be set in accordance with Level 6 under the definitions of such terms; (ii) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as
of the date on which such change is first announced publicly by the rating agency making such change; and (iii) if S&P or Moody’s shall change the basis on which ratings are established, each reference to the Corporate Credit Rating
announced by S&P or Moody’s, as the case may be, shall refer to the then equivalent rating by S&P or Moody’s, as the case may be. 
  

 8 

 “Debt” of any Person means, without duplication,
(a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of such Person’s business
and that are not overdue for a period that is not consistent with the ordinary course of business of such Person), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all obligations
of such Person created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of
default are limited to repossession or sale of such property), (e) all obligations of such Person as lessee under leases that have been or should be, in accordance with GAAP, recorded as capital leases, (f) all obligations, contingent or
otherwise, of such Person in respect of acceptance, letter of credit or similar facilities (other than obligations under (i) Trade Letters of Credit, (ii) performance bonds or letters of credit issued in connection with the purchase of
inventory, including prepaid timber stumpage, by Rayonier or any of its Subsidiaries in the ordinary course of business, (iii) performance bonds or letters of credit to secure obligations under workers’ compensation laws or similar
legislation, (iv) performance bonds or letters of credit issued for the account of Rayonier or any of its Subsidiaries to secure obligations under self-insurance programs to the extent permitted by the terms of this Agreement and in an
aggregate maximum available amount with respect to all such performance bonds and letters of credit not to exceed at any one time $20,000,000 and (v) performance bonds or letters of credit issued for the account of Rayonier or any of its
Subsidiaries not otherwise excluded from this definition in an aggregate maximum available amount with respect to all such performance bonds and letters of credit not to exceed at any one time $2,000,000, provided that in each case such
performance bond or letter of credit (including, without limitation, any Trade Letters of Credit but excluding performance bonds or letters of credit described in clause (f)(v) above) does not secure Debt), (g) all Guarantees issued by such
Person and (h) all Debt referred to in clauses (a) through (g) above secured by (or for which the holder of such Debt has an existing right, contingent or otherwise, to be secured by) any Lien on property (including, without
limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Debt. The Debt of any Person shall include the Debt of any partnership in which such Person is a general
partner, but shall not include obligations under a financial assurance statement that a Person is required to provide under Environmental Law in support of the closure and post-closure obligations of one or more of its Subsidiaries. 

“Default” means any Event of Default or any event that would constitute an Event of Default but for the
requirement that notice be given or time elapse or both. 
 “Default Interest” has the meaning
specified in Section 2.07(b). 
 “Disclosed Litigation” has the meaning specified in
Section 4.01(g). 
 “Domestic Lending Office” means, with respect to any Lender, the office
of such Lender specified as its “Domestic Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a Lender, or such other office of such Lender as such Lender may from time to
time specify to Rayonier and the Administrative Agent. 
  

 9 

 “EBITDA” means, for any Person during any period, earnings
(income) from continuing operations before the cumulative effect of accounting changes and any provision for dispositions, income taxes, interest expense and depreciation, depletion and amortization and the non-cash cost of timberland and real
estate sales, provided that, for purposes of calculating compliance with Section 5.05, the EBITDA attributable to any Person or business unit acquired by Rayonier or any of its Subsidiaries during any period of four full Fiscal Quarters
shall be included on a pro forma basis for such period of four full Fiscal Quarters (assuming the consummation of each such acquisition occurred on the first day of such period of four full Fiscal Quarters). 

“Eligible Assignee” means (a) any Lender; (b) an Affiliate of a Lender; (c) a commercial
bank organized under the laws of the United States, or any State thereof, and having total assets in excess of $10,000,000,000; (d) a commercial bank organized under the laws of any other country that is a member of the Organization for
Economic Cooperation and Development or has concluded special lending arrangements with the International Monetary Fund associated with its General Arrangements to Borrow or of the Cayman Islands, or a political subdivision of any such country, and
having total assets in excess of $10,000,000,000, so long as such bank is acting through a branch or agency located in the country in which it is organized or another country that is described in this clause (d); (e) the central bank of any
country that is a member of the Organization for Economic Cooperation and Development; and (f) any other Person approved by the Administrative Agent; provided, however, that (x) each Eligible Assignee shall maintain a branch
or representative office or similar presence in the United States and (y) no Borrower nor an Affiliate of any Borrower shall qualify as an Eligible Assignee. 

“Environmental Action” means any (a) administrative, regulatory or judicial action, suit, written
demand, demand letter, written claim, notice of noncompliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, Environmental Permit
or Hazardous Materials or arising from alleged injury or threat of injury to health, safety or the environment including, without limitation, (i) by any governmental or regulatory authority for enforcement, cleanup, removal, response, remedial
or other actions or damages and (ii) by any governmental or regulatory authority for damages, contribution, indemnification, cost recovery, compensatory or injunctive relief; and (b) any administrative, regulatory or judicial action, suit
or proceeding brought by any third party properly before a forum of competent jurisdiction relating in any way to any Environmental Law, Environmental Permit or Hazardous Materials or arising from alleged injury or threat of injury to health, safety
or the environment. 
 “Environmental Law” means any federal, state, local or foreign statute,
law, ordinance, rule, regulation, code, order, judgment or decree or any judicial or agency interpretation, policy or guidance binding on Rayonier or any Subsidiary of Rayonier relating to pollution or protection of the environment, health, safety
or natural resources, including, without limitation, those relating to the use, handling, transportation, treatment, storage, disposal, release or discharge of Hazardous Materials all as amended or hereafter amended. 

 

 10 

 “Environmental Permit” means any permit, approval,
identification number, license or other authorization required under any Environmental Law. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the
regulations promulgated and rulings issued thereunder. 
 “ERISA Affiliate” means any Person
that for purposes of Title IV of ERISA is a member of any Borrower’s controlled group, or under common control with any Borrower, within the meaning of Section 414 of the Internal Revenue Code. 

“ERISA Event” means (a) (i) the occurrence of a reportable event, within the meaning of
Section 4043 of ERISA, with respect to any Plan unless the 30-day notice requirement with respect to such event has been waived by the PBGC, or (ii) the requirements of subsection (1) of Section 4043(b) of ERISA (without regard
to subsection (2) of such Section) are met with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c)
of ERISA is reasonably expected to occur with respect to such Plan within the following 30 days; (b) the application for a minimum funding waiver with respect to a Plan; (c) the provision by the administrator of any Plan of a notice of
intent to terminate such Plan pursuant to Section 4041(a)(2) of ERISA (including any such notice with respect to a plan amendment referred to in Section 4041(e) of ERISA); (d) the cessation of operations at a facility of any Borrower
or any of its ERISA Affiliates in the circumstances described in Section 4062(e) of ERISA; (e) the withdrawal by any Borrower or any of its ERISA Affiliates from a Multiple Employer Plan during a plan year for which it was a substantial
employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for the imposition of a lien under Section 302(f) of ERISA or Section 412 (n) of the Internal Revenue Code shall have been met with respect to any Plan;
(g) the adoption of an amendment to a Plan requiring the provision of security to such Plan pursuant to Section 307 of ERISA; or (h) the institution by the PBGC of proceedings to terminate a Plan pursuant to Section 4042 of
ERISA, or the occurrence of any event or condition described in Section 4042 of ERISA that could constitute grounds for the termination of, or the appointment of a trustee to administer, a Plan. 

“Eurodollar Base Rate” means, with respect to any Eurodollar Rate Advance for any Interest Period, the
rate per annum determined by the Administrative Agent at approximately 11:00 a.m. (London time) on the date which is two (2) Business Days prior to the beginning of such Interest Period by reference to the British Bankers’ Association
Interest Settlement Rates for deposits in Dollars (as set forth by the Bloomberg Information Service or any successor thereto or any other service selected by the Administrative Agent which has been nominated by the British Bankers’ Association
as an authorized information vendor for the purpose of displaying such rates) for a period equal to such Interest Period; provided that, to the extent that an interest rate is not 

 

 11 

 
ascertainable pursuant to the foregoing provisions of this definition, the “Eurodollar Base Rate” shall be the interest rate per annum determined by the Administrative Agent to be the
average of the rates per annum at which deposits in Dollars are offered for such Interest Period to major banks in the London interbank market in London, England by the Administrative Agent at approximately 11:00 a.m. (London time) on the date which
is two (2) Business Days prior to the beginning of such Interest Period. 
 “Eurodollar Lending
Office” means, with respect to any Lender, the office of such Lender specified as its “Eurodollar Lending Office” opposite its name on Schedule I hereto or in the Assignment and Acceptance pursuant to which it became a Lender (or,
if no such office is specified, its Domestic Lending Office), or such other office of such Lender as such Lender may from time to time specify to Rayonier and the Administrative Agent. 

“Eurodollar Rate” means with respect to each day during each Interest Period pertaining to a Eurodollar
Rate Advance, a rate per annum determined for such day in accordance with the following formula: 
  

	
	 Eurodollar Base Rate

 
  

	 1.00 – Eurodollar Reserve Requirements

“Eurodollar Rate Advance” means a Revolving Credit Advance that bears interest as provided in
Section 2.07(a)(ii). 
 “Eurodollar Reserve Requirements” means, for any day as applied to
a Eurodollar Rate Advance, the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board of Governors of the Federal Reserve System and any
other banking authority, domestic or foreign, to which the Administrative Agent or any Lender (including any branch, Affiliate, or other fronting office making or holding a Revolving Credit Advance) is subject for Eurocurrency Liabilities (as
defined in Regulation D of such Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Rate Advances shall be deemed to constitute Eurocurrency Liabilities and to be subject to such reserve
requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D. Eurocurrency Reserve Requirements shall be adjusted automatically on and as of the
effective date of any change in any reserve percentage. 
 “Events of Default” has the meaning
specified in Section 6.01. 
 “Excess Harvest” means a harvest of Timber (including timber
deed, bulk, pay-as-cut and stumpage sales), to the extent in excess in the aggregate of the following limitations: (a) 140% of the Planned Volume during any fiscal year of RFR, (b) 135% of the Planned Volume during any period of two
consecutive fiscal years of RFR, (c) 130% of the Planned Volume during any period of three consecutive fiscal years of RFR, (d) 125% of the Planned Volume during any period of four consecutive fiscal years of RFR, and (e) 120% of the
Planned Volume during any period of five consecutive fiscal years of 
  

 12 

 
RFR. In the event that RFR or any of its Restricted Subsidiaries sells Timber pursuant to a timber deed, bulk, pay-as-cut or stumpage contract, the Timber shall be deemed harvested in equal
monthly amounts over the life of the contract, regardless of when the purchaser actually severs the Timber. 

“Excess Harvest Offer” has the meaning specified in Section 5.04(d). 

“Excess Harvest Proceeds” has the meaning specified in Section 5.04(d). 

“Existing Credit Agreement” means the Three-Year Credit Agreement dated as of November 24, 2003 by
and among Rayonier, TRS and RFR as borrowers, lenders from time to time parties thereto and CS, as administrative agent. 

“Facility Fee” means, as of any date, a percentage per annum determined by reference to the Corporate
Credit Rating in effect on such date as set forth below: 
  

			
	 Corporate Credit Rating
S&P/Moody’s
	  	 Facility Fee

	 Level 1

BBB+ or Baa1 or above
	  	0.080%
		
	 Level 2

Lower than Level 1 but at least BBB or Baa2
	  	0.100%
		
	 Level 3

Lower than Level 2 but at least BBB- and Baa3
	  	0.125%
		
	 Level 4

Lower than Level 3 (or Levels 1, 2 and 3 otherwise not applicable) but at least BBB- or Baa3
	  	0.150%
		
	 Level 5

Lower than Level 4 but at least BB+ and Ba1
	  	0.200%
		
	 Level 6

Lower than Level 5 (or Levels 1-5 otherwise not applicable)
	  	0.225%

“Fair Market Value” means, at any time and with respect to any property, the sale value of such property
that would be realized in an arm’s-length sale at such time between an informed and willing buyer and an informed and willing seller (neither being under a compulsion to buy or sell). 

“Federal Funds Rate” means for any particular date, the rate per annum (rounded upwards, if necessary, to
the nearest 1/100 of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve 

 

 13 

 
System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day
is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next
succeeding Business Day, the Federal Funds Rate for such day shall be the average rate charged to the Administrative Agent (in its individual capacity) on such day on such transactions as determined by the Administrative Agent. 

“Fiscal Quarter” means each consecutive three calendar month period ending
March 31, June 30, September 30 or December 31 of any fiscal year. 

“Funds From Operations,” for any period, means Consolidated Net Income of Rayonier for such period,
excluding, without duplication, (i) gains (or losses) from debt restructuring, sales of depreciable property not in the ordinary course of business or extraordinary items and (ii) gains (or losses) on investments in marketable
securities, and plus, without duplication, (i) depletion, depreciation and amortization (excluding amortization of financing costs) of Consolidated Assets of Rayonier and its Subsidiaries and (ii) non-cash costs of timberland sales
(to the extent not constituting previously depreciated operating property), in each case for such period. 

“GAAP” has the meaning specified in Section 1.03. 

“Governmental Authority” means any national government (United States or foreign), any state or other
political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government and any agency, authority, instrumentality, or regulatory body of any thereof. 

“Guarantee” by any Person, means any obligation, contingent or otherwise, of such Person guaranteeing
directly or indirectly in any manner the Debt of any other Person, or in effect guaranteeing directly or indirectly the Debt of any other Person through an agreement (i) to pay or purchase such Debt or to advance or supply funds for the payment
or purchase of such Debt, (ii) to purchase, sell or lease (as lessee or lessor) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such Debt or to assure the holder of such Debt
against loss, (iii) to supply funds to or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether such property is received or such services are rendered) or (iv) otherwise
to assure a creditor against loss. 
 “Guarantee Agreement” means a guarantee agreement among
Rayonier, TRS and any Additional Borrower, as guarantors, and CS, as Administrative Agent, pursuant to which (a) Rayonier guarantees all obligations of TRS, RFR and any Additional Borrower under this Agreement and any other Loan Document,
(b) TRS guarantees all obligations of Rayonier, RFR and any Additional Borrower under this Agreement and any other Loan Document, and (c) any Additional Borrower guarantees all obligations of TRS, RFR and Rayonier under this Agreement and
any other Loan Document, such agreement to be substantially in the form of Exhibit C-1 hereto. 
  

 14 

 “Hazardous Materials” means petroleum and petroleum
products, byproducts or breakdown products, radioactive materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and any other chemicals, materials or substances designated, classified or regulated as being
“hazardous” or “toxic” or words of similar import, under any applicable Environmental Law. 

“Increase Date” as the meaning specified in Section 2.19(a). 

“Increasing Lender” has the meaning specified in Section 2.19(b). 

“Indemnified Costs” has the meaning specified in Section 7.05. 

“Indemnified Party” has the meaning specified in Section 8.04(b). 

“Installment Notes” means (a) $112,500,000 aggregate principal amount of RFR’s Series A Senior
Notes due December 31, 2007, (b) $147,500,000 aggregate principal amount of RFR’s Series B Senior Notes due December 31, 2009, (c) $112,500,000 aggregate principal amount of RFR’s Series C Senior Notes due
December 31, 2011, and (d) $112,500,000 aggregate principal amount of RFR’s Series D Senior Notes due December 31, 2014, all issued pursuant to the Installment Note Agreement. 

“Installment Note Agreement” means the Note Purchase Agreement dated as of October 25, 1999, between
RFR and Timber Capital Holdings LLC, as amended from time to time. 
 “Insufficiency” means,
with respect to any Plan, the amount, if any, of its unfunded benefit liabilities, as defined in Section 4001(a)(18) of ERISA. 

“Interest Period” means, for each Eurodollar Rate Advance comprising part of the same Revolving Credit
Borrowing, the period commencing on the date of such Eurodollar Rate Advance or the date of the Conversion of any Alternate Base Rate Advance into such Eurodollar Rate Advance and ending on the last day of the period selected by a Borrower pursuant
to the provisions below and, thereafter, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by such Borrower pursuant to the provisions below,
provided, however, that if the applicable Borrower shall fail to select the duration of such subsequent period pursuant to the provisions below, such Eurodollar Rate Advance shall be automatically converted to an Alternate Base Rate
Advance on the last day of such then expiring Interest Period. The duration of each Interest Period shall be one, two, three or six months, as the Borrower may, upon notice received by the Administrative Agent not later than 12:00 Noon (New York
City time) on the third Business Day prior to the first day of such Interest Period, select; provided, however, that: 

(i) a Borrower may not select any Interest Period that ends after the Termination Date; 

 

 15 

 (ii) Interest Periods commencing on the same date for Eurodollar Rate
Advances comprising part of the same Revolving Credit Borrowing shall be of the same duration; 
 (iii) whenever
the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day, provided, however, that, if such
extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; and 

(iv) whenever the first day of any Interest Period occurs on a day of an initial calendar month for which there is no
numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding
calendar month. 
 “Interest Rate Agreement” means any interest rate swap agreement, interest
rate cap agreement, interest rate collar agreement or other similar agreement or arrangement designated to protect RFR or any Restricted Subsidiary from fluctuations in interest rates. 

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time.

 “Investment” means as applied to any Person, any direct or indirect purchase or other
acquisition by such Person of stock or other securities of any other Person, or any direct or indirect loan, advance or capital contribution by such Person to any other Person, and any other item which would be classified as an
“investment” on a balance sheet of such Person prepared in accordance with GAAP, including, without limitation, any direct or indirect contribution by such Person of property or assets to a joint venture, partnership or other business
entity in which such Person retains an interest (it being understood that a direct or indirect purchase or other acquisition by such Person of assets of any other Person (other than stock or other securities) shall not constitute an Investment). The
amount involved in Investments made during any period shall be the aggregate cost to RFR and its Restricted Subsidiaries of all such Investments made during such period, determined in accordance with GAAP, but without regard to unrealized increases
or decreases in value, or write-ups, write-downs or write-offs, of such Investments and without regard to the existence of any undistributed earnings or accrued interest with respect thereto accrued after the respective dates on which such
Investments were made, less any net return of capital realized during such period upon the sale, repayment or other liquidation of such Investments (determined in accordance with GAAP, but without regard to any amounts received during such
period as earnings (in the form of dividends not constituting a return of capital, interest or otherwise) on such Investments or as loans from any Person in whom such Investments have been made). Notwithstanding the foregoing, if RFR shall at any
time designate any Restricted Subsidiary as an Unrestricted Subsidiary, the amount of the Investment in such newly designated Unrestricted Subsidiary arising at such time by reason of such designation

  

 16 

 
shall be the portion of the Fair Market Value of the net assets of such Subsidiary allocable to RFR’s equity interest in such Subsidiary at the time that such Subsidiary is designated an
Unrestricted Subsidiary. 
 “Issuing Bank” means each Lender selected by Rayonier which agrees
to act (pursuant to a written agreement among (and in form and substance acceptable to) such Lender, Rayonier and the Administrative Agent) as an Issuing Bank, in its capacity as issuer of Letters of Credit hereunder and which by execution of an
agreement referred to above shall become a party hereto, and each of their successors in such capacity as provided in Section 2.03(h). For purposes of any Letter of Credit referred to in the second sentence of the definition of “Letter of
Credit” and existing on the Closing Date, the term “Issuing Bank” shall mean the issuer of such Letters of Credit. 

“LC Commitment” of an Issuing Bank means, as of any date, the amount mutually agreed between such Issuing
Bank and Rayonier, not to exceed $50,000,000. 
 “LC Disbursement” means a payment made by the
Issuing Bank pursuant to a Letter of Credit. 
 “LC Exposure” means, at any time, the sum of
(a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the applicable Borrower at such time. The
LC Exposure of any Lender at any time shall be its Commitment Percentage of the total LC Exposure at such time. 

“Lenders” means the Lenders party hereto and each Person that shall become a party hereto pursuant to
Section 8.07. 
 “Letters of Credit” means the letters of credit issued pursuant to
Section 2.03(a). For all purposes of this Agreement, any and all “Letters of Credit” (as defined in the Existing Credit Agreement) outstanding on the Closing Date shall be deemed to be Letters of Credit issued hereunder on the
Closing Date. 
 “Lien” means any lien, security interest or other charge or encumbrance of any
kind, or any other type of preferential arrangement, including, without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 

“Loan Documents” means collectively, this Agreement, the Guarantee Agreement, the RFR Subsidiary
Guarantee Agreement, the TRS Subsidiary Guarantee Agreement, any Additional Borrower Assumption Agreement, any Additional Subsidiary Guarantor Guarantee Agreement, the Notes (if any) and each other agreement, instrument or certificate (other than an
Assignment and Acceptance, pursuant to which the assignor therein sells and/or assigns an interest under this Agreement) issued, executed and delivered to the Administrative Agent, any Issuing Bank, or the Lenders hereunder or thereunder or pursuant
hereto or thereto (in each case as the same may be amended, restated, supplemented, extended, renewed or replaced from time to time), and “Loan Document” means any one of them. 

 

 17 

 “Loan Event” has the meaning specified in
Section 3.02. 
 “Loan Parties” means, collectively, (i) each Borrower (whether in its
capacity as a borrower hereunder or as a guarantor under the Guarantee Agreement or otherwise), and (ii) each Subsidiary Guarantor. 

“Managing General Partner” means the managing general partner of RFR, which on the date hereof is
Rayonier Timberlands Management, LLC, and any successor thereto. 
 “Material Adverse Change”
means any material adverse change in the business, condition (financial or otherwise), operations, performance or properties of Rayonier and its Subsidiaries taken as a whole. 

“Material Adverse Effect” means a material adverse effect on (a) the business, condition (financial
or otherwise), operations, performance or properties of Rayonier and its Subsidiaries taken as a whole, (b) the rights and remedies of the Administrative Agent or any Lender or Issuing Bank under this Agreement, any Note or any other Loan
Document or (c) the ability of any Borrower to perform its obligations under this Agreement, any Note or any other Loan Document. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Multiemployer Plan” means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which
any Borrower or any of its ERISA Affiliates is making or accruing an obligation to make contributions, or has within any of the preceding five plan years made or accrued an obligation to make contributions. 

“Multiple Employer Plan” means a single employer plan, as defined in Section 4001(a)(15) of ERISA,
that (a) is maintained for employees of any Borrower or any ERISA Affiliate and at least one Person other than such Borrower and its ERISA Affiliates or (b) was so maintained and in respect of which any Borrower or any of its ERISA
Affiliates could have liability under Section 4064 or 4069 of ERISA in the event such plan has been or were to be terminated. 

“Net Proceeds” means, with respect to any Excess Harvest, the proceeds thereof in the form of cash or
cash equivalents, including payments in respect of deferred payment obligations when received in the form of cash or cash equivalents (except to the extent that such deferred payment obligations are financed or sold with recourse to RFR or any
Restricted Subsidiary), net of (a) brokerage commissions and other fees and expenses (including, without limitation, fees and expenses of legal counsel and accountants and fees, expenses, discounts or commissions of underwriters, placement
agents and investment bankers) related to such Excess Harvest, (b) provisions for all taxes payable as a result of such Excess Harvest, (c) amounts required to be paid to any 

 

 18 

 
Person (other than RFR or any Restricted Subsidiary) owning a beneficial interest in the assets subject to such Excess Harvest, (d) appropriate amounts to be provided by RFR or any
Restricted Subsidiary, as the case may be, as a reserve required in accordance with GAAP against liabilities associated with such Excess Harvest and retained by RFR or any Restricted Subsidiary, as the case may be, after such Excess Harvest,
including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Excess Harvest, and (e) amounts
required to be applied to the repayment of Debt secured by a Lien on the asset or assets sold in such Excess Harvest. 

“Note” means a revolving credit promissory note of the applicable Borrower payable to the order of any
Lender, delivered pursuant to a request made under Section 2.17, in substantially the form of Exhibit A hereto, evidencing the aggregate indebtedness of such Borrower to such Lender resulting from the Revolving Credit Advances made by such
Lender. 
 “Notice of Revolving Credit Borrowing” has the meaning specified in
Section 2.02(a). 
 “NPL” has the meaning specified in Section 4.01(m). 

“Other Taxes” has the meaning specified in Section 2.15(b). 

“Payment Restrictions” has the meaning specified in Section 5.04(e). 

“PBGC” means the Pension Benefit Guaranty Corporation (or any successor). 

“Permitted Liens” means such of the following as to which no enforcement, collection, execution, levy or
foreclosure proceeding shall have been commenced: (a) Liens for taxes, assessments and governmental charges or levies to the extent not required to be paid under Section 5.01(b) hereof; (b) Liens imposed by law, such as
materialmen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens arising in the ordinary course of business securing obligations that are not overdue for a reasonable period and which,
individually or when aggregated with all other Permitted Liens outstanding on any date, do not materially affect the use of the property to which they relate; (c) pledges or deposits to secure obligations under workers’ compensation laws
or similar legislation or to secure public or statutory obligations; and (d) easements, rights of way, encumbrances and minor defects or irregularities in title to real property not interfering in any material respect with the ordinary conduct
of the business of any Borrower or any of its Subsidiaries. 
 “Person” means an individual,
partnership, corporation (including a business trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

“Plan” means a Single Employer Plan or a Multiple Employer Plan. 

 

 19 

 “Planned Volume” means 6,700,000 tons for the calendar year
2000 and shall increase 2% per year thereafter. In the event of the acquisition of merchantable Timber or Timberlands (other than in like-kind exchange of Timber or Timberlands for other Timber or Timberlands and other than Timber or
Timberlands acquired with the Net Proceeds of an Excess Harvest) constituting an Asset Acquisition, Planned Volume will be increased for 10 years by 10% of the volume of merchantable Timber so acquired; provided that if such Asset Acquisition
is made under a cutting contract with a term of less than 10 years, Planned Volume will be increased for each year during the term of the cutting contract by a number of tons equal to the number of tons so acquired multiplied by the quotient of 100%
divided by the numbers of years in the cutting contract. In the event of a disposition of merchantable Timber or Timberlands constituting an Asset Sale, Planned Volume will be reduced by 10% of the volume of merchantable Timber sold in such Asset
Sale. In the event of an Excess Harvest, Planned Volume will be reduced by 10% of the amount of the Excess Harvest. For the purpose of this definition, all volumes of Timber harvested that are denominated in board feet shall be converted to tons on
the basis of 7.2 tons per thousand board feet. 
 “Preferred Stock”, as applied to the Capital
Stock of any Person, means Capital Stock of any class or classes (however designated), which is preferred as to the payment of distributions, dividends, or upon and voluntary or involuntary liquidation or dissolution of such Person, over shares or
units of Capital Stock of any other class of such Person. 
 “Qualified Transferee” means
(a) as to any sale, lease, transfer or other disposition by TRS, (i) Rayonier, (ii) any Additional Borrower, (iii) any Subsidiary of TRS or (iv) any Additional Subsidiary Guarantor, (b) as to any sale, lease, transfer
or other disposition by RFR, (i) Rayonier, (ii) any Additional Borrower, (iii) any Subsidiary of RFR, (iv) TRS, (v) any Subsidiary of TRS, or (vi) any Additional Subsidiary Guarantor, (c) as to any sale, lease,
transfer or other disposition by any Subsidiary of TRS, (i) Rayonier, (ii) any Additional Borrower, (iii) TRS, (iv) any other Subsidiary of TRS, or (v) any Additional Subsidiary Guarantor, (d) as to any sale, lease,
transfer or other disposition by any Subsidiary of RFR, (i) Rayonier, (ii) any Additional Borrower, (iii) RFR, (iv) any other Subsidiary of RFR, (v) TRS, (vi) any Subsidiary of TRS or (vii) any Additional
Subsidiary Guarantor, and (e) as to any sale, lease, transfer or other disposition by any other Subsidiary of Rayonier not covered by any of the foregoing clauses (a) through (d), (i) Rayonier, (ii) any Additional Borrower,
(iii) TRS, (iv) any Subsidiary of TRS, or (v) any Additional Subsidiary Guarantor. 

“Redeemable Capital Stock” means any shares of any class or series of Capital Stock, that, either by the
terms thereof, by the terms of any security into which it is convertible or exchangeable or by contract or otherwise, is or upon the happening of an event or passage of time would be, (i) required to be redeemed prior to the Termination Date,
(ii) redeemable at the option of the holder thereof at any time prior to the Termination Date, or (iii) convertible into or exchangeable for debt securities at any time prior to the Termination Date. 

“Register” has the meaning specified in Section 8.07(d). 

 

 20 

 “REIT” means a real estate investment trust. 

“Required Lenders” means at any time Lenders owed at least a majority in interest of the then aggregate
unpaid principal amount of the Revolving Credit Advances and LC Exposure owing to Lenders, or, if no such principal amount is then outstanding, Lenders having at least a majority in interest of the Commitments. 

“Restricted Subsidiary” means any Subsidiary of RFR which, as of the date of determination, is not an
Unrestricted Subsidiary. 
 “Revolving Credit Advance” means an advance by a Lender to any
Borrower as part of a Revolving Credit Borrowing and refers to a Alternate Base Rate Advance or a Eurodollar Rate Advance (each of which shall be a “Type” of Revolving Credit Advance). 

“Revolving Credit Borrowing” means a borrowing consisting of simultaneous Revolving Credit Advances of
the same Type made by each of the Lenders pursuant to Section 2.01. 
 “RFR Consolidated Fixed
Charge Coverage Ratio” means, with respect to RFR and its Restricted Subsidiaries, the ratio of the aggregate amount of Consolidated Cash Flow Available for Fixed Charges for the most recent four full Fiscal Quarters for which financial
information in respect thereof is available immediately preceding the date of the transaction (the “Transaction Date”) giving rise to the need to calculate the RFR Consolidated Fixed Charge Coverage Ratio (such most recent four full
Fiscal Quarter period being referred to herein as the “Four Quarter Period”) to the aggregate amount of Consolidated Fixed Charges for the Four Quarter Period. In addition to and without limitation of the foregoing, for purposes of
this definition, “Consolidated Cash Flow Available for Fixed Charges” and “Consolidated Fixed Charges” shall be calculated after giving effect on a pro forma basis for the period of such calculation to, without duplication
(a) the incurrence or repayment of any Debt of RFR or any of its Restricted Subsidiaries (and, in the case of any incurrence, the application of the net proceeds thereof) during the period commencing on the first day of the Four Quarter Period
to and including the Transaction Date (the “Reference Period”), including, without limitation, the incurrence of the Debt giving rise to the need to make such calculation (and the application of the net proceeds thereof), as if such
incurrence (and application) occurred on the first day of the Reference Period (including any actual interest payments made with respect to Debt under the Working Capital Facility), and (b) any Asset Sales or Asset Acquisitions (including,
without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of RFR or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of the Asset Acquisition)
incurring, assuming or otherwise being liable for Acquired Debt) occurring during the Reference Period, as if such Asset Sale or Asset Acquisition occurred on the first day of the Reference Period; provided, however, that
(i) Consolidated Fixed Charges shall be reduced by amounts attributable to businesses or assets that are so disposed of or discontinued only to the extent that the obligations giving rise to such Consolidated Fixed Charges would no longer be
obligations contributing to the Consolidated Fixed Charges 
  

 21 

 
subsequent to the date of determination of the Consolidated Fixed Charge Coverage Ratio and (ii) Consolidated Cash Flow Available for Fixed Charges generated by an acquired business or asset
shall be determined (x) in the case of an Asset Acquisition of Timber or Timberlands by RFR or a Restricted Subsidiary during such period, by using the projected net cash flow of the Timber or Timberlands so acquired, based on the harvest plan
prepared in the ordinary course of business and in good faith by the Managing General Partner, for the first 12 full months of operations of the acquired Timber or Timberlands following the date of the Asset Acquisition; provided that such
harvest plan shall not assume the harvesting or sale of more than 10% (or, in the case of an acquisition under a cutting contract with a term of less than 10 years, such higher percentage as shall be equal to the quotient of 100% divided by the term
of such cutting contract (expressed in years)) of the total merchantable Timber so acquired in the first 12 full months following the date of the Asset Acquisition; and provided further, in determining projected cash flow from acquired
Timber or Timberlands, prices shall be assumed to equal the average prices realized by RFR for comparable Timber sold during such prior period, and (y) in the case of all other Asset Acquisitions during such period, by using the actual gross
profit (revenues minus cost of goods sold) of such acquired business or asset during the Four Quarter Period minus the pro forma expenses that would have been incurred by RFR and its Restricted Subsidiaries in the operation of such acquired business
or asset during such period computed on the basis of personnel expenses for employees retained or to be retained by RFR and its Restricted Subsidiaries in the operation of the acquired business or asset and non-personnel costs and expenses incurred
by RFR and its Restricted Subsidiaries in the operation of RFR’s business at similarly situated facilities. If the applicable Reference Period for any calculation of the RFR Consolidated Fixed Charge Coverage Ratio shall include a portion prior
to the Closing Date, then such RFR Consolidated Fixed Charge Coverage Ratio shall be calculated based upon the Consolidated Cash Flow Available for Fixed Charges and the Consolidated Fixed Charges of RFR on a pro forma basis for such portion of the
Reference Period prior to the Closing Date, giving effect to the transactions occurring on the Closing Date, and the Consolidated Cash Flow Available for Fixed Charges and the Consolidated Fixed Charges for the remaining portion of the Reference
Period on and after the Closing Date, giving pro forma effect, as described in the two foregoing sentences, to all applicable transactions occurring on the Closing Date or otherwise. Furthermore, in calculating “Consolidated Fixed Charges”
for purposes of determining the “RFR Consolidated Fixed Charge Coverage Ratio” (i) interest on outstanding Debt (other than Debt referred to in clause (ii) below) determined on a fluctuating basis as of the last day of the Four
Quarter Period and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Debt in effect on such date; (ii) only actual interest payments associated
with Debt incurred in accordance with clause (d) of the definition of RFR Permitted Debt and all RFR Permitted Refinancing Debt in respect thereof, during the Four Quarter Period shall be included in such calculation; and (iii) if interest
of any Debt actually incurred on such date may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the last day of
the Four Quarter Period will be deemed to have been in effect during such period. 
  

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 “RFR Consolidated Net Income” means the net income of RFR
and its Restricted Subsidiaries, as determined on a consolidated basis in accordance with GAAP and as adjusted to exclude (a) net after-tax extraordinary gains or losses, and (b) net after-tax gains or losses attributable to Asset Sales to
the extent that Net Proceeds therefrom result in the aggregate Net Proceeds received by RFR or any Restricted Subsidiary from all Asset Sales since the Closing Date exceeding the Adjusted Asset Sales Amount, (c) the net income or loss of any
Person which is not a Restricted Subsidiary and which is accounted for by the equity method of accounting, provided that RFR Consolidated Net Income shall include the amount of dividends or distributions actually paid to RFR or any Restricted
Subsidiary, (d) the net income or loss prior to the date of acquisition of any Person combined with RFR or any Restricted Subsidiary in a pooling of interest, (e) the net income of any Restricted Subsidiary to the extent that dividends or
distributions of such net income are not at the date of determination permitted by the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or other regulation and (f) the cumulative effect of any changes
in accounting principles. 
 “RFR Permitted Debt” means “Permitted Debt” as such term
is defined in the Installment Note Agreement as in existence as of the date hereof. 
 “RFR Permitted
Investments” means, at any time, all of the following: 
 (a) Investments made or owned by RFR or any
Restricted Subsidiary in (i) any evidence of Debt with a maturity of 365 days or less issued by or directly, fully and unconditionally guaranteed or insured by the United States of America or any agency or instrumentality thereof
(provided that the full faith and credit of the United States of America is pledged in support thereof); (ii) deposits, certificates of deposit or acceptances with a maturity of 365 days or less of any institution that is a member of the
Federal Reserve System having combined capital and surplus and undivided profits of not less than $500,000,000; (iii) commercial paper with a maturity of 365 days or less issued by a corporation (other than an Affiliate of RFR) incorporated or
organized under the laws of the United States or any state thereof or the District of Columbia and rated at least A-1 by S&P or P-1 by Moody’s; (iv) repurchase agreements and reverse repurchase agreements relating to marketable direct
obligations issued by or directly, fully and unconditionally guaranteed or insured by the United States of America or any agency or instrumentality thereof (provided that the full faith and credit of the United States of America is pledged in
support thereof), in each case maturing within 365 days from the date of acquisition; (v) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or any public
instrumentality thereof maturing within one year from the date of acquisition thereof and having as at such date the highest rating obtainable from either S&P or Moody’s; or (vi) money market mutual or similar funds that invest in
obligations referred to in clauses (i) through (v) of this definition, in each case having assets in excess of $100,000,000; 

(b) the acquisition by RFR or any Restricted Subsidiary of Capital Stock or other ownership interests, whether in a single
transaction or in a series of related transactions, of a Person engaged in substantially the same business as RFR such that upon the completion of such transaction or series of transactions, such Person becomes a Restricted Subsidiary; 

 

 23 

 (c) the making or ownership by RFR or any Restricted Subsidiary of
Investments (in addition to Investments permitted by subdivisions (a), (b), (d), (e), (f) and (g)) in any Person which is engaged in substantially the same business as RFR, provided that the aggregate amount of all such Investments made
by RFR and its Restricted Subsidiaries following the Closing Date and outstanding pursuant to this subdivision (c) shall not at any date of determination exceed 10% of Consolidated total assets of RFR and its Restricted Subsidiaries (the
“Investment Limit”), provided that, in addition to Investments that would be permitted under the Investment Limit, during any fiscal year RFR and its Restricted Subsidiaries may invest up to $100,000,000 (the “Annual
Limit”) pursuant to the provisions of this subdivision (c), but the unused amount of the Annual Limit shall not be carried over to any future years; 

(d) the making or ownership by RFR or any Restricted Subsidiary of Investments (i) arising out of loans and advances
to employees incurred in the ordinary course of business, (ii) arising out of extensions of trade credit or advances to third parties in the ordinary course of business and (iii) acquired by reason of the exercise of customary creditors
rights upon default or pursuant to the bankruptcy, insolvency or reorganization of a debtor; 
 (e) the creation
or incurrence of liability by RFR or any Restricted Subsidiary with respect to any Guarantee constituting an obligation, warranty or indemnity, not guaranteeing Debt of any Person, which is undertaken or made in the ordinary course of business;

 (f) the creation or incurrence of liability by RFR or any Restricted Subsidiary with respect to any Interest
Rate Agreements; 
 (g) the guarantees by RFR Subsidiary Guarantors of all obligations of RFR hereunder and the
guarantees by applicable RFR’s Subsidiaries of the Installment Notes (and, in each case, any assumption of the obligations guaranteed thereby), and the making by RFR or any Restricted Subsidiary of Investments in RFR or another Restricted
Subsidiary; and 
 (h) investments existing on the date hereof and set forth on Schedule 5.04(b). 

“RFR Permitted Refinancing Debt” means “Permitted Refinancing Debt” as such term is defined in
the Installment Note Agreement as in existence as of the date hereof. 
 “RFR Restricted
Payments” has the meaning specified in Section 5.04(b). 
 “RFR Subsidiary Guarantee
Agreement” means a guarantee agreement among certain Subsidiaries of RFR as guarantors and CS, as administrative agent, pursuant to 
  

 24 

 which each such Subsidiary guarantees all obligations of RFR under this Agreement, such
agreement to be substantially in the form of Exhibit C-2 hereto. 
 “RFR Subsidiary Guarantor”
means each Subsidiary of RFR which is then a party to the RFR Subsidiary Guarantee Agreement as a guarantor. 

“Sale and Leaseback Transaction” of any Person (a “Transferor”) means any arrangement
(other than between RFR and a Restricted Subsidiary or between Restricted Subsidiaries) whereby (a) property (the “Subject Property”) has been or is to be disposed of by such Transferor to any other Person with the intention on
the part of such Transferor of taking back a lease of such Subject Property pursuant to which the rental payments are calculated to amortize the purchase price of such Subject Property substantially over the useful life of such Subject Property, and
(b) such Subject Property is in fact so leased by such Transferor or an Affiliate of such Transferor. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Security” has the meaning set forth in section 2(a)(1) of the Securities Act. 

“Senior Debt” means Debt of RFR or any of its Restricted Subsidiaries which is not Subordinated Debt.

 “Single Employer Plan” means a single employer plan, as defined in Section 4001(a)(15)
of ERISA, that (a) is maintained for employees of any Borrower or any of its ERISA Affiliates and no Person other than such Borrower and its ERISA Affiliates or (b) was so maintained and in respect of which any Borrower or any of its ERISA
Affiliates could have liability under Section 4069 of ERISA in the event such plan has been or were to be terminated. 

“S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

 “Stated Maturity” means when used with respect to any Debt, the date or dates specified in
the instrument governing such Debt as the fixed date or dates on which each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of such Debt, or any
installment of interest thereon, is due and payable. 
 “Subordinated Debt” means Debt of RFR
and any RFR Subsidiary Guarantor which is expressly subordinated in right of payment to its obligations hereunder and under the RFR Subsidiary Guarantee Agreement. 

“Subsidiary” (a) of RFR means (i) a corporation a majority of whose Voting Stock (or, in the
case of a partnership, a majority of the partners’ Capital Stock, considering all partners’ Capital Stock as a single class) is at the time, directly or indirectly, owned by RFR, by one or more Subsidiaries of RFR or by RFR and one or

  

 25 

 
more Subsidiaries thereof, and (ii) any other Person, including, without limitation, a joint venture, in which RFR, one or more Subsidiaries thereof or RFR and one or more Subsidiaries
thereof, directly or indirectly, at the date of determination thereof, has at least majority ownership interest entitled to vote in the election of directors, managers, general partners or trustees thereof (or other Person performing similar
functions) or, if such Persons are not elected, to vote on any matter that is submitted to the vote of all Persons holding ownership interests in such entity, and (iii) a corporation or any other Person substantially all the equity interest in
which (whether or not a voting interest) is at the time, directly or indirectly, owned by RFR, by one or more Subsidiaries of RFR or by RFR and one or more Subsidiaries thereof (for purposes of this definition, any directors qualifying shares or
investments by foreign nationals mandated by applicable law shall be disregarded in determining the ownership of a Subsidiary), and (b) of any Person (other than RFR) means any corporation, partnership, joint venture, limited liability company,
trust or estate of which (or in which) more than 50% of (i) the issued and outstanding Capital Stock having ordinary voting power to elect a majority of the Board of Directors of such corporation (irrespective of whether, at the time, Capital
Stock of any other class or classes of such corporation shall or might have voting power upon the occurrence of any contingency), (ii) the interest in the capital or profits of such partnership, joint venture or limited liability company or
(iii) the beneficial interest in such trust or estate is at the time directly or indirectly owned or controlled by such Person, by such Person and one or more of its other Subsidiaries or by one or more of such Person’s other Subsidiaries.
For the avoidance of doubt, from and after any Additional Borrower Effective Date, any Additional Borrower and its Subsidiaries shall be deemed to be Subsidiaries of Rayonier for all purposes of this Agreement and the other Loan Documents.

 “Subsidiary Guarantee Agreement” means the RFR Subsidiary Guarantee Agreement, the TRS
Subsidiary Guarantee Agreement and any Additional Subsidiary Guarantor Guarantee Agreement. 

“Subsidiary Guarantors” means, collectively, the TRS Subsidiary Guarantors, the RFR Subsidiary Guarantors
and each Additional Subsidiary Guarantor. 
 “Taxes” has the meaning specified in
Section 2.15(a). 
 “Termination Date” means the earlier of (a) August 4, 2011
and (b) the date of termination in whole of the Commitments pursuant to Section 2.05 or 6.01. 

“Timber” means all crops and all trees, timber, whether severed or unsevered and including standing and
down timber, stumps and cut timber, logs, wood chips and other forest products, whether now located on or hereafter planted or growing in or on the Timberlands or otherwise or now or hereafter removed from the Timberlands or otherwise for sale or
other disposition. 
 “Timberlands” means, at any date of determination, all real property owned
by or leased to RFR that is suitable for Timber production. 
  

 26 

 “Trade Letter of Credit” means any letter of credit that is
issued for the benefit of a supplier of inventory or provider of a service related to for the conduct of the business of any Borrower or any of its Subsidiaries (other than any financial services) to such Borrower or any of its Subsidiaries to
effect payment for such inventory or service. 
 “TRS Subsidiary Guarantee Agreement” means a
guarantee agreement among certain subsidiaries of TRS as guarantors and CS, as administrative agent, pursuant to which each such Subsidiary guarantees all obligations of Rayonier, TRS, RFR and any Additional Borrower under this Agreement and the
Guarantee Agreement, such agreement to be substantially in the form of Exhibit C-3 hereto. 
 “TRS
Subsidiary Guarantor” means each Subsidiary of TRS which is then a party to the TRS Subsidiary Guarantee Agreement as a guarantor. 

“Unrestricted Subsidiary” means any Subsidiary of RFR (including any Restricted Subsidiary) that is
designated as such by the Managing General Partner, provided that no portion of the Debt or any other obligation (contingent or otherwise) of such Subsidiary (a) is guaranteed by RFR or any Restricted Subsidiary, (b) is recourse to or
obligates RFR or any Restricted Subsidiary in any way or (c) subjects any property or assets of RFR or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof. Notwithstanding the foregoing, RFR
or a Restricted Subsidiary may Guarantee or agree to provide funds for the payment or maintenance of, or otherwise become liable with respect to Debt of an Unrestricted Subsidiary, but only to the extent that RFR or a Restricted Subsidiary would be
permitted to (a) make an Investment in an amount equal to the Debt represented by such Guarantee or agreement in such Unrestricted Subsidiary pursuant to subdivision (c) of the definition of RFR Permitted Investments and (b) incur the
Debt represented by such Guarantee or agreement pursuant to Section 5.04(a). The Managing General Partner may designate an Unrestricted Subsidiary to be a Restricted Subsidiary, provided that immediately after giving effect to such designation
(a) there exists no Default or Event of Default, and (b) if such Unrestricted Subsidiary has, as of the date of such designation, outstanding Debt (other than RFR Permitted Debt), RFR could incur at least $1.00 of Debt (other than RFR
Permitted Debt). Notwithstanding the foregoing, no Subsidiary may be designated an Unrestricted Subsidiary if such Subsidiary, directly or indirectly, holds Capital Stock of a Restricted Subsidiary. 

“Voting Stock” means (a) with respect to RFR, (i) Securities of any class or classes, the
holders of which are ordinarily, in the absence of contingencies, entitled to elect a majority of the directors (or Persons performing similar functions) or (ii) in the case of a partnership, limited liability company or joint venture, interest
in the profits or capital thereof entitling the holders of such interests to approve major business actions, and (b) with respect to any Person (other than RFR), Capital Stock issued by a corporation, or equivalent interests in any other
Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even though the right so to vote has been suspended by the
happening of such a contingency. 
  

 27 

 “Wholly-Owned Restricted Subsidiary” means any Subsidiary
of RFR of which at least 99% of the outstanding Capital Stock is owned by RFR or by one or more Wholly-Owned Restricted Subsidiaries of RFR or by RFR and one or more Wholly-Owned Restricted Subsidiaries of RFR. For purposes of this definition, any
directors qualifying shares or investments by foreign nationals mandated by applicable law shall be disregarded in determining the ownership of a Subsidiary. 

“Withdrawal Liability” has the meaning specified in Part 1 of Subtitle E of Title IV of ERISA.

 “Working Capital Facility” means any working capital facility or facilities of RFR (other
than the working capital facility provided hereunder), including a commercial paper facility. 
 SECTION 1.02. Computation of
Time Periods. In this Agreement in the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means
“to but excluding”. 
 SECTION 1.03. Accounting Terms. All accounting terms not specifically defined herein
shall be construed in accordance with United States generally accepted accounting principles as in effect from time to time (“GAAP”). 

ARTICLE II 

AMOUNTS AND TERMS OF THE REVOLVING CREDIT ADVANCES 

SECTION 2.01. The Revolving Credit Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to
make Revolving Credit Advances to any Borrower from time to time on any Business Day during the period from the Closing Date until the Termination Date up to the full amount of such Lender’s Commitment hereunder; provided that
(i) the aggregate amount of such Revolving Credit Advances made by such Lender at any time outstanding for all Borrowers plus such Lender’s then outstanding LC Exposure shall not exceed such Lender’s Commitment and (ii) the sum
of the aggregate outstanding principal amount of the Revolving Credit Advances made by all Lenders plus the total LC Exposure shall not exceed at any time the aggregate amount of the Commitments of the Lenders. Each Revolving Credit Borrowing
shall be in an aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof and shall consist of Revolving Credit Advances of the same Type made on the same day by the Lenders ratably according to their respective
Commitments. The Borrowers may borrow under this Section 2.01 subject to limitation set forth in this Section 2.01, prepay pursuant to Section 2.11 and reborrow under this Section 2.01. Anything contained herein to the contrary
notwithstanding, from and after any Additional Borrower Effective Date, Rayonier shall not be entitled to borrow any amounts hereunder and no Revolving Credit Advances shall be made to Rayonier, provided that the term “Borrower” shall
otherwise continue to include Rayonier for purposes of the provisions of this Agreement and the other Loan Documents. 
  

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 SECTION 2.02. Making the Revolving Credit Advances. (a) Each Revolving Credit
Borrowing shall be made on notice, given not later than (x) 12:00 Noon (New York City time) on the third Business Day prior to the date of the proposed Revolving Credit Borrowing in the case of a Revolving Credit Borrowing to be comprised of
Eurodollar Rate Advances or (y) 12:00 Noon (New York City time) on the Business Day of the proposed Revolving Credit Borrowing in the case of a Revolving Credit Borrowing to be comprised of Alternate Base Rate Advances, by the applicable
Borrower to the Administrative Agent, which shall give to each Lender prompt notice thereof. Each such notice of a Revolving Credit Borrowing (a “Notice of Revolving Credit Borrowing”) shall be by telephone, confirmed immediately in
writing, or telecopier or telex in substantially the form of Exhibit B hereto, specifying therein the requested (i) date of such Revolving Credit Borrowing, (ii) Type of Revolving Credit Advances comprising such Revolving Credit Borrowing,
(iii) aggregate amount of such Revolving Credit Borrowing, (iv) remittance instructions and (v) in the case of a Revolving Credit Borrowing consisting of Eurodollar Rate Advances, initial Interest Period for each such Revolving Credit
Advance. If no election as to Type of Revolving Credit Advances comprising such Revolving Credit Borrowing is specified in any such Notice of Revolving Credit Borrowing, then such Revolving Credit Advances shall be Alternate Base Rate Advances. If
no Interest Period with respect to Eurodollar Rate Advances is specified in any such Notice of Revolving Credit Borrowing, then the applicable Borrower shall be deemed to have selected an Interest Period of one month duration. Each Lender shall on
the date of such Revolving Credit Borrowing, before 12:00 Noon (New York City time), in the case of a Revolving Credit Borrowing to be comprised of Eurodollar Rate Advances, and before 2:00 P.M. (New York City time), in the case of a Revolving
Credit Borrowing to be comprised of Alternate Base Rate Advances, make available for the account of its Applicable Lending Office to the Administrative Agent at the Administrative Agent’s Account, in same day funds, such Lender’s ratable
portion of such Revolving Credit Borrowing. After the Administrative Agent’s receipt of such funds and upon fulfillment of the applicable conditions set forth in Section 3.02, the Administrative Agent will make such funds available to the
applicable Borrower in the manner specified by the applicable Borrower in the Notice of Revolving Credit Borrowing. 

(b) Anything in subsection (a) above to the contrary notwithstanding, (i) no Borrower may select Eurodollar Rate
Advances for any Revolving Credit Borrowing if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.09 or 2.13 and (ii) the Eurodollar Rate Advances may not be outstanding as part of
more than eight separate Revolving Credit Borrowings. 
 (c) Each Notice of Revolving Credit Borrowing shall be
irrevocable and binding on the applicable Borrower. In the case of any Revolving Credit Borrowing that the related Notice of Revolving Credit Borrowing specifies is to be comprised of Eurodollar Rate Advances, the applicable Borrower shall indemnify
each Lender against any loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Revolving Credit Borrowing for such Revolving Credit Borrowing the applicable conditions
set forth in Section 3.02, including, without limitation, any loss, cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Revolving Credit Advance to be made by such
Lender as part of such Revolving Credit Borrowing when such Revolving Credit Advance, as a result of such failure, is not made on such date. 
  

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 (d) Unless the Administrative Agent shall have received notice from a Lender
prior to the date of any Revolving Credit Borrowing (in the case of a Revolving Credit Borrowing to be comprised of Eurodollar Rate Advances) and not later than 1:00 P.M. (New York City time) on the Business Day of the proposed Revolving Credit
Borrowing (in the case of a Revolving Credit Borrowing to be comprised of Alternate Base Rate Advances) that such Lender will not make available to the Administrative Agent such Lender’s ratable portion of such Revolving Credit Borrowing, the
Administrative Agent may assume that such Lender has made such portion available to the Administrative Agent on the date of such Revolving Credit Borrowing in accordance with subsection (a) of this Section 2.02 and the Administrative Agent
may, in reliance upon such assumption, make available to the applicable Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such ratable portion available to the Administrative Agent, such
Lender and the applicable Borrower severally agree to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the applicable Borrower
until the date such amount is repaid to the Administrative Agent, at (i) in the case of the applicable Borrower, the interest rate applicable at such time to Revolving Credit Advances comprising such Revolving Credit Borrowing and (ii) in
the case of such Lender, the Federal Funds Rate for the first three days and Alternate Base Rate thereafter. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s
Revolving Credit Advance as part of such Revolving Credit Borrowing for purposes of this Agreement. 
 (e) The
failure of any Lender to make the Revolving Credit Advance to be made by it as part of any Revolving Credit Borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Revolving Credit Advance on the date of such
Revolving Credit Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Revolving Credit Advance to be made by such other Lender on the date of any Revolving Credit Borrowing. 

SECTION 2.03. Letters of Credit. Subject to the terms and conditions set forth herein, each Borrower may request the issuance of,
and each Issuing Bank agrees to issue, one or more Letters of Credit for its own account, in a form and substance reasonably acceptable to the Administrative Agent and the applicable Issuing Bank, at any time and from time to time during the period
from the Closing Date until the thirtieth (30th) day prior to the Termination Date on a revolving basis. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of
credit application or other agreement submitted by the applicable Borrower to, or entered into by the applicable Borrower with, the applicable Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control.
At the request of the applicable Borrower, any Letter of Credit may be issued (i) designating a Subsidiary of such Borrower as a nominal account party in respect of such Letter of Credit, but no such designation shall in any manner limit or
impair, or relieve such Borrower of, the obligations of such Borrower hereunder and in respect of such Letter of Credit, it being understood and agreed that, as among the several parties to this Agreement, such

  

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Borrower shall at all times have all of the rights and be subject to all of the obligations, duties and responsibilities of an account party in respect thereof or (ii) for the joint and
several account of such Borrower and another Borrower. Anything contained herein to the contrary notwithstanding, from and after any Additional Borrower Effective Date, no additional Letters of Credit shall be issued for the account of Rayonier.

 (a) Notice of Issuance; Amendment; Renewal; Extension; Certain Conditions. To request the issuance of a
Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), the applicable Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the
applicable Issuing Bank) to the applicable Issuing Bank and the Administrative Agent on the third Business Day (or such other period of time acceptable to the applicable Issuing Bank) prior to requested date of issuance, amendment, renewal or
extension a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, the date of issuance, amendment, renewal or extension, the date on which such Letter of Credit is to expire
(which shall comply with subsection (b) of this Section 2.03), the amount of such Letter of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such
Letter of Credit. If requested by the applicable Issuing Bank, such Borrower also shall submit a letter of credit application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall
be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit, the applicable Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment,
renewal or extension (i) the total LC Exposure shall not exceed $50,000,000, and (ii) the sum of the aggregate outstanding principal amount of the Revolving Credit Advances made by all Lenders plus the total LC Exposure shall not
exceed at any time the aggregate amount of the Commitments of the Lenders. 
 (b) Expiration Date. Each
Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal
or extension) and (ii) the date that is five Business Days prior to the Termination Date; provided that any Letter of Credit may provide for the renewal thereof for additional periods not to exceed one year (which in no event extend
beyond the date referred to in clause (ii) above). Notwithstanding the foregoing, the Issuing Bank, in its sole discretion, may issue one or more Letters of Credit, each with an expiration date extending beyond the Termination Date (each a
“Designated Letter of Credit” and, collectively, the “Designated Letters of Credit”); provided that on or before the Termination Date, to the extent that any Designated Letter of Credit remains outstanding,
the applicable Borrower shall Cash Collateralize the aggregate then undrawn and unexpired amount of all Designated Letters of Credit outstanding at such time. For purposes hereof, “Cash Collateralize” means to pledge and deposit with or
deliver to the Administrative Agent, until the cause for such cash collateral no longer exists, for the benefits of the Issuing Bank and the Lenders, as collateral for the outstanding Designated Letters of Credit, cash or deposit accounts balances
in an amount equal to the aggregate then undrawn and unexpired amount of all Designated Letters of Credit outstanding at such time pursuant to documentation in form and substance reasonable satisfactory to the

  

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Administrative Agent and the Issuing Bank. In the event that the applicable Borrower fails to Cash Collateralize the outstanding Designated Letters of Credit by the Termination Date, each such
outstanding Designated Letter of Credit shall automatically be deemed drawn in full and such Borrower shall be deemed to have requested a Revolving Credit Advance to be funded by the Lenders on the Termination Date to reimburse such drawing (with
the proceeds of such Revolving Credit Advance being used to Cash Collateralize outstanding Designated Letters of Credit as set forth above) in accordance with Section 2.03(d). The funding by a Lender of its pro rata share of such Revolving
Credit Advance to Cash Collateralize the outstanding Designated Letters of Credit on the Termination Date shall be deemed payment by such Lender in respect of its participation in each such Designated Letter of Credit. 

(c) Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the
amount thereof) and without any further action on the part of any Issuing Bank or the Lenders, each Issuing Bank issuing one or more Letters of Credit hereby grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a
participation in each such Letter of Credit equal to such Lender’s Commitment Percentage of the aggregate amount available to be drawn under such Letter of Credit. In consideration and in furtherance of the foregoing, each Lender hereby
absolutely and unconditionally agrees to pay to the Administrative Agent, for the account of the applicable Issuing Bank, such Lender’s Commitment Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed on or before the
date due as provided in subsection (d) of this Section 2.03, or of any reimbursement payment required to be refunded to the applicable Borrower for any reason. Each Lender acknowledges and agrees that its obligation to acquire
participations pursuant to this subsection in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the
occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 

(d) Reimbursement. If the applicable Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit,
the applicable Borrower shall reimburse such LC Disbursement by paying to such Issuing Bank an amount equal to such LC Disbursement not later than 2:00 p.m., New York City time, on the date that such LC Disbursement is made, if such Borrower shall
have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by such Borrower prior to such time on such date, then not later than 2:00 p.m., New York City time, on
(i) the Business Day that such Borrower receives such notice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt or (ii) the Business Day immediately following the day that such Borrower receives such
notice, if such notice is not received prior to such time on the day of receipt; provided that such Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 that such payment be
financed with a Revolving Credit Advance in an equivalent amount and, to the extent so financed, such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Advance. If such Borrower fails
to make such payment when due, the applicable Issuing Bank shall notify the Administrative Agent and the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the 

 

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payment then due from such Borrower in respect thereof and such Lender’s Commitment Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative
Agent its Commitment Percentage of the payment then due from such Borrower, in the same manner as provided in Section 2.02 with respect to Revolving Credit Advances made by such Lender (and Section 2.02 shall apply, mutatis
mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Lenders; provided that such Borrower shall remain obligated to
pay interest on such LC Disbursement until the applicable Issuing Bank is reimbursed for such LC Disbursement in accordance with subsection (g) of this Section 2.03. Promptly following receipt by the Administrative Agent of any payment
from such Borrower pursuant to this subsection, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Lenders have made payments pursuant to this subsection to reimburse such Issuing Bank, then
to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this subsection to reimburse the applicable Issuing Bank for any LC Disbursement (including the funding of Revolving Credit Advances as
contemplated above) shall constitute a Revolving Credit Advance and the applicable Borrower shall be deemed to have reimbursed the applicable Issuing Bank as of date of such payment and the Lenders shall be deemed to have extended, and such Borrower
shall be deemed to have accepted, a Revolving Credit Advance in the aggregate principal amount of such payment without any further action on the part of any party, provided that if any such payment is not deemed to be the funding of a Revolving
Credit Advance for any reason, such payment shall constitute the funding of such Lender’s participation in the applicable LC Disbursement. 

(e) Obligations Absolute. Each applicable Borrower’s obligation to reimburse LC Disbursements as provided in
subsection (d) of this Section 2.03 shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of:

 (i) any lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision
therein; 
 (ii) any amendment or waiver of or any consent to departure from all or any of the provisions of any
Letter of Credit or this Agreement; 
 (iii) the existence of any claim, setoff, defense or other right that any
Borrower, any other party guaranteeing, or otherwise obligated with, any Borrower, any Subsidiary or other Affiliate thereof or any other Person, other than payment in full of all amounts due and payable, may at any time have against the beneficiary
under any Letter of Credit, the applicable Issuing Bank, the Administrative Agent or any Lender or any other Person, whether in connection with this Agreement or any other related or unrelated agreement or transaction; 

(iv) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any
respect or any statement therein being untrue or inaccurate in any respect; 
  

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 (v) payment by the applicable Issuing Bank under a Letter of Credit against
presentation of a draft or other document that does not comply with the terms of such Letter of Credit; and 

(vi) any other act or omission to act or delay of any kind of the applicable Issuing Bank, the Lenders, the Administrative
Agent or any other Person or any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section 2.03, constitute a legal or equitable discharge of such Borrower’s
obligations hereunder, other than payment in full of all amounts due and payable. 
 Neither the Administrative Agent, the Lenders nor the
applicable Issuing Bank nor any of their Affiliates, directors, officers, employees and agents, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure
to make any payment thereunder, including any of the circumstances specified in clauses (i) through (vi) above, as well as any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other
communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the applicable
Issuing Bank; provided that the foregoing shall not be construed to excuse such Issuing Bank from liability to such Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby
waived by the Borrowers to the extent permitted by applicable law) suffered by such Borrower that are caused by such Issuing Bank’s failure to exercise the agreed standard of care (as set forth below) in determining whether drafts and other
documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that each Issuing Bank shall have exercised the agreed standard of care in the absence of gross negligence or willful misconduct on the
part of such Issuing Bank. Without limiting the generality of the foregoing, it is understood that any Issuing Bank may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit, without
responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit;
provided that each Issuing Bank shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit. 

(f) Disbursement Procedures. The applicable Issuing Bank shall, promptly following its receipt thereof, examine all
documents purporting to represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly notify the Administrative Agent and such Borrower for whose account such Letter of Credit was issued by telephone (confirmed by
telecopy) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve such Borrower of its obligation to
reimburse such Issuing Bank and the Lenders with respect to any such LC Disbursement. 
 (g) Interim
Interest. If the applicable Issuing Bank shall make any LC Disbursement, unless the applicable Borrower shall reimburse (including with the proceeds of 
  

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Revolving Credit Advances as provided in subsection (d) of this Section 2.03) or shall be deemed to have reimbursed such LC Disbursement in full on the date such LC Disbursement is
made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that such Borrower reimbursed such LC Disbursement at the rate per annum specified in
Section 2.07(a)(i), provided that, if such Borrower fails to reimburse (including with the proceeds of Revolving Credit Advances as provided in subsection (d) of this Section 2.03) such LC Disbursement when due pursuant to
subsection (d) of this Section 2.03, then Section 2.07(b)(ii) shall apply. Interest accrued pursuant to this subsection shall be for the account of the applicable Issuing Bank, except that interest accrued on and after the date of
payment by any Lender pursuant to subsection (d) of this Section 2.03 to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment. 

(h) Replacement of an Issuing Bank. All or a portion of the LC Commitment of any Issuing Bank may be replaced at
any time by written agreement among the Borrowers, a new Issuing Bank and the Administrative Agent (with notice to such replaced Issuing Bank); provided, however, that the Administrative Agent shall review any such proposed agreement
for form only and not with respect to the identity of any successor Issuing Bank or the identity of the Issuing Bank to be replaced. The Administrative Agent shall notify the Lenders of any such replacement of the LC Commitment of an Issuing Bank.
At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.04(c) and shall return to such Issuing Bank any Letter of Credit issued
by such Issuing Bank (to the extent the aggregate undrawn face amount of its then outstanding Letters of Credit would exceed its revised LC Commitment). From and after the effective date of any such replacement, (i) the successor Issuing Bank
shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to its LC Commitment (and its Letters of Credit to be issued by it on such effective date or thereafter) and (ii) references herein to the term
“Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced
Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue
additional Letters of Credit in excess of its remaining LC Commitment (if any). 
 SECTION 2.04. Fees.
(a) Facility Fee. The Borrowers agree, jointly and severally, to pay to the Administrative Agent for the ratable account of each Lender a Facility Fee on the aggregate amount of such Lender’s Commitment (or, if terminated, its
Revolving Credit Advances and LC Exposure) from the date hereof until the Termination Date at a rate per annum in effect from time to time as set forth in the definition of “Facility Fee” in Section 1.01, payable in arrears quarterly
on the last Business Day of each March, June, September and December, commencing on September 29, 2006, and on the Termination Date. All Facility Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual
number of days elapsed (including the first day but excluding the last day). 
  

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 (b) Administrative Agent’s Fees. The Borrowers agree, jointly
and severally, to pay to the Administrative Agent for its own account such fees as may from time to time be agreed between Rayonier and the Administrative Agent. 

(c) Participation and Fronting Fees. The applicable Borrower agrees to pay (i) to the Administrative Agent for
the account of each Lender a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on
Eurodollar Rate Advances on such Lender’s Commitment Percentage of the average daily aggregate face amount of Letters of Credit outstanding hereunder for the account of such Borrower during the period from and including the Closing Date to but
excluding the date on which such Lender ceases to have any LC Exposure and (ii) to each Issuing Bank a fronting fee, which shall accrue at the rate of 0.10% per annum on the average daily aggregate face amount of the outstanding Letters of
Credit of such Issuing Bank issued for the account of such Borrower, as well as such Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder.
Participation fees and fronting fees shall be payable in arrears quarterly on the last Business Day of March, June, September and December of each year, commencing on the first such date to occur after the Closing Date; provided that all such
fees shall be payable on the Termination Date and any such fees accruing after the Termination Date shall be payable on demand. Any other fees payable to any Issuing Bank pursuant to this subsection shall be payable promptly after demand. All
participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 

(d) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent
for the benefit of the parties entitled thereto. Fees paid shall not be refundable under any circumstances. 
 SECTION 2.05.
Termination or Reduction of The Commitments. Rayonier shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or permanently reduce ratably in part the unused portions of the
respective Commitments of the Lenders, provided that each partial reduction shall be in the aggregate amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof. 

SECTION 2.06. Repayment of Revolving Credit Advances. The applicable Borrower shall repay to the Administrative Agent for the
ratable account of the Lenders on the Termination Date the aggregate principal amount of the Revolving Credit Advances then outstanding. 

SECTION 2.07. Interest on Revolving Credit Advances. (a) Scheduled Interest. The applicable Borrower shall pay
interest on the unpaid principal amount of each Revolving Credit Advance owing to each Lender from the date of such Revolving Credit Advance until such principal amount shall be paid in full, at the following rates per annum: 

(i) Alternate Base Rate Advances. During such periods as such Revolving Credit Advance is an Alternate Base Rate
Advance, a rate per annum equal at all times to 
  

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the sum of (y) the Alternate Base Rate in effect from time to time plus (z) the Applicable Margin in effect from time to time, payable in arrears quarterly on the last Business Day of
each March, June, September and December during such periods. 
 (ii) Eurodollar Rate Advances. During
such periods as such Revolving Credit Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during each Interest Period for such Revolving Credit Advance to the sum of (y) the Eurodollar Rate for such Interest Period for
such Revolving Credit Advance plus (z) the Applicable Margin in effect from time to time, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs
during such Interest Period every three months from the first day of such Interest Period and on the date such Eurodollar Rate Advance shall be Converted or paid in full. 

(b) Default Interest. At any time during which any Borrower shall fail (i) to pay any principal of any
Revolving Credit Advance, any interest on any Revolving Credit Advance or make any other payment in connection with this Agreement or any other Loan Document when the same becomes due and payable or (ii) to perform or observe any term, covenant
or agreement contained in Section 5.05, the Administrative Agent may, and upon the request of the Required Lenders shall, require the Borrowers to pay interest (“Default Interest”) on (i) the unpaid principal amount of
each Revolving Credit Advance owing to each Lender by such Borrower, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be
paid on such Revolving Credit Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such
amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on
Alternate Base Rate Advances pursuant to clause (a)(i) above, provided, however, that following acceleration of the Revolving Credit Advances pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder whether
or not previously required by the Administrative Agent. 
 SECTION 2.08. Computation of Interest. (a) The
Alternate Base Rate interest (when calculated based upon the prime rate) shall be calculated on the basis of a 365/366 day year and all other interest shall be calculated on the basis of a 360-day year for the actual days elapsed. The Administrative
Agent shall as soon as practicable notify Rayonier and the Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Revolving Credit Advance resulting from a change in the Alternate Base Rate or the Eurodollar Reserve
Requirements shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall, as soon as practicable, notify Rayonier and the Lenders of the effective date and the amount of each
such change in interest rate. 
 (b) Each determination of an interest rate by the Administrative Agent pursuant to any provision
of this Agreement shall be conclusive and binding on the Borrowers and the Lenders in the absence of manifest error. 
  

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 SECTION 2.09. Inability to Determine Interest Rate. If prior to the first day of any
Interest Period: 
 (a) the Administrative Agent shall have reasonably determined (which determination shall be
conclusive and binding upon the Borrowers) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 

(b) the Administrative Agent shall have received notice from the Required Lenders that the Eurodollar Rate determined or
to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as certified by such Lenders) of making or maintaining its affected Revolving Credit Advances during such Interest Period, 

the Administrative Agent shall give telecopy or telephonic notice thereof to Rayonier and the Lenders as soon as practicable thereafter (which notice
shall include supporting calculations in reasonable detail). If such notice is given, (i) any Eurodollar Rate Advance requested to be made on the first day of such Interest Period shall be made as Alternate Base Rate Advances, (ii) any
Revolving Credit Advances that were to have been Converted on the first day of such Interest Period to Eurodollar Rate Advances shall be continued as Alternate Base Rate Advances and (iii) any outstanding Eurodollar Rate Advances shall be
Converted, on the first day of such Interest Period, to Alternate Base Rate Advances. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Rate Advances shall be made or continued as such, nor shall any Borrower
have the right to Convert Alternate Base Rate Advances to Eurodollar Rate Advances. 
 SECTION 2.10. Conversion of Revolving
Credit Advances. (a) Optional Conversion. Any Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed
Conversion and subject to the provisions of Sections 2.09 and 2.13, Convert all Revolving Credit Advances of one Type owed by such Borrower and comprising the same Borrowing into Revolving Credit Advances of the other Type; provided, however, that
any Conversion of Eurodollar Rate Advances into Alternate Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Alternate Base Rate Advances into Eurodollar Rate Advances
shall be in an amount not less than the minimum amount specified for Revolving Credit Borrowings in Section 2.01 and no Conversion of any Revolving Credit Advances shall result in more separate Revolving Credit Borrowings than permitted under
Section 2.02(b). Each such notice of a Conversion shall, within the restrictions specified above, specify (i) the date of such Conversion, (ii) the Revolving Credit Advances to be Converted, and (iii) if such Conversion is into
Eurodollar Rate Advances, the duration of the initial Interest Period for each such Advance. Each notice of Conversion shall be irrevocable and binding on such Borrower. 

(b) Mandatory Conversion. (i) On the date on which the aggregate unpaid principal amount of Eurodollar Rate Advances
comprising any Revolving Credit Borrowing shall be reduced, by payment or prepayment or otherwise, to less than $5,000,000, such Advances shall automatically Convert into Alternate Base Rate Advances, and (ii) upon the occurrence and during the
continuance of any Event of Default, (x) each Eurodollar Rate 
  

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Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Alternate Base Rate Advance and (y) the obligation of the Lenders to make, or to
Convert Advances into, Eurodollar Rate Advances shall be suspended. 
 SECTION 2.11. Prepayments of Revolving Credit
Advances. Any Borrower may, upon notice to the Administrative Agent no later than 11:00 A.M. (New York City time) on the Business Day of the proposed date of the prepayment in the case of Alternate Base Rate Advances and on the third Business
Day prior to the proposed date of the prepayment in the case of Eurodollar Rate Advances, in each case stating the proposed date and aggregate principal amount of the prepayment, and if such notice is given such Borrower shall, prepay the
outstanding principal amount of the Revolving Credit Advances owing by such Borrower comprising part of the same Revolving Credit Borrowing in whole or ratably in part, together with accrued interest to the date of such prepayment on the principal
amount prepaid; provided, however, that (x) each partial prepayment shall be in an aggregate principal amount not less than $5,000,000 or an integral multiple of $1,000,000 in excess thereof and (y) in the event of any such prepayment of a
Eurodollar Rate Advance, such Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 8.04(c). 

SECTION 2.12. Increased Costs. (a) If, due to either (i) the introduction of or any change in or in the interpretation
of any law or regulation after the date hereof or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law) issued after the date hereof, there shall be any
increase in the cost to any Lender of agreeing to make or making, funding or maintaining Eurodollar Rate Advances or to participate or participating in Letters of Credit or any Issuing Bank of agreeing to issue Letters of Credit (excluding for
purposes of this Section 2.12 any such increased costs resulting from (i) Taxes or Other Taxes (as to which Section 2.15 shall govern) and (ii) changes in the basis of taxation of overall net income or overall gross income by the
United States or by the foreign jurisdiction or state under the laws of which such Lender is organized or has its Applicable Lending Office or any political subdivision thereof), then the Borrowers agree, jointly and severally, to pay from time to
time, upon demand by such Lender or Issuing Bank (with a copy of such demand to the Administrative Agent), to the Administrative Agent for the account of such Lender or Issuing Bank (as applicable) additional amounts sufficient to compensate such
Lender or Issuing Bank for such increased cost; provided, however, that any Lender claiming additional amounts under this Section 2.12 shall use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to
designate a different Applicable Lending Office if such change would avoid the need for, or reduce the amount of, such increased cost that may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous
to such Lender. A certificate as to the amount of such increased cost, submitted to Rayonier and the Administrative Agent by such Lender, shall be conclusive and binding for all purposes, absent manifest error. 

(b) If any Lender or Issuing Bank determines that compliance with any law or regulation or any guideline or request from
any central bank or other Governmental Authority enacted or made after the date hereof (whether or not having the force of law) affects or would affect the amount of capital required or expected to be maintained by such Lender or Issuing Bank or any
corporation controlling such Lender or Issuing Bank and that 
  

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the amount of such capital is increased by or based upon the existence of such Lender’s commitment to lend hereunder or Issuing Bank’s commitment to issue Letters of Credit hereunder
and other commitments of this type, then, upon demand by such Lender or Issuing Bank (with a copy of such demand to the Administrative Agent), the Borrowers agree, jointly and severally, to pay to the Administrative Agent for the account of such
Lender or Issuing Bank (as applicable), from time to time as specified by such Lender or Issuing Bank, additional amounts sufficient to compensate such Lender or Issuing Bank or such corporation (as applicable) in the light of such circumstances, to
the extent that such Lender or Issuing Bank reasonably determines such increase in capital to be allocable to the existence of such Lender’s commitment to lend hereunder or Issuing Bank’s commitment to issue Letters of Credit hereunder. A
certificate as to such amounts submitted to Rayonier and the Administrative Agent by such Lender or Issuing Bank shall be conclusive and binding for all purposes, absent manifest error. 

(c) Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section 2.12
shall not constitute a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that no Borrower shall be required to compensate a Lender or an Issuing Bank pursuant to this Section 2.12 for any
increased costs or reductions incurred more than four months prior to the date that such Lender or Issuing Bank notifies Rayonier of the change giving rise to such increased costs or reductions and of such Lender’s or Issuing Bank’s
intention to claim compensation therefor; provided further that, if the change giving rise to such increased costs or reductions is retroactive, then the four-month period referred to above shall include the period of retroactive
effect thereof. 
 SECTION 2.13. Illegality. Notwithstanding any other provision of this Agreement, if any Lender shall
notify the Administrative Agent that the introduction of or any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other Governmental Authority asserts that it is unlawful, for any Lender or its
Eurodollar Lending Office to perform its obligations hereunder to make Eurodollar Rate Advances or to fund or maintain Eurodollar Rate Advances hereunder, (i) the obligation of the Lenders to make, or to Convert Revolving Credit Advances into,
Eurodollar Rate Advances shall be suspended until the Administrative Agent shall notify Rayonier and the Lenders that the circumstances causing such suspension no longer exist and (ii) each Borrower shall forthwith prepay in full all Eurodollar
Rate Advances of such Borrower then outstanding, together with interest accrued thereon, unless such Borrower, within five Business Days of notice from the Administrative Agent, Converts all Eurodollar Rate Advances of such Borrower then outstanding
into Alternate Base Rate Advances in accordance with Section 2.10. 
 SECTION 2.14. Payments. (a) The Borrowers
shall make each payment hereunder, irrespective of any right of counterclaim or set-off, not later than 12:00 Noon (New York City time) on the day when due in U.S. dollars to the Administrative Agent at the Administrative Agent’s Account in
same day funds. The Administrative Agent will promptly thereafter cause to be distributed like funds relating to the payment of principal or interest or Facility Fees or participation fees or fronting fees ratably (other than amounts payable
pursuant to Section 2.12, 2.15 or 8.04(c)) to the Lenders for the account of their respective Applicable 
  

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Lending Offices or the applicable Issuing Bank, and like funds relating to the payment of any other amount payable to any Lender or Issuing Bank to such Lender for the account of its Applicable
Lending Office or the applicable Issuing Bank, in each case to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant
to Section 8.07(c), from and after the effective date specified in such Assignment and Acceptance, the Administrative Agent shall make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender assignor
and the Lender assignee thereunder on a pro rata basis subject to all appropriate adjustments in such payments for periods prior to such effective date. 

(b) Except as otherwise provided herein, whenever any payment hereunder or under the Notes shall be stated to be due on a
day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or Facility Fee, as the case may be; provided,
however, that, if such extension would cause payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment shall be made on the next preceding Business Day. 

(c) Unless the Administrative Agent shall have received notice from the applicable Borrower prior to the date on which any
payment is due to the Lenders or the Issuing Banks hereunder that such Borrower will not make such payment in full, the Administrative Agent may assume that such Borrower has made such payment in full to the Administrative Agent on such date and the
Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Lender or the applicable Issuing Bank (as applicable) on such due date an amount equal to the amount then due such Lender or Issuing Bank. If and to the
extent such Borrower shall not have so made such payment in full to the Administrative Agent, each Lender or the applicable Issuing Bank shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender or Issuing
Bank together with interest thereon, for each day from the date such amount is distributed to such Lender or Issuing Bank until the date such Lender or Issuing Bank repays such amount to the Administrative Agent, at the Federal Funds Rate.

 SECTION 2.15. Taxes. (a) Any and all payments by each Borrower to or for the account of any Lender, Issuing Bank
or the Administrative Agent hereunder, under the Notes, any other Loan Document or any other documents to be delivered hereunder shall be made, in accordance with Section 2.14 or the applicable provisions of such other documents, free and clear
of and without deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender, Issuing Bank and the Administrative
Agent, taxes imposed on its overall net income and minimum taxes, alternative minimum taxes, doing business taxes, franchise taxes and value added taxes imposed on it in lieu of net income taxes, by the jurisdiction under the laws of which such
Lender, Issuing Bank or the Administrative Agent (as the case may be) is organized (federal or state) or doing business or any political subdivision thereof and, in the case of each Lender, taxes imposed on its overall net income and minimum taxes,
alternative minimum taxes, doing business taxes, franchise taxes and value added taxes imposed on it in lieu of net income taxes, 

 

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by the jurisdiction of such Lender’s Applicable Lending Office (federal or state) (all such non-excluded taxes, levies, imposts, deductions, charges, withholdings and liabilities in respect
of payments hereunder or under the Notes being hereinafter referred to as “Taxes”). If any Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note or any other documents to be
delivered hereunder to any Lender, Issuing Bank or the Administrative Agent, (i) the sum payable shall be increased as may be necessary so that after making all required deductions (including deductions applicable to additional sums payable
under this Section 2.15) such Lender, Issuing Bank or the Administrative Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable Borrower shall make such
deductions and (iii) such Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law. 

(b) In addition, each Borrower agrees to pay any present or future stamp or documentary taxes or any other excise or
property taxes, charges or similar levies that arise from any payment made hereunder, under the Notes, any other Loan Document or any other documents to be delivered hereunder or from the execution, delivery or registration of, performing under, or
otherwise with respect to, this Agreement, the Notes, any other Loan Document or any other documents to be delivered hereunder imposed by the jurisdiction under the laws of which such Borrower is organized or operates or any political subdivision
thereof, or by the jurisdiction in which such Borrower’s principal office is located or from which any payments hereunder are made (hereinafter referred to as “Other Taxes”). 

(c) The applicable Borrower will indemnify each Lender, each Issuing Bank and the Administrative Agent for and hold it
harmless against the full amount of Taxes or Other Taxes (including, without limitation, taxes of any kind imposed or asserted by any jurisdiction on amounts payable under this Section 2.15) imposed on or paid by such Lender, Issuing Bank or
the Administrative Agent (as the case may be) and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. This indemnification shall be made within 30 days from the date such Lender, Issuing Bank or the
Administrative Agent (as the case may be) makes written demand therefor; provided, however, that in no event shall any such indemnification be due earlier than five Business Days after such Lender, Issuing Bank or the Administrative
Agent (as the case may be) has paid such Taxes or Other Taxes; provided, further, that any such demand shall be accompanied by copies of all written correspondence to and from the applicable taxing authority relating to such payment and a copy of
the calculation of such Taxes or Other Taxes. 
 (d) Within 30 days after the date of any payment of Taxes, each
Borrower will furnish to the Administrative Agent, at its address referred to in Section 8.02, the original or a certified copy of a receipt evidencing such payment to the extent such a receipt is issued therefor, or other written proof of
payment thereof that is reasonably satisfactory to the Administrative Agent. In the case of any payment hereunder, under the Notes, any other Loan Document or any other documents to be delivered hereunder by or on behalf of any Borrower through an
account or branch outside the United States or by or on behalf of any Borrower by a payor that is not a United States person, if the applicable Borrower determines that no Taxes are payable in respect thereof, such Borrower shall furnish, or shall
cause such payor to 
  

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furnish, to the Administrative Agent, at such address, an opinion of counsel reasonably acceptable to the Administrative Agent stating that such payment is exempt from Taxes. For purposes of this
subsection (d) and subsection (e), the terms “United States” and “United States person” shall have the meanings specified in Section 7701 of the Internal Revenue Code. 

(e) Each Lender organized under the laws of a jurisdiction outside the United States, on or prior to the date of its
execution and delivery of this Agreement in the case of each Lender party to this Agreement as of the date hereof or on the date of the Assignment and Acceptance pursuant to which it becomes a Lender in the case of each other Lender, and from time
to time thereafter as reasonably requested in writing by Rayonier (but only so long as such Lender remains lawfully able to do so), shall provide each of the Administrative Agent and Rayonier with two original Internal Revenue Service forms W-8BEN
or W-8ECI, as appropriate, or any successor or other form prescribed by the Internal Revenue Service, certifying that such Lender is exempt from or entitled to a reduced rate of United States withholding tax on payments pursuant to this Agreement or
the Notes. If the form provided by a Lender at the time such Lender first becomes a party to this Agreement indicates a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be considered excluded from
Taxes unless and until such Lender provides the appropriate forms certifying that a lesser rate applies, whereupon withholding tax at such lesser rate only shall be considered excluded from Taxes for periods governed by such form; provided,
however, that, if at the date of the Assignment and Acceptance pursuant to which a Lender assignee becomes a party to this Agreement, the Lender assignor was entitled to payments under subsection (a) in respect of United States
withholding tax with respect to interest paid at such date, then, to such extent, the term “Taxes” shall include (in addition to withholding taxes that may be imposed in the future or other amounts otherwise includable in Taxes) United
States withholding tax, if any, applicable with respect to the Lender assignee on such date. If any form or document referred to in this subsection (e) requires the disclosure of information, other than information necessary to compute the tax
payable and information required on the date hereof by Internal Revenue Service form W-8BEN or W-8ECI, that the Lender reasonably considers to be confidential, the Lender shall give notice thereof to the Borrowers and shall not be obligated to
include in such form or document such confidential information. 
 (f) For any period with respect to which a
Lender has failed to provide Rayonier with the appropriate form, certificate or other document described in Section 2.15(e) (other than if such failure is due to a change in law, or in the interpretation or application thereof, occurring
subsequent to the date on which a form, certificate or other document originally was required to be provided, or if such form, certificate or other document otherwise is not required under subsection (e) above), such Lender shall not be
entitled to indemnification under Section 2.15(a) or (c) with respect to Taxes imposed by the United States by reason of such failure; provided, however, that should a Lender become subject to Taxes because of its failure to
deliver a form, certificate or other document required hereunder, each Borrower shall take such steps as such Lender shall reasonably request to assist the Lender to recover such Taxes (and such Lender shall reimburse such Borrower for reasonable
out-of-pocket costs and expenses of such Borrower in connection therewith). 
  

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 (g) Any Lender claiming any additional amounts payable pursuant to this
Section 2.15 shall use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to change the jurisdiction of its Eurodollar Lending Office if the making of such a change would avoid the need for, or reduce
the amount of, any such additional amounts that may thereafter accrue and would not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender, provided that, should any Borrower be required to pay any amounts
under Section 2.15(a) or (c), and such Borrower delivers to each Lender that received such amounts an opinion of counsel that payments to the Lender or the Administrative Agent were not in fact subject to Taxes, each Lender shall use reasonable
efforts to cooperate with such Borrower, including, but not limited to filing and pursuing a claim of refund in its own name (provided that such Borrower agrees in writing to indemnify and reimburse such Lender for its actual out-of-pocket expenses
in connection with such claim for refund), in obtaining a refund of Taxes, and if such Lender receives a refund of Taxes shall promptly pay such Taxes over to such Borrower together with any interest received by, or credited against the tax
liability of, such Lender to the extent such interest is attributable to such refund of Taxes. 
 (h) If any
Lender or Issuing Bank determines, in its sole discretion, that it has actually realized, by reason of a refund, deduction or credit of any Taxes paid or reimbursed by any Borrower pursuant to subsection (a) or (c) above in respect of
payments hereunder or the Notes, a current monetary benefit that it would otherwise not have obtained, and that would result in the total payments under this Section 2.15 exceeding the amount needed to make such Lender whole, such Lender or
Issuing Bank shall pay to such Borrower, with reasonable promptness following the date on which it actually realized such benefit, an amount equal to the lesser of the amount of such benefit or the amount of such excess, in each case net of all
out-of-pocket expenses in securing such refund, deduction or credit, provided, in the event that any portion of such refund, deduction or credit is subsequently disallowed, such Borrower shall hold such Lender or Issuing Bank harmless (on an
after-tax basis) from such disallowance. 
 SECTION 2.16. Sharing of Payments, Etc. If any Lender shall obtain any
payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of the Revolving Credit Advances owing to it (other than pursuant to Section 2.12, 2.15 or 8.04(c)) in excess of its ratable share
of payments on account of the Revolving Credit Advances obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Revolving Credit Advances owing to them as shall be necessary to cause such
purchasing Lender to share the excess payment ratably with each of them; provided, however, that if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be
rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such
Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. Each Borrower agrees that
any Lender so purchasing a participation from another Lender pursuant to this Section 2.16 may, to the fullest extent permitted by law, exercise all its rights of payment (including the right of set-off) with respect to such participation as
fully as if such Lender were the direct creditor of such Borrower in the amount of such participation. 
  

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 SECTION 2.17. Evidence of Debt. (a) Each Lender shall maintain in accordance
with its usual practice an account or accounts evidencing the indebtedness of each Borrower to such Lender resulting from each Revolving Credit Advance owing to such Lender from time to time, including the amounts of principal and interest payable
and paid to such Lender from time to time hereunder in respect of Revolving Credit Advances. Each Borrower agrees that upon notice by any Lender to any Borrower (with a copy of such notice to the Administrative Agent) to the effect that a Note is
required or appropriate in order for such Lender to evidence (whether for purposes of pledge, enforcement or otherwise) the Revolving Credit Advances owing to, or to be made by, such Lender, such Borrower shall promptly execute and deliver to such
Lender a Note payable to the order of such Lender in a principal amount up to the Commitment of such Lender. 

(b) The Register maintained by the Administrative Agent pursuant to Section 8.07(d) shall include a control account,
and a subsidiary account for each Lender, in which accounts (taken together) shall be recorded (i) the date and amount of each Revolving Credit Borrowing made hereunder, the applicable Borrower thereof, the Type of Advances comprising such
Revolving Credit Borrowing and, if appropriate, the Interest Period applicable thereto, (ii) the terms of each Assignment and Acceptance delivered to and accepted by it, (iii) the amount of any principal or interest due and payable or to
become due and payable from each Borrower to each Lender hereunder and (iv) the amount of any sum received by the Administrative Agent from each Borrower hereunder and each Lender’s share thereof. 

(c) Entries made in good faith by the Administrative Agent in the Register pursuant to subsection (b) above, and by
each Lender in its account or accounts pursuant to subsection (a) above, shall be prima facie evidence of the amount of principal and interest due and payable or to become due and payable from each Borrower to, in the case of the
Register, each Lender and, in the case of such account or accounts, such Lender, under this Agreement, absent manifest error; provided, however, that the failure of the Administrative Agent or such Lender to make an entry, or any
finding that an entry is incorrect, in the Register or such account or accounts shall not limit or otherwise affect the obligations of any Borrower under this Agreement. 

SECTION 2.18. Use of Proceeds. The proceeds of the Revolving Credit Advances shall be available (and each Borrower agrees that it
shall use such proceeds) solely first, to refinance Debt outstanding under the Existing Credit Agreement and to pay fees and expenses incurred in connection with the transactions contemplated by this Agreement, and, thereafter, for other general
corporate purposes of the Borrowers and its Subsidiaries (including, without limitation, acquisitions, repayment of Debt and repurchase of Capital Stock). The Letters of Credit are to be used for the general corporate purposes of the Borrowers.

 SECTION 2.19. Increase in the Aggregate Commitments. (a) Rayonier may, at any time prior to the Termination Date,
by notice to the Administrative Agent, request that the aggregate amount of the Commitments be increased on one or more occasions by an amount in 

 

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each case of not less than $25 million and by an amount not more than $100,000,000 in the aggregate for all such increases (each a “Commitment Increase”) to be effective as of a
date that is at least 90 days prior to the scheduled Termination Date then in effect (the “Increase Date”) as specified in the related notice to the Administrative Agent; provided, however, no Default or Event of
Default shall have occurred and be continuing as of the date of such request or as of the Increase Date, or shall occur as a result thereof. 

(b) The Administrative Agent shall promptly notify the Lenders of a request by Rayonier for a Commitment Increase, which
notice shall include (i) the proposed amount of such requested Commitment Increase, (ii) the proposed Increase Date and (iii) the date by which Lenders wishing to participate in the Commitment Increase must commit to an increase in
the amount of their respective Commitments (the “Commitment Date”). Each Lender that is willing to participate in such requested Commitment Increase (each an “Increasing Lender”) shall give written notice to the
Administrative Agent on or prior to the Commitment Date of the amount by which it is willing to increase its Commitment. No Lender shall be obligated or entitled to participate in any Commitment Increase. 

(c) Promptly following each Commitment Date, the Administrative Agent shall notify Rayonier as to the amount, if any, by
which each Lender is willing to participate in the requested Commitment Increase, and Rayonier shall promptly notify the Administrative Agent in writing, which shall in turn notify the Lenders, of the amount of the Commitment Increase that is
allocated to each such Lender. In addition to the existing Lenders, Rayonier may extend offers to one or more Eligible Assignees to participate in any portion of the requested Commitment Increase; provided, however, that the Commitment of
each such Eligible Assignee shall be in an amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof, and provided further that any such Eligible Assignee shall be approved by the Administrative Agent and each Issuing Bank.

 (d) On the Increase Date, each Eligible Assignee that accepts an offer to participate in a requested
Commitment Increase in accordance with Section 2.19(c) (each such Eligible Assignee, an “Assuming Lender”) shall become a Lender party to this Agreement as of such Increase Date and the Commitment of each Increasing Lender for
such requested Commitment Increase shall be increased by the amount allocated to such Lender pursuant to Section 2.19(c)) as of such Increase Date; provided, however, that the Administrative Agent shall have received on or before such
Increase Date the following, each dated such date: 
 (i) (A) certified copies of resolutions of the Board
of Directors of the Borrowers approving the Commitment Increase and the corresponding modifications to this Agreement and (B) an opinion of counsel for the Borrowers in form and substance reasonably satisfactory to the Administrative Agent;

 (ii) an assumption agreement from each Assuming Lender, if any, in form and substance satisfactory to the
Assuming Lender, the Borrowers and the Administrative Agent (each an “Assumption Agreement”), duly executed by such Assuming Lender, the Administrative Agent and the Borrowers; and 

 

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 (iii) confirmation from each Increasing Lender of the increase in the amount
of its Commitment in a writing satisfactory to Rayonier and the Administrative Agent. 
 (e) On each Increase
Date, upon fulfillment of the conditions set forth in Section 2.19(d), the Administrative Agent shall notify the Lenders (including, without limitation, each Assuming Lender) and Rayonier, on or before 1:00 P.M. (New York City time), by
telecopier, of the occurrence of the Commitment Increase to be effected on such Increase Date and shall record in the Register the relevant information with respect to each Increasing Lender and each Assuming Lender on such date. 

ARTICLE III 

CONDITIONS PRECEDENT 

SECTION 3.01. Conditions Precedent to Closing Date. This Agreement shall not become effective until the date on which each of the
following conditions is satisfied (or waived in accordance with Section 8.01): 
 (a) Documents. The
Administrative Agent shall have received each of the following documents, each of which shall be satisfactory to the Administrative Agent (and to the extent specified below, to each Lender) in form and substance: 

(i) Executed Counterparts. From each party hereto either (A) multiple counterparts of this Agreement, signed
on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this Agreement;

 (ii) Corporate Documents. (A) Such documents and certificates as the Administrative Agent or its
counsel may reasonably request, certified as of the Closing Date as complete and correct copies thereof by the Secretary or an Assistant Secretary of each Borrower and Subsidiary Guarantor or, in the case of RFR, by the Secretary or an Assistant
Secretary of the Managing General Partner, relating to (1) the organization, existence and good standing of such Borrower or Subsidiary Guarantor, as the case may be, and, in the case of RFR, the existence of any amendments to the Installment
Note Agreement, (2) the authorization of the execution, delivery and performance by such Borrower or Subsidiary Guarantor, as the case may be, of the applicable Loan Documents and of the borrowings hereunder by each Borrower, and
(3) certificates as to the incumbency and signature of each individual signing this Agreement and/or any other Loan Document or other agreement or document contemplated hereby on behalf of the applicable Borrower or Subsidiary Guarantor; and
(B) in the case of RFR, a certificate of another officer of the Managing General Partner as to the incumbency and specimen signature of the Secretary or an Assistant Secretary executing the certificate pursuant to clause (A) above;

  

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 (iii) Financial Statements. Copies of (A) the audited
Consolidated balance sheets of Rayonier and its Subsidiaries as of December 31, 2005 and the related Consolidated statements of income and cash flows for the period ending as of such date, and (B) the unaudited Consolidated balance sheets
of Rayonier and its Subsidiaries as of March 31, 2006, and the related Consolidated statements of income and cash flows for the period ending as of such date; 

(iv) Guarantee. The Administrative Agent shall have received the Guarantee Agreement substantially in the form of
Exhibit C-1 hereto and executed by duly authorized officers of Rayonier and TRS respectively; 
 (v)
Subsidiary Guarantees. The Administrative Agent shall have received the TRS Subsidiary Guarantee Agreement substantially in the form of Exhibit C-3 hereto, in each case executed by duly authorized officers of the parties thereto; and

 (vi) Other Documents. Such other documents as the Administrative Agent or any Lender (acting through
the Administrative Agent) may reasonably request. 
 (b) Existing Credit Agreement. The Administrative
Agent shall have received documentation satisfactory to the Administrative Agent evidencing that the Existing Credit Agreement shall have been terminated and all respective amounts outstanding thereunder shall have been repaid in full; 

(c) Representations and Warranties. Each of the representations and warranties made by each Borrower in or pursuant
to the Loan Documents (except to the extent applicable to an earlier date) shall be true and correct in all material respects on and as of such date as if made on and as of such date; 

(d) No Default. No Default or Event of Default shall have occurred and be continuing on such date; 

(e) Legal Opinions. The Administrative Agent shall have received, with a counterpart for each Lender, the executed
legal opinions of (i) Rayonier’s Vice President and General Counsel, substantially in the form of Exhibit D-1 hereto, (ii) Womble Carlyle Sandridge & Rice, PLLC, special counsel for the Borrowers and the Subsidiary
Guarantors, substantially in the form of Exhibit D-2 hereto and (iii) Vinson & Elkins L.L.P., special New York counsel for the Borrowers and the Subsidiary Guarantors, substantially in the form of Exhibit D-3 hereto and, in each such
case, as to such other matters as any Lender through the Administrative Agent may reasonably request; 
 (f)
Closing Certificate. The Administrative Agent shall have received, with a counterpart for each Lender, a closing certificate of each Borrower substantially in the form of Exhibit E hereto, dated as of the Closing Date and satisfactory in form
and substance to the Administrative Agent; 
 (g) “Know Your Customer” Information. At least
five Business Days prior to the Closing Date, the Administrative Agent shall have received documentation and other 
  

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information required by bank regulatory authorities under applicable “know your customer” and Anti-Money Laundering rules and regulations, including, without limitation, the USA PATRIOT
Act. Such documentation shall include, without limitation, evidence satisfactory to the Administrative Agent of (y) the listing of Capital Stock of Rayonier on New York Stock Exchange and (z) Rayonier’s ownership of all of the
outstanding Capital Stock of TRS, RFR and any Subsidiary Guarantors hereunder; 
 (h) Closing Fees and
Expenses. The Administrative Agent shall have received the fees to be received on the Closing Date separately agreed to between the Administrative Agent and Rayonier and shall have received reimbursement of all reasonable costs and expenses
(including reasonable fees and expenses of counsel to the Administrative Agent); 
 (i) Outside Closing
Date. The Closing Date shall have occurred and each of the conditions precedent set forth in this Section 3.01 shall have been satisfied on or prior to August 31, 2006; and 

(j) Additional Matters. All corporate and other proceedings, and all documents, instruments and other legal matters
in connection with the transactions contemplated by this Agreement, the other Loan Documents shall be reasonably satisfactory in form and substance to the Administrative Agent, and the Administrative Agent shall have received such other documents,
instruments and legal opinions in respect of any aspect or consequence of the transactions contemplated hereby or thereby as it shall reasonably request. 

SECTION 3.02. Conditions Precedent to Each Loan Event. The agreement of each Lender to make any Revolving Credit Advance,
including the initial Revolving Credit Advance, on the occasion of each Revolving Credit Borrowing and the agreement of the Issuing Bank to issue, amend, renew or extend (and of each Lender to participate in) any Letter of Credit (the making of any
such Revolving Credit Advance or the issuance, amendment, renewal or extension of (and the participation in) any such Letter of Credit, a “Loan Event”) is subject to the satisfaction of the following conditions precedent:

 (a) Closing Date. The Closing Date shall have occurred; 

(b) Notice of Revolving Credit Borrowing. In the case of Revolving Credit Advances made pursuant to
Section 2.01, the Administrative Agent shall have received a Notice of Revolving Credit Borrowing in compliance with the terms hereof; 

(c) Representations and Warranties. Each of the representations and warranties made by each Borrower in or pursuant
to the Loan Documents (except for the representations and warranties specified in Section 4.01(e), (f) and (g)(i)) shall be true and correct in all material respects on and as of such date as if made on and as of such date (both before and
after giving effect to such Loan Event); 
 (d) No Default. No Default or Event of Default shall have
occurred and be continuing on such date or after giving effect to such Loan Event requested to be made on such date; and 
  

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 (e) Additional Matters. The Administrative Agent shall have received
such other approvals, opinions or documents as any Lender through the Administrative Agent may reasonable request. 
 Each Loan Event shall
constitute a representation and warranty by each Borrower as of the date of such Loan Event that the statements in any document delivered by such Borrower in connection with such Loan Event are true and correct and that the conditions contained in
this Section 3.02 have been satisfied. 
 SECTION 3.03. Conditions Precedent to Additional Borrower Effective Date.
Notwithstanding the provisions of Section 3.02, the occurrence of the Additional Borrower Effective Date for any Additional Borrower, and the initial Loan Event with respect to any such Additional Borrower, shall be subject to the satisfaction
of the following conditions precedent: 
 (a) Corporate Documents. The Administrative Agent shall have
received, in form and substance satisfactory to the Administrative Agent, (i) an assumption agreement duly executed by such Additional Borrower (“Additional Borrower Assumption Agreement”), pursuant to which such Additional
Borrower agrees to be bound by the terms hereof as an Additional Borrower and by the terms of the Guarantee Agreement as a guarantor thereunder, (ii) a consent and confirmation from each Loan Party with respect to such Additional Borrower and
the obligations of such Loan Party under the Loan Documents after the effectiveness of the Additional Borrower Assumption Agreement, (iii) copies of the articles of incorporation (or the equivalent thereof) of such Additional Borrower, together
with all amendments thereto, and a certificate of good standing (or the equivalent thereof), each certified by the appropriate governmental officer in its jurisdiction of organization, as well as any other information required by the USA PATRIOT
ACT, as determined by the Administrative Agent, (iv) copies, certified by the secretary or assistant secretary (or equivalent thereof) of the Additional Borrower, of its by-laws (or the equivalent thereof) and of its board of directors’
(or the equivalent thereof) resolutions and resolutions or actions of any other body authorizing the execution of the Additional Borrower Assumption Agreement and the other Loan Documents to which such Additional Borrower is a party, and
(v) such other documents and certificates as the Administrative Agent or its counsel may reasonably request, each of which shall be certified as of the date of initial Loan Event with respect to such Additional Borrower as complete and correct
copies thereof by the Secretary or an Assistant Secretary of such Additional Borrower relating to (A) the organization, existence and good standing of such Additional Borrower, (B) the authorization of the execution, delivery and
performance by such Additional Borrower of each Loan Document to which it is to become a party, and (C) certificates as to the incumbency and signature of each individual signing any Loan Document on behalf of such Additional Borrower;

 (b) No Event of Default. No Event of Default shall have occurred and be continuing as of the Additional
Borrower Effective Date; and 
 (c) Legal Opinions. The Administrative Agent shall have received, with a
counterpart for each Lender, the executed legal opinions, each of which shall be satisfactory to the Administrative Agent, of (i) Rayonier’s Vice President and General Counsel, (ii) Womble Carlyle Sandridge & Rice, PLLC, as
special counsel for the Additional Borrower and (iii)
  

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special New York counsel for the Additional Borrower acceptable to the Administrative Agent, as to due authorization, execution and enforceability of the Additional Borrower Assumption Agreement
and as to such other matters as any Lender through the Administrative Agent may reasonably request. 
 SECTION 3.04.
Conditions Precedent to Additional Subsidiary Guarantor. The effectiveness of the designation of any Subsidiary of Rayonier as an Additional Subsidiary Guarantor shall be subject to the satisfaction of the following conditions precedent:

 (a) Corporate Documents. The Administrative Agent shall have received the Additional Subsidiary
Guarantor Guarantee Agreement substantially in the form of Exhibit C-4 hereto and executed by a duly authorized officer of such Additional Subsidiary Guarantor, and each of the following, in form and substance satisfactory to the Administrative
Agent, (i) copies of the articles of incorporation (or the equivalent thereof) of such Additional Subsidiary Guarantor, together with all amendments thereto, and a certificate of good standing (or the equivalent thereof), each certified by the
appropriate governmental officer in its jurisdiction of organization, as well as any other information required by the USA PATRIOT ACT, as determined by the Administrative Agent, (ii) copies, certified by the secretary or assistant secretary
(or equivalent thereof) of the Additional Subsidiary Guarantor, of its by-laws (or the equivalent thereof) and of its board of directors’ (or the equivalent thereof) resolutions and resolutions or actions of any other body authorizing the
execution of the Additional Subsidiary Guarantor Guarantee Agreement, and (iii) such other documents and certificates as the Administrative Agent or its counsel may reasonably request, each of which shall be certified as of the date of the
effective date of such designation as complete and correct copies thereof by the Secretary or an Assistant Secretary of such Additional Subsidiary Guarantor relating to (A) the organization, existence and good standing of such Additional
Subsidiary Guarantor, (B) the authorization of the execution, delivery and performance by such Additional Subsidiary Guarantor or the Additional Subsidiary Guarantor Guarantee Agreement, and (C) certificates as to the incumbency and
signature of each individual signing Additional Subsidiary Guarantor Guarantee Agreement on behalf of such Additional Subsidiary Guarantor; 

(b) Representations and Warranties. The representations and warranties contained in the Additional Subsidiary
Guarantor Guarantee Agreement shall be true and correct in all material respects as to such Additional Subsidiary Guarantor and its Subsidiaries on and as of such date as if made on and as of such date; 

(c) No Event of Default. No Event of Default shall have occurred and be continuing as of such date; and 

(d) Legal Opinions. The Administrative Agent shall have received, with a counterpart for each Lender, the executed
legal opinions, each of which shall be satisfactory to the Administrative Agent, of (i) Rayonier’s Vice President and General Counsel, (ii) Womble Carlyle Sandridge & Rice, PLLC, as special counsel for the Additional
Subsidiary Guarantor and (iii) special New York counsel for the Additional Subsidiary Guarantor acceptable to the Administrative Agent, as to due authorization, execution and enforceability of the Additional Subsidiary Guarantor Guarantee
Agreement and as to such other matters as any Lender through the Administrative Agent may reasonably request. 
  

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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01. Representations and Warranties of the Borrower. Each Borrower represents and warrants as follows: 

(a) Organization. Each Loan Party (i) is duly organized or formed, validly existing and in good standing under
the laws of the jurisdiction of its organization or formation, (ii) has all requisite power and authority, and the legal right to own and operate its property, to lease the property it operates as lessee and to conduct the business in which it
is currently engaged except to the extent that the failure to have such power and authority and the legal right could not, in the aggregate, reasonably be expected to have a Material Adverse Effect, and (iii) is duly qualified to conduct
business, and is in good standing, under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification except to the extent that the failure to comply therewith could
not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (b) Power and
Authority. The execution, delivery and performance by each Loan Party of this Agreement, the Notes and the other Loan Documents to be delivered by it are within such Loan Party’s requisite powers, have been duly authorized by all requisite
action, including member or partnership action and do not contravene (i) such Loan Party’s charter or by-laws or (ii) law or any material contractual restriction binding on or affecting such Loan Party or, to the actual knowledge of a
responsible officer of such Loan Party, any other contractual restriction binding on or affecting such Loan Party. 

(c) Governmental Approvals. No authorization or approval or other action by, and no notice to or filing with, any
Governmental Authority, regulatory body or any other third party is required for the due execution, delivery and performance by any Loan Party of this Agreement, the Notes or any other Loan Documents. 

(d) Enforceability. This Agreement and any other Loan Document have been, and each of the Notes and other Loan
Documents to be delivered by any Loan Party when delivered hereunder will have been, duly executed and delivered by the applicable Loan Party. This Agreement and any other Loan Document are, and each of the Notes when delivered hereunder will be,
the legal, valid and binding obligation of the applicable Loan Party enforceable against such Loan Party in accordance with their respective terms; provided that the enforceability hereof and thereof is subject in each case to general
principles of equity and to bankruptcy, insolvency and similar laws affecting the enforcement of creditors’ rights generally. 

(e) Financial Statements. The Consolidated balance sheet of Rayonier and its Subsidiaries as at December 31,
2005, and the related Consolidated statements of income and cash flows of Rayonier and its Subsidiaries for the fiscal year then ended, accompanied by 

 

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an opinion of Deloitte & Touche LLP, independent public accountants, and the unaudited Consolidated balance sheet of Rayonier and its Subsidiaries as at March 31, 2006, and the
related unaudited Consolidated statements of income and cash flows of Rayonier and its Subsidiaries for the three months then ended, duly certified by the senior vice president of finance of Rayonier, copies of which have been furnished to each
Lender, fairly present, subject, in the case of said balance sheet as at March 31, 2006, and said statements of income and cash flows for the three months then ended, to year-end audit adjustments, the Consolidated financial condition of
Rayonier and its Subsidiaries as at such dates and the Consolidated results of the operations of Rayonier and its Subsidiaries for the periods ended on such dates, all in accordance with GAAP consistently applied. 

(f) No Material Adverse Change. Since December 31, 2005, there has been no Material Adverse Change.

 (g) Litigation. There is no pending or, to the knowledge of the applicable Borrower, threatened action
or proceeding, including, without limitation, any Environmental Action, affecting such Borrower or any of its Subsidiaries before any court, governmental agency or arbitrator that (i) could be reasonably likely to have a Material Adverse Effect
(other than as set forth in Schedule 4.01(g) (the “Disclosed Litigation”)), and since the date of Schedule 4.01(g) was prepared there has been no material adverse change in the status, or financial effect on such Borrower or any of
its Subsidiaries, of the Disclosed Litigation from that described in Schedule 4.01(g) or (ii) purports to affect the legality, validity or enforceability of this Agreement, any Note or the other Loan Documents. 

(h) No Violation; Compliance with Laws. No Loan Party or Subsidiary of any Loan Party is in violation of any law,
rule or regulation (including any zoning, building, Environmental Laws, ordinance, code or approval or any building permit) or any restrictions of record or agreements affecting such material properties or assets, or is in default with respect to
any judgment, writ, injunction, decree or order of any Governmental Authority, where any such violation or default could reasonably be expected to result in a Material Adverse Effect. 

(i) Accuracy of Information. No written information, report, financial statement, exhibit or schedule furnished by
or on behalf of any Borrower or any of its Subsidiaries to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or any other Loan Document or included herein or delivered pursuant hereto contained or contains
any material misstatement of fact or omitted or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were or are made, not misleading. 

(j) Regulation U. No Loan Party or any Subsidiary of any Loan Party is engaged in the business of extending credit
for the purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System). 

(k) Taxes. Each Borrower and each of its Subsidiaries has timely filed or caused to be filed all federal and, to
the extent the failure to timely file such return could 
  

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reasonably be expected to result in a Material Adverse Effect, other tax returns which are required to be filed and has paid or caused to be paid all taxes (including interest and penalties)
shown to be due and payable on said returns or on any assessments made against it or any of its property and all other taxes, fees or other charges imposed on it or any of its property by any Governmental Authority (other than any tax, fee or other
charge the failure to pay which could not reasonably be expected to have a Material Adverse Effect or the amount or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which reserves in
conformity with GAAP have been provided on the books of the applicable Borrower or such Subsidiary, as the case may be); and no tax Lien has been filed, and, to the knowledge of each Borrower, no claim is being asserted, with respect to any such
tax, fee or other charge, other than any such Lien or claim which could not reasonably be expected to have a Material Adverse Effect. 

(l) Environmental Matters. (i) Except as set forth in Schedule 4.01(l), the operations and properties of each
Borrower and each of its Subsidiaries comply in all material respects with all Environmental Laws, all material and necessary Environmental Permits have been obtained and are in effect for the operations and properties of such Borrower and each of
its Subsidiaries, and such Borrower and each of its Subsidiaries are in compliance in all material respects with all such Environmental Permits. 

(ii) Except as set forth in Rayonier’s Form 10-K for 2005 and in Schedule 4.01(l), to the knowledge of the applicable
Borrower, there are no circumstances that are reasonably likely to form the basis of an Environmental Action against such Borrower or any of its Subsidiaries that could be reasonably likely to have a Material Adverse Effect. 

(m) CERCLA. Except as set forth in Schedule 4.01(l), none of the properties currently or formerly owned or operated
by any Borrower or any of its Subsidiaries is listed or, to the knowledge of any Borrower, proposed for listing on the National Priorities List under CERCLA (the “NPL”) or on the Comprehensive Environmental Response, Compensation
and Liability Information System maintained by the U.S. Environmental Protection Agency (“CERCLIS”) or any analogous state list if such listing or proposed listing could reasonably be likely to have a Material Adverse Effect.

 (n) Transportation of Hazardous Materials. Except as set forth in Schedule 4.01(l), to the knowledge of
any Borrower, neither any Borrower nor any of its Subsidiaries has transported or arranged for the transportation of any Hazardous Materials to any location that is listed or proposed for listing on the NPL or on the CERCLIS, which could reasonably
be likely to lead to claims against any Borrower or such Subsidiary for any remedial work, damage to natural resources or personal injury that have, or could reasonably be likely to have, a Material Adverse Effect. 

(o) ERISA. (i) No ERISA Event has occurred or is reasonably expected to occur with respect to any Plan,
(ii) Neither any Borrower nor any of its ERISA Affiliates has incurred or is reasonably expected to incur any Withdrawal Liability to any Multiemployer Plan. (iii) Neither any Borrower nor any of its ERISA Affiliates has been notified by
the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or has 
  

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been terminated, within the meaning of Title IV of ERISA, and no such Multiemployer Plan is reasonably expected to be in reorganization or to be terminated, within the meaning of Title IV of
ERISA. (iv) Except as set forth in Schedule 4.01(o), as of the date indicated on Schedule 4.01(o) neither any Borrower nor any of its Subsidiaries have material liability with respect to “accumulated post-retirement benefit
obligations” within the meaning of Statement of Financial Accounting Standards No. 106 and (v) Schedule B (Actuarial Information) to the most recent annual report (Form 5500 Series) for each Plan, copies of which have been filed with
the Internal Revenue Service and, if requested, furnished to the Administrative Agent pursuant to Section 5.01(k)(ix) hereof, is complete and accurate in all material respects and fairly presents the funding status of such Plan, and since the
date of such Schedule B there has been no material adverse change in such funding status. 
 (p) Holding
Company; Investment Company Act. None of the Borrowers nor any of their respective Subsidiaries is an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment
Company Act of 1940, as amended. 
 (q) NYSE Listing; REIT Status. The common stock of Rayonier is listed
on the New York Stock Exchange, there is no proceeding pending to delist such common stock, and Rayonier is in good standing on such exchange. Rayonier is qualified as a REIT under Section 856 of the Internal Revenue Code and is in material
compliance with all other provisions of the Internal Revenue Code applicable to Rayonier as a REIT. 
 ARTICLE V 

COVENANTS OF THE BORROWERS 

SECTION 5.01. Affirmative Covenants. Each Borrower hereby agrees that for so long as any of the Commitments remains in effect, any
Revolving Credit Advance remains outstanding and unpaid, any Letter of Credit remains outstanding, or any obligation of any Borrower is owing to any Lender, any Issuing Bank or the Administrative Agent hereunder or under any other Loan Document
(other than contingent obligations which pursuant to Section 8.04(d) shall survive payment in full of all amounts referred to in Section 8.04(d)), each Borrower shall: 

(a) Compliance with Laws, Etc. Comply, and cause each of its Subsidiaries to comply in all material respects, with
all applicable laws, rules, regulations and orders, such compliance to include, without limitation, compliance with (i) ERISA and (ii) Environmental Laws to the extent set forth in Section 5.01(d). 

(b) Payment of Taxes, Etc. Pay and discharge, and cause each of its Subsidiaries to pay and discharge, before the
same shall become delinquent, (i) all federal and other material taxes, assessments and governmental charges or levies imposed upon it or upon its property and (ii) all lawful claims that, if unpaid, might by law become a Lien upon its
property; provided, however, that no Borrower nor any of its Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or claim that is being contested in good 

 

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faith by appropriate proceedings and with respect to which reserves in conformity with GAAP are being maintained on the books of the applicable Borrower or such Subsidiary. 

(c) Payment of Obligations. Pay, discharge or otherwise satisfy, and cause each of its Subsidiaries to pay,
discharge or otherwise satisfy, at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, or in the case of any trade payable before such trade payable becomes Debt, except where the
amount or validity thereof is currently being contested in good faith and by appropriate proceedings and as to which appropriate reserves, if any, to the extent required in accordance with GAAP, are being maintained. 

(d) Compliance with Environmental Laws. (i) Comply and cause each of its Subsidiaries to comply, in all
material respects, with all Environmental Laws and Environmental Permits that are material to the conduct of the business of the applicable Borrower or any of its Subsidiaries or necessary for their operations and properties, and (ii) obtain
and renew, and cause each of its Subsidiaries to obtain and renew, all Environmental Permits that are material to the conduct of the business of the applicable Borrower or any of its Subsidiaries or necessary for their operations and properties;
except, with respect to (i) and (ii) above, to the extent that any such Environmental Law or the terms of any Environmental Permit are being contested in good faith and by proper proceedings and as to which appropriate reserves, if any, to
the extent required in accordance with GAAP, are being maintained. 
 (e) Maintenance of Insurance.
Maintain, and cause each of its Subsidiaries to maintain, insurance (including self-insurance, in amounts consistent with industry practice and custom) with responsible insurance companies or associations in such amounts and covering such risks as
is usually carried by companies engaged in similar businesses and owning similar properties in the same general areas in which the applicable Borrower or such Subsidiary operates. 

(f) Preservation of Corporate Existence, Etc. Preserve and maintain, and cause each of its Subsidiaries to preserve
and maintain, its corporate existence, rights (charter and statutory) and franchises; provided, however, that any Borrower and its Subsidiaries may consummate any merger or consolidation permitted under Section 5.03(c) and
provided further that no Borrower nor any of its Subsidiaries shall be required to preserve any right or franchise or the corporate existence of any Subsidiary of such Borrower (other than, in the case of Rayonier, TRS, RFR and any
Additional Borrower) if the Board of Directors of such Borrower or such Subsidiary shall determine that the preservation thereof is no longer desirable in the conduct of the business of such Borrower or such Subsidiary, as the case may be, and that
the loss thereof is not disadvantageous in any material respect to Rayonier and its Subsidiaries taken as a whole or the Lenders. 

(g) Visitation Rights. At any reasonable time and from time to time, upon reasonable prior notice, permit, and
shall cause each of its Subsidiaries to permit, the Administrative Agent or, subject to the proviso hereto, any of the Lenders or Issuing Bank or any agents or representatives thereof to examine and make copies of and abstracts from the records and
books of account of, and visit the properties of any Borrower and any of its 
  

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Subsidiaries, as shall be reasonably requested, and to discuss the affairs, finances and accounts of any Borrower and any of its Subsidiaries with any of their officers and with their independent
certified public accountants, provided that, unless (x) an Event of Default has occurred and is continuing or (y) the Corporate Credit Rating assigned by S&P is lower than BBB- and the Corporate Credit Rating assigned by
Moody’s is lower than Baa3, none of the Borrowers shall be required to comply with this subsection (g) with respect to any of the Lenders, Issuing Bank or any agents or representatives thereof (other than the Administrative Agent).

 (h) Keeping of Books. Keep, and cause each of its Subsidiaries to keep, proper books of record and
account, in which appropriate entries that are correct in all material respects shall be made, of all financial transactions and the assets and business of each Borrower and each such Subsidiary so as to permit preparation of their Consolidated
financial statements in accordance with GAAP. 
 (i) Maintenance of Properties, Etc. Maintain and
preserve, and cause each of its Subsidiaries to maintain and preserve, all of its properties that are necessary or, in the reasonable judgment of the applicable Borrower or such Subsidiary, useful in the conduct of its business in good working order
and condition, ordinary wear and tear excepted. 
 (j) Transactions with Affiliates. Conduct, and cause
each of its Subsidiaries to conduct, all transactions otherwise permitted under this Agreement with any of their Affiliates on terms that are fair and reasonable and no less favorable to the applicable Borrower or such Subsidiary than it would
obtain in a comparable arm’s-length transaction with a Person not an Affiliate other than: 
 (i)
transactions among any Borrower and any of its wholly owned Subsidiaries; and 
 (ii) transactions among wholly
owned Subsidiaries of any Borrower. 
 (k) Reporting Requirements. Furnish to the Lenders: 

(i) as soon as available and in any event within 10 days after the date quarterly financial statements would be required
to be filed by an “Accelerated Filer” as defined in Rule 12b-2 under the Exchange Act (without giving effect to any extension) in a periodic report with the SEC (and in any event within 50 days after the end of each of the first three
Fiscal Quarters in each fiscal year of Rayonier), unaudited Consolidated balance sheets of Rayonier and its Subsidiaries as of the end of such quarter and Consolidated statements of income and cash flows of Rayonier and its Subsidiaries for the
period commencing at the end of the previous fiscal year and ending with the end of such quarter, duly certified (subject to year-end audit adjustments) by the senior vice president of finance of Rayonier as having been prepared in accordance with
GAAP; 
 (ii) as soon as available and in any event within 10 days after the date annual financial statements
would be required to be filed by an “Accelerated Filer” as defined in Rule 12b-2 under the Exchange Act (without giving effect to any extension) in 

 

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a periodic report with the SEC (and in any event within 90 days after the end of each fiscal year of Rayonier), a copy of the annual audit report for such year for Rayonier and its Subsidiaries,
containing Consolidated balance sheets of Rayonier and its Subsidiaries as of the end of such fiscal year and Consolidated statements of income and cash flows of Rayonier and its Subsidiaries for such fiscal year, in each case accompanied by an
opinion reasonably acceptable to the Required Lenders by a nationally recognized firm of independent public accountants; 

(iii) together with the financial statements required to be delivered in accordance with clauses (i) and
(ii) above, (A) a certificate of the senior vice president of finance of Rayonier stating that no Default has occurred and is continuing or, if a Default has occurred and is continuing, a statement as to the nature thereof and the action
that the applicable Borrower has taken and proposes to take with respect thereto and (B) a schedule in form and substance satisfactory to the Administrative Agent of the computations used by Rayonier in determining compliance with the covenants
contained in Section 5.05; 
 (iv) promptly after any Borrower becomes aware of and in any event within five
Business Days after becoming aware of each Default, continuing on the date of such statement, a statement of the senior vice president of finance of Rayonier setting forth details of such Default and the action that Rayonier has taken and proposes
to take with respect thereto; 
 (v) promptly after the sending or filing thereof, copies of all reports that any
Borrower sends to any of its public securityholders, and copies of all reports and registration statements that any Borrower or any of its Subsidiaries files with the SEC or any national securities exchange; 

(vi) promptly after any Borrower becomes aware of the commencement thereof, notice of all actions and proceedings before
any court, governmental agency or arbitrator affecting such Borrower or any of its Subsidiaries of the type described in the first sentence of Section 4.01(g); 

(vii) promptly and in any event within 10 days after Rayonier or any of its ERISA Affiliates knows that any ERISA Event
has occurred, a statement of the senior vice president of finance of Rayonier describing such ERISA Event and the action, if any, that Rayonier or such ERISA Affiliate has taken and proposes to take with respect thereto; 

(viii) promptly and in any event within three Business Days after receipt thereof by Rayonier or any of its ERISA
Affiliates, copies of each notice from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer any such Plan; 

(ix) upon the request of the Administrative Agent after the filing thereof with the Internal Revenue Service, copies of
each Schedule B (Actuarial Information) to the annual report (Form 5500 Series) with respect to each Plan; 
  

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 (x) promptly and in any event within five Business Days after receipt
thereof by Rayonier or any of its ERISA Affiliates from the sponsor of a Multiemployer Plan, copies of each notice concerning (x) the imposition of Withdrawal Liability by any such Multiemployer Plan, (y) the reorganization or termination,
within the meaning of Title IV of ERISA, of any such Multiemployer Plan or (z) the amount of liability incurred, or that may be incurred, by Rayonier or any of its ERISA Affiliates in connection with any event described in clause (x) or
(y); 
 (xi) as soon as practical and in any event promptly after the receipt thereof by any Borrower, copies of
all written claims, complaints, notices or inquiries relating to compliance by such Borrower or any of its Subsidiaries with any Environmental Law or Environmental Permit that could reasonably be likely to have a Material Adverse Effect or could
reasonably be likely to (x) form the basis of an Environmental Action against such Borrower or any of its Subsidiaries or such property that could reasonably be likely to have a Material Adverse Effect or (y) cause any such property to be
subject to any restrictions on ownership, occupancy, use or transferability under any Environmental Law that could reasonably be likely to have a Material Adverse Effect; 

(xii) promptly such other information and data with documentation and other information required by bank regulatory
authorities under applicable “know your customer” and Anti-Money Laundering rules and regulations (including, without limitation, the USA PATRIOT Act), including, without limitation, evidence satisfactory to the Administrative Agent of
(x) the listing of Capital Stock of Rayonier on New York Stock Exchange and (y) Rayonier’s ownership of all of the outstanding Capital Stock of TRS and RFR, as from time to time may be reasonably requested by the Administrative Agent;
and 
 (xiii) such other information respecting the condition or operations, financial or otherwise, of any
Borrower or any of its Subsidiaries as any Lender or Issuing Bank through the Administrative Agent may from time to time reasonably request. 

Information required to be delivered pursuant to this Section 5.01(k) shall be deemed to have been delivered to the Lenders when it has been
delivered to the Administrative Agent. 
 Notwithstanding any of the foregoing, at any time when Rayonier is subject to the reporting
requirements of Section 13(a)(2) of the Securities Exchange Act of 1934, Rayonier shall be deemed to have complied with the requirements of clauses (i), (ii), (v) and (vi) above, if Rayonier shall include such information in timely
filings made with the SEC by Rayonier. 
 (l) Subsidiary Guarantees. (i) Cause at all times domestic
Subsidiaries of RFR to be party to the RFR Subsidiary Guarantee Agreement such that as of the Closing Date and as of the 60th day after the end of each Fiscal Quarter thereafter (and at any time as a condition precedent to (and after giving effect
to) any merger, consolidation, liquidation or other disposition of assets permitted by Section 5.03(c)(ii) or 5.03(d)), (x) the aggregate assets of RFR and RFR Subsidiary Guarantors are not less than 90% of the Consolidated Assets of

  

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RFR and its domestic Subsidiaries and (y) the aggregate gross revenues of RFR and the RFR Subsidiary Guarantors (calculated as of the last day of RFR’s and such Guarantors’ most
recently ended Fiscal Quarter for the four consecutive Fiscal Quarters ending with such Fiscal Quarter) do not constitute less than 90% of the aggregate gross revenues of RFR and its domestic Subsidiaries (calculated as of the last day of RFR’s
and its Subsidiaries’ most recently ended Fiscal Quarter for the four consecutive Fiscal Quarters ending with such Fiscal Quarter); provided that in the event that any Subsidiary of RFR guarantees any other Debt of RFR, such Subsidiary
shall promptly execute and deliver a supplement to the RFR Subsidiary Guarantee Agreement as a supplemental guarantor. 

(ii) Cause at all times domestic Subsidiaries of TRS to be party to the TRS Subsidiary Guarantee Agreement such that as of
the Closing Date and as of the 60th day after the end of each Fiscal Quarter thereafter (and at any time as a condition precedent to (and after giving effect to) any merger, consolidation, liquidation or other disposition of assets permitted by
Section 5.03(c)(i) or 5.03(d)), (x) the aggregate assets of TRS and TRS Subsidiary Guarantors are not less than 90% of the Consolidated Assets of TRS and its domestic Subsidiaries and (y) the aggregate gross revenues of TRS and the
TRS Subsidiary Guarantors (calculated as of the last day of TRS’s and such Guarantors’ most recently ended Fiscal Quarter for the four consecutive Fiscal Quarters ending with such Fiscal Quarter) do not constitute less than 90% of the
aggregate gross revenues of TRS and its domestic Subsidiaries (calculated as of the last day of TRS’s and its Subsidiaries’ most recently ended Fiscal Quarter for the four consecutive Fiscal Quarters ending with such Fiscal Quarter);
provided that in the event that any Subsidiary of TRS guarantees any other Debt of TRS, such Subsidiary shall promptly execute and deliver a supplement to the TRS Subsidiary Guarantee Agreement as a supplemental guarantor. 

(iii) In maintaining such guarantees, the guarantees executed by any Subsidiary Guarantors shall promptly be executed and
delivered to the Administrative Agent for the benefit of each of the Lenders and Issuing Banks and shall be substantially identical to the guarantees previously executed by each of the other Subsidiary Guarantors, together with such supporting
documentation, including corporate resolutions and opinions of counsel with respect to such additional guarantee, as may be reasonably required by the Administrative Agent. 

(iv) In the event of a sale or other disposition of all or substantially all of the assets of any Subsidiary Guarantor, by
way of merger, consolidation or otherwise, or a sale or other disposition of all of the Capital Stock of any Subsidiary Guarantor, then such Subsidiary Guarantor (in the event of a sale or disposition, by way of merger, consolidation or otherwise,
of all of the Capital Stock of such Subsidiary Guarantor) or the Person acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor) will be released and relieved of any
obligations under its respective Guarantee, provided that (y) such Subsidiary Guarantor or other Person, as the case may be, is concurrently released and relieved of any obligations it may have with respect to all other guarantees of
Debt of such Borrower and (z) after such release Rayonier remains in compliance with Section 5.01(l)(i) and (ii). 
  

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 SECTION 5.02. Additional Rayonier’s Affirmative Covenants. In addition to the
affirmative covenants set forth in Section 5.01, Rayonier hereby agrees that for so long as any of the Commitments remains in effect, any Revolving Credit Advance remains outstanding and unpaid, any Letter of Credit remains outstanding, or any
obligation of any Borrower is owing to any Lender, any Issuing Bank or the Administrative Agent hereunder or under any other Loan Document (other than contingent obligations which pursuant to Section 8.04(d) shall survive payment in full of all
amounts referred to in Section 8.04(d)), Rayonier shall: 
 (a) Corporate Credit Ratings. Maintain at
all times a Corporate Credit Rating by Moody’s and S&P. 
 (b) Maintenance of NYSE Listing.
Maintain at all times the listing of its common shares of beneficial interest on New York Stock Exchange and not take any action that results in a proceeding to delist such common shares. 

(c) Maintenance of REIT Status. Maintain material compliance with Section 856 and any other applicable
provisions of the Internal Revenue Code necessary to maintain its REIT status. 
 (d) Additional Borrower.
From and after any Additional Borrower Effective Date with respect to an Additional Borrower, maintain Control over such Additional Borrower and take such other action as may be required so that all accounts and financial reports of Rayonier and
such Additional Borrower and, to the extent otherwise required by GAAP, their respective Subsidiaries are consolidated in accordance with GAAP. 

SECTION 5.03. Negative Covenants. Rayonier hereby agrees that for so long as the Commitments remain in effect, any Revolving
Credit Advance remains outstanding and unpaid, any Letter of Credit remains outstanding, or any obligation of any Borrower is owing to any Lender, any Issuing Bank or the Administrative Agent hereunder or under any other Loan Document (other than
contingent obligations which pursuant to Section 8.04(d) shall survive payment in full of all amounts referred to in Section 8.04(d)), Rayonier shall not: 

(a) Dividends. Declare or pay, or permit any of its Subsidiaries to declare or pay, any dividends or make any other
distribution on Capital Stock of Rayonier or any of its Subsidiaries (other than dividends or distributions payable solely in Capital Stock of Rayonier or, in the case of dividends paid to Rayonier or any of its Subsidiaries, Capital Stock of such
Subsidiary) or purchase, redeem, defease or otherwise acquire or retire for value, or permit any of its Subsidiaries to purchase, redeem, defease or otherwise acquire or retire for value any of the Capital Stock of Rayonier or any of its
Subsidiaries at any time outstanding except as provided in this Section 5.03(a). So long as no Default or Event of Default has occurred and is then continuing, Rayonier and its Subsidiaries shall be permitted to redeem, repurchase or otherwise
acquire or retire any of their respective Capital Stock and declare and pay dividends on their respective Capital Stock from time to time in amounts determined by Rayonier or such Subsidiaries; provided, however, that subject to the
terms of the next sentence, in no event shall Rayonier (or, after any Additional Borrower Effective Date, the Additional Borrower) declare or pay dividends on its Capital Stock if dividends (other than dividends or distributions payable solely in
Capital Stock of Rayonier (or, after the Additional 
  

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Borrower Effective Date, the Additional Borrower)) paid in, or with respect to, any period of four Fiscal Quarters, in the aggregate, would exceed the sum of (1) 90% of Funds From Operations
for such period plus (2) the aggregate amount of dividends permitted pursuant to the foregoing clause (1) in the preceding period of four Fiscal Quarters in excess of the aggregate amount dividends actually paid during such period.
Notwithstanding the foregoing, unless at the time of such distribution any Event of Default has occurred and is then continuing under Section 6.01(a), Rayonier (and, if applicable any Additional Borrower) shall be permitted to declare and pay
whatever amount of cash dividends is necessary for Rayonier to maintain its tax status as a REIT. 
 (b)
Liens, Etc. Create or suffer to exist, or permit any of its Subsidiaries to create or suffer to exist, any Lien on or with respect to any of its properties, whether now owned or hereafter acquired, or assign, or permit any of its Subsidiaries
to assign, any right to receive income, other than: 
 (i) Permitted Liens, 

(ii) purchase money Liens upon or in any property acquired or held by Rayonier or any Subsidiary in the ordinary course of
business to secure the purchase price of such property or to secure Debt incurred solely for the purpose of financing the acquisition of such property, or Liens existing on such property at the time of its acquisition (other than any such Lien
created in contemplation of such acquisition) or extensions, renewals or replacements of any of the foregoing for the same or a lesser amount; provided, however, that no such Lien shall extend to or cover any property other than the
property being acquired, and no such extension, renewal or replacement shall extend to or cover any property not theretofore subject to the Lien being extended, renewed or replaced, 

(iii) Liens on property of a Person existing at the time such Person is merged into or consolidated with Rayonier or any
of its Subsidiaries or becomes a Subsidiary of Rayonier; provided that such Liens were not created in contemplation of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person so merged into or
consolidated with Rayonier or such Subsidiary or acquired by Rayonier or such Subsidiary, 
 (iv) the Liens
described on Schedule 5.03(b), 
 (v) the replacement, extension or renewal of any Lien permitted by clauses
(ii), (iii) and (iv) above upon or in the same property theretofore subject thereto or the replacement, extension or renewal (without increase in the amount or change in any direct or contingent obligor) of the Debt secured thereby, and

 (vi) other Liens securing Debt; provided that the principal amount of Debt secured pursuant to this
clause (vi) shall not in the aggregate at any time outstanding exceed 15% of the Consolidated Tangible Net Worth of Rayonier and its Subsidiaries. 
  

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 (c) Mergers, Etc. Merge or consolidate with or into, or convey,
transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person, or permit any of its Subsidiaries to do so, except
that (i) subject to Section 5.01(l), (A) any wholly owned Subsidiary of TRS may merge or consolidate with or into, or dispose of all or substantially all of its assets to, any other wholly owned Subsidiary of TRS or (B) any
wholly owned Subsidiary of TRS may merge into or dispose of all or substantially all of its assets to TRS (with TRS being the surviving entity), (ii) subject to Section 5.01(l), (A) any wholly owned Subsidiary of RFR may merge or
consolidate with or into, or dispose of all or substantially all of its assets to, any other wholly owned Subsidiary of RFR or (B) any wholly owned Subsidiary of RFR may merge into or dispose of all or substantially all of its assets to RFR
(with RFR being the surviving entity), (iii) Rayonier (prior to any Additional Borrower Effective Date) or any Additional Borrower (after any Additional Borrower Effective Date) may merge with any other Person (including TRS and RFR),
provided in each case that no Default shall have occurred and be continuing at the time of such proposed transaction or would result therefrom and, in the case of any merger to which Rayonier or such Additional Borrower is a party,
(w) Rayonier or such Additional Borrower, as the case may be, is the surviving corporation, (x) after giving effect to the consummation of such merger, Rayonier shall be in compliance with the covenants set forth in Section 5.05
(calculated on a pro forma basis, as of the date of the consummation of such merger), (y) the RFR Subsidiary Guarantee Agreement (in the event of merger with RFR) or the TRS Subsidiary Guarantee Agreement (in the event of merger with TRS) shall
remain in full force and the respective Subsidiary Guarantors shall continue to guarantee obligations of Rayonier hereunder and under other Loan Documents, and (z) Rayonier and its Subsidiaries shall be in the same line of business as conducted
by them immediately prior to such merger, and (iv) Rayonier may transfer all of its assets and properties to an Additional Borrower on the Additional Borrower Effective Date. 

(d) Transfers of Assets Among Loan Parties. Sell, lease, transfer or otherwise dispose of, or permit any if its
Subsidiaries to sell, lease, transfer or otherwise dispose of, any assets to any Borrower or any Subsidiary of any Borrower, except (i) as permitted by Section 5.03(c), (ii) any such sale, lease, transfer or other disposition that is
made in the ordinary course of its business, (iii) except in the case of Rayonier and any Additional Borrower, any such sale, lease, transfer or other disposition that is made to a Qualified Transferee of such Person, (iv) sales, leases,
transfers or other dispositions by Rayonier and its Subsidiaries to The Rayonier Foundation in an aggregate amount for all such Persons not to exceed $5,000,000 in any calendar year, and (v) sales, leases, transfers or other dispositions by
Rayonier and its Subsidiaries to Subsidiaries that are not Subsidiary Guarantors in an aggregate amount for all such Persons not to exceed $10,000,000 in any calendar year (which amount shall be in addition to any amount covered by clause (iv)).

 (e) Change in Nature of Business. Make, or permit any of its Subsidiaries to make, any material change
in the nature of the business of Rayonier and its Subsidiaries taken as a whole as carried on at the date hereof. 
  

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 (f) Accounting Changes. Make or permit, or permit any of its
Subsidiaries to make or permit, any change in accounting policies or reporting practices that would prevent Rayonier from preparing its Consolidated financial statements in accordance with GAAP. 

(g) Additional Borrower. From and after any Additional Borrower Effective Date with respect to an Additional
Borrower, (i) own, hold or acquire any assets, other than equity interests in such Additional Borrower, (ii) create, incur, assume or suffer to exist any Debt or other liabilities or obligations, other than (A) liabilities or
obligations existing on the Additional Borrower Effective Date and assumed by the Additional Borrower, and (B) liabilities or obligations arising by law that are also liabilities or obligations of such Additional Borrower, or (iii) engage
in any business or activity, other than the ownership of equity interests in such Additional Borrower and other activities incidental thereto. 

SECTION 5.04. Additional RFR’s Negative Covenants. In addition to (and without in any way modifying) the covenants set forth
in Section 5.03, Rayonier and RFR hereby agree that for so long as the Commitments remain in effect, any Revolving Credit Advance remains outstanding and unpaid, any Letter of Credit remains outstanding, or any obligation of any Borrower is
owing to any Lender, any Issuing Bank or the Administrative Agent hereunder or under any other Loan Document (other than contingent obligations which pursuant to Section 8.04(d) shall survive payment in full of all amounts referred to in
Section 8.04(d)), RFR: 
 (a) Additional Limitation on Debt. Shall not and shall not permit any of
its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or in any manner become directly or indirectly liable, contingently or otherwise, for the payment of (in each case, to “incur”) any Debt
(including, without limitation, Acquired Debt), unless at the time of such incurrence, and after giving pro forma effect to the receipt and application of the proceeds of such Debt, the RFR Consolidated Fixed Charge Coverage Ratio is greater than
2.50 to 1.00; provided that the foregoing limitation shall not apply to the RFR Permitted Debt. 
 (b)
Investments and Other Restricted Payments. Shall not and shall not permit any of its Restricted Subsidiaries to, directly or indirectly (i) declare or pay any dividend or make any other distribution or payment on or in respect of Capital
Stock of RFR or any of its Restricted Subsidiaries or any payment made to the direct or indirect holders (in their capacities as such) of Capital Stock of RFR or any of its Restricted Subsidiaries (other than (A) dividends or distributions
payable solely in Capital Stock of RFR (other than Redeemable Capital Stock of a Restricted Subsidiary) or in options, warrants or other rights to purchase Capital Stock of RFR (other than Redeemable Capital Stock of a Restricted Subsidiary),
(B) the declaration or payment of dividends or other distributions to the extent declared or paid to RFR or any Restricted Subsidiary, and (C) the declaration or payment of dividends or other distributions by any Restricted Subsidiary to
all holders of Capital Stock of such Restricted Subsidiary on a pro rata basis (including, in the case of RFR, to the Managing General Partner)); (ii) purchase, redeem, defease or otherwise acquire or retire for value any Capital Stock of RFR
or any of its Restricted Subsidiaries (other than any such Capital Stock owned by a Wholly-Owned Restricted Subsidiary); (iii) make any principal payment on, purchase, defease, repurchase, redeem or otherwise acquire or retire for value, prior
to any scheduled maturity, scheduled repayment, scheduled sinking fund payment or other Stated Maturity, any Subordinated Debt (other than any such Debt owned by RFR or a Wholly-Owned 

 

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Restricted Subsidiary), (iv) make any Investment (other than any RFR Permitted Investment) in any Person, or (v) make any interest payment on the Rayonier Subordinated Notes (such
payments or Investments described in the preceding clauses (i), (ii), (iii) (iv) and (v), collectively, “RFR Restricted Payments”), unless, at the time of and after giving effect to proposed Restricted Payment (y) no
Default or Event of Default shall have occurred and be continuing and (z) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by RFR and its Restricted Subsidiaries during the Fiscal Quarter during
which such Restricted Payment is made, shall not exceed (1) if the RFR Consolidated Fixed Charge Coverage Ratio shall be greater than 2.00 to 1.00, an amount equal to Available Cash for the immediately preceding Fiscal Quarter, or (2) if
the RFR Consolidated Fixed Charge Coverage Ratio shall be equal to or less than 2.00 to 1.00, an amount equal to the sum of (a) $75,000,000 over the life of the Installment Note Agreement, plus (b) to the extent not theretofore used
as the basis for a Restricted Payment pursuant to clause (ii) or (iii) of the next succeeding paragraph, the aggregate net cash proceeds of any (i) capital contribution to RFR from any Person (other than a Restricted Subsidiary) or
(ii) issuance and sale of shares of Capital Stock (other than Redeemable Capital Stock) of RFR to any Person (other than to a Restricted Subsidiary), in either such case made after the Closing Date and no later than substantially concurrently
with the making of such Restricted Payment, minus (c) the aggregate amount of all Restricted Payments (including such Restricted Payment) made pursuant to this clause (2) after the Closing Date. The amount of any such Restricted
Payment, if other than cash, shall be the Fair Market Value (as determined in good faith by Board of Directors of the General Managing Partner) on the date of such Restricted Payment of the asset(s) proposed to be transferred by RFR or such
Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. 
 None of the foregoing provisions of this
Section 5.04(b) shall prohibit: (i) the payment of any dividend or distribution within 60 days after the date of its declaration, if at the date of declaration such payment would be permitted by the immediately preceding paragraph;
(ii) the redemption, repurchase or other acquisition or retirement of any class of Capital Stock of RFR or any Restricted Subsidiary in exchange for, or out of the net cash proceeds of, a substantially concurrent (A) capital contribution
to RFR from any Person (other than a Restricted Subsidiary) or (B) issue and sale of other shares of Capital Stock (other than Redeemable Capital Stock of a Restricted Subsidiary) of RFR to any Person (other than to a Restricted Subsidiary);
provided, however, that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase or other acquisition or retirement shall be excluded from the calculation of Available Cash; (iii) any redemption,
repurchase or other acquisition or retirement of the Subordinated Debt by exchange for, or out of the net cash proceeds of, a substantially concurrent (A) capital contribution to RFR from any Person (other than a Restricted Subsidiary) or
(B) issue and sale of (y) Capital Stock (other than Redeemable Capital Stock of a Restricted Subsidiary) of RFR to any Person (other than to a Restricted Subsidiary) or (z) Debt of RFR issued to any Person (other than a Restricted
Subsidiary), so long as such Debt is RFR Permitted Refinancing Debt; or (iv) any distribution, or redemptions declared or effected by RFR on or before the Closing Date, whether or not payable on a later date; provided, however, in
each case, that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase or other acquisition or retirement shall be excluded from the calculation of Available Cash. In computing the amount of Restricted
Payments previously made for purposes of the preceding paragraph, Restricted Payments made under clause (i) of this paragraph shall be included and Restricted Payments made under clauses (ii), (iii) and (iv) shall not be so included.

  

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 (c) Limitation on Sale and Leaseback Transactions. Shall not enter,
and shall not permit any of its Restricted Subsidiaries to enter, into any Sale and Leaseback Transaction with respect to any property of RFR or any of its Restricted Subsidiaries. Notwithstanding the foregoing, RFR and its Restricted Subsidiaries
may enter into Sale and Leaseback Transactions with respect to property acquired or constructed after the Closing Date; provided that (i) RFR or such Restricted Subsidiary would be permitted to incur Debt secured by a Lien on such
property in an amount equal to the Attributable Debt with respect to such Sale and Leaseback Transaction, or (ii) the lease in such Sale and Leaseback Transaction is for a term not in excess of the lesser of (A) three years and
(B) 60% of the remaining useful life of such property. 
 (d) Limitation on Timber Harvesting. In the
event that RFR or any of its Restricted Subsidiaries receive any Net Proceeds from one or more Excess Harvests, within 270 days after the date of such receipt (or such longer period as may be required to comply with any agreement in effect on the
Closing Date), RFR, at its option, may apply the amount of such aggregate Net Proceeds (less the amount of any such Net Proceeds previously applied during such fiscal year for the purposes set forth in clause (i) and/or (ii) below) to
(i) reduce Senior Debt of RFR secured as permitted under Section 5.03(b) or Senior Debt of a Restricted Subsidiary (with a permanent reduction of availability in the case of any borrowings by RFR or any Restricted Subsidiary under the
Working Capital Facility or any other facility (other than the facility provided hereunder) that permits amounts repaid or prepaid to be reborrowed) or (ii) make, or commit, pursuant to a binding written contract (provided that such
contract is consummated substantially in accordance with the terms thereof within 30 days after the end of the 270-day period), to make an investment in assets used or useful in the business of RFR or such Subsidiary. Pending the final application
of any such Net Proceeds, RFR or any Restricted Subsidiary may temporarily reduce borrowings under the Working Capital Facility or otherwise invest such Net Proceeds in any manner that is not prohibited by this Agreement. Any such Net Proceeds that
are not applied or invested as provided in the first sentence of this Section 5.04(d) will be deemed to constitute “Excess Harvest Proceeds”. When the aggregate amount of Excess Harvest Proceeds exceeds $100,000,000, RFR shall
make an offer to the holders of the Installment Notes and an offer to all holders of other Senior Debt containing provisions similar to those set forth in this Section 5.04(d) (an “Excess Harvest Offer”), to prepay the
aggregate outstanding principal amount of the Installment Notes and such other Senior Debt that may be prepaid out of the Excess Harvest Proceeds. To the extent that the aggregate principal amount of the Installment Notes and other Senior Debt
tendered pursuant to an Excess Harvest Offer is less than the Excess Harvest Proceeds, RFR may use such deficiency for general business purposes. If the aggregate principal amount of the Installment Notes and other Senior Debt offered to be prepaid
exceeds the amount of Excess Harvest Proceeds offered to be applied to prepay the same, the offer to prepay the Installment Notes and such other Senior Debt shall be made on a pro rata basis. Upon completion of such Excess Harvest Offer, the amount
of Excess Harvest Proceeds shall be reset at zero. It being understood that this Section 5.04(d) does not require RFR to make an offer to the Lenders when the aggregate amount of Excess Harvest Proceeds exceeds $100,000,000 and this
Section 5.04(d) shall not be deemed to be a provision similar to Section 10.1 of the Installment Note Agreement. 
  

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 (e) Limitation on Dividends and Other Payment Restrictions Affecting
Restricted Subsidiaries. Shall not, and shall not permit any of its Restricted Subsidiaries to, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any
Restricted Subsidiary to (i) pay dividends, in cash or otherwise, or make any other distributions on or in respect of its Capital Stock, (ii) pay any Debt owed to RFR or any other Restricted Subsidiary, (iii) make loans or advances
to, or any investment in, RFR or any other Restricted Subsidiary, or (iv) transfer any of its properties or assets to RFR or any other Restricted Subsidiary (collectively, “Payment Restrictions”), except for such encumbrances
or restrictions existing under or by reason of (A) applicable law, rules or regulations, or any order or ruling by any Governmental Authority; (B) any agreement in effect at or entered into on the Closing Date (including, without
limitation, this Agreement, the Installment Note Agreement and other agreements described in Schedule 5.04(e)); (C) customary non-assignment provisions of any contract, license or any lease governing a leasehold interest of RFR or any
Restricted Subsidiary; (D) customary restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business; (E) purchase money obligations for property acquired in the ordinary course
of business that impose restrictions of the nature described in clause (iv) above on the property so acquired; (F) contracts for the sale of assets, including, without limitation, customary restrictions with respect to a Restricted
Subsidiary pursuant to an agreement that has been entered into for a sale of all or substantially all the Capital Stock or assets of such Restricted Subsidiary, to the extent such sale is permitted by this Agreement; (G) any agreement or other
instrument governing Debt, Preferred Stock or Redeemable Capital Stock of a Person acquired by RFR or any Restricted Subsidiary (or of a Restricted Subsidiary of such Person) in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the properties, assets or Subsidiaries of the Person, so acquired; (H) provisions
contained in agreements or instruments relating to Debt or Preferred Stock which prohibit the transfer of all or substantially all of the assets of the obligor or issuer thereunder unless the transferee shall assume the obligations of the obligor or
issuer under such agreement or instrument; or (I) encumbrances or restrictions contained in any agreement or instrument governing RFR Permitted Refinancing Debt; provided that the encumbrances or restrictions of the type referred to in
clause (i), (ii), (iii) or (iv) above, contained in such agreement governing such RFR Permitted Refinancing Debt are no more restrictive (taken as a whole) than those contained in the agreement governing the Debt being refinanced.

 (f) Limitations on Transactions with Affiliates. Notwithstanding provisions of Section 5.03(d),
shall not sell, transfer or otherwise dispose, and shall not permit any of its Subsidiaries to sell, transfer or otherwise dispose, of any of its Timberlands or Timber to any of their Affiliates (other than RFR and its wholly owned Subsidiaries)
unless such transaction is for the Fair Market Value thereof. 
  

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 SECTION 5.05. Financial Covenants. Rayonier hereby agrees that for so long as any of
the Commitments remains in effect, any Revolving Credit Advance remains outstanding and unpaid, any Letter of Credit remains outstanding, or any obligation of any Borrower is owing to any Lender, any Issuing Bank or the Administrative Agent
hereunder or under any other Loan Document (other than contingent obligations which pursuant to Section 8.04(d) shall survive payment in full of all amounts referred to in Section 8.04(d)), Rayonier shall: 

(a) Leverage Ratio. Cause, on the last day of each Fiscal Quarter of Rayonier, the ratio of (i) Consolidated
Debt of Rayonier and its Subsidiaries on such date of determination to (ii) Consolidated EBITDA of Rayonier and its Subsidiaries for the four Fiscal Quarters ended on such date not to exceed 4.00 to 1.00. 

(b) Interest Coverage Ratio. Cause, on the last day of each Fiscal Quarter of Rayonier, the ratio of
(i) Consolidated EBITDA of Rayonier and its Subsidiaries for the four Fiscal Quarters ended on such date of determination to (ii) Consolidated interest expense of Rayonier and its Subsidiaries for the four Fiscal Quarters ended on such
date not to be less than 2.50 to 1.00. 
 ARTICLE VI 

EVENTS OF DEFAULT 

SECTION 6.01. Events of Default. If any of the following events (“Events of Default”) shall occur and be
continuing: 
 (a) Any Borrower shall fail to pay any principal of any Revolving Credit Advance or LC
Disbursement when the same becomes due and payable or any Borrower shall fail to pay any interest on any Revolving Credit Advance or any fee or make any other payment due in connection with this Agreement, any Note or any other Loan Document within
five days after the same becomes due and payable; or 
 (b) Any representation or warranty made or deemed made by
or on behalf of any Loan Party herein or in any other Loan Document or in any notice, report, certificate, financial statement, instrument, agreement or other writing delivered or prepared in connection with this Agreement or any other Loan
Document, shall prove to have been incorrect in any material respect when made; or 
 (c) (i) Any Borrower
shall fail to perform or observe any term, covenant or agreement contained in Section 5.01(f), (g) or (k), (ii) Rayonier shall fail to perform or observe any term, covenant or agreement contained in Section 5.02(b),
Section 5.03(a), (b), (c), (d) or (e), or Section 5.05, or (iii) any Loan Party shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or any other Loan Document on its part to be
performed or observed if, solely in the case of this clause (iii), such failure shall remain unremedied for 30 days after written notice thereof shall have been given to such Loan Party by the Administrative Agent or any Lender; or 

 

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 (d) (i) Any Borrower or any of its Subsidiaries shall fail to pay any
principal of or premium, interest or other amount payable with respect to any Debt that is outstanding in a principal amount of at least $10,000,000 in the aggregate (but excluding Debt outstanding hereunder or under any other Loan Document) of such
Borrower or such Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if
any, specified in the agreement or instrument relating to such Debt; or (ii) any event shall occur or condition shall exist (including, without limitation, any event of the type described in clause (i) above) under any agreement or
instrument relating to any Debt that is outstanding in a principal amount of at least $25,000,000 in the aggregate (but excluding Debt outstanding hereunder or under any other Loan Document) of any Borrower or any of its Subsidiaries (as the case
may be) and shall continue after the applicable grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate the maturity of such Debt, or any such Debt shall be accelerated, declared to
be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Debt shall be required to be made, in
each case prior to the Stated Maturity thereof; or 
 (e) Any Loan Party shall generally not pay its debts as
such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against any Loan Party seeking to adjudicate it a
bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts, in each such case, under any law relating to bankruptcy, insolvency or reorganization or
relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the case of any such proceeding instituted
against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 60 days, or any of the actions sought in such proceeding (including, without limitation, the entry of an order for relief against, or
the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or any Loan Party shall take any corporate action to authorize any of the actions set forth above in this
subsection (e); or 
 (f) Any judgment or order for the payment of money in excess of $10,000,000 shall be
rendered against any Borrower or any of its Subsidiaries and either (i) enforcement proceedings shall have been commenced by any creditor upon such judgment or order or (ii) there shall be any period of 30 consecutive days during which a
stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 

(g) Any non-monetary judgment or order shall be rendered against any Borrower or any of its Subsidiaries that could be
reasonably expected to have a Material Adverse Effect, and there shall be any period of 30 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or

  

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 (h) (i) Any Person or two or more Persons acting in concert shall have
acquired beneficial ownership (within the meaning of Rule 13d-3 of the SEC under the Securities Exchange Act of 1934), directly or indirectly, of Voting Stock of Rayonier (or other securities convertible into such Voting Stock) representing 30% or
more of the combined voting power of all Voting Stock of Rayonier; or (ii) during any period of up to 24 consecutive months, commencing after the date of this Agreement, individuals who at the beginning of such 24-month period were directors of
Rayonier shall cease for any reason (other than due to death or disability) to constitute a majority of the Board of Directors of Rayonier (except to the extent that individuals who at the beginning of such 24-month period were replaced by
individuals (x) elected by 66-2/3% of the remaining members of the Board of Directors of Rayonier or (y) nominated for election by a majority of the remaining members of the Board of Directors of Rayonier and thereafter elected as
directors by the shareholders of Rayonier); or (iii) any Person or two or more Persons acting in concert shall have acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation, will result in
its or their acquisition of, the power to exercise, directly or indirectly, a controlling influence over the management or policies of Rayonier; or (iv) Rayonier or an Affiliate of Rayonier shall cease to be the managing partner of RFR; or
(v) from and after any Additional Borrower Effective Date, Rayonier shall cease to have Control over such Additional Borrower; or (vi) Rayonier or, from and after any Additional Borrower Effective Date with respect to any Additional
Borrower, such Additional Borrower shall cease to directly own beneficially all of the outstanding Capital Stock of TRS and RFR; or 

(i) Any ERISA Event shall have occurred and the sum (determined as of the date of occurrence of such ERISA Event) of the
Insufficiency of the Plan with respect to which such ERISA Event shall have occurred and the Insufficiency of any and all other Plans with respect to which an ERISA Event shall have occurred and then exist (or the liability of any Borrower and its
ERISA Affiliates related to any such ERISA Event) exceeds $10,000,000; or 
 (j) Any Borrower or any of its ERISA
Affiliates shall have been notified by the sponsor of a Multiemployer Plan that it has incurred Withdrawal Liability to such Multiemployer Plan in an amount that, when aggregated with all other amounts required to be paid to Multiemployer Plans by
such Borrower and its ERISA Affiliates as Withdrawal Liability (determined as of the date of such notification), exceeds $10,000,000 or requires payments exceeding $5,000,000 per annum; or 

(k) Any Borrower or any of its ERISA Affiliates shall have been notified by the sponsor of a Multiemployer Plan that such
Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, and as a result of such reorganization or termination the aggregate annual contributions of such Borrower and its ERISA Affiliates to all
Multiemployer Plans that are then in reorganization or being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans for the plan years of such Multiemployer Plans immediately preceding the plan year in
which such reorganization or termination occurs by an amount exceeding $10,000,000; or 
  

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 (l) The Guarantee Agreement or any Subsidiary Guarantee Agreement shall
cease, for any reason, to be, or shall be asserted in writing by any Loan Party not to be, in full force and effect, other than pursuant to the terms thereof and hereof; 

then, and in any such event, the Administrative Agent (i) shall at the request, or may with the consent, of the Required Lenders, by notice to each
Borrower, declare the obligation of each Lender to make Revolving Credit Advances to be terminated, whereupon the same shall forthwith terminate, and (ii) shall at the request, or may with the consent, of the Required Lenders, by notice to each
Borrower, declare the Revolving Credit Advances, all interest thereon and all other amounts payable under this Agreement (including all amounts of LC Exposure, whether or not the beneficiary of the then outstanding Letters of Credit shall have
presented the documents required therein) to be forthwith due and payable, whereupon the Revolving Credit Advances, all such interest and all such amounts (including all amounts of LC Exposure, whether or not the beneficiary of the then outstanding
Letters of Credit shall have presented the documents required therein) shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by each Borrower;
provided, however, that in the event of an actual or deemed entry of an order for relief with respect to any Borrower under the Federal Bankruptcy Code, (A) the obligation of each Lender to make Revolving Credit Advances shall
automatically be terminated and (B) the Revolving Credit Advances, all such interest and all such amounts (including all amounts of LC Exposure, whether or not the beneficiary of the then outstanding Letters of Credit shall have presented the
documents required therein) shall automatically become and be due and payable, without presentment, demand, protest or any notice of any kind, all of which are hereby expressly waived by each Borrower. With respect to all Letters of Credit with
respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the applicable Borrower at such time shall be required to cash collateralize such Letters of Credit by depositing in a cash
collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the
payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the applicable Borrower
hereunder and under the other Loan Documents. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits,
which investments shall be made at the option and sole discretion of the Administrative Agent and at the applicable Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall
accumulate in such account. After all such Letters of Credit shall have expired or been fully drawn upon, all reimbursement obligations shall have been satisfied and all other obligations of the applicable Borrower hereunder and under the other Loan
Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to such Borrower (or such other Person as may be lawfully entitled thereto). 

 

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 ARTICLE VII 

THE ADMINISTRATIVE AGENT 

SECTION 7.01. Authorization and Action. Each Lender hereby appoints and authorizes the Administrative Agent to take such action as
agent on its behalf and to exercise such powers and discretion under this Agreement or the other Loan Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with such powers and discretion as are reasonably
incidental thereto. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement of any Loan Document or collection of any amounts thereunder), the Administrative Agent shall not be required to exercise
any discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding
upon all Lenders and all holders of Revolving Credit Advances; provided, however, that the Administrative Agent shall not be required to take any action that exposes the Administrative Agent to personal liability or that is contrary to this
Agreement or applicable law. The Administrative Agent agrees to give to each Lender prompt notice of each notice given to it by any Borrower pursuant to the terms of this Agreement. 

SECTION 7.02. Administrative Agent’s Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers,
agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement, except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the
foregoing, the Administrative Agent: (i) may treat the Lender that made any Revolving Credit Advance and Issuing Bank that issued any Letters of Credit as the holders of the Debt resulting therefrom until, in the case of any such Lender, the
Administrative Agent receives and accepts an Assignment and Acceptance entered into by such Lender, as assignor, and an Eligible Assignee, as assignee, as provided in Section 8.07; (ii) may consult with legal counsel (including counsel for
the Borrowers), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts;
(iii) makes no warranty or representation to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement; (iv) shall not
have any duty to ascertain or to inquire as to the performance, observance or satisfaction of any of the terms, covenants or conditions of this Agreement or any other Loan Documents on the part of any Borrower or the existence at any time of any
Default or to inspect the property (including the books and records) of any Borrower; (v) shall not be responsible to any Lender or Issuing Bank for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of
this Agreement, any other Loan Document or any other instrument or document furnished pursuant hereto and thereto; and (vi) shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon any notice,
consent, certificate or other instrument or writing (which may be by telecopier, telegram or telex) believed by it to be genuine and signed or sent by the proper party or parties. 

SECTION 7.03. CS and Affiliates. With respect to its Commitment, the Revolving Credit Advances made by it and the Note issued to
it, CS shall have the same rights 
  

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and powers under this Agreement as any other Lender and may exercise the same as though it were not the Administrative Agent; and the term “Lender” or “Lenders” shall, unless
otherwise expressly indicated, include CS in its individual capacity. CS and its Affiliates may accept deposits from, lend money to, act as trustee under indentures of, accept investment banking engagements from and generally engage in any kind of
business with, any Borrower, any of its Subsidiaries and any Person who may do business with or own securities of any Borrower or any such Subsidiary, all as if CS were not the Administrative Agent and without any duty to account therefor to the
Lenders. The Administrative Agent shall have no duty to disclose information obtained or received by it or any of its Affiliates relating to any Borrower or its Subsidiaries to the extent such information was obtained or received in any capacity
other than as Administrative Agent. 
 SECTION 7.04. Lender Credit Decision. Each Lender and each Issuing Bank
acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender or Issuing Bank and based on the financial statements referred to in Section 4.01 and such other documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender or
Issuing Bank and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement. 

SECTION 7.05. INDEMNIFICATION. The Lenders agree to indemnify the Administrative Agent and each Issuing Bank (to the extent not
reimbursed by the Borrowers) and their respective directors, officers, employees and agents, ratably according to the respective principal amounts of the Revolving Credit Advances and LC Exposure then owed to each of them (or if no Revolving Credit
Advances or LC Exposure are at the time outstanding, ratably according to the respective amounts of their Commitments), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Administrative Agent or such Issuing Bank in any way relating to or arising out of this Agreement or any other Loan Document or any action
taken or omitted by the Administrative Agent hereunder and thereunder (collectively, the “Indemnified Costs”), provided that no Lender shall be liable for any portion of the Indemnified Costs of an indemnified person
resulting from such indemnified person’s gross negligence or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent promptly upon demand for its ratable share of any out-of-pocket
expenses (including counsel fees) incurred by the Administrative Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of,
or legal advice in respect of rights or responsibilities under, this Agreement or any other Loan Document, to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrowers. In the case of any investigation, litigation
or proceeding giving rise to any Indemnified Costs, this Section 7.05 applies whether any such investigation, litigation or proceeding is brought by the Administrative Agent, any Lender, any Issuing Bank or a third party. 

 

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 SECTION 7.06. Successor Administrative Agent. The Administrative Agent may resign at
any time by giving written notice thereof to the Lenders and the Borrowers and may be removed at any time with or without cause by the Required Lenders. Upon any such resignation or removal, the Required Lenders shall have the right to appoint a
successor Administrative Agent, with the consent of Rayonier (which consent shall not be unreasonably withheld or delayed) if no Event of Default has occurred and is continuing. If no successor Administrative Agent shall have been so appointed by
the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation or the Required Lenders’ removal of the retiring Administrative Agent, then the
retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital
and surplus of at least $500,000,000. Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights,
powers, discretion, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s
resignation or removal hereunder as Administrative Agent, the provisions of this Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 

SECTION 7.07. Other Administrative Agents. Each Lender hereby acknowledges that neither the documentation agent nor any other
Lender designated as any “Agent” on the signature pages hereof has any liability hereunder other than in its capacity as a Lender. 

ARTICLE VIII 

MISCELLANEOUS 

SECTION 8.01. Amendments, Etc. No amendment or waiver of any provision of this Agreement, the Notes or any other Loan Document,
nor consent to any departure by any Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders, and then such waiver or consent shall be effective only in the specific instance and for
the specific purpose for which given; provided, however, that no amendment, waiver or consent shall, unless in writing and signed by each of the Lenders directly affected thereby, do any of the following: (a) waive any of the
conditions specified in Section 3.01, (b) increase the Commitments of such Lenders or subject such Lenders to any additional obligations, (c) reduce the principal of, or interest on, the Revolving Credit Advances or any fees or other
amounts payable hereunder, (d) postpone any date fixed for any payment of principal of (including, without limitation, final maturity), or interest on, the Revolving Credit Advances or any fees or other amounts payable hereunder,
(e) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Revolving Credit Advances that shall be required for the Lenders or any of them to take any action hereunder, (f) release Rayonier or TRS from
its guarantee obligations under the Guarantee Agreement, (g) release all or substantially all Loan Parties party to any Subsidiary Guarantee Agreement from their respective guarantee 

 

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obligations thereunder (other than in accordance with the terms hereof or thereof), (h) change the pro rata distribution of payments and proceeds to the Lenders or (i) amend this
Section 8.01; and provided further that no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent in addition to the Lenders required above to take such action, affect the rights or duties of
the Administrative Agent under this Agreement, any Note or any other Loan Document. 
 SECTION 8.02. Notices, Etc. All
notices and other communications provided for hereunder shall be in writing (including telecopier or telegraphic communication) and mailed, telecopied, telegraphed or delivered, if to any Borrowers, at its address at 50 North Laura Street, Suite
1900, Jacksonville, Florida 32202, Attention: Treasurer, Telecopy No.: (904) 357-9818, with a copy to: Corporate Secretary; if to any Lender party to this Agreement as of the date hereof, at its Domestic Lending Office specified opposite its
name on Schedule I hereto; if to any other Lender, at its Domestic Lending Office specified in the Assignment and Acceptance pursuant to which it became a Lender; and if to the Administrative Agent, at its address at Eleven Madison Avenue, New York,
New York 10010-3629, Attention: Thomas Lynch, Telecopy No.: (212) 325-8304, email: thomas.lynch@credit-suisse.com; or, as to any Borrower or the Administrative Agent, at such other address as shall be designated by such party in a written
notice to the other parties and, as to each other party, at such other address as shall be designated by such party in a written notice to each Borrower and the Administrative Agent. All such notices and communications shall, when mailed, telecopied
or telegraphed, be effective when deposited in the mails, telecopied or delivered to the telegraph company, respectively, except that notices and communications to the Administrative Agent pursuant to Article II, III or VII shall not be effective
until received by the Administrative Agent. Delivery by telecopier of an executed counterpart of any amendment or waiver of any provision of this Agreement, the Notes or any other Loan Document or of any Exhibit hereto and thereto to be executed and
delivered hereunder and thereunder shall be effective as delivery of a manually executed counterpart thereof. Electronic mail and intranet websites may be used only to distribute routine information such as financial statements and other information
as provided in Section 5.01(k), and to distribute Loan Documents for execution by the parties thereto, and may not be used for any other purpose, except as agreed to by the Administrative Agent. 

SECTION 8.03. No Waiver; Remedies. No failure on the part of any Lender, any Issuing Bank or the Administrative Agent to exercise,
and no delay in exercising, any right hereunder, under any Note or any other Loan Document or shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

SECTION 8.04. Costs and Expenses. (a) Each Borrower, jointly and severally, agrees to pay on demand all reasonable
out-of-pocket costs and expenses of the Administrative Agent in connection with the preparation, execution, delivery, administration, waiver or modification and amendment of this Agreement, the Notes and the other Loan Documents and any other
documents to be delivered hereunder and thereunder, including, without limitation, (i) all due diligence, syndication (including, without limitation, printing, distribution and bank meetings), transportation, computer, duplication, appraisal,
consultant, and audit expenses and 
  

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(ii) the reasonable fees, disbursement and other charges of counsel for the Administrative Agent with respect thereto and with respect to advising the Administrative Agent as to its rights and
responsibilities under this Agreement or any other Loan Document. Each Borrower, jointly and severally, agrees to (A) pay all reasonable out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment or extension
of any Letter of Credit or any demand for payment thereunder, (B) pay on demand all reasonable costs and expenses of the Administrative Agent and the Lenders, if any (including, without limitation, reasonable counsel fees and expenses), in
connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement, the Notes and the other Loan Documents and any other documents to be delivered hereunder and thereunder, including, without limitation,
reasonable fees and expenses of counsel for the Administrative Agent and each Lender in connection with the enforcement of rights under this Section 8.04(a), and (C) indemnify and hold harmless the Administrative Agent, each Lender and
each Issuing Bank from any and all present or future stamp, documentary or excise taxes or similar charges, any and all recording and filing fees, and any and all liabilities with respect thereto, which may be payable or determined to be payable in
connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or payment under, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this
Agreement, the Notes, the Letters of Credit, the other Loan Documents and any such other documents. 
 (b) Each
Borrower, jointly and severally, agrees to indemnify, exonerate and hold harmless the Administrative Agent, each Lender, each Issuing Bank and each of their Affiliates and their officers, directors, employees, agents, advisors, representatives and
controlling persons (each, an “Indemnified Party”) from and against any and all claims, damages, losses, liabilities and expenses (including, without limitation, fees, disbursements and other charges of counsel) incurred by or
asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in connection with any claim, investigation, litigation or proceeding or preparation of a defense in
connection therewith) (i) the Notes, this Agreement, any other Loan Document or any other documents related thereto, any extension of credit hereunder, any of the transactions contemplated herein or the actual or proposed use of the proceeds of
the Revolving Credit Advances or (ii) the actual or alleged presence of Hazardous Materials on any property currently or formerly owned or operated by any Borrower or any of its Subsidiaries or any Environmental Action relating in any way to
any Borrower or any of its Subsidiaries, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross
negligence or willful misconduct. In the case of an claim, investigation, litigation or other proceeding to which the indemnity in this Section 8.04(b) applies, such indemnity shall be effective whether or not such investigation, litigation or
proceeding is brought by any Borrower, its directors, equityholders or creditors or an Indemnified Party or any other Person, whether or not any Indemnified Party is otherwise a party thereto and whether or not the transactions contemplated hereby
are consummated. Each Borrower, jointly and severally, also agrees not to assert any claim for special, indirect, consequential or punitive damages against the Administrative Agent, any Lender, any of their Affiliates, or any of their respective
officers, directors, employees, agents, advisors, representatives and controlling persons, on any theory of liability, arising out of or otherwise 

 

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relating to (i) the Notes, this Agreement, any other Loan Document or any other documents related thereto, any of the transactions contemplated herein or the actual or proposed use of the
proceeds of the Revolving Credit Advances or (ii) the actual or alleged presence of Hazardous Materials on an property of any Borrower or any of its Subsidiaries or any Environmental Action relating in any way to any Borrower or any of its
Subsidiaries. 
 (c) If any payment of principal of, or Conversion of, any Eurodollar Rate Advance is made by any
Borrower to or for the account of a Lender other than on the last day of the Interest Period for such Advance, as a result of a payment or Conversion pursuant to Section 2.10(a), 2.10(b)(i) or (ii), 2.11 or 2.13, acceleration of the maturity of
the Notes pursuant to Section 6.01 or for any other reason, or by an Eligible Assignee to a Lender other than on the last day of the Interest Period for such Advance upon an assignment of rights and obligations under this Agreement pursuant to
Section 8.07 as a result of a demand by any Borrower pursuant to Section 8.07(a) or a replacement of a Lender pursuant to Section 8.07(i), such Borrower shall, upon demand by such Lender (with a copy of such demand to the
Administrative Agent), pay to the Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses, costs or expenses that it may reasonably incur as a result of such payment or Conversion,
including, without limitation, any loss (including loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such Advance. 

(d) Without prejudice to the survival of any other agreement of any Borrower hereunder, the agreements and obligations of
each Borrower contained in Sections 2.12, 2.15 and 8.04 shall survive the payment in full of principal, interest and all other amounts payable hereunder, under the Notes or any other Loan Document. 

SECTION 8.05. Right of Set-off. Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the
making of the request or the granting of the consent specified by Section 6.01 to authorize the Administrative Agent to declare the Notes due and payable pursuant to the provisions of Section 6.01, each Lender and each of its Affiliates is
hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time
owing by such Lender or such Affiliate to or for the credit or the account of any Borrower against any and all of the obligations of such Borrower now or hereafter existing under this Agreement, the Note held by such Lender or any other Loan
Document, whether or not such Lender shall have made any demand under this Agreement, such Note or any other such Loan Document and although such obligations may be unmatured. Each Lender agrees promptly to notify the applicable Borrower after any
such set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender and its Affiliates under this Section are in addition to other rights and remedies
(including, without limitation, other rights of set-off) that such Lender and its Affiliates may have. 
 SECTION 8.06.
Binding Effect. This Agreement shall become effective when it shall have been executed by each Borrower and the Administrative Agent and when the Administrative Agent shall have been notified by each Lender party to this Agreement as of the

  

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date hereof that such Lender has executed it and the Closing Date shall have occurred and thereafter shall be binding upon and inure to the benefit of each Borrower, the Administrative Agent and
each such Lender, Issuing Bank and their respective successors and assigns, except that no Borrower shall have the right to assign its rights or obligations hereunder or any interest herein without the prior written consent of the Lenders.

 SECTION 8.07. Assignments and Participations. (a) Each Lender may and, if demanded by any Borrower (following a
demand by such Lender pursuant to Section 2.12 or 2.15) upon at least five Business Days’ notice to such Lender and the Administrative Agent, will assign to one or more Persons all or a portion of its rights and obligations under this
Agreement (including, without limitation, all or a portion of its Commitment, the Revolving Credit Advances owing to it and the Note or Notes held by it); provided, however, that (i) such Lender shall have obtained the prior
written consent of the Administrative Agent, the Issuing Bank and, other than in the case of an assignment to an Affiliate of such Lender, another Lender or its Affiliate, or assignments of the type described in subsection (g) below and unless
a Default or an Event of Default has occurred and is continuing, Rayonier, in each case such consent not to be unreasonably withheld or delayed, (ii) each such assignment shall be of a constant, and not a varying, percentage of all rights and
obligations under this Agreement, (iii) except in the case of an assignment to a Person that, immediately prior to such assignment, was a Lender or an assignment of all of a Lender’s rights and obligations under this Agreement, the amount
of the Commitment of the assigning Lender being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $5,000,000 and shall be an integral
multiple of $1,000,000 unless Rayonier and the Administrative Agent otherwise agree, and if the assigning Lender is assigning less than all of its Commitments after giving effect to such assignment, the amount of the commitment of the assigning
Lender shall be equal to or greater than $5,000,000, (iv) each such assignment shall be to an Eligible Assignee, (v) each such assignment made as a result of a demand by the applicable Borrower pursuant to this Section 8.07(a) shall
be arranged by such Borrower after consultation with the Administrative Agent and shall be either an assignment of all of the rights and obligations of the assigning Lender under this Agreement or an assignment of a portion of such rights and
obligations made concurrently with another such assignment or other such assignments that together cover all of the rights and obligations of the assigning Lender under this Agreement, (vi) no Lender shall be obligated to make any such
assignment as a result of a demand by the applicable Borrower pursuant to this Section 8.07(a) unless and until such Lender shall have received one or more payments from either such Borrower or one or more Eligible Assignees in an aggregate
amount at least equal to the aggregate outstanding principal amount of the Revolving Credit Advances owing to such Lender, together with accrued interest thereon to the date of payment of such principal amount, its proportionate interest in LC
Exposure and all other amounts payable to such Lender under this Agreement, (vii) each such assignment shall include an assignment by such Lender of its proportionate interest in LC Exposure, and (viii) the parties to each such assignment
shall electronically execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if previously agreed with the Agent, manually) and pay to the
Administrative Agent a processing and recordation fee of $3,500 (such fee payable by the assignor or assignee, as agreed by the parties, and which fee may be waived or reduced in the sole discretion of the Administrative Agent), for its acceptance
and recording in the Register. 
  

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Upon such execution, delivery, acceptance and recording, from and after the effective date specified in each Assignment and Acceptance, (x) the assignee thereunder shall be a party hereto
and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (y) the Lender assignor thereunder shall, to the extent that
rights and obligations hereunder have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (other than its rights under Section 2.12, 2.15 and 8.04 to the extent any claim thereunder relates to an event arising
prior to such assignment) and be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto). 
 (b) By executing and delivering an Assignment and Acceptance,
the Lender assignor thereunder and the assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation
or warranty and assumes no responsibility with respect to (A) any statements, warranties or representations made in or in connection with this Agreement or any other Loan Document, (B) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (C) the financial condition of any Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or
(D) the performance or observance by any Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document; (ii) such assignee (A) represents and warrants that
(1) it satisfies the requirements, if any, specified in this Agreement that are required to be satisfied by it in order to acquire the Assigned Interest (as defined in such Assignment and Acceptance) and become a Lender, (2) from and after
the Effective Date (specified in such Assignment and Acceptance), it shall be bound by the provisions of this Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder,
(3) it has received a copy of this Agreement, together with copies of the most recent financial statements referred to in Section 4.01 or delivered pursuant to Section 5.01, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into such Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the
Administrative Agent, the assigning Lender or any other Lender, and (4) it is an Eligible Assignee; and (B) agrees that (1) it will, independently and without reliance on the Administrative Agent, the assigning Lender or any other
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (2) it will perform in accordance with their
terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

(c) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee representing that it
is an Eligible Assignee the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit F hereto, (i) accept such Assignment and Acceptance, (ii) record the information
contained therein in the Register and (iii) in the event when consent of Rayonier for such Assignment and Acceptance is not required, give notice thereof to Rayonier. 
  

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 (d) The Administrative Agent shall maintain at its address referred to in
Section 8.02 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of each of the Lenders and the Commitment of, and principal amount of the Revolving Credit
Advances owing to, each Lender from time to time and proportionate interest of such Lender in LC Exposure (the “Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and any
Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by any Borrower or any Lender at
any reasonable time and from time to time upon reasonable prior notice. 
 (e) Each Lender may sell
participations to one or more banks or other entities (other than any Borrower or any of its Affiliates) in or to all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment,
the Revolving Credit Advances owing to it and any Notes held by it); provided, however, that (i) such Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Borrowers hereunder) shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) such Lender shall remain the holder of any such Note for all purposes of this Agreement,
(iv) the Borrowers, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and (v) no participant under
any such participation shall have any right to approve any amendment or waiver of any provision of this Agreement, any Note or any other Loan Document, or any consent to any departure by any Borrower therefrom, except to the extent that such
amendment, waiver or consent would reduce the principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to such participation, or postpone any date fixed for any payment of principal
of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to such participation. 

(f) Any Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to
this Section 8.07, disclose to the assignee or participant or proposed assignee or participant, any information relating to any Borrower furnished to such Lender by or on behalf of such Borrower; provided that, prior to any such
disclosure, the assignee or participant or proposed assignee or participant shall agree to preserve the confidentiality of any Confidential Information relating to such Borrower received by it from such Lender. 

(g) Notwithstanding any other provision set forth in this Agreement, any Lender may at any time create a security interest
(or any other similar interest) in all or any portion of its rights under this Agreement (including, without limitation, the Revolving Credit Advances owing to it and any Note or Notes held by it) in favor of any Federal Reserve Bank in accordance
with Regulation A of the Board of Governors of the Federal Reserve System. 
  

 80 

 (h) Notwithstanding anything to the contrary contained herein, any Lender (a
“Granting Bank”) may grant to a special purpose funding vehicle (a “SPC”), identified as such in writing from time to time by the Granting Bank to the Administrative Agent and each Borrower, the option to provide to
the Borrowers all or any part of any Revolving Credit Advance that such Granting Bank would otherwise be obligated to make to the Borrowers pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any
SPC to make any Revolving Credit Advance, (ii) if a SPC elects not to exercise such option or otherwise fails to provide all or any part of such Revolving Credit Advance, the Granting Bank shall be obligated to make such Revolving Credit
Advance pursuant to the terms hereof. The making of a Revolving Credit Advance by a SPC hereunder shall utilize the Commitment of the Granting Bank to the same extent, and as if, such Revolving Credit Advance were made by such Granting Bank. Each
party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Bank). In furtherance of the foregoing, each party hereto hereby
agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPC, it will not
institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof. In addition, notwithstanding
anything to the contrary contained in this Section, any SPC may (i) with notice to, but without the prior written consent of, each Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of
its interests in any Revolving Credit Advances to the Granting Bank or to any financial institutions (consented to by each Borrower and Administrative Agent) providing liquidity and/or credit support to or for the account of such SPC to support the
funding or maintenance of Revolving Credit Advances and (ii) disclose on a confidential basis any non-public information relating to its Revolving Credit Advances to any rating agency, commercial paper dealer or provider of any surety,
guarantee or credit or liquidity enhancement to such SPC. This section may not be amended without the written consent of the SPC. 

(i) If any Lender has failed to consent to a proposed amendment, waiver or other action that pursuant to the terms of
Section 8.01 requires the consent of all the Lenders affected and with respect to which the Required Lenders shall have granted their consent (any such Lender referred to above, a “Non-Consenting Lender”), then so long as no
Event of Default then exists, the Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to replace any such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Revolving Credit Advances and
Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent and the Issuing Banks; provided, that (i) all obligations of the Borrower owing to such Non-Consenting Lender being replaced, including
obligations arising under Section 8.04(c) as a result of such replacement and all accrued fees and other accrued amounts (other than accrued interest paid pursuant to clause (ii)) shall be paid in full to such Non-Consenting Lender concurrently
with such assignment, and (ii) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. In connection with any such
assignment, the Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall 
  

 81 

 
otherwise comply with Section 8.07(a); except that the assigning Lender shall be deemed to have assigned and executed an assignment that otherwise complies with such Section. 

SECTION 8.08. Confidentiality. Neither the Administrative Agent nor any Lender shall disclose any Confidential Information to any
other Person without the consent of each Borrower other than (a) to the Administrative Agent’s or such Lender’s Affiliates and their officers, directors, employees, agents and advisors and, as contemplated by Section 8.07(f), to
actual or prospective assignees and participants, and then only on a confidential basis, (b) as required by any law, rule or regulation or judicial process, (c) in connection with the enforcement of any Loan Document or in connection with
the defense of any litigation or other claim or action brought by or on behalf of Rayonier or any Subsidiary of Rayonier, and (d) as requested or required by any state, federal or foreign authority or examiner regulating banks or banking.
Notwithstanding anything herein to the contrary, any party hereto (and any employee, representative or other agent of such party) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the
transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure, except that tax treatment and tax structure shall not
include the identity of any existing or future party (or any affiliate of such party) to this Agreement. For this purpose, the tax treatment of the transactions contemplated by this Agreement is the purported or claimed U.S. federal income tax
treatment of such transactions and the tax structure of such transactions is any fact that may be relevant to understanding the purported or claimed U.S. federal income tax treatment of such transactions. 

SECTION 8.09. Governing Law. THIS AGREEMENT AND THE NOTES AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT AND
THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF
NEW YORK. 
 SECTION 8.10. Execution in Counterparts. This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page
to this Agreement by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement. 
 SECTION
8.11. Jurisdiction, Etc. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of
America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, the Notes or the other Loan Documents to which it is a party, or for recognition or enforcement of
any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in any such New York State court or, to the extent permitted by law,
in such federal court. Each of the parties hereto agrees that a final judgment in any such 
  

 82 

 
action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any
right that any party may otherwise have to bring any action or proceeding relating to this Agreement, the Notes or the other Loan Documents to which it is a party in the courts of any jurisdiction, except that each of the Loan Parties agrees that
(i) it will not bring any such action or proceeding in any court other than New York Courts (it being acknowledged and agreed by the parties hereto that any other forum would be inconvenient and inappropriate in view of the fact that more of
the Lenders who would be affected by any such action or proceeding have contacts with the State of New York than any other jurisdiction), and (ii) in any such action or proceeding brought against any Loan Party in any other court, it will not
assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except to the extent that the failure to assert the same will preclude such Loan Party from asserting or seeking the same in the New York Courts. 

(b) Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement, the Notes or the other Loan Documents to which it is a party in any New York
State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

SECTION 8.12. Waiver of Jury Trial. Each of the Borrowers, the Administrative Agent and the Lenders hereby irrevocably waives all
right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Agreement, the Notes or the other Loan Documents to which it is a party or the actions of the
Administrative Agent or any Lender in the negotiation, administration, performance or enforcement thereof. 
  

 83 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first above written. 
  

			
	 RAYONIER INC.

		
	By	 	 /s/ Carl E. Kraus

		 	Name: Carl E. Kraus
		 	Title: Senior Vice President
	
	RAYONIER TRS HOLDINGS INC.
		
	By	 	 /s/ Timothy H. Brannon

		 	Name: Timothy H. Brannon
		 	Title: Vice President
	
	RAYONIER FOREST RESOURCES, L.P.
	
	 by RAYONIER TIMBERLANDS

MANAGEMENT, LLC, its Managing General Partner

		
	By	 	 /s/ Timothy H. Brannon

		 	Name: Timothy H. Brannon
		 	Title: Vice President

			
	Lenders
	
	Administrative Agent
	
	CREDIT SUISSE, Cayman Islands Branch
		
	By	 	 /s/ Judith Smith

		 	Name: Judith Smith
		 	Title: Director
		
	By	 	 /s/ Doreen Barr

		 	Name: Doreen Barr
		 	Title: Vice President
	
	BANK OF AMERICA, N.A.
		
	By	 	 /s/ Michael Balok

		 	Name: Michael Balok
		 	Title: Senior Vice President
	
	CoBank, ACB
		
	By	 	 /s/ Michael Tousignant

		 	Name: Michael Tousignant
		 	Title: Vice President
	
	SunTrust Bank
		
	By	 	 /s/ Stacy Lewis

		 	Name: Stacy Lewis
		 	Title: Vice President
	
	CAPE FEAR FARM CREDIT, ACA
		
	By	 	 /s/ Randy T. Pope

		 	Name: Randy T. Pope
		 	Title: Vice President

			
	WELLS FARGO BANK,
	NATIONAL ASSOCIATION
		
	By	 	 /s/ Gus Martin

		 	Name: Gus Martin
		 	Title: Vice President
	
	The Bank of New York
		
	By	 	 /s/ Kenneth R. McDonnell

		 	Name: Kenneth R. McDonnell
		 	Title: Vice President
	
	JP Morgan Chase Bank, N.A.
		
	By	 	 /s/ Steven A. Willmann

		 	Name: Steven A. Willmann
		 	Title: Vice President
	
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By	 	 /s/ Robert G. McGill Jr.

		 	Name: Robert G. McGill Jr.
		 	Title: Director
	
	Northwest Farm Credit Services, PCA
		
	By	 	 /s/ Jim D. Allen

		 	Name: Jim D. Allen
		 	Title: Senior Vice President
	
	Compass Bank
		
	By	 	 /s/ French Yarbrough Jr

		 	Name: French Yarbrough Jr
		 	Title: Senior Vice President

			
	
	The Northern Trust Company
		
	By	 	 /s/ Karen E. Dahl

		 	Name: Karen E. Dahl
		 	Title: Vice President
	
	CITIBANK, N.A.
		
	By	 	 /s/ James Buchanan

		 	Name: James Buchanan
		 	Title: Vice President

 SCHEDULE I 

COMMITMENT AMOUNTS AND 

APPLICABLE LENDING OFFICES 
  

							
	 Name of Initial

Lender
	 	 Commitment

Amount
	 	 Domestic Lending Office
	 	 Eurocurrency Lending Office

	 Credit Suisse,

Cayman Islands

Branch
	 	$25,000,000	 	 Eleven Madison Avenue
 New
York, NY 10010
 Attn: Ethan Fu
 T:
212-538-9860
 F: 212-538-9884
	 	 Eleven Madison Avenue
 New
York, NY 10010
 Attn: Ethan Fu
 T:
212-538-9860
 F: 212-538-9884

				
	 Bank of America,

N.A.
	 	$25,000,000	 	 315 Montgomery Street
 San
Francisco, CA 94140-1866
 Attn: Andrew Stinson

T: 925-675-7478
 F: 888-969-9281
	 	 315 Montgomery Street
 San
Francisco, CA 94140-1866
 Attn: Andrew Stinson

T: 925-675-7478
 F:
888-969-9281

				
	 CoBank, ACB
	 	$25,000,000	 	 5500 S. Quebec St.
 Greenwood
Village, CO 80111
 Attn: Marshall Allen

T: 303-740-4386
 F: 303-740-4021
	 	 5500 S. Quebec St.
 Greenwood
Village, CO 80111
 Attn: Marshall Allen

T: 303-740-4386
 F:
303-740-4021

				
	 SunTrust Bank
	 	$20,000,000	 	 200 S. Orange Avenue, MC 1108

Orlando, FL 32801
 Attn: Lois Keezel

T: 407-237-4855
 F: 407-588-4400
	 	 200 S. Orange Avenue, MC 1108

Orlando, FL 32801
 Attn: Lois Keezel

T: 407-237-4855
 F:
407-588-4400

				
	 AgFirst Farm Credit

Bank
	 	$20,000,000	 	 1401 Hampton Street
 Columbia,
SC 29201
 Attn: Michelle Rice
 T:
803-753-2510
 F: 803-256-7139
	 	 1401 Hampton Street
 Columbia,
SC 29201
 Attn: Michelle Rice
 T:
803-753-2510
 F: 803-256-7139

				
	 Wells Fargo Bank,

National

Association
	 	$20,000,000	 	 1740 Broadway
 Denver Colorado
80274
 Attn: Marlene Rieb
 T:
303-863-5163
 F: 303-763-2729
	 	 1740 Broadway
 Denver Colorado
80274
 Attn: Marlene Rieb
 T:
303-863-5163
 F: 303-763-2729

				
	 The Bank of New

York
	 	$20,000,000	 	 One Wall St.
21st Floor

New York, NY 10286
 Attn: Larry Geter

T: 212-635-6740
 F: 212-635-6399 or
6877
	 	 One Wall St.
21st Floor

New York, NY 10286
 Attn: Larry Geter

T: 212-635-6740
 F: 212-635-6399 or
6877

				
	 JPMorgan Chase

Bank, N.A.
	 	$20,000,000	 	 3475 Piedmont Rd NE,

18th Floor

	 	 1111 Fannin Street,

9th Floor

  

 1 

							
		 		 	 Atlanta, GA 30305
 Attn:
Eric Martin
 T: 713-750-7924
 F:
713-750-2228
	 	 Houston, TX 77002
 Attn:
Eric Martin
 T: 713-750-7924
 F:
713-750-2228

				
	 Wachovia Bank,

National

Association
	 	$20,000,000	 	 301 South College Street, NC5562

Charlotte, NC 28288
 Attn: William
Dunn
 T: 704-715-7608
 F: 704-715-0097

	 	 201 South College Street, NC1183

Charlotte, NC 28202
 Attn: William
Dunn
 T: 704-715-7608
 F: 704-715-0097

				
	 Northwest Farm

Credit

Services, PCA
	 	$15,000,000	 	 1700 South Assembly Street Spokane, WA 99224

Attn: Technical Accounting Services
 T:
800-216-4535
 F: 509-340-5508
	 	 1700 South Assembly Street Spokane, WA 99224

Attn: Technical Accounting Services
 T:
800-216-4535
 F: 509-340-5508

				
	 Compass Bank
	 	$15,000,000	 	 10060 Skinner Lake Drive

Jacksonville, FL 32246
 Attn: Carolyn
Stoner
 T: 904-564-8822
 F:
904-564-8830
	 	 10060 Skinner Lake Drive

Jacksonville, FL 32246
 Attn: Carolyn
Stoner
 T: 904-564-8822
 F:
904-564-8830

				
	 The Northern Trust

Company
	 	$10,000,000	 	 50 S. LaSalle Street
 Chicago,
IL 60675
 Attn: Sharon Jackson
 T:
312-630-1609
 F: 312-630-1566
	 	 50 S. LaSalle Street
 Chicago,
IL 60675
 Attn: Sharon Jackson
 T:
312-630-1609
 F: 312-630-1566

				
	 Citibank, N.A.
	 	$15,000,000	 	 2 Pennsway Suite 100
 New
Castle, DE 19720
 Attn: Vannessa White

T: 302-894-6029
 F: 212-994-0847
	 	 2 Pennsway Suite 100
 New
Castle, DE 19720
 Attn: Vannessa White

T: 302-894-6029
 F:
212-994-0847

				
	 Total:
	 	$250,000,000	 		 	

  

 2 

 SCHEDULE 4.01(g) 

DISCLOSED LITIGATION 

For purposes of completeness, the following constitutes a list of the significant current claims and litigation involving the Borrowers, although not
all claims and litigation. Inclusion on this Schedule does not necessarily imply that any such litigation or potential claim could be reasonably likely to have a Material Adverse Effect. 

PENDING LITIGATION 
 1. Gilchrist
Timber vs. ITT Rayonier, Inc. (U.S. District Court, Northern District of Florida). Plaintiffs alleged fraudulent misrepresentation regarding zoning in connection with a 1985 timberland sale. A jury verdict against
the Company for $1.676 million, which was later set aside by the trial judge, was reinstated on November 18, 1997 by the U.S. Court of Appeals for the Eleventh Circuit, and the case was remanded to the trial court for the limited purpose of
presenting to a jury the question of the comparative negligence of the Plaintiffs (sophisticated buyers) and the surveyor (who made a zoning mistake in the survey upon which Plaintiffs allegedly relied). The re-trial of this matter concluded on
September 3, 2004, with the jury assessing 67% responsibility to the Company and 33% responsibility to Plaintiff. Rayonier’s exposure for the jury verdict was established at $1,123,255. On September 28, 2005, the trial court entered
judgment in the case and denied Plaintiffs’ claim for prejudgment interest in its entirety. Accepting most of Rayonier’s arguments, the court permitted post judgment interest from the date of the original jury verdict date (January 31,
1992) on the amount of the September 2004 verdict at the federal case rate of 4.02% per annum. While the Plaintiffs have appealed this ruling with respect to pre-judgment interest, Rayonier has paid the Plaintiffs the amount of the judgment
plus interest as directed by the court ($1,950,788.11) to stop the running of post judgment interest. The matter has been fully briefed and we are awaiting a ruling from the appellate court. 

2. U.S. v. Beckman, Coulter, Inc. et al. and New Jersey Department of Environmental Protection et al. v. American Thermoplastics Corp., et
al. (U. S. District Court, New Jersey). The EPA brought these suits under CERCLA for past response costs and ongoing operation and maintenance costs incurred by the EPA and the State of New Jersey at the Combe Fill South
landfill in Chester and Washington Townships, New Jersey. Waste generated in the 1960’s and 1970’s by the Company’s former Eastern Research Division was disposed of at this and other public landfills by its waste hauler. There are
over 200 primary and third party defendants in this action. 
 A court-appointed neutral has been working for several years on an allocation
report in which he will attempt to allocate responsibility to each of the PRPs based on various factors. This 2400-page report was finally delivered in early April, and indicates that Rayonier was treated favorably (about 0.6% of the
“waste-in”). We hope that the report will now be used to accelerate settlement discussions. Estimates of the costs incurred to date by the EPA and State of New Jersey with respect to investigations and remediation of this site exceed $100
million. 

 3. United States of America and State of Louisiana vs. Marine Shale Processors, Inc. and Recycling
Park, Inc. vs. Southern Wood Piedmont Company vs. GTX, Inc. aka Earthlock Technology (United States District Court, Western District of Louisiana, Lafayette Division). This action arises out of a complaint filed
in 1990 by the U.S. and Louisiana governments (referred to collectively as the “Government”) against Marine Shale alleging violation of various environmental regulations at its recycling facility and to force disposal of certain waste that
the Government alleges is hazardous. This includes approximately 150,000 tons of material excavated by Southern Wood Piedmont (“SWP”) from its remediation sites and recycled by Marine Shale. In June, SWP and the Government reached
agreement on a negotiated consent decree that resolves SWP’s liability for the Marine Shale plant site and a related site where SWP material was placed (the “RPI Site”). Under this agreement, which was approved by the U.S. District
Court on June 6, SWP will oversee and pay for certain capping and related work to be performed at the RPI site and pay the Government $200,000. SWP and Rayonier will receive a covenant not to sue from the Government and contribution protection
against claims by third parties relating to the Marine Shale and RPI sites. A public hearing on the settlement was held on July 19 and the public comment period ended July 31. The government will be preparing a motion for final court
approval of the consent decree shortly. 
 4. Wayne County, GA Property Tax Dispute. In connection with the tax assessment of the
real and personal property of the Company’s Wayne County facilities for the year 2002, including the Company’s Jesup mill and related facilities, the Wayne County Tax Assessor assessed the fair market value of Rayonier’s property to
be approximately $468 million, as compared to approximately $305 million in 2001. This assessment increase, exclusive of a millage increase applicable to all Wayne County taxpayers, would result in an increase in the Company’s 2002 Wayne County
property taxes of approximately $1.7 million over taxes paid by the Company for tax year 2001. The Company was required to pay, and did pay, 85% of the ad valorem tax bills issued based on the increased assessment. (These payments were expensed.)
The Company appealed the assessment to the Wayne County Board of Equalization, which ruled in favor of the County on September 8, 2003. The Company then appealed this decision, challenging the increase in assessment valuation, including a
number of issues relating to the county’s calculation of fair market value of the Company’s real and personal property. The parties executed an agreement to resolve this matter through binding arbitration, and on December 22, 2004,
the arbitration agreement was approved by the Superior Court of Wayne County, Georgia. This agreement also calls for binding arbitration of the assessments for tax years 2003 and 2004, respectively, which raise substantially similar issues as the
2002 tax year. 
 On September 10, 2005, the arbitration panel issued its ruling, which almost completed adopted the Company’s
position. Assessed valuations were held to be approximately $202.3 million for 2002, $191.6 million for 2003 and $174.7 million for 2004. The decision means that the County owes the Company not less than $4.8 million in refunds for excess taxes
paid, and that other amounts reserved for these tax years on the Company’s books will not need to be paid. On March 24, the Georgia Superior Court upheld the arbitration agreement except for one provision governing the calculation of
property taxes in future years, confirmed the arbitrators’ award and ordered the parties to agree upon the amount of the pollution control equipment designation (which has now been completed). In July, the Company and the County reached an
agreement in principle to resolve this dispute, subject to mutual agreement on final documentation. The tentative agreement, among other things, establishes a fair market value assessment for the mill

  

 Page 2 

 
and research and development facility for each of the years 2002 through 2006, and a framework for computing the fair market value of these properties for years 2007 through 2011. The tentative
agreement would also resolve several other ancillary issues related to this matter. The proposed settlement, for which documents are currently being drafted, will require approvals of Wayne County Commission and Board of Assessors. 

5. United Association of Plumbers and Pipefitters (AFL-CIO) Local 473 and William C. Tresher v. Rayonier (U.S. District Court,
Southern District of Georgia, Brunswick Division). Plaintiffs allege that Mr. Tresher, a former Jesup mill employee and member of Local 473, was wrongfully denied disability retirement benefits due him under the terms of the
collective bargaining agreement (the “CBA”) between Local 473 and the Company. The Company’s position was that the decision of the Retirement Committee, which administers the retirement plan, was final and not subject to the terms of
the CBA. The Company and the plaintiff each filed motions for summary judgment on February 10, 2005 and a decision was received on June 24. The Court ruled in Rayonier’s favor on the issue of whether disability benefits had to be paid
to Plaintiff based on the past practice under the CBA, but also held that under the CBA, Rayonier was required to arbitrate the issue of plaintiff’s eligibility for such benefits under the applicable retirement plan. While the Company has
successfully defended similar claims in the past, it is too early to determine the extent or probability of potential loss. Recently, the attorney for the plaintiff died, which has delayed the arbitration of this matter. The Company and the local
union have initiated discussions in an attempt to resolve this matter. 
 6. Johnny Odum v. Rayonier Inc., Steve Worthington, John Enlow,
Don Ray, and John Doe (U.S. District Court for the Southern District of Georgia, Brunswick Division). On December 9, 2004, Rayonier and three named employees of its Rayonier Wood Procurement LLC subsidiary were sued by
Odum, an employee currently on long term disability. The complaint alleges that the Rayonier corporate and individual defendants conspired to influence Odum’s testimony in a case brought by a supplier in October 2000 (Grant Lewis v. Rayonier
Inc.) and that following Odum’s testimony, Rayonier and its employees retaliated against Odum by giving him false performance reviews. These alleged actions are claimed by Odum to have caused him stress-related injuries and damages in
excess of $1,000,000, as well as punitive damage and attorneys fees. On December 14, 2005, the trial judge granted Rayonier partial summary judgment, disposing of the state law tort claim and ruling that the influencing testimony claim was
barred by the statute of limitations; however, the court denied summary judgment on the retaliation claim. The trial has been scheduled to begin October 16, 2006. 

7. William Milledge et al v. Rayonier Inc. (U. S. District Court for the Southern District of Georgia, Brunswick
Division). On February 3, 2005, the Company was sued by Milledge and three other Jesup mill hourly employees, who claimed that they were discriminated against based on race in that less qualified white employees were promoted
to positions that they claim they should have been awarded. Their claims include violations of Title VII of the Civil Rights Act of 1964 - specifically race discrimination in promotion and hostile work environment - and generalized claims of
emotional distress. One of the individuals dismissed his claim with prejudice. The District Court granted summary judgment on all three remaining Plaintiffs’ claims. All three Plaintiffs appealed, and both Plaintiffs and Rayonier have filed
briefs with the Eleventh Circuit Court of Appeals. We currently await a ruling. 
  

 Page 3 

 NEW MATTERS 

1. Chattanooga Creek Remediation Settlement - Southern Wood Piedmont. The EPA initiated cleanup of a creek located adjacent to SWP’s
discontinued operations in Chattanooga, Tennessee. Following receipt of notification from EPA that SWP was considered a potentially responsible party (PRP), SWP, two other companies and the United States government reached a settlement under which
SWP paid $1.65 million out of a total settlement package of $31.2 million and the three nongovernmental PRPs managed the remediation of the Creek. Under the settlement documentation, SWP could potentially incur additional amounts above the $1.65
million in the event of any remediation cost overruns or unforeseen remediation-related issues. Earlier this year the EPA conducted some testing in a section of the creek that has been partially remediated, referred to as the “Oxbow”
section of the creek, and determined that the section does not meet the remedial requirements of the settlement documents. Pursuant to a letter dated June 20, 2006, EPA opined that the SWP site is the source of a continuing discharge to the
Oxbow. SWP and its experts disagree with EPA’s assessment and methodology. It is too early to reach any conclusions about EPA’s letter or its opinions, or its impact on SWP, or the PRP group as a whole. SWP, its experts and the PRP group
are working to address the issues promptly so as not to impede continued remediation progress on the Creek. The outcome of this issue, and any need for additional funding to address it, is undeterminable at this time. 

CLAIMS NOT YET RISING TO LITIGATION 
 1.
Holley Electric Site. In an April 22, 2005 letter from the Georgia EPD, Rayonier was identified as one of 60 potentially responsible parties under the Georgia Hazardous Site Response Act, for the Holley Electric Corporation
(“Holley”) site in Jesup. Holley’s operations involved services related to PCBs, including waste PCB hauling and storage. The site was closed in the early 1980s and was listed on the Georgia Hazardous Site Inventory in 1994, although
it is not listed on the federal National Priorities List (Superfund). It appears that our Jesup and Fernandina mills, as well as Baxley, utilized Holley’s services while it was in operation. We are currently participating in a joint defense
group, although the EPD has taken no action on this site for several months. 
 2. Chalecki; Keifer v. Do+Able Products Inc.
(Arizona Superior Court, Mohave County). This is a personal injury case in which plaintiffs claim injury as a result of exposure to formaldehyde emitted from MDF board manufactured by Rayonier MDF and used by Do+Able Products
in manufacturing a “slotwall” product sold in retail stores such as Home Depot. Rayonier is not currently a party in this action. Attorneys for Do+Able Products tendered the defense of the claim to Rayonier in late December, 2005. We
rejected the tender on the basis that Rayonier sold the stock of Rayonier MDF New Zealand (now renamed Dongwha Patinna Limited), the company which currently owns the MDF plant, in August, 2005. Do+Able Products subsequently tendered the defense to
Dongwha Patinna, and it has also rejected the tender, largely on the grounds that it has no contractual indemnification obligation to the defendants. We are unable to make a determination of the Company’s potential liability, if any.

 REMEDIAL ACTIVITY AT DISCONTINUED OPERATIONS SITES 

 

 Page 4 

 The sites of several discontinued operations are in various stages of environmental remediation. These sites
include, but are not limited to, the former dissolving pulp mill site in Port Angeles, Washington; a property in Shelton, Washington formerly used as a landfill and to dispose of spent pulping liquor from a former Rayonier pulp mill closed in 1957;
and ten current and former Southern Wood Piedmont (“SWP”) sites. The SWP sites, located in several states, are former wood treatment operations that were mostly shuttered in the 1980’s. The SWP sites are contaminated at various levels
with creosote, creosote coal tar, pentachlorophenol and/or chromium copper arsenate (all of which were used as wood preservatives when the sites were operating), and various constituents of these materials. The sites are in various stages of
investigation and remediation, and most are being addressed under the RCRA program, with the remainder being administered under state versions of CERCLA. Regulatory participation with applicable state agencies and U.S. EPA varies from site to site,
as does the nature and status of remedial activity. From time to time the Borrowers engage in litigation concerning investigation or remediation requirements relating to these sites, either with regulatory agencies or private parties. With the
exception of litigation discussed above, no litigation has been filed by a regulatory agency and is pending, although all of the sites are at some stage of the regulatory process. 

ENVIRONMENTAL MATTERS 
 1. Jesup Mill
“Pre-Steaming” Issue. Internal evaluation undertaken in connection with the mill’s pulp and paper “Cluster Rule” compliance program revealed an issue relating to the control of certain methanol emissions from the
“pre-steaming” portion of the hardwood cook process. The issue is whether these particular emissions, which the mill had not been collecting, are required to be collected under Cluster Rule requirements. (Note that the mill is now
capturing these emissions.) While we believe the language of the applicable regulation to be, at best, ambiguous, we reported the situation to the Georgia Environmental Protection Division (“EPD”) out of an abundance of caution and have
met with EPD representatives on the issue. There have been settlement discussions involving a proposal by EPD for the payment of a penalty in the low hundred thousand dollar range, plus performance of a supplemental environmental project at the
mill. However, no formal agreement has yet been reached. 
 ITEMS LISTED ON SCHEDULE 4.01(l) 

All items included on Schedule 4.01(l) to the Credit Agreement are hereby incorporated into this Schedule 4.01(g). 

ITEMS DISCLOSED IN SEC FILINGS 
 All
items and risk factors otherwise disclosed in Rayonier Inc.’s public filings with the Securities and Exchange Commission, including without limitation, Rayonier’s 2005 Annual Report on Form 10-K, are hereby incorporated into this Schedule
4.01(g) 
  

 Page 5 

 SCHEDULE 4.01(l) 

ENVIRONMENTAL MATTERS 

For purposes of completeness, the following constitutes a list of the significant current environmental matters involving the Borrowers, although not
all environmental matters. Inclusion on this Schedule does not necessarily imply that any such item or issue could be reasonably likely to have a Material Adverse Effect. 

 

	A.	GENERAL 

 1. The
disclosures and risk factors set forth in the Borrower’s public filings with the Securities and Exchange Commission (“SEC”), including, without limitation, its 2005 Annual Report on Form 10-K, are hereby incorporated herein.

 2. The disclosures set forth in Schedule 4.01(g) of this Agreement are hereby incorporated herein. 

3. Permits. The Borrowers are permittees under numerous operating and environmental permits affecting their facilities.
These include, without limitation, permits governing air emissions, effluent discharges, waste generation and handling and groundwater use consumption. Many of these permits include numerous conditions and requirements that impact production and
production levels, among other things. At any time a number of these permits may be in the course of application for renewal or amendment. The renewal process often includes discussions and negotiations with governmental agencies and third party
stakeholders over various conditions to be included in each respective permit, many of which could cost significant amounts to implement if included in the permit. At times, litigation may result if no agreement can be reached. No assurances are
given that the renewal or amendment of any of Borrowers’ permits will not result in one or more additional or modified permit conditions that could result in a Material Adverse Effect 

 

	B.	CLEAN AIR ACT AND CLEAN WATER ACT COMPLIANCE 

1. Cluster Rules. U.S. EPA uses this term to identify parallel rule-making, largely implemented in 1998, for water and air
technology-based discharge limits for pulp and paper mills. The Company is currently in compliance in all material respects with its obligations under the Cluster Rules, subject to the Jesup “Pre-Cook” issue discussed below. The most
significant remaining Cluster Rule requirement is the pending development (timeline uncertain) of “Best Available Technology”-based limits for effluent discharges from dissolving pulp mills. As there are only four currently operating
dissolving pulp mills in the U.S. (soon to be three, as one has announced its closure), U.S. EPA has delegated development of these limits to the states in which these mills are located (Florida and Georgia). We have one dissolving pulp mill in each
of these states (Fernandina and Jesup). While it is unclear exactly what these limits will be, it is not expected that they will have a Material Adverse Effect, although there can be no assurance of same. 

 2. Jesup “Pre-Steaming” Issue. See the discussion set forth in
Schedule 4.01(g). 
 3. Jesup Mill NPDES (National Pollution Discharge Elimination System) Permit Renewal. In 2002
Rayonier and the Altamaha Riverkeeper (ARK) reached an agreement relating to ARK’s challenge to Rayonier’s NPDES effluent discharge permit for the Jesup mill, which was issued by the Georgia EPD. As part of the settlement Rayonier agreed
to a goal of making significant reductions in effluent foam, odor and color. To date, the foam and odor issues have largely been resolved due to various projects implemented by the mill. While there is no express regulatory requirement to limit
effluent color, Rayonier agreed to work toward a goal of 50% reduction in effluent color, contingent on finding technology that was, in Rayonier’s judgment, reliable and cost effective. 

Rayonier’s efforts to reduce color have been only partially successful to date, largely due to overall increased mill production and
the ultra high purity of the mill’s acetate product grades. Our application for renewal of the mill’s NPDES permit was submitted in October of 2005 and the Georgia EPD has extended the current permit for two additional years. We are
commencing a third party technology study to determine other potential solutions to effluent color loading at the mill. Discussions are also being held with ARK to attempt to avoid litigation over the new permit. While it is not expected that any
expenditures necessary to address effluent color issues at the mill will have a Material Adverse Effect, there can be no assurance of same. 
  

	 	C.	DISCONTINUED OPERATIONS 

1. Port Angeles, WA Site. Over the past two years, the Company has prepared and submitted to the Washington Department of
Ecology (“Ecology”) various draft investigation reports required under the Model Toxics Control Act, Washington’s state version of CERCLA. These reports cover the “uplands” portion of the mill site, the “marine”
areas and ecological risk assessment relating to the overall impact on plant and animal life. As a result of several extended delays largely caused by Ecology and the Lower Elwha Klallam Tribe (to whom Ecology has given significant authority in the
remediation process), none of these reports yet have been released for public review. After finalization of these reports, actual feasibility and remedial requirements will be determined in the next steps of the process. In addition, Rayonier is
currently commencing additional marine sampling largely relating to potential PCB presence in marine areas around the mill. 

Separately, in November, 2005 the Company filed a lawsuit against Ecology which challenged Ecology’s use of an overly stringent
remedial standard for off-site (i.e., non-industrial) dioxin without formally vetting this standard through the required rulemaking process. The case was settled in 2006 when Ecology and the Washington Attorney General acceded to Rayonier’s
position, but since then Ecology has announced proposed rulemaking that would, in effect, negate the settlement. A legal challenge to any new rule is contemplated. While it is not expected that resolution of this issue will have a Material Adverse
Effect, there can be no assurance of same. 
  

 Page 2 

 2. Goose Lake (Shelton), WA. A Shelton, Washington pulp mill closed by
Rayonier in the 1950’s disposed of spent sulfite liquor in an off-site lake owned by the Company, and the former Rayonier Research Center in Shelton deposited debris in a landfill near the lake through the mid-1970’s. Soil and groundwater
sampling have been conducted under an agreed order with Ecology and the results were reported to Ecology last year. We are responding to comments submitted by Ecology and the scope of required remediation is currently unclear. 

3. Hylebos Waterway. In 1993 the EPA identified the Company as a PRP at the Commencement Bay Nearshore/Tideflats Superfund
Site in Tacoma, Washington as a result of the Company’s operation of a pulp mill on the Hylebos Waterway between 1937 and 1942. A group of other PRPs has begun remediation of the Waterway and has sought the Company’s financial
participation. To date, there has been no action taken by either the EPA or the other PRPs to force participation. As there is no evidence that the Company used, stored or released any of the hazardous substances of concern, we have declined to
contribute toward remediation or a proposed settlement of alleged natural resources damages claims. However, after participating in a voluntary mediation process, the Company joined a group of PRPs who are negotiating with the natural resource
trustees for the site to settle their alleged joint liability for natural resource damages. If the arrangement negotiated at the mediation holds and is accepted by the trustees, the Company will participate in the settlement. 

4. Southern Wood Piedmont Sites. See discussion in Schedule 4.01(g). 

 

 Page 3 

 SCHEDULE 4.01(o) 

POST RETIREMENT BENEFIT OBLIGATIONS 

Accumulated Post-Retirement Benefit Obligations 

as of December 31, 2005 
  

				
	 Accumulated Post-Retirement Benefit Obligations within meaning of FASB 106
	  	$	40,073,000

 SCHEDULE 5.03(b) 

EXISTING LIENS 
 None

 SCHEDULE 5.04(b) 

EXISTING INVESTMENTS 

None 

 SCHEDULE 5.04(e) 

EXISTING SUBSIDIARY PAYMENT RESTRICTIONS 

None 

 EXHIBIT A – FORM OF 

REVOLVING CREDIT 

PROMISSORY NOTE 
  

			
	 U.S.$         
	 	Dated:             , 20    

FOR VALUE RECEIVED, the undersigned, [NAME OF A BORROWER], a
[            ] corporation/limited partnership/limited liability company (the “Borrower”), HEREBY PROMISES TO PAY to the order of
                     (the “Lender”) for the account of its Applicable Lending Office on the Termination Date (each as defined
in the Credit Agreement referred to below) the principal sum of U.S.$[amount of the Lender’s Commitment in figures] or, if less, the aggregate principal amount of the Revolving Credit Advances made by the Lender to the Borrower pursuant to the
Five-Year Revolving Credit Agreement dated as of             , 2006 among Rayonier Inc., Rayonier TRS Holdings, Inc., Rayonier Forest Resources, L.P., and any Additional Borrower (as
defined therein), as borrowers, the Lender and certain other lenders parties thereto, the issuing banks parties thereto, and Credit Suisse, acting through its Cayman Islands Branch (“CS”), as Administrative Agent for the Lender and
such other lenders (as amended or modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined) outstanding on the Termination Date. 

The Borrower promises to pay interest on the unpaid principal amount of each Revolving Credit Advance from the date of such Revolving
Credit Advance until such principal amount is paid in full, at such interest rates, and payable at such times, as are specified in the Credit Agreement. 

Both principal and interest are payable in lawful money of the United States of America to CS, as Administrative Agent, at The Bank of
New York, ABA No. 02100018, Account No. 8900492627, Attn: Agency Cayman, Reference: Rayonier or such other account in the United States as the Administrative Agent may designate from time to time by notice to the Borrower, in same day funds. Each
Revolving Credit Advance made by the Lender to the Borrower pursuant to the Credit Agreement, and all payments made on account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached
hereto which is part of this Promissory Note. 
 This Promissory Note is one of the Notes referred to in, and is entitled to the
benefits of, the Credit Agreement. The Credit Agreement, among other things, (i) provides for the making of Revolving Credit Advances by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding
the U.S. dollar amount first above mentioned, the indebtedness of the Borrower resulting from each such Revolving Credit Advance being evidenced by this Promissory Note and (ii) contains provisions for acceleration of the maturity hereof upon
the happening of certain stated events and also for prepayments on account of principal hereof prior to the maturity hereof upon the terms and conditions therein specified. 

 

 Exh. A - 1 

 The Borrower hereby waives presentment, demand, protest and notice of any kind. No failure
to exercise, and no delay in exercising, any rights hereunder on the part of the holder hereof shall operate as a waiver of such rights. 

This Promissory Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

 

			
	 [NAME OF A BORROWER]

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exh. A - 2 

 ADVANCES AND PAYMENTS OF PRINCIPAL 

 

									
	Date	 	 Amount of

Revolving

Credit Advance
	 	 Amount of

Principal Paid

or Prepaid
	  	 Unpaid

Principal

Balance
	  	 Notation

 Made By

	  	 	  	 	  	  	  	  	  
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 

  

 Exh. A - 3 

 EXHIBIT B – FORM OF NOTICE OF 

REVOLVING CREDIT BORROWING 

Credit Suisse, 
 acting through its Cayman
Islands Branch, 
 as Administrative Agent 

for the Lenders parties 

to the Credit Agreement 

referred to below 

Eleven Madison Avenue 

New York, New York 10010 

[Date] 

Attention: [Agency Department Manager] 

Ladies and Gentlemen: 
 The
undersigned, [NAME OF A BORROWER], refers to the Five-Year Revolving Credit Agreement, dated as of             , 2006 (as amended or modified from time to time, the “Credit
Agreement”, the terms defined therein being used herein as therein defined), among Rayonier Inc., Rayonier TRS Holdings Inc., Rayonier Forest Resources, L.P., and any Additional Borrower (as defined therein), as borrowers, certain Lenders
parties thereto, certain Issuing Banks parties thereto, and Credit Suisse, acting through its Cayman Islands Branch (“CS”), as Administrative Agent for said Lenders, and hereby gives you notice, irrevocably, pursuant to
Section 2.02 of the Credit Agreement that the undersigned hereby requests a Revolving Credit Borrowing under the Credit Agreement, and in that connection sets forth below the information relating to such Revolving Credit Borrowing (the
“Proposed Revolving Credit Borrowing”) as required by Section 2.02(a) of the Credit Agreement: 
 (i) The
Business Day of the Proposed Revolving Credit Borrowing is             , 20    . 

(ii) The Type of Advances comprising the Proposed Revolving Credit Borrowing is [Alternate Base Rate Advances] [Eurodollar Rate
Advances]. 
 (iii) The aggregate amount of the Proposed Revolving Credit Borrowing is
$        . 
 (iv) Proceeds of the Proposed Revolving Credit Borrowing are to be
wire -transferred in accordance with the following instructions: 
  

 Exh. B - 1 

  

 
  

 
  

[(v) The initial Interest Period for each Eurodollar Rate Advance made as part of the Proposed Revolving Credit Borrowing is
             month[s].] 
 The undersigned hereby certifies
that, as of the Proposed Revolving Credit Borrowing, all the applicable conditions contained in Section 3.02 of the Credit Agreement have been satisfied (or waived pursuant to Section 8.01 of the Credit Agreement). 

 

			
	 Very truly yours,

	
	 [NAME OF A BORROWER]

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exh. B - 2 

 EXHIBIT C-1 – FORM OF 

GUARANTEE 
 AGREEMENT

 GUARANTEE AGREEMENT dated as of             , 2006, among
(a) RAYONIER INC., a North Carolina corporation (“Rayonier”),(b) RAYONIER TRS HOLDINGS INC., a Delaware corporation (“TRS”), (c) from and after any Additional Borrower Effective Date, the Additional
Borrower (as such terms are defined in the Credit Agreement referred to below) (Rayonier, TRS and, from and after any such Additional Borrower Effective Date, such Additional Borrower, each a “Guarantor” and collectively, the
“Guarantors”), and (d) CREDIT SUISSE, acting though its Cayman Islands Branch, as administrative agent (the “Administrative Agent”) for the Guaranteed Parties (as defined below). 

Reference is made to the Five-Year Revolving Credit Agreement dated as of
            , 2006 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Rayonier, TRS, Rayonier Forest Resources, L.P.
(“RFR”) and any Additional Borrower, as borrowers (Rayonier, TRS, RFR and any Additional Borrower, each individually, a “Borrower” and collectively, the “Borrowers”), the lenders from time to time
party thereto (the “Lenders”), the Issuing Banks from time to time party thereto (the “Issuing Banks”) and Credit Suisse, as Administrative Agent. Capitalized terms used and not defined herein have the meanings
assigned to them in the Credit Agreement. 
 The Lenders have agreed to make Revolving Credit Advances to the Borrowers, and the
Issuing Banks have agreed to issue Letters of Credit for the account of the Borrowers, pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement. Each of the Guarantors is a Borrower under the Credit Agreement
and acknowledges that it will derive substantial benefit from the making of the Revolving Credit Advances by the Lenders and the issuance of the Letters of Credit by the Issuing Banks. The obligations of the Lenders to make Revolving Credit Advances
and of the Issuing Banks to issue Letters of Credit are conditioned on, among other things, the execution and delivery by the Guarantors of a Guarantee Agreement in the form hereof. As consideration therefor and in order to induce the Lenders to
make Revolving Credit Advances and the Issuing Banks to issue Letters of Credit, the Guarantors are willing to execute this Agreement. 

Accordingly, the parties hereto agree as follows: 

SECTION 1. Guarantees. Each Guarantor unconditionally guarantees, jointly with each other Guarantor and severally, as a primary
obligor and not merely as a surety, (a) the due and punctual payment by each Borrower (other than itself) of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Revolving Credit Advances made to such Borrower, when and as due, whether at maturity, by acceleration, upon one or more
dates set for prepayment or otherwise, (ii) each payment required to be made by such Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements,
interest thereon and obligations to provide cash collateral and (iii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, 

 

 Exh. C-1 - 1 

 
secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless
of whether allowed or allowable in such proceeding), of such Borrower to the Administrative Agent and each Lender under the Credit Agreement and the other Loan Documents (collectively, the “Guaranteed Parties”), whether such amounts
shall have accrued prior to, on or after the Closing Date, (b) the due and punctual payment and performance of all covenants, agreements, obligations and liabilities of each Borrower (other than itself), monetary or otherwise, under or pursuant
to the Credit Agreement and the other Loan Documents and (c) the due and punctual payment and performance of all obligations of each Borrower (other than itself), monetary or otherwise, under each Interest Rate Agreement in effect on the date
hereof to which any Lender (or an Affiliate of a Lender) is a party and each Interest Rate Agreement entered into after the date hereof with any counterparty that is a Lender (or an Affiliate of a Lender) at the time such Interest Rate Agreement is
entered into (all the monetary and other obligations referred to in the preceding clauses (a) through (c) being collectively called the “Obligations”). 

Anything contained in this Agreement to the contrary notwithstanding, the obligations of TRS hereunder, and the obligations of any
Additional Borrower in respect of the obligations of Rayonier, shall be limited to a maximum aggregate amount equal to the greatest amount that would not render such obligations subject to avoidance as a fraudulent transfer or conveyance under
Section 548 of Title 11 of the United States Code or any provisions of applicable law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all other liabilities of TRS or such Additional Borrower,
contingent or otherwise, that are relevant under the Fraudulent Transfer Laws and after giving effect as assets to the value (as determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation, contribution,
reimbursement, indemnity or similar rights of TRS or such Additional Borrower, as the case may be, pursuant to (i) applicable law or (ii) any agreement providing for an equitable allocation among TRS or such Additional Borrower, as the
case may be, and other Affiliates of Rayonier of obligations arising under Guarantees by such parties. 
 Each Guarantor further
agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. 

SECTION 2. Obligations Not Waived. To the fullest extent permitted by applicable law, each Guarantor waives presentment to, demand
of payment from and protest to the applicable Borrower and any other guarantor of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. To the fullest extent permitted by applicable law,
the obligations of each Guarantor hereunder shall not be affected by, and each Guarantor hereby waives any defense arising by reason of, (a) the failure of the Administrative Agent or any other Guaranteed Party to assert any claim or demand or
to enforce or exercise any right or remedy against the applicable Borrower or any other guarantor under the provisions of the Credit Agreement, any other Loan Document or otherwise, (b) any rescission, waiver, amendment or modification of, or
any release from any of the terms or provisions of this Agreement, any other Loan Document, any Guarantee or any other agreement, including with respect to any other Guarantor under this Agreement, (c) the failure to take or perfect any
security interest in, or the release of, any collateral security held by or on behalf of any Guaranteed Party or (d) the failure of any person to comply with Section 5.01(l) of the Credit

  

 Exh. C-1 - 2 

 
Agreement, Section 19 of the RFR Subsidiary Guarantee Agreement, Section 19 of the TRS Subsidiary Guarantee Agreement or Section 19 of the any Additional Subsidiary Guarantor
Guarantee Agreement. 
 SECTION 3. Guarantee of Payment. Each Guarantor further agrees that its guarantee constitutes a
guarantee of payment when due and not of collection, and waives any right to require that any resort be had by the Administrative Agent or any other Guaranteed Party to any collateral security held for payment of the Obligations or any balance of
any deposit or other account or credit on the books of the Administrative Agent or any other Guaranteed Party in favor of the applicable Borrower or any other person. 

SECTION 4. No Discharge or Diminishment of Guarantee. The obligations of each Guarantor hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the applicable Borrower’s Obligations), including any claim of waiver, release, surrender, alteration or compromise of any
of the applicable Borrower’s Obligations, and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of such Obligations, any law or
regulation of any jurisdiction or any other event affecting any term of an Obligation or any other circumstance that might constitute a defense of the Borrower or any Guarantor. Without limiting the generality of the foregoing, the obligations of
each Guarantor hereunder shall not be discharged or impaired or otherwise affected by the failure of the Administrative Agent or any other Guaranteed Party to assert any claim or demand or to enforce any remedy under the Credit Agreement, any other
Loan Document or any other agreement, by any waiver or modification of any provision of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the applicable Borrower’s Obligations, or by any other act or
omission that may or might in any manner or to any extent vary the risk of any Guarantor or that would otherwise operate as a discharge of each Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the
applicable Borrower’s Obligations), and each Guarantor hereby waives any defense arising by reason of any of the foregoing actions. 

SECTION 5. Defenses of Borrower Waived. To the fullest extent permitted by applicable law, each of the Guarantors waives any
defense based on or arising out of any defense of the applicable Borrower or the unenforceability of the applicable Borrower’s Obligations or any part thereof from any cause or the cessation from any cause of the liability of the applicable
Borrower (other than the final and indefeasible payment in full in cash of such Borrower’s Obligations). The Administrative Agent and the other Guaranteed Parties may, at their election, foreclose on any collateral security held by one or more
of them by one or more judicial or nonjudicial sales, accept an assignment of any such collateral security in lieu of foreclosure, compromise or adjust any part of the applicable Borrower’s Obligations, make any other accommodation with the
applicable Borrower or any other guarantor or exercise any other right or remedy available to them against the applicable Borrower or any other guarantor, without affecting or impairing in any way the liability of any Guarantor hereunder except to
the extent the applicable Borrower’s Obligations have been fully, finally and indefeasibly paid in cash. Pursuant to applicable law, each of the Guarantors waives any defense arising out of any such election even though such election operates,
pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor 

 

 Exh. C-1 - 3 

 
against the applicable Borrower, any other Guarantor or guarantor, as the case may be, or any collateral security. 

SECTION 6. Agreement to Pay; Subordination. In furtherance of the foregoing and not in limitation of any other right that the
Administrative Agent or any other Guaranteed Party has at law or in equity against any Guarantor by virtue hereof, each Guarantor hereby agrees that, upon the failure of any Borrower (other than itself) to pay any of its Obligations when and as the
same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, such Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent or such other Guaranteed Party as
designated thereby in cash the amount of such unpaid Obligations. Upon payment by any Guarantor of any sums to the Administrative Agent or any Guaranteed Party as provided above, all rights of such Guarantor against the applicable Borrower arising
as a result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the respective
Borrower’s Obligations. In addition, any indebtedness of any Borrower now or hereafter held by any Guarantor (other than indebtedness of RFR held by TRS) is hereby subordinated in right of payment to the prior payment in full of the Obligations
during the existence of an Event of Default. If any amount shall erroneously be paid to any Guarantor on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of any Borrower
(other than indebtedness of RFR held by TRS), such amount shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be paid to the Administrative Agent to be credited against the payment of the applicable Borrower’s
Obligations, whether matured or unmatured, in accordance with the terms of the Loan Documents. 
 SECTION 7. Information.
Each of the Guarantors assumes all responsibility for being and keeping itself informed of each applicable Borrower’s financial condition and assets, all other circumstances bearing upon the risk of nonpayment of such Borrower’s
Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Administrative Agent or the other Guaranteed Parties will have any duty to advise any of the Guarantors of
information known to it or any of them regarding such circumstances or risks. 
 SECTION 8. Representations and Warranties;
Taxes. Each of the Guarantors represents and warrants as to itself that all representations and warranties relating to it contained in the Credit Agreement or any other Loan Document are true and correct. Each Guarantor agrees that the
provisions of Section 2.15 of the Credit Agreement shall apply equally to each Guarantor with respect to the payments made by it hereunder. 

SECTION 9. Termination. The Guarantees made hereunder (a) shall terminate when all the Obligations have been indefeasibly
paid in full and the Lenders have no further commitment to lend under the Credit Agreement, the LC Exposure has been reduced to zero and the Issuing Banks have no further obligation to issue Letters of Credit under the Credit Agreement and
(b) shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored 

 

 Exh. C-1 - 4 

 
by any Guaranteed Party or any Guarantor upon the bankruptcy or reorganization of any Borrower or any Guarantor or otherwise. 

SECTION 10. Binding Effect; Several Agreement; Assignments. Whenever in this Agreement any of the parties hereto is referred to,
such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Guarantors that are contained in this Agreement shall bind and inure to the benefit of each party
hereto and their respective successors and assigns. This Agreement shall become effective as to any Guarantor when a counterpart hereof executed on behalf of such Guarantor shall have been delivered to the Administrative Agent and a counterpart
hereof shall have been executed on behalf of the Administrative Agent (or, in the case of any Additional Borrower, when an Additional Borrower Assumption Agreement has been executed and delivered by the such Additional Borrower and the Additional
Borrower Effective Date has occurred), and thereafter shall be binding upon such Guarantor and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of such Guarantor, the Administrative Agent and the
other Guaranteed Parties, and their respective successors and assigns, except that no Guarantor shall have the right to assign its rights or obligations hereunder or any interest herein (except in connection with any transaction permitted by Section
5.03(c) of the Credit Agreement), and any such attempted assignment shall be void. This Agreement shall be construed as a separate agreement with respect to each Guarantor and may be amended, modified, supplemented, waived or released with respect
to any Guarantor without the approval of any other Guarantor and without affecting the obligations of any other Guarantor hereunder. 

SECTION 11. Waivers; Amendment. (a) No failure or delay of the Administrative Agent in exercising any power or right hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of
any other right or power. The rights and remedies of the Administrative Agent hereunder and of the other Guaranteed Parties under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have.
No waiver of any provision of this Agreement or consent to any departure by any Guarantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given. No notice or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in similar or other circumstances. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered
into between the Guarantors with respect to which such waiver, amendment or modification relates and the Administrative Agent, with the prior written consent of the Required Lenders (except as otherwise provided in the Credit Agreement). 

SECTION 12. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF 
  

 Exh. C-1 - 5 

 
(OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

SECTION 13. Notices. All communications and notices hereunder shall be in writing and given as provided in Section 8.02 of the
Credit Agreement. 
 SECTION 14. Survival of Agreement; Severability. (a) All covenants, agreements, representations and
warranties made by the Guarantors herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the
Administrative Agent and the other Guaranteed Parties and shall survive the making by the Lenders of the Revolving Credit Advances and the issuance of the Letters of Credit by the Issuing Banks regardless of any investigation made by the Guaranteed
Parties or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued interest on any Revolving Credit Advance or any other fee or amount payable under this Agreement or any other Loan Document is
outstanding and unpaid, the LC Exposure does not equal zero or the Commitments and the LC Commitment have not been terminated. 

(b) In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular
provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 15. Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of
which when taken together shall constitute a single contract, and shall become effective as provided in Section 10. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually
executed counterpart of this Agreement. 
 SECTION 16. Rules of Interpretation. The rules of interpretation specified in
Article I of the Credit Agreement shall be applicable to this Agreement. 
 SECTION 17. Jurisdiction; Consent to Service of
Process. (a) Each Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York City, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other 

 

 Exh. C-1 - 6 

 
manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any other Guaranteed Party may otherwise have to bring any action or proceeding relating
to this Agreement or the other Loan Documents against any Guarantor or its properties in the courts of any jurisdiction, except that each of the Guarantors agrees that (i) it will not bring any such action or proceeding in any court other than New
York Courts (it being acknowledged and agreed by the parties hereto that any other forum would be inconvenient and inappropriate in view of the fact that more of the Lenders who would be affected by any such action or proceeding have contacts with
the State of New York than any other jurisdiction), and (ii) in any such action or proceeding brought against any Guarantor in any other court, it will not assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except
to the extent that the failure to assert the same will preclude such Guarantor from asserting or seeking the same in the New York Courts. 

(b) Each Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or federal court. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 13. Nothing in
this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 18. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 18. 

SECTION 19. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Guaranteed Party is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Debt at any time owing by such
Guaranteed Party to or for the credit or the account of any Guarantor against any or all the obligations of such Guarantor now or hereafter existing under this Agreement and the other Loan Documents held by such Guaranteed Party, irrespective of
whether or not such Guaranteed Party shall have made any demand under this Agreement or any other Loan Document and although such obligations may be unmatured. After any exercise of such right of setoff, the Guaranteed Party shall give notice of
such exercise to the Administrative Agent and such Guarantor; 
  

 Exh. C-1 - 7 

 
provided, however, that failure to give such notice shall not in any way affect the rights of any Guaranteed Party. The rights of each Guaranteed Party under this Section 19 are in
addition to other rights and remedies (including other rights of setoff) which such Guaranteed Party may have. 
  

 Exh. C-1 - 8 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written. 
  

			
	 RAYONIER INC.,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 RAYONIER TRS HOLDINGS INC.,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 CREDIT SUISSE, acting through its Cayman

Islands Branch, as Administrative Agent,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exh. C-1 - 9 

 EXHIBIT C-2 – FORM OF RFR 

SUBSIDIARY GUARANTEE 

AGREEMENT 

SUBSIDIARY GUARANTEE AGREEMENT dated as of             ,
20    , among each of the subsidiaries listed on Schedule I hereto or becoming a party hereto as provided in Section 19 (each such subsidiary individually, a “Subsidiary Guarantor” and collectively, the
“Subsidiary Guarantors”) of RAYONIER FOREST RESOURCES, L.P., a Delaware limited partnership (“RFR”), and CREDIT SUISSE, acting though its Cayman Islands Branch, as administrative agent (the “Administrative
Agent”) for the Guaranteed Parties (as defined below). 
 Reference is made to the Five-Year Revolving Credit Agreement
dated as of             , 2006 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Rayonier Inc., Rayonier TRS Holdings
Inc., RFR and any Additional Borrower (as defined therein), as borrowers (collectively, the “Borrowers”), the lenders from time to time party thereto (the “Lenders”), the Issuing Banks from time to time party
thereto (the “Issuing Banks”) and Credit Suisse, as Administrative Agent. Capitalized terms used and not defined herein have the meanings assigned to them in the Credit Agreement. 

The Lenders have agreed, among other things, to make Revolving Credit Advances to RFR, and the Issuing Banks have agreed, among other
things, to issue Letters of Credit at the request of or for the account of RFR, pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement. Each of the Subsidiary Guarantors is a direct or indirect Subsidiary of
RFR and acknowledges that it will derive substantial benefit from the making of such Revolving Credit Advances by the Lenders and the issuance of such Letters of Credit by the Issuing Banks. The obligations of the Lenders to make such Revolving
Credit Advances and of the Issuing Banks to issue such Letters of Credit are conditioned on, among other things, the execution and delivery by the Subsidiary Guarantors of a Subsidiary Guarantee Agreement in the form hereof. As consideration
therefor and in order to induce the Lenders to make such Revolving Credit Advances and the Issuing Banks to issue such Letters of Credit, the Subsidiary Guarantors are willing to execute this Agreement. For the avoidance of doubt, the obligations
guaranteed hereby are solely the obligations of RFR under the Loan Documents and not of any other Borrower. Revolving Credit Advances made thereunder to any other Borrower, and Letters of Credit issued thereunder but neither requested by RFR nor for
its account, shall not have the benefit of the guarantee provided hereby. 
 Accordingly, the parties hereto agree as follows:

 SECTION 1. Guarantee. Each Subsidiary Guarantor unconditionally guarantees, jointly with the other Subsidiary
Guarantors and severally, as a primary obligor and not merely as a surety, (a) the due and punctual payment by RFR of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Revolving Credit Advances made to RFR, when and as due, whether at maturity, by acceleration, upon one or more dates set for
prepayment or otherwise, (ii) each payment required to be made by RFR under the Credit Agreement in respect of any Letter of 
  

 Exh. C-2 - 1 

 
Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon and obligations to provide cash collateral and (iii) all other monetary obligations,
including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), of RFR to the Administrative Agent and each Lender under the Credit Agreement and the other Loan Documents (collectively, the “Guaranteed Parties”), whether such
amounts shall have accrued prior to, on or after the Closing Date, (b) the due and punctual payment and performance of all covenants, agreements, obligations and liabilities of RFR, monetary or otherwise, under or pursuant to the Credit Agreement
and the other Loan Documents and (c) the due and punctual payment and performance of all obligations of RFR, monetary or otherwise, under each Interest Rate Agreement in effect on the date hereof to which any Lender (or an Affiliate of a Lender) is
a party and each Interest Rate Agreement entered into after the date hereof with any counterparty that is a Lender (or an Affiliate of a Lender) at the time such Interest Rate Agreement is entered into (all the monetary and other obligations
referred to in the preceding clauses (a) through (c) being collectively called the “Obligations”). Each Subsidiary Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or
further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. 

Anything contained in this Agreement to the contrary notwithstanding, the obligations of each Subsidiary Guarantor hereunder shall be
limited to a maximum aggregate amount equal to the greatest amount that would not render such Subsidiary Guarantor’s obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United
States Code or any provisions of applicable law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all other liabilities of such Subsidiary Guarantor, contingent or otherwise, that are relevant under
the Fraudulent Transfer Laws and after giving effect as assets to the value (as determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation, contribution, reimbursement, indemnity or similar rights of
such Subsidiary Guarantor pursuant to (i) applicable law or (ii) any agreement providing for an equitable allocation among such Subsidiary Guarantor and other Affiliates of RFR of obligations arising under Guarantees by such parties. 

Each Subsidiary Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or
further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. 

SECTION 2. Obligations Not Waived. To the fullest extent permitted by applicable law, each Subsidiary Guarantor waives presentment
to, demand of payment from and protest to RFR or any other guarantor of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. To the fullest extent permitted by applicable law, the
obligations of each Subsidiary Guarantor hereunder shall not be affected by, and each Subsidiary Guarantor hereby waives any defense arising by reason of, (a) the failure of the Administrative Agent or any other Guaranteed Party to assert any claim
or demand or to enforce or exercise any right or remedy against RFR or any other guarantor under the provisions of the Credit Agreement, any other Loan Document or otherwise, (b) any rescission, waiver, amendment or modification of, or any release
from any of the terms or provisions of this 
  

 Exh. C-2 - 2 

 
Agreement, any other Loan Document, any Guarantee or any other agreement, including with respect to any other Subsidiary Guarantor under this Agreement, (c) the failure to take or perfect any
security interest in, or the release of, any collateral security held by or on behalf of any Guaranteed Party or (d) the failure of any person to comply with Section 5.01(l) of the Credit Agreement or Section 19 hereof. 

SECTION 3. Guarantee of Payment. Each Subsidiary Guarantor further agrees that its guarantee constitutes a guarantee of payment
when due and not of collection, and waives any right to require that any resort be had by the Administrative Agent or any other Guaranteed Party to any collateral security held for payment of the Obligations or to any balance of any deposit or other
account or credit on the books of the Administrative Agent or any other Guaranteed Party in favor of RFR or any other person. 

SECTION 4. No Discharge or Diminishment of Guarantee. The obligations of each Subsidiary Guarantor hereunder shall not be subject
to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Obligations), including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations,
and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations, any law or regulation of any jurisdiction or any other event
affecting any term of an Obligation or any other circumstance that might constitute a defense of the Borrower or any Guarantor. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor hereunder shall not be
discharged or impaired or otherwise affected by the failure of the Administrative Agent or any other Guaranteed Party to assert any claim or demand or to enforce any remedy under the Credit Agreement, any other Loan Document or any other agreement,
by any waiver or modification of any provision of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or omission that may or might in any manner or to any extent vary the
risk of any Subsidiary Guarantor or that would otherwise operate as a discharge of each Subsidiary Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the Obligations), and each Subsidiary Guarantor
hereby waives any defense arising by reason of any of the foregoing actions. 
 SECTION 5. Defenses of Borrower Waived.
To the fullest extent permitted by applicable law, each of the Subsidiary Guarantors waives any defense based on or arising out of any defense of RFR or the unenforceability of the Obligations or any part thereof from any cause or the cessation from
any cause of the liability of RFR (other than the final and indefeasible payment in full in cash of the Obligations). The Administrative Agent and the other Guaranteed Parties may, at their election, foreclose on any collateral security held by one
or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such collateral security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with RFR or any other guarantor
or exercise any other right or remedy available to them against RFR or any other guarantor, without affecting or impairing in any way the liability of any Subsidiary Guarantor hereunder except to the extent the Obligations have been fully, finally
and indefeasibly paid in cash. Pursuant to applicable law, each of the Subsidiary Guarantors waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of
reimbursement or 
  

 Exh. C-2 - 3 

 
subrogation or other right or remedy of such Subsidiary Guarantor against RFR or any other Subsidiary Guarantor or guarantor, as the case may be, or any collateral security. 

SECTION 6. Agreement to Pay; Subordination. In furtherance of the foregoing and not in limitation of any other right that the
Administrative Agent or any other Guaranteed Party has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of RFR or any other Loan Party to pay any Obligation when and as the same shall become due, whether at
maturity, by acceleration, after notice of prepayment or otherwise, each Subsidiary Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent or such other Guaranteed Party as designated thereby in cash
the amount of such unpaid Obligation. Upon payment by any Subsidiary Guarantor of any sums to the Administrative Agent or any Guaranteed Party as provided above, all rights of such Subsidiary Guarantor against RFR arising as a result thereof by way
of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Obligations. In addition, any indebtedness
of RFR now or hereafter held by any Subsidiary Guarantor is hereby subordinated in right of payment to the prior payment in full of the Obligations during the existence of an Event of Default. If any amount shall erroneously be paid to any
Subsidiary Guarantor on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of RFR, such amount shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith
be paid to the Administrative Agent to be credited against the payment of the Obligations, whether matured or unmatured, in accordance with the terms of the Loan Documents. 

SECTION 7. Information. Each of the Subsidiary Guarantors assumes all responsibility for being and keeping itself informed of
RFR’s financial condition and assets, all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Subsidiary Guarantor assumes and incurs hereunder, and agrees that none
of the Administrative Agent or the other Guaranteed Parties will have any duty to advise any of the Subsidiary Guarantors of information known to it or any of them regarding such circumstances or risks. 

SECTION 8. Representations and Warranties; Taxes. Each of the Subsidiary Guarantors represents and warrants as to itself that all
representations and warranties relating to it contained in the Credit Agreement or any other Loan Document are true and correct. Each Subsidiary Guarantor agrees that the provisions of Section 2.15 of the Credit Agreement shall apply equally to each
Subsidiary Guarantor with respect to the payments made by it hereunder. 
 SECTION 9. Termination. The Guarantees made
hereunder (a) shall terminate when all the Obligations have been indefeasibly paid in full and the Lenders have no further commitment to lend to RFR under the Credit Agreement, the LC Exposure with respect to Letters of Credit issued at the request
of or for the account of RFR has been reduced to zero and the Issuing Banks have no further obligation to issue Letters of Credit at the request of or for the account of RFR under the Credit Agreement and (b) shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must otherwise be restored by any Guaranteed Party or any Subsidiary Guarantor upon the bankruptcy or reorganization of RFR or any
Subsidiary Guarantor or otherwise. 
  

 Exh. C-2 - 4 

 SECTION 10. Binding Effect; Several Agreement; Assignments; Releases. Whenever in
this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Subsidiary Guarantors that are contained
in this Agreement shall bind and inure to the benefit of each party hereto and their respective successors and assigns. This Agreement shall become effective as to any Subsidiary Guarantor when a counterpart hereof (or an instrument in the form of
Annex I hereto) executed on behalf of such Subsidiary Guarantor shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such
Subsidiary Guarantor and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of such Subsidiary Guarantor, the Administrative Agent and the other Guaranteed Parties, and their respective successors
and assigns, except that no Subsidiary Guarantor shall have the right to assign its rights or obligations hereunder or any interest herein (except in connection with any transaction permitted by Section 5.03(c) of the Credit Agreement), and any
such attempted assignment shall be void. This Agreement shall be construed as a separate agreement with respect to each Subsidiary Guarantor and may be amended, modified, supplemented, waived or released with respect to any Subsidiary Guarantor
without the approval of any other Subsidiary Guarantor and without affecting the obligations of any other Subsidiary Guarantor hereunder. The Administrative Agent is hereby expressly authorized to, and agrees upon request of RFR it will, release any
Subsidiary Guarantor from its obligations hereunder in the event that all the Capital Stock of such Subsidiary Guarantor shall be sold, transferred or otherwise disposed of to a person that is not an Affiliate of RFR in a transaction not prohibited
by the Credit Agreement. 
 SECTION 11. Waivers; Amendment. (a) No failure or delay of the Administrative Agent in
exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent hereunder and of the other Guaranteed Parties under the other Loan Documents are cumulative and are not exclusive of any rights
or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Subsidiary Guarantor therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or
further notice or demand in similar or other circumstances. 
 (b) Except as expressly provided in Section 19, neither this
Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered into between the Subsidiary Guarantors with respect to which such waiver, amendment or modification relates and the Administrative
Agent, with the prior written consent of the Required Lenders (except as otherwise provided in the Credit Agreement). 
 SECTION
12. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF

  

 Exh. C-2 - 5 

 
(OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

SECTION 13. Notices. All communications and notices hereunder shall be in writing and given as provided in Section 8.02 of
the Credit Agreement. All communications and notices hereunder to each Subsidiary Guarantor shall be given to it in care of RFR at the address set forth in the Credit Agreement. 

SECTION 14. Survival of Agreement; Severability. (a) All covenants, agreements, representations and warranties made by the
Subsidiary Guarantors herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Administrative Agent and
the other Guaranteed Parties and shall survive the making by the Lenders of the Revolving Credit Advances and the issuance of the Letters of Credit by the Issuing Banks regardless of any investigation made by the Guaranteed Parties or on their
behalf, and shall continue in full force and effect as long as any Obligation is outstanding and unpaid, the LC Exposure with respect to Letters of Credit issued at the request of or for the account of RFR does not equal zero or the Commitments and
the LC Commitment with respect to RFR have not been terminated. 
 (b) In the event any one or more of the provisions contained
in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or
impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 15. Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of
which when taken together shall constitute a single contract, and shall become effective as provided in Section 10. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a
manually executed counterpart of this Agreement. 
 SECTION 16. Rules of Interpretation. The rules of interpretation
specified in Article I of the Credit Agreement shall be applicable to this Agreement. 
 SECTION 17. Jurisdiction; Consent to
Service of Process. (a) Each Subsidiary Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of America
sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties
hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal 

 

 Exh. C-2 - 6 

 
court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent or any other Guaranteed Party may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents
against any Subsidiary Guarantor or its properties in the courts of any jurisdiction, except that each of the Subsidiary Guarantors agrees that (i) it will not bring any such action or proceeding in any court other than New York Courts (it
being acknowledged and agreed by the parties hereto that any other forum would be inconvenient and inappropriate in view of the fact that more of the Lenders who would be affected by any such action or proceeding have contacts with the State of New
York than any other jurisdiction), and (ii) in any such action or proceeding brought against any Subsidiary Guarantor in any other court, it will not assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except
to the extent that the failure to assert the same will preclude such Subsidiary Guarantor from asserting or seeking the same in the New York Courts. 

(b) Each Subsidiary Guarantor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any New York State or federal court. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 13.
Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 18. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 18. 

SECTION 19. Additional Subsidiary Guarantors. Certain additional Subsidiaries of RFR may be required from time to time, under the
terms of Credit Agreement, to enter into this Agreement as Subsidiary Guarantors. Upon execution and delivery by the Administrative Agent and a Subsidiary of an instrument in the form of Annex I hereto, such Subsidiary shall become a Subsidiary
Guarantor hereunder with the same force and effect as if originally named as a Subsidiary Guarantor herein. The execution and delivery of any such instrument shall not require the consent of any other Subsidiary Guarantor hereunder. The rights and
obligations of 
  

 Exh. C-2 - 7 

 
each Subsidiary Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Subsidiary Guarantor as a party to this Agreement. 

SECTION 20. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Guaranteed Party is hereby
authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other Debt at any time owing by such
Guaranteed Party to or for the credit or the account of any Subsidiary Guarantor against any or all the obligations of such Subsidiary Guarantor now or hereafter existing under this Agreement and the other Loan Documents held by such Guaranteed
Party, irrespective of whether or not such Guaranteed Party shall have made any demand under this Agreement or any other Loan Document and although such obligations may be unmatured. After any exercise of such right of setoff, the Guaranteed Party
shall give notice of such exercise to the Administrative Agent and RFR; provided, however, that failure to give such notice shall not in any way affect the rights of any Guaranteed Party. The rights of each Guaranteed Party under this
Section 20 are in addition to other rights and remedies (including other rights of setoff) which such Guaranteed Party may have. 
  

 Exh. C-2 - 8 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written. 
  

			
	 THE SUBSIDIARY GUARANTORS LISTED

ON SCHEDULE I HERETO,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 CREDIT SUISSE, acting through its Cayman

Islands Branch, as Administrative Agent,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exh. C-2 - 9 

 Schedule I to the 

Subsidiary Guarantee Agreement 

			
	 Subsidiary Guarantor
	  	 Address

		  	
	 	  	 
	 	  	 
	 	  	 

  

 Exh. C-2 - 10 

 Annex I to the 

Subsidiary Guarantee Agreement 

SUPPLEMENT NO.      dated as of
            , 20    , to the Subsidiary Guarantee Agreement dated as of             ,
200    , among each of the subsidiaries parties thereto (each such subsidiary individually, a “Subsidiary Guarantor” and collectively, the “Subsidiary Guarantors”) of RAYONIER FOREST
RESOURCES, L.P., a Delaware limited partnership (“RFR”), and CREDIT SUISSE, acting through its Cayman Islands Branch, as Administrative Agent (the “Administrative Agent”) for the Guaranteed Parties (as defined in the
Subsidiary Guarantee Agreement). 
 A. Reference is made to the Five-Year Revolving Credit Agreement dated as of
            , 2006 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Rayonier Inc., Rayonier TRS Holdings Inc., RFR,
and, any Additional Borrower (as defined therein), as borrowers, the lenders from time to time party thereto (the “Lenders”), the Issuing Banks from time to time party thereto (the “Issuing Banks”) and Credit
Suisse, as Administrative Agent. Capitalized terms used and not otherwise defined herein have the meanings assigned to them in the Subsidiary Guarantee Agreement and the Credit Agreement. 

B. The Subsidiary Guarantors have entered into the Subsidiary Guarantee Agreement in order to induce the Lenders to make
Revolving Credit Advances to RFR and the Issuing Banks to issue Letters of Credit at the request of or for the account of RFR. The undersigned Subsidiary of RFR (the “New Subsidiary Guarantor”) is executing this Supplement in
accordance with the requirements of the Credit Agreement to become a Subsidiary Guarantor under the Subsidiary Guarantee Agreement in order to induce the Lenders to make additional Revolving Credit Advances and the Issuing Banks to issue additional
Letters of Credit and as consideration for Revolving Credit Advances previously made and Letters of Credit previously issued. 

Accordingly, the Administrative Agent and the New Subsidiary Guarantor agree as follows: 

SECTION 1. In accordance with Section 19 of the Subsidiary Guarantee Agreement, the New Subsidiary Guarantor by its signature below
becomes a Subsidiary Guarantor under the Subsidiary Guarantee Agreement with the same force and effect as if originally a party thereto as a Subsidiary Guarantor and the New Subsidiary Guarantor hereby (a) agrees to all the terms and provisions
of the Subsidiary Guarantee Agreement applicable to it as a Subsidiary Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Subsidiary Guarantor thereunder are true and correct on and as
of the date hereof except for representation and warranties which by their terms refer to a specific date. Each reference to a “Subsidiary Guarantor” in the Subsidiary Guarantee Agreement shall be deemed to include the New Subsidiary
Guarantor. The Subsidiary Guarantee Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Subsidiary
Guarantor represents and warrants to the Administrative Agent and the other Guaranteed Parties that this Supplement has been duly 

 

 Exh. C-2 - 11 

 
authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency,
or moratorium laws relating to any bankruptcy or insolvency of the New Subsidiary Guarantor, other laws affecting creditor’s rights generally and general principles of equity regardless of whether considered in a proceeding in equity or at law.

 SECTION 3. This Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Subsidiary
Guarantor and the Administrative Agent. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Supplement. 

SECTION 4. Except as expressly supplemented hereby, the Subsidiary Guarantee Agreement shall remain in full force and effect. 

SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

SECTION 6. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Subsidiary Guarantee Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular
provision hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 13 of the Subsidiary
Guarantee Agreement. All communications and notices hereunder to the New Subsidiary Guarantor shall be given to it in care of RFR Inc. at its address set forth in the Credit Agreement. 

SECTION 8. The New Subsidiary Guarantor agrees to reimburse the Administrative Agent for its out-of-pocket expenses in connection with
this Supplement, including the fees, disbursements and other charges of counsel for the Administrative Agent. 
  

 Exh. C-2 - 12 

 IN WITNESS WHEREOF, the New Subsidiary Guarantor and the Administrative Agent have duly
executed this Supplement to the Guarantee Agreement as of the day and year first above written. 
  

			
	[Name Of New Subsidiary Guarantor],
		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 CREDIT SUISSE, acting through its Cayman

Islands Branch, as Administrative Agent,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exh. C-2 - 13 

 EXHIBIT C-3 – FORM OF TRS 

SUBSIDIARY GUARANTEE 

AGREEMENT 

SUBSIDIARY GUARANTEE AGREEMENT dated as of             ,
20    , among each of the subsidiaries listed on Schedule I hereto or becoming a party hereto as provided in Section 19 (each such subsidiary individually, a “Subsidiary Guarantor” and collectively, the
“Subsidiary Guarantors”) of RAYONIER TRS HOLDINGS INC., a Delaware corporation (“TRS”), and CREDIT SUISSE, acting though its Cayman Islands Branch, as administrative agent (the “Administrative
Agent”) for the Guaranteed Parties (as defined below). 
 Reference is made to the Five-Year Revolving Credit Agreement
dated as of             _, 2006 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Rayonier Inc.
(“Rayonier”), TRS, Rayonier Forest Resources, L.P., and any Additional Borrower (as defined therein), as borrowers (collectively, the “Borrowers”), the lenders from time to time party thereto (the
“Lenders”), the Issuing Banks from time to time party thereto (the “Issuing Banks”) and Credit Suisse, as Administrative Agent. Capitalized terms used and not defined herein have the meanings assigned to them in the
Credit Agreement. 
 The Lenders have agreed, among other things, to make Revolving Credit Advances to the Borrowers, and the
Issuing Banks have agreed, among other things, to issue Letters of Credit at the request of or for the account of the Borrowers, pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement. Each of the Subsidiary
Guarantors is a direct or indirect Subsidiary of TRS and Rayonier (and, upon the occurrence of any Additional Borrower Effective Date, will be a direct or indirect Subsidiary of the Additional Borrower) and acknowledges that it will derive
substantial benefit from the making of such Revolving Credit Advances by the Lenders and the issuance of such Letters of Credit by the Issuing Banks. The obligations of the Lenders to make such Revolving Credit Advances and of the Issuing Banks to
issue such Letters of Credit are conditioned on, among other things, the execution and delivery by the Subsidiary Guarantors of a Subsidiary Guarantee Agreement in the form hereof. As consideration therefor and in order to induce the Lenders to make
such Revolving Credit Advances and the Issuing Banks to issue such Letters of Credit, the Subsidiary Guarantors are willing to execute this Agreement. 

Accordingly, the parties hereto agree as follows: 

SECTION 1. Guarantee. Each Subsidiary Guarantor unconditionally guarantees, jointly with the other Subsidiary Guarantors and
severally, as a primary obligor and not merely as a surety, (a) the due and punctual payment by each Borrower of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Revolving Credit Advances made to such Borrower, when and as due, whether at maturity, by acceleration, upon one or more dates set for
prepayment or otherwise, (ii) each payment required to be made by such Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon and
obligations to provide cash collateral and (iii) all other monetary obligations, including fees, costs, expenses and 

 

 Exh. C-4 - 1 

 
indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other
similar proceeding, regardless of whether allowed or allowable in such proceeding), of such Borrower to the Administrative Agent and each Lender under the Credit Agreement, the Guarantee Agreement and the other Loan Documents (collectively, the
“Guaranteed Parties”), whether such amounts shall have accrued prior to, on or after the Closing Date, (b) the due and punctual payment and performance of all covenants, agreements, obligations and liabilities of each Borrower,
monetary or otherwise, under or pursuant to the Credit Agreement, the Guarantee Agreement and the other Loan Documents and (c) the due and punctual payment and performance of all obligations of each Borrower, monetary or otherwise, under each
Interest Rate Agreement in effect on the date hereof to which any Lender (or an Affiliate of a Lender) is a party and each Interest Rate Agreement entered into after the date hereof with any counterparty that is a Lender (or an Affiliate of a
Lender) at the time such Interest Rate Agreement is entered into (all the monetary and other obligations referred to in the preceding clauses (a) through (c) being collectively called the “Obligations”). Each Subsidiary Guarantor
further agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation.

 Anything contained in this Agreement to the contrary notwithstanding, the obligations of each Subsidiary Guarantor hereunder
shall be limited to a maximum aggregate amount equal to the greatest amount that would not render such Subsidiary Guarantor’s obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the
United States Code or any provisions of applicable law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all other liabilities of such Subsidiary Guarantor, contingent or otherwise, that are
relevant under the Fraudulent Transfer Laws and after giving effect as assets to the value (as determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation, contribution, reimbursement, indemnity or
similar rights of such Subsidiary Guarantor pursuant to (i) applicable law or (ii) any agreement providing for an equitable allocation among such Subsidiary Guarantor and other Affiliates of Rayonier of obligations arising under Guarantees by such
parties. 
 Each Subsidiary Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part,
without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. 

SECTION 2. Obligations Not Waived. To the fullest extent permitted by applicable law, each Subsidiary Guarantor waives presentment
to, demand of payment from and protest to TRS or any other guarantor of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. To the fullest extent permitted by applicable law, the
obligations of each Subsidiary Guarantor hereunder shall not be affected by, and each Subsidiary Guarantor hereby waives any defense arising by reason of, (a) the failure of the Administrative Agent or any other Guaranteed Party to assert any claim
or demand or to enforce or exercise any right or remedy against any Borrower or any other guarantor under the provisions of the Credit Agreement, any other Loan Document or otherwise, (b) any rescission, waiver, amendment or modification of, or any
release from any of the terms or provisions of this Agreement, any other Loan Document, any Guarantee or any other agreement, including with 

 

 Exh. C-3 - 2 

 
respect to any other Subsidiary Guarantor under this Agreement, (c) the failure to take or perfect any security interest in, or the release of, any collateral security held by or on behalf of any
Guaranteed Party or (d) the failure of any person to comply with Section 5.01(l) of the Credit Agreement or Section 19 hereof. 

SECTION 3. Guarantee of Payment. Each Subsidiary Guarantor further agrees that its guarantee constitutes a guarantee of payment
when due and not of collection, and waives any right to require that any resort be had by the Administrative Agent or any other Guaranteed Party to any collateral security held for payment of the Obligations or to any balance of any deposit or other
account or credit on the books of the Administrative Agent or any other Guaranteed Party in favor of any Borrower or any other person. 

SECTION 4. No Discharge or Diminishment of Guarantee. The obligations of each Subsidiary Guarantor hereunder shall not be subject
to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Obligations), including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations,
and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations, any law or regulation of any jurisdiction or any other event
affecting any term of an Obligation or any other circumstance that might constitute a defense of the Borrower or any Guarantor. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor hereunder shall not be
discharged or impaired or otherwise affected by the failure of the Administrative Agent or any other Guaranteed Party to assert any claim or demand or to enforce any remedy under the Credit Agreement, the Guarantee Agreement, any other Loan Document
or any other agreement, by any waiver or modification of any provision of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or omission that may or might in any manner or
to any extent vary the risk of any Subsidiary Guarantor or that would otherwise operate as a discharge of each Subsidiary Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the Obligations), and each
Subsidiary Guarantor hereby waives any defense arising by reason of any of the foregoing actions. 
 SECTION 5. Defenses of
Borrower Waived. To the fullest extent permitted by applicable law, each of the Subsidiary Guarantors waives any defense based on or arising out of any defense of any Borrower or the unenforceability of the Obligations or any part thereof from
any cause or the cessation from any cause of the liability of any Borrower (other than the final and indefeasible payment in full in cash of the Obligations). The Administrative Agent and the other Guaranteed Parties may, at their election,
foreclose on any collateral security held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such collateral security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any
other accommodation with any Borrower or any other guarantor or exercise any other right or remedy available to them against any Borrower or any other guarantor, without affecting or impairing in any way the liability of any Subsidiary Guarantor
hereunder except to the extent the Obligations have been fully, finally and indefeasibly paid in cash. Pursuant to applicable law, each of the Subsidiary Guarantors waives any defense arising out of any such election even though such election
operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Subsidiary Guarantor against any 

 

 Exh. C-3 - 3 

 
Borrower or any other Subsidiary Guarantor or guarantor, as the case may be, or any collateral security. 

SECTION 6. Agreement to Pay; Subordination. In furtherance of the foregoing and not in limitation of any other right that the
Administrative Agent or any other Guaranteed Party has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of any Borrower or any other Loan Party to pay any Obligation when and as the same shall become due,
whether at maturity, by acceleration, after notice of prepayment or otherwise, each Subsidiary Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent or such other Guaranteed Party as designated thereby
in cash the amount of such unpaid Obligation. Upon payment by any Subsidiary Guarantor of any sums to the Administrative Agent or any Guaranteed Party as provided above, all rights of such Subsidiary Guarantor against any Borrower arising as a
result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Obligations. In
addition, any indebtedness of any Borrower now or hereafter held by any Subsidiary Guarantor is hereby subordinated in right of payment to the prior payment in full of the Obligations during the existence of an Event of Default. If any amount shall
erroneously be paid to any Subsidiary Guarantor on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of any Borrower, such amount shall be held in trust for the benefit of the
Guaranteed Parties and shall forthwith be paid to the Administrative Agent to be credited against the payment of the Obligations, whether matured or unmatured, in accordance with the terms of the Loan Documents. 

SECTION 7. Information. Each of the Subsidiary Guarantors assumes all responsibility for being and keeping itself informed of each
Borrower’s financial condition and assets, all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Subsidiary Guarantor assumes and incurs hereunder, and agrees that
none of the Administrative Agent or the other Guaranteed Parties will have any duty to advise any of the Subsidiary Guarantors of information known to it or any of them regarding such circumstances or risks. 

SECTION 8. Representations and Warranties; Taxes. Each of the Subsidiary Guarantors represents and warrants as to itself that all
representations and warranties relating to it contained in the Credit Agreement or any other Loan Document are true and correct. Each Subsidiary Guarantor agrees that the provisions of Section 2.15 of the Credit Agreement shall apply equally to each
Subsidiary Guarantor with respect to the payments made by it hereunder. 
 SECTION 9. Termination. The Guarantees made
hereunder (a) shall terminate when all the Obligations have been indefeasibly paid in full and the Lenders have no further commitment to lend to any Borrower under the Credit Agreement, the LC Exposure with respect to Letters of Credit has been
reduced to zero and the Issuing Banks have no further obligation to issue Letters of Credit under the Credit Agreement and (b) shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any
Obligation is rescinded or must otherwise be restored by any Guaranteed Party or any Subsidiary Guarantor upon the bankruptcy or reorganization of any Borrower or any Subsidiary Guarantor or otherwise. 

 

 Exh. C-3 - 4 

 SECTION 10. Binding Effect; Several Agreement; Assignments; Releases. Whenever in
this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Subsidiary Guarantors that are contained
in this Agreement shall bind and inure to the benefit of each party hereto and their respective successors and assigns. This Agreement shall become effective as to any Subsidiary Guarantor when a counterpart hereof (or an instrument in the form of
Annex I hereto) executed on behalf of such Subsidiary Guarantor shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such
Subsidiary Guarantor and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of such Subsidiary Guarantor, the Administrative Agent and the other Guaranteed Parties, and their respective successors
and assigns, except that no Subsidiary Guarantor shall have the right to assign its rights or obligations hereunder or any interest herein (except in connection with any transaction permitted by Section 5.03(c) of the Credit Agreement), and any such
attempted assignment shall be void. This Agreement shall be construed as a separate agreement with respect to each Subsidiary Guarantor and may be amended, modified, supplemented, waived or released with respect to any Subsidiary Guarantor without
the approval of any other Subsidiary Guarantor and without affecting the obligations of any other Subsidiary Guarantor hereunder. The Administrative Agent is hereby expressly authorized to, and agrees upon request of TRS it will, release any
Subsidiary Guarantor from its obligations hereunder in the event that all the Capital Stock of such Subsidiary Guarantor shall be sold, transferred or otherwise disposed of to a person that is not an Affiliate of TRS in a transaction not prohibited
by the Credit Agreement. 
 SECTION 11. Waivers; Amendment. (a) No failure or delay of the Administrative Agent in
exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent hereunder and of the other Guaranteed Parties under the other Loan Documents are cumulative and are not exclusive of any rights
or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Subsidiary Guarantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and
then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or further notice or
demand in similar or other circumstances. 
 (b) Except as expressly provided in Section 19, neither this Agreement nor any
provision hereof may be waived, amended or modified except pursuant to a written agreement entered into between the Subsidiary Guarantors with respect to which such waiver, amendment or modification relates and the Administrative Agent, with the
prior written consent of the Required Lenders (except as otherwise provided in the Credit Agreement). 
 SECTION 12.
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF 

 

 Exh. C-3 - 5 

 
(OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

SECTION 13. Notices. All communications and notices hereunder shall be in writing and given as provided in Section 8.02 of the
Credit Agreement. All communications and notices hereunder to each Subsidiary Guarantor shall be given to it in care of TRS at the address set forth in the Credit Agreement. 

SECTION 14. Survival of Agreement; Severability. (a) All covenants, agreements, representations and warranties made by the
Subsidiary Guarantors herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Administrative Agent and
the other Guaranteed Parties and shall survive the making by the Lenders of the Revolving Credit Advances and the issuance of the Letters of Credit by the Issuing Banks regardless of any investigation made by the Guaranteed Parties or on their
behalf, and shall continue in full force and effect as long as any Obligation is outstanding and unpaid, the LC Exposure does not equal zero or the Commitments and the LC Commitment have not been terminated. 

(b) In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular
provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 15. Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of
which when taken together shall constitute a single contract, and shall become effective as provided in Section 10. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually
executed counterpart of this Agreement. 
 SECTION 16. Rules of Interpretation. The rules of interpretation specified in
Article I of the Credit Agreement shall be applicable to this Agreement. 
 SECTION 17. Jurisdiction; Consent to Service of
Process. (a) Each Subsidiary Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York
City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding 
  

 Exh. C-3 - 6 

 
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the
Administrative Agent or any other Guaranteed Party may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against any Subsidiary Guarantor or its properties in the courts of any jurisdiction,
except that each Subsidiary Guarantor agrees that (i) it will not bring any such action or proceeding in any court other than New York Courts (it being acknowledged and agreed by the parties hereto that any other forum would be inconvenient and
inappropriate in view of the fact that more of the Lenders who would be affected by any such action or proceeding have contacts with the State of New York than any other jurisdiction), and (ii) in any such action or proceeding brought against any
Subsidiary Guarantor in any other court, it will not assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except to the extent that the failure to assert the same will preclude such Subsidiary Guarantor from
asserting or seeking the same in the New York Courts. 
 (b) Each Subsidiary Guarantor hereby irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in
any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 13. Nothing in
this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 18. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 18. 

SECTION 19. Additional Subsidiary Guarantors. Certain additional Subsidiaries of TRS may be required from time to
time, under the terms of Credit Agreement, to enter into this Agreement as Subsidiary Guarantors. Upon execution and delivery by the Administrative Agent and a Subsidiary of an instrument in the form of Annex I hereto, such Subsidiary shall become a
Subsidiary Guarantor hereunder with the same force and effect as if originally named as a Subsidiary Guarantor herein. The execution and delivery of any such instrument shall not require the consent of any other Subsidiary Guarantor hereunder. The
rights and obligations of each Subsidiary Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Subsidiary Guarantor as a party to this Agreement. 

 

 Exh. C-3 - 7 

 SECTION 20. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Guaranteed Party is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other Debt at any time owing by such Guaranteed Party to or for the credit or the account of any Subsidiary Guarantor against any or all the obligations of such Subsidiary Guarantor now or hereafter existing under this Agreement and the other
Loan Documents held by such Guaranteed Party, irrespective of whether or not such Guaranteed Party shall have made any demand under this Agreement or any other Loan Document and although such obligations may be unmatured. After any exercise of such
right of setoff, the Guaranteed Party shall give notice of such exercise to the Administrative Agent and TRS; provided, however, that failure to give such notice shall not in any way affect the rights of any Guaranteed Party. The
rights of each Guaranteed Party under this Section 20 are in addition to other rights and remedies (including other rights of setoff) which such Guaranteed Party may have. 
  

 Exh. C-3 - 8 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

			
	 THE SUBSIDIARY GUARANTORS LISTED

ON SCHEDULE I HERETO,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 CREDIT SUISSE, acting through its Cayman

Islands Branch, as Administrative Agent,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exh. C-3 - 9 

 Schedule I to the 

Subsidiary Guarantee Agreement 
  

			
	 Subsidiary Guarantor
	  	 Address

		  	
	 	  	 
	 	  	 
	 	  	 

  

 Exh. C-3 - 10 

 Annex I to the 

Subsidiary Guarantee Agreement 

SUPPLEMENT NO.      dated as of
             , 20    , to the Subsidiary Guarantee Agreement dated as of             ,
200    , among each of the subsidiaries parties thereto (each such subsidiary individually, a “Subsidiary Guarantor” and collectively, the “Subsidiary Guarantors”) of RAYONIER TRS HOLDINGS
INC., a Delaware limited partnership (“TRS”), and CREDIT SUISSE, acting through its Cayman Islands Branch, as Administrative Agent (the “Administrative Agent”) for the Guaranteed Parties (as defined in the
Subsidiary Guarantee Agreement). 
 A. Reference is made to the Five-Year Revolving Credit Agreement dated as of
            , 2006 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Rayonier Inc., TRS, Rayonier Forest Resources,
L.P., and any Additional Borrower (as defined therein), as borrowers, the lenders from time to time party thereto (the “Lenders”), the Issuing Banks from time to time party thereto (the “Issuing Banks”) and Credit
Suisse, as Administrative Agent. Capitalized terms used and not otherwise defined herein have the meanings assigned to them in the Subsidiary Guarantee Agreement and the Credit Agreement. 

B. The Subsidiary Guarantors have entered into the Subsidiary Guarantee Agreement in order to induce the Lenders to make Revolving Credit
Advances to the Borrowers and the Issuing Banks to issue Letters of Credit at the request of or for the account of the Borrowers. The undersigned Subsidiary of TRS (the “New Subsidiary Guarantor”) is executing this Supplement in
accordance with the requirements of the Credit Agreement to become a Subsidiary Guarantor under the Subsidiary Guarantee Agreement in order to induce the Lenders to make additional Revolving Credit Advances and the Issuing Banks to issue additional
Letters of Credit and as consideration for Revolving Credit Advances previously made and Letters of Credit previously issued. 

Accordingly, the Administrative Agent and the New Subsidiary Guarantor agree as follows: 

SECTION 1. In accordance with Section 19 of the Subsidiary Guarantee Agreement, the New Subsidiary Guarantor by its signature below
becomes a Subsidiary Guarantor under the Subsidiary Guarantee Agreement with the same force and effect as if originally a party thereto as a Subsidiary Guarantor and the New Subsidiary Guarantor hereby (a) agrees to all the terms and provisions of
the Subsidiary Guarantee Agreement applicable to it as a Subsidiary Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Subsidiary Guarantor thereunder are true and correct on and as of the
date hereof except for representation and warranties which by their terms refer to a specific date. Each reference to a “Subsidiary Guarantor” in the Subsidiary Guarantee Agreement shall be deemed to include the New Subsidiary Guarantor.
The Subsidiary Guarantee Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Subsidiary Guarantor
represents and warrants to the Administrative Agent and the other Guaranteed Parties that this Supplement has been duly 

 

 Exh. C-3 - 11 

 
authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency,
or moratorium laws relating to any bankruptcy or insolvency of the New Subsidiary Guarantor, other laws affecting creditor’s rights generally and general principles of equity regardless of whether considered in a proceeding in equity or at law.

 SECTION 3. This Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when
taken together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Subsidiary
Guarantor and the Administrative Agent. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Supplement. 

SECTION 4. Except as expressly supplemented hereby, the Subsidiary Guarantee Agreement shall remain in full force and effect. 

SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

SECTION 6. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Subsidiary Guarantee Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular
provision hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 13 of the Subsidiary Guarantee
Agreement. All communications and notices hereunder to the New Subsidiary Guarantor shall be given to it in care of TRS at its address set forth in the Credit Agreement. 

SECTION 8. The New Subsidiary Guarantor agrees to reimburse the Administrative Agent for its out-of-pocket expenses in connection with
this Supplement, including the fees, disbursements and other charges of counsel for the Administrative Agent. 
  

 Exh. C-3 - 12 

 IN WITNESS WHEREOF, the New Subsidiary Guarantor and the Administrative Agent have duly
executed this Supplement to the Guarantee Agreement as of the day and year first above written. 
  

			
	 [Name Of New Subsidiary Guarantor],

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 CREDIT SUISSE, acting through its Cayman

Islands Branch, as Administrative Agent,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exh. C-3 -13 

 EXHIBIT C-4 – FORM OF 

ADDITIONAL SUBSIDIARY 

GUARANTOR GUARANTEE AGREEMENT 

ADDITIONAL SUBSIDIARY GUARANTOR GUARANTEE AGREEMENT dated as of
            , 200    , among each of the subsidiaries listed on Schedule I hereto or becoming a party hereto as provided in Section 19 (each such
subsidiary individually, a “Subsidiary Guarantor” and collectively, the “Subsidiary Guarantors”) of RAYONIER INC. and, after any Additional Borrower Effective Date, the Additional Borrower (as such terms are defined
in the Credit Agreement referred to below), and CREDIT SUISSE, acting though its Cayman Islands Branch, as administrative agent (the “Administrative Agent”) for the Guaranteed Parties (as defined below). 

Reference is made to the Five-Year Revolving Credit Agreement dated as of
            , 2006 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Rayonier Inc., Rayonier TRS Holdings Inc.,
Rayonier Forest Resources, L.P., and any Additional Borrower, as borrowers (collectively, the “Borrowers”), the lenders from time to time party thereto (the “Lenders”), the Issuing Banks from time to time party
thereto (the “Issuing Banks”) and Credit Suisse First Boston, as Administrative Agent. Capitalized terms used and not defined herein have the meanings assigned to them in the Credit Agreement. 

The Lenders have agreed, among other things, to make Revolving Credit Advances to the Borrowers, and the Issuing Banks have agreed, among
other things, to issue Letters of Credit at the request of or for the account of to the Borrowers, pursuant to, and upon the terms and subject to the conditions specified in, the Credit Agreement. Each of the Subsidiary Guarantors acknowledges that
it will derive substantial benefit from the making of such Revolving Credit Advances by the Lenders and the issuance of such Letters of Credit by the Issuing Banks. The obligations of the Lenders to make such Revolving Credit Advances and of the
Issuing Banks to issue such Letters of Credit are conditioned on, among other things, the execution and delivery by the Subsidiary Guarantors of a Subsidiary Guarantee Agreement in the form hereof. As consideration therefor and in order to induce
the Lenders to make such Revolving Credit Advances and the Issuing Banks to issue such Letters of Credit, the Subsidiary Guarantors are willing to execute this Agreement. 

Accordingly, the parties hereto agree as follows: 

SECTION 1. Guarantee. Each Subsidiary Guarantor unconditionally guarantees, jointly with the other Subsidiary Guarantors and
severally, as a primary obligor and not merely as a surety, (a) the due and punctual payment by each Borrower of (i) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Revolving Credit Advances made such Borrower, when and as due, whether at maturity, by acceleration, upon one or more dates set for
prepayment or otherwise, (ii) each payment required to be made by such Borrower under the Credit Agreement in respect of any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon and
obligations to provide cash collateral and 
  

 Exh. C-4 - 1 

 
(iii) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of such Borrower to the Administrative Agent and each Lender under the Credit Agreement and
the other Loan Documents (collectively, the “Guaranteed Parties”), whether such amounts shall have accrued prior to, on or after the Closing Date, (b) the due and punctual payment and performance of all covenants, agreements,
obligations and liabilities of each Borrower, monetary or otherwise, under or pursuant to the Credit Agreement and the other Loan Documents and (c) the due and punctual payment and performance of all obligations of each Borrower, monetary or
otherwise, under each Interest Rate Agreement in effect on the date hereof to which any Lender (or an Affiliate of a Lender) is a party and each Interest Rate Agreement entered into after the date hereof with any counterparty that is a Lender (or an
Affiliate of a Lender) at the time such Interest Rate Agreement is entered into (all the monetary and other obligations referred to in the preceding clauses (a) through (c) being collectively called the “Obligations”). Each
Subsidiary Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any
Obligation. 
 Anything contained in this Agreement to the contrary notwithstanding, the obligations of each Subsidiary
Guarantor hereunder shall be limited to a maximum aggregate amount equal to the greatest amount that would not render such Subsidiary Guarantor’s obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section
548 of Title 11 of the United States Code or any provisions of applicable law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all other liabilities of such Subsidiary Guarantor, contingent or
otherwise, that are relevant under the Fraudulent Transfer Laws and after giving effect as assets to the value (as determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation, contribution, reimbursement,
indemnity or similar rights of such Subsidiary Guarantor pursuant to (i) applicable law or (ii) any agreement providing for an equitable allocation among such Subsidiary Guarantor and other Affiliates of the Borrowers of obligations arising under
Guarantees by such parties. 
 Each Subsidiary Guarantor further agrees that the Obligations may be extended or renewed, in
whole or in part, without notice to or further assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Obligation. 

SECTION 2. Obligations Not Waived. To the fullest extent permitted by applicable law, each Subsidiary Guarantor waives presentment
to, demand of payment from and protest to any Borrower or any other guarantor of any of the Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment. To the fullest extent permitted by applicable law,
the obligations of each Subsidiary Guarantor hereunder shall not be affected by, and each Subsidiary Guarantor hereby waives any defense arising by reason of, (a) the failure of the Administrative Agent or any other Guaranteed Party to assert any
claim or demand or to enforce or exercise any right or remedy against any Borrower or any other guarantor under the provisions of the Credit Agreement, any other Loan Document or otherwise, (b) any rescission, waiver, amendment or modification of,
or any release from any of the terms or provisions of this Agreement, any other Loan Document, any Guarantee or any other 
  

 Exh. C-4 - 2 

 
agreement, including with respect to any other Subsidiary Guarantor under this Agreement, (c) the failure to take or perfect any security interest in, or the release of, any collateral security
held by or on behalf of any Guaranteed Party or (d) the failure of any person to comply with Section 5.01(l) of the Credit Agreement or Section 19 hereof. 

SECTION 3. Guarantee of Payment. Each Subsidiary Guarantor further agrees that its guarantee constitutes a guarantee of payment
when due and not of collection, and waives any right to require that any resort be had by the Administrative Agent or any other Guaranteed Party to any collateral security held for payment of the Obligations or to any balance of any deposit or other
account or credit on the books of the Administrative Agent or any other Guaranteed Party in favor of any Borrower or any other person. 

SECTION 4. No Discharge or Diminishment of Guarantee. The obligations of each Subsidiary Guarantor hereunder shall not be subject
to any reduction, limitation, impairment or termination for any reason (other than the indefeasible payment in full in cash of the Obligations), including any claim of waiver, release, surrender, alteration or compromise of any of the Obligations,
and shall not be subject to any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Obligations, any law or regulation of any jurisdiction or any other event
affecting any term of an Obligation or any other circumstance that might constitute a defense of the Borrower or any Guarantor. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor hereunder shall not be
discharged or impaired or otherwise affected by the failure of the Administrative Agent or any other Guaranteed Party to assert any claim or demand or to enforce any remedy under the Credit Agreement, any other Loan Document or any other agreement,
by any waiver or modification of any provision of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the Obligations, or by any other act or omission that may or might in any manner or to any extent vary the
risk of any Subsidiary Guarantor or that would otherwise operate as a discharge of each Subsidiary Guarantor as a matter of law or equity (other than the indefeasible payment in full in cash of all the Obligations), and each Subsidiary Guarantor
hereby waives any defense arising by reason of any of the foregoing actions. 
 SECTION 5. Defenses of Borrower Waived.
To the fullest extent permitted by applicable law, each of the Subsidiary Guarantors waives any defense based on or arising out of any defense of any Borrower or the unenforceability of the Obligations or any part thereof from any cause or the
cessation from any cause of the liability of any Borrower (other than the final and indefeasible payment in full in cash of the Obligations). The Administrative Agent and the other Guaranteed Parties may, at their election, foreclose on any
collateral security held by one or more of them by one or more judicial or nonjudicial sales, accept an assignment of any such collateral security in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation
with any Borrower or any other guarantor or exercise any other right or remedy available to them against any Borrower or any other guarantor, without affecting or impairing in any way the liability of any Subsidiary Guarantor hereunder except to the
extent the Obligations have been fully, finally and indefeasibly paid in cash. Pursuant to applicable law, each of the Subsidiary Guarantors waives any defense arising out of any such election even though such election operates, pursuant to
applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Subsidiary Guarantor against any 

 

 Exh. C-4 - 3 

 
Borrower or any other Subsidiary Guarantor or guarantor, as the case may be, or any collateral security. 

SECTION 6. Agreement to Pay; Subordination. In furtherance of the foregoing and not in limitation of any other right that the
Administrative Agent or any other Guaranteed Party has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of any Borrower or any other Loan Party to pay any Obligation when and as the same shall become due,
whether at maturity, by acceleration, after notice of prepayment or otherwise, each Subsidiary Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent or such other Guaranteed Party as designated thereby
in cash the amount of such unpaid Obligation. Upon payment by any Subsidiary Guarantor of any sums to the Administrative Agent or any Guaranteed Party as provided above, all rights of such Subsidiary Guarantor against any Borrower arising as a
result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Obligations. In
addition, any indebtedness of any Borrower now or hereafter held by any Subsidiary Guarantor is hereby subordinated in right of payment to the prior payment in full of the Obligations during the existence of an Event of Default. If any amount shall
erroneously be paid to any Subsidiary Guarantor on account of (i) such subrogation, contribution, reimbursement, indemnity or similar right or (ii) any such indebtedness of any Borrower, such amount shall be held in trust for the benefit of the
Guaranteed Parties and shall forthwith be paid to the Administrative Agent to be credited against the payment of the Obligations, whether matured or unmatured, in accordance with the terms of the Loan Documents. 

SECTION 7. Information. Each of the Subsidiary Guarantors assumes all responsibility for being and keeping itself informed of each
Borrower’s financial condition and assets, all other circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and extent of the risks that such Subsidiary Guarantor assumes and incurs hereunder, and agrees that
none of the Administrative Agent or the other Guaranteed Parties will have any duty to advise any of the Subsidiary Guarantors of information known to it or any of them regarding such circumstances or risks. 

SECTION 8. Representations and Warranties; Taxes. Each of the Subsidiary Guarantors represents and warrants as to itself that all
representations and warranties relating to it contained in the Credit Agreement or any other Loan Document are true and correct. Each Subsidiary Guarantor agrees that the provisions of Section 2.15 of the Credit Agreement shall apply equally to each
Subsidiary Guarantor with respect to the payments made by it hereunder. 
 SECTION 9. Termination. The Guarantees made
hereunder (a) shall terminate when all the Obligations have been indefeasibly paid in full and the Lenders have no further commitment to lend to any Borrower under the Credit Agreement, the LC Exposure has been reduced to zero and the Issuing Banks
have no further obligation to issue Letters of Credit under the Credit Agreement and (b) shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Obligation is rescinded or must
otherwise be restored by any Guaranteed Party or any Subsidiary Guarantor upon the bankruptcy or reorganization of any Borrower or any Subsidiary Guarantor or otherwise. 
  

 Exh. C-4 - 4 

 SECTION 10. Binding Effect; Several Agreement; Assignments; Releases. Whenever in
this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party; and all covenants, promises and agreements by or on behalf of the Subsidiary Guarantors that are contained
in this Agreement shall bind and inure to the benefit of each party hereto and their respective successors and assigns. This Agreement shall become effective as to any Subsidiary Guarantor when a counterpart hereof (or an instrument in the form of
Annex I hereto) executed on behalf of such Subsidiary Guarantor shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative Agent, and thereafter shall be binding upon such
Subsidiary Guarantor and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of such Subsidiary Guarantor, the Administrative Agent and the other Guaranteed Parties, and their respective successors
and assigns, except that no Subsidiary Guarantor shall have the right to assign its rights or obligations hereunder or any interest herein (except in connection with any transaction permitted by Section 5.03(c) of the Credit Agreement), and any such
attempted assignment shall be void. This Agreement shall be construed as a separate agreement with respect to each Subsidiary Guarantor and may be amended, modified, supplemented, waived or released with respect to any Subsidiary Guarantor without
the approval of any other Subsidiary Guarantor and without affecting the obligations of any other Subsidiary Guarantor hereunder. The Administrative Agent is hereby expressly authorized to, and agrees upon request of Rayonier it will, release any
Subsidiary Guarantor from its obligations hereunder in the event that all the Capital Stock of such Subsidiary Guarantor shall be sold, transferred or otherwise disposed of to a person that is not an Affiliate of Rayonier in a transaction not
prohibited by the Credit Agreement. 
 SECTION 11. Waivers; Amendment. (a) No failure or delay of the Administrative
Agent in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any
other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent hereunder and of the other Guaranteed Parties under the other Loan Documents are cumulative and are not exclusive of
any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Subsidiary Guarantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b)
below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or further
notice or demand in similar or other circumstances. 
 (b) Except as expressly provided in Section 19, neither this Agreement
nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered into between the Subsidiary Guarantors with respect to which such waiver, amendment or modification relates and the Administrative Agent, with
the prior written consent of the Required Lenders (except as otherwise provided in the Credit Agreement). 
 SECTION 12.
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF 

 

 Exh. C-4 - 5 

 
(OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

SECTION 13. Notices. All communications and notices hereunder shall be in writing and given as provided in Section 8.02 of the
Credit Agreement. All communications and notices hereunder to each Subsidiary Guarantor shall be given to it in care of Rayonier at the address set forth in the Credit Agreement. 

SECTION 14. Survival of Agreement; Severability. (a) All covenants, agreements, representations and warranties made by the
Subsidiary Guarantors herein and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Administrative Agent and
the other Guaranteed Parties and shall survive the making by the Lenders of the Revolving Credit Advances and the issuance of the Letters of Credit by the Issuing Banks regardless of any investigation made by the Guaranteed Parties or on their
behalf, and shall continue in full force and effect as long as any Obligation is outstanding and unpaid, the LC Exposure with respect to Letters of Credit does not equal zero or the Commitments and the LC Commitment have not been terminated.

 (b) In the event any one or more of the provisions contained in this Agreement or in any other Loan Document should be held
invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby (it being understood that the invalidity of a
particular provision in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 15. Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of
which when taken together shall constitute a single contract, and shall become effective as provided in Section 10. Delivery of an executed signature page to this Agreement by facsimile transmission shall be as effective as delivery of a manually
executed counterpart of this Agreement. 
 SECTION 16. Rules of Interpretation. The rules of interpretation specified in
Article I of the Credit Agreement shall be applicable to this Agreement. 
 SECTION 17. Jurisdiction; Consent to Service of
Process. (a) Each Subsidiary Guarantor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York
City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a
final judgment in any such action or proceeding 
  

 Exh. C-4 - 6 

 
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the
Administrative Agent or any other Guaranteed Party may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against any Subsidiary Guarantor or its properties in the courts of any jurisdiction,
except that each of the Subsidiary Guarantors agrees that (i) it will not bring any such action or proceeding in any court other than New York Courts (it being acknowledged and agreed by the parties hereto that any other forum would be inconvenient
and inappropriate in view of the fact that more of the Lenders who would be affected by any such action or proceeding have contacts with the State of New York than any other jurisdiction), and (ii) in any such action or proceeding brought against
any Subsidiary Guarantor in any other court, it will not assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except to the extent that the failure to assert the same will preclude such Subsidiary Guarantor from
asserting or seeking the same in the New York Courts. 
 (b) Each Subsidiary Guarantor hereby irrevocably and unconditionally
waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in
any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 13. Nothing in
this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 18. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 18. 

SECTION 19. Additional Subsidiary Guarantors. Certain additional Subsidiaries of Rayonier may be required from time
to time, under the terms of Credit Agreement, to enter into this Agreement as Subsidiary Guarantors. Upon execution and delivery by the Administrative Agent and a Subsidiary of an instrument in the form of Annex I hereto, such Subsidiary shall
become a Subsidiary Guarantor hereunder with the same force and effect as if originally named as a Subsidiary Guarantor herein. The execution and delivery of any such instrument shall not require the consent of any other Subsidiary Guarantor
hereunder. The rights and obligations of each Subsidiary Guarantor hereunder shall remain in full force and effect notwithstanding the addition of any new Subsidiary Guarantor as a party to this Agreement. 

 

 Exh. C-4 - 7 

 SECTION 20. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Guaranteed Party is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other Debt at any time owing by such Guaranteed Party to or for the credit or the account of any Subsidiary Guarantor against any or all the obligations of such Subsidiary Guarantor now or hereafter existing under this Agreement and the other
Loan Documents held by such Guaranteed Party, irrespective of whether or not such Guaranteed Party shall have made any demand under this Agreement or any other Loan Document and although such obligations may be unmatured. After any exercise of such
right of setoff, the Guaranteed Party shall give notice of such exercise to the Administrative Agent and Rayonier Inc.; provided, however, that failure to give such notice shall not in any way affect the rights of any Guaranteed Party. The rights of
each Guaranteed Party under this Section 20 are in addition to other rights and remedies (including other rights of setoff) which such Guaranteed Party may have. 

 

 Exh. C-4 - 8 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written. 
  

			
	 THE SUBSIDIARY GUARANTORS LISTED

ON SCHEDULE I HERETO,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 CREDIT SUISSE, acting through its Cayman

Islands Branch, as Administrative Agent,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exh. C-4 - 9 

 Annex I to the 

Subsidiary Guarantee Agreement 

SUPPLEMENT NO.      dated as of
            , 20    , to the Subsidiary Guarantee Agreement dated as of             ,
20    , among each of the subsidiaries parties thereto (each such subsidiary individually, a “Subsidiary Guarantor” and collectively, the “Subsidiary Guarantors”) of RAYONIER INC., and CREDIT SUISSE,
acting through its Cayman Islands Branch, as Administrative Agent (the “Administrative Agent”) for the Guaranteed Parties (as defined in the Subsidiary Guarantee Agreement). 

A. Reference is made to the Five-Year Revolving Credit Agreement dated as of
            , 2006 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Rayonier Inc., Rayonier TRS Holdings Inc., Rayonier
Forest Resources, L.P., any Additional Borrower (as defined therein), as borrowers, the lenders from time to time party thereto (the “Lenders”), the Issuing Banks from time to time party thereto (the “Issuing Banks”) and Credit
Suisse, as Administrative Agent. Capitalized terms used and not otherwise defined herein have the meanings assigned to them in the Subsidiary Guarantee Agreement and the Credit Agreement. 

B. The Subsidiary Guarantors have entered into the Subsidiary Guarantee Agreement in order to induce the Lenders to make Revolving Credit
Advances to the Borrowers and the Issuing Banks to issue Letters of Credit at the request of or for the account of the Borrowers. The undersigned Subsidiary of Rayonier Inc. (the “New Subsidiary Guarantor”) is executing this
Supplement in accordance with the requirements of the Credit Agreement to become a Subsidiary Guarantor under the Additional Subsidiary Guarantor Guarantee Agreement in order to induce the Lenders to make additional Revolving Credit Advances and the
Issuing Banks to issue additional Letters of Credit and as consideration for Revolving Credit Advances previously made and Letters of Credit previously issued. 

Accordingly, the Administrative Agent and the New Subsidiary Guarantor agree as follows: 

SECTION 1. In accordance with Section 19 of the Subsidiary Guarantee Agreement, the New Subsidiary Guarantor by its signature below
becomes a Subsidiary Guarantor under the Subsidiary Guarantee Agreement with the same force and effect as if originally a party thereto as a Subsidiary Guarantor and the New Subsidiary Guarantor hereby (a) agrees to all the terms and provisions of
the Subsidiary Guarantee Agreement applicable to it as a Subsidiary Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Subsidiary Guarantor thereunder are true and correct on and as of the
date hereof except for representation and warranties which by their terms refer to a specific date. Each reference to a “Subsidiary Guarantor” in the Subsidiary Guarantee Agreement shall be deemed to include the New Subsidiary Guarantor.
The Additional Subsidiary Guarantor Guarantee Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New
Subsidiary Guarantor represents and warrants to the Administrative Agent and the other Guaranteed Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation,

  

 Exh. C-4 - 10 

 
enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, or moratorium laws relating to any bankruptcy or insolvency of the New Subsidiary Guarantor,
other laws affecting creditor’s rights generally and general principles of equity regardless of whether considered in a proceeding in equity or at law. 

SECTION 3. This Supplement may be executed in counterparts, each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Supplement shall become effective when the Administrative Agent shall have received counterparts of this Supplement that, when taken together, bear the signatures of the New Subsidiary Guarantor and
the Administrative Agent. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Supplement. 

SECTION 4. Except as expressly supplemented hereby, the Subsidiary Guarantee Agreement shall remain in full force and effect. 

SECTION 5. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICT OF LAWS THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

SECTION 6. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Subsidiary Guarantee Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular
provision hereof in a particular jurisdiction shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 7. All communications and notices hereunder shall be in writing and given as provided in Section 13 of the Subsidiary Guarantee
Agreement. All communications and notices hereunder to the New Subsidiary Guarantor shall be given to it in care of Rayonier Inc. at its address set forth in the Credit Agreement. 

SECTION 8. The New Subsidiary Guarantor agrees to reimburse the Administrative Agent for its out-of-pocket expenses in connection with
this Supplement, including the fees, disbursements and other charges of counsel for the Administrative Agent. 
  

 Exh. C-4 - 11 

 IN WITNESS WHEREOF, the New Subsidiary Guarantor and the Administrative Agent have duly
executed this Supplement to the Guarantee Agreement as of the day and year first above written. 
  

			
	 [Name Of New Subsidiary Guarantor],

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 CREDIT SUISSE, acting through its Cayman

Islands Branch, as Administrative Agent,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exh. C-4 -12 

 EXHIBIT D-1 – FORM OF OPINION 

OF RAYONIER’S VICE PRESIDENT AND COUNSEL 

[Letterhead of Rayonier Inc.] 

August 4, 2006 

Each of the Addressees Listed on 

the Attached Schedule 1 

Re: Five-Year Revolving Credit Agreement referred to below 

Ladies and Gentlemen: 

I am the Vice President and General Counsel of Rayonier Inc., a corporation organized under the laws of the State of North Carolina
(“Rayonier”), in connection with the transactions provided for in the Five-Year Revolving Credit Agreement, dated as of August 4, 2006 (the “Credit Agreement”), among: (i) Rayonier, Rayonier TRS Holdings
Inc., a corporation organized under the laws of the State of Delaware (“TRS”), and Rayonier Forest Resources, L.P., a limited partnership organized under the laws of the State of Delaware (“RFR”), as Borrowers;
(ii) the several lenders from time to time parties thereto; (iii) the issuing banks from time to time parties thereto; (iv) Credit Suisse, acting through one or more of its branches, as Administrative Agent (the
“Administrative Agent”); (v) Credit Suisse Securities (USA) LLC (“Credit Suisse Securities”), as Sole Bookrunner; (vi) Credit Suisse Securities (USA) LLC and Bank of America, N.A., as Co-Syndication
Agents; (vii) JPMorgan Chase Bank, Sun Trust Bank and The Bank of New York, as Co-Documentation Agents; and (viii) Credit Suisse Securities and Banc of America Securities LLC, as Joint Lead Arrangers. This opinion letter is furnished to
you pursuant to Section 3.01(e)(i) of the Credit Agreement. Unless otherwise defined herein, capitalized terms used herein have the meanings assigned to such terms in the Credit Agreement. 

Rayonier, TRS and RFR are collectively referred to herein as the “Borrowers”. The entities listed on Schedule 2 attached hereto are
collectively referred to herein as the “Guarantors”. 
 I have reviewed the Credit Agreement, the Guarantee
Agreement and the TRS Subsidiary Guarantee Agreement (together with the Guarantee Agreement, the “Guarantees”). In rendering this opinion, I have relied upon certificates of public officials and officers of the Borrowers, the
Guarantors and the Managing General Partner with respect to the accuracy of the factual matters contained in such certificates. 
  

 In connection with such review, I have assumed with your permission
(a) that the Credit Agreement, the Guarantees and all other documents that are the subject of this opinion or on which this opinion is based have been properly authorized, executed and delivered by each of the respective parties thereto and
have been properly executed and delivered by all parties by or through competent individuals having the legal capacity to do so; (b) that the Credit Agreement and the Guarantees constitute the enforceable obligations of all the parties thereto
other than the Borrowers and the Guarantors; (c) the genuineness of all signatures; (d) the authenticity of all documents submitted to me as originals and the conformity to original documents of all documents submitted to me as certified
or photostatic copies; and (e) the proper issuance and accuracy of certificates of public officials and officers and agents of the Borrowers, the Guarantors and the Managing General Partner. 

Whenever any opinion below as to the existence or absence of facts is qualified by the phrase “to my
knowledge,” such phrase indicates only that I have no conscious awareness of the existence or absence of such facts. Except to the extent expressly stated herein, I have not undertaken any independent investigation to determine the existence or
absence of any such facts, and no inference as to my knowledge of the existence or absence of such facts should be drawn from the fact of my representation of the Borrowers. 

This opinion is limited to the Corporate and Partnership Laws of the State of Delaware and, for the purpose of any
opinion expressed in paragraph 5 herein, the United States Federal laws and regulations, and I am expressing no opinion as to the effect of the laws of any other jurisdiction. 

Based on and subject to the foregoing and the qualifications and limitations set forth below, and having regard for such
legal considerations as I deem relevant, it is my opinion that: 
 1. The Credit Agreement has been duly
executed and delivered on behalf of each Borrower by its authorized officer. 
 2. Each Guarantee has been duly
executed and delivered on behalf of Rayonier, TRS and each Guarantor party thereto by their respective authorized officers. 

3. The execution, delivery and performance of the Credit Agreement by each Borrower and the Managing General Partner and
each of the Guarantees by Rayonier, TRS and each Guarantor which is a party thereto: 
  

	 	(a)	 do not require any consent or approval of, or any other action by, any third party, except (i) such as has been obtained or made and is in full
force and effect and (ii) actions the failure to obtain which, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect; 

	 	(b)	 to my knowledge, does not violate or constitute a default under any indenture, material agreement (other than any limited liability company
agreement, operating agreement, partnership agreement or similar agreement) or other material instrument binding upon any Borrower, any Guarantor or the Managing General Partner, or its respective assets; and 

 

	 	(c)	 to my knowledge, does not result in the creation or imposition of any Lien other than a Permitted Lien on any assets of any Borrower, any Guarantor
or the Managing General Partner. 

 4. To my knowledge, there are no actions, suits or
proceedings by or before any arbitrator or governmental authority pending or threatened against any Borrower, any Guarantor or the Managing General Partner (except as may be set forth on Schedules to the Credit Agreement) (a) as to which there
is a reasonable possibility of any adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect or (b) that involve the Credit Documents or the
transactions provided for therein. 
 5. No Borrower is an “investment company” as defined in, or
subject to regulation under, the Investment Company Act of 1940. 
 I express no opinion as to the laws of any
jurisdiction other than those specifically referred to in the fifth paragraph of this opinion letter. 
 This
opinion letter is rendered as of the date set forth above. I expressly disclaim any obligation to update this letter after such date. 

This opinion letter is given solely for your benefit and the benefit of the Lenders party from time to time to the Credit
Agreement in connection with the transactions contemplated by the Loan Documents and may not be furnished to, or relied upon by, any other person or for any other purpose without my prior written consent. 

Very truly yours, 

 EXHIBIT D-2 – FORM OF OPINION 

OF COUNSEL FOR THE BORROWERS 

[Letterhead of Womble Carlyle & Rice] 

August 4, 2006 
 Each of
the Addressees Listed on 
 the Attached Schedule 1 

Re: Five-Year Revolving Credit Agreement referred to below 

Ladies and Gentlemen: 

We have acted as special North Carolina counsel for Rayonier Inc., a corporation organized under the laws of the State of
North Carolina (“Rayonier”), in connection with the transactions provided for in the Five-Year Revolving Credit Agreement, dated as of August 4, 2006 (the “Credit Agreement”), among: (i) Rayonier, Rayonier TRS
Holdings Inc., a corporation organized under the laws of the State of Delaware (“TRS”), and Rayonier Forest Resources, L.P., a limited partnership organized under the laws of the State of Delaware (“RFR”), as
Borrowers; (ii) the several lenders from time to time parties thereto; (iii) the issuing banks from time to time parties thereto; (iv) Credit Suisse, acting through one or more of its branches, as Administrative Agent (the
“Administrative Agent”); (v) Credit Suisse Securities (USA) LLC (“Credit Suisse Securities”), as Sole Bookrunner; (vi) Credit Suisse Securities (USA) LLC and Bank of America, N.A., as Co-Syndication
Agents; (vii) JPMorgan Chase Bank, Sun Trust Bank and The Bank of New York, as Co-Documentation Agents; and (viii) Credit Suisse Securities and Banc of America Securities LLC, as Joint Lead Arrangers. This opinion letter is furnished to
you pursuant to Section 3.0l(e)(ii) of the Credit Agreement. Unless otherwise defined herein, capitalized terms used herein have the meanings assigned to such terms in the Credit Agreement. 

In rendering the opinions set forth below, we have reviewed an execution copy of the following documents and instruments:

 (i) the Credit Agreement; 

(ii) the form of Revolving Credit Promissory Note, attached as Exhibit A to the Credit Agreement (the
“Note”); 
 (iii) the Guarantee Agreement; and 

	 	(iv)	 the TRS Subsidiary Guarantee Agreement. 

 The documents listed in clauses (i) and (ii) above are referred to
herein as the “Credit Documents”. The documents listed in clauses (iii) and (iv) above are referred to herein as the “Guarantees”. Rayonier, TRS and RFR are collectively referred to herein as the
“Borrowers”. The entities listed on Schedule 2 attached hereto are collectively referred to herein as the “Guarantors”. Rayonier Timberlands Management, LLC, a Delaware limited liability company and Managing General
Partner of RFR, is referred to herein as the “Managing General Partner”. 
 In addition, we
have reviewed the organizational documents listed on Schedule 3 attached hereto furnished by the Borrowers, the Guarantors and the Managing General Partner pursuant to Article III of the Credit Agreement, which the Borrowers, the Guarantors and the
Managing General Partner have represented to us are the only documents pursuant to which the Borrowers, the Guarantors and the Managing General Partner are currently organized and/or which govern their affairs with respect to the transactions
provided for in the Credit Documents. The organizational documents of each Borrower, each Guarantor and the Managing General Partner listed on Schedule 3 attached hereto are hereinafter referred to, as applicable, as such Borrower’s, such
Guarantor’s or the Managing General Partner’s “Organizational Documents”. 
 In
rendering the opinions set forth herein, we have, with your consent, relied only upon examination of the documents described above and have made no independent verification or investigation of the factual matters set forth therein. As to any facts
material to our opinions, we have made no independent investigation of such facts and have relied, to the extent that we deem such reliance proper, upon statements and certificates of public officials and officers or other representatives of the
Borrowers, the Guarantors and the Managing General Partner and on the representations and warranties set forth in the Credit Documents. 

Whenever any opinion below as to the existence or absence of facts is qualified by the phrase “to our
knowledge,” such phrase indicates only that the lawyers of this firm substantively involved in the representation of the Borrowers, the Guarantors and the Managing General Partner in the transactions provided for in the Credit Documents have no
actual knowledge of the existence or absence of such facts. Except to the extent expressly stated herein, we have not undertaken any independent investigation to determine the existence or absence of any such facts, and no inference as to our
knowledge of the existence or absence of such facts should be drawn from the fact of our representation of the Borrowers. 

In rendering the opinions expressed below, we have assumed the legal capacity of all natural persons, the genuineness of
all signatures, the authenticity of all documents submitted to us as originals, and the conformity to authentic original documents of all documents submitted to us as copies, which assumptions we have not independently verified. In addition, we have
assumed that (i) each party to the Credit Documents and the Guarantees (each, a “Credit Party”) is a corporation, partnership, limited liability company or other entity duly organized under the laws of the jurisdiction of its
organization; (ii) the execution, delivery and performance by each Credit Party of the Credit Documents and the Guarantees to which it is a party do not conflict with or result in the breach of any document or instrument binding on it;
(iii) the execution, delivery and performance by each Credit Party of the Credit Documents and the Guarantees to which it is a party do not contravene any provision of any law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award applicable to any of them (except that we 

 
have not made such assumption with respect to Applicable Laws as defined below) applicable to the Borrowers or the Guarantors, as to which we express our opinion in paragraphs 7 and 8);
(iv) no authorization, approval, consent, order, license, franchise, permit or other action by, and no notice to or filing with, any Governmental Authority or any other third party is required for the due execution, delivery and performance by
each Credit Party of the Credit Documents to which it is a party that has not been duly obtained or made and that is not in full force and effect (except that we have not made such assumption with respect to Governmental Approvals as defined below)
required to be obtained or taken by the Borrowers, the Guarantors or the Managing General Partner, as to which we express our opinion in paragraph 9; (v) the Credit Documents constitute valid, binding and enforceable obligations of each party
thereto (other than the Borrowers, Guarantors and the Managing General Partner); and (vi) the laws of any jurisdiction other than the laws that are the subject of this opinion letter do not affect the terms of the Credit Documents. 

Based upon the foregoing, and subject to the assumptions, qualifications, exceptions and limitations set forth herein, it
is our opinion that: 
  

	 	1.	 Each Borrower (other than Rayonier), each Guarantor and the Managing General Partner is a corporation, limited liability company or partnership, as
applicable, validly existing and in good standing under the laws of its jurisdiction of organization or formation. Rayonier is a corporation validly existing under the laws of the State of North Carolina. 

 

	 	2.	 Each Borrower, each Guarantor and the Managing General Partner has all requisite corporate power and authority to carry on its business as now
conducted. 

  

	 	3.	 The execution, delivery and performance of the Credit Agreement are within each Borrower’s and the Managing General Partner’s corporate,
limited liability company or partnership powers, as applicable, and have been duly authorized by all necessary corporate, limited liability company or partnership action, as applicable, on behalf of each Borrower and the Managing General Partner.

  

	 	4.	 The execution, delivery and performance of the Guarantees are within Rayonier’s, TRS’s and each Guarantor’s corporate, limited
liability company or partnership powers, as applicable, and have been duly authorized by all necessary corporate, limited liability company or partnership action, as applicable, on behalf of Rayonier, TRS and each Guarantor party to any Guarantee.

  

	 	5.	 Each Credit Document (other than the Note) to which any Borrower is a party would be, under the laws of the State of North Carolina, the valid and
binding obligation of such Borrower and enforceable against such Borrower in accordance with its terms and each Note, when executed and delivered by any Borrower, would be, under the laws of the State of North Carolina, the valid and binding
obligation of such Borrower and enforceable against such Borrower in accordance with its terms. 

	 	6.	 Each Guarantee to which Rayonier, TRS or any Guarantor is a party would be, under the laws of the State of North Carolina, the valid and binding
obligation of Rayonier, TRS or such Guarantor, as applicable, and enforceable against Rayonier, TRS or such Guarantor, as applicable, in accordance with its terms. 

 

	 	7.	 The execution and delivery by each Borrower of each Credit Document to which it is a party and the performance by each Borrower of their respective
obligations under such Credit Documents (a) do not violate such Borrower’s Organizational Documents and (b) do not violate any Applicable Laws as defined below) that are binding on such Borrower. 

 

	 	8.	 The execution and delivery by Rayonier, TRS and each Guarantor of each Guarantee to which it is a party and the performance by Rayonier, TRS and
each Guarantor of their respective obligations under such Guarantees (a) do not violate Rayonier’s, TRS’s or such Guarantor’s Organizational Documents and (b) do not violate any Applicable Laws that are binding on such
Guarantor, Rayonier or TRS, as applicable. 

  

	 	9.	 No Governmental Approval (as defined below) which has not been obtained or taken and is not in full force and effect, is required to be obtained or
taken by any Borrower, Guarantor or the Managing General Partner for the execution and delivery by each Borrower, each Guarantor and the Managing General Partner, of each Credit Document or Guarantee, as applicable, to which it is a party or the
performance by such Borrower, such Guarantor or the Managing General Partner, as applicable, of its obligations thereunder. “Governmental Approvals” means any consent, approval, license, authorization or validation of, or filing or
registration with, any Governmental Authority pursuant to any Applicable Laws (as defined below). 

 The opinions set forth
herein are subject to the following exceptions and qualifications: 
 (a) In rendering our opinions in paragraph
I, we have relied solely upon (i) the good standing certificates regarding the Borrowers (other than Rayonier), the Guarantors (other than Rayonier) and the Managing General Partner issued by the Secretary of State of Delaware listed on
Schedule 3 attached hereto and (ii) a certificate of existence regarding Rayonier issued by the Secretary of State of North Carolina dated August 3, 2006. 

(b) Enforceability of the Credit Documents and the Guarantees may be limited by the effect of bankruptcy, insolvency,
fraudulent conveyance, fraudulent transfer, reorganization, moratorium and other similar state or federal laws affecting the rights and remedies of creditors or the collection of debtors’ obligations in general. This exception includes without
limitation the effect of the Federal Bankruptcy Code, in its entirety including matters of contract rejection, fraudulent transfer and obligation, turnover, preference, equitable subordination, automatic stay, conversion of a non-recourse obligation
into a recourse obligation, and substantive consolidation. This exception also includes state laws regarding fraudulent transfers, obligations, and conveyances, and state receivership laws. 

 (c) Enforceability of the Credit Documents and the Guarantees may be limited
by the effect of general principles of equity, whether applied by a court of law or equity. This exception includes without limitation the following concepts: (i) principles governing the availability of specific performance, injunctive relief
or other traditional equitable remedies; (ii) principles affording traditional equitable defenses (e.g., waiver, laches and estoppel); (iii) good faith and fair dealing; (iv) reasonableness; (v) materiality of the breach;
(vi) impracticability or impossibility of performance; (vii) the effect of obstruction, failure to perform or otherwise to act in accordance with an agreement by any person other than the Borrower or the Guarantors; (viii) the effect
of § 1-102(3) of the UCC; and (ix) unconscionability. 
 (d) The possible unenforceability of
provisions requiring indemnification for, or providing exculpation, release or exemption from liability for, action or inaction, to the extent such action or inaction involves negligence or willful misconduct or to the extent otherwise contrary to
public policy. 
 (e) The possible unenforceability of provisions imposing increased interest rates upon
delinquency in payment or default or providing for liquidated damages, or for premiums on acceleration, redemption, cancellation, or termination, to the extent any such provisions are deemed to be penalties or forfeitures. 

(f) The possible unenforceability of waivers or advance consents that have the effect of waiving as to the jurisdiction
of courts or to service of process in any particular manner, the venue of actions, the right to jury trial or, in certain cases, notice. 

(g) The possible unenforceability of provisions that waivers or consents by a party may not be given unless in writing or
in compliance with particular requirements or that a person’s course of dealing, course of performance, or the like, or failure or delay in taking actions, may not constitute a waiver of related rights or provisions or that one or more waivers
may not under certain circumstances constitute a waiver of other matters of the same kind. 
 (h) The effect of
course of dealing, course of performance, or the like, that would modify the terms of an agreement or the respective rights or obligations of the parties under an agreement. 

(i) The possible unenforceability of provisions that enumerated remedies are not exclusive or that a party has the right
to pursue multiple remedies without regard to other remedies elected or that all remedies are cumulative. 
 (j)
The effect of judicial discretion regarding the determination of damages and entitlement to attorneys’ fees and other costs. 

(k) The possible unenforceability of provisions that determination by a party or a party’s designee are conclusive.

 (1) The possible unenforceability of provisions permitting modification of
an agreement only in writing. 
 (m) The possible unenforceability of provisions permitting the exercise, under
certain circumstances, of rights without notice or without providing opportunity to cure failures to perform. 

(n) The effect of agreements as to rights of set off otherwise than in accordance with the applicable law. 

(o) The effect of judicial discretion regarding the enforcement of forum selection clauses. 

(p) We express no opinion as to the enforceability of any provisions of any of the Credit Documents or the Guarantees
which impose liquidated damages, penalties, forfeitures, or an increase in interest rate upon default; that appoint the Administrative Agent or any Lender or others as the agent or attorney-in-fact for any Borrower, any Guarantor or the Managing
General Partner. 
 (q) With respect to any Guarantee, we express no opinion on any waiver of any
Guarantor’s rights under North Carolina General Statutes 26-7 et seq. 
 (r) Certain waivers of the
Guarantees may not be enforceable, but such enforceability will not render the Guarantees invalid as a whole or preclude the obligation of any Guarantor to repay the principal of the loans provided for under the Credit Agreement (the
“Loans”), together with non-default interest thereon. 
 (s) Our opinions are subject to limitations
imposed by the valid exercise of the police power and any emergency powers of the United States or the State of North Carolina, or by the valid exercise of any federal or the State of North Carolina criminal or civil forfeiture laws. 

(t) We express no opinion as to the enforceability of any severability clauses in the Credit Documents. 

(u) We express no opinion as to the enforceability of contractual provisions providing for choice of governing law.

 (v) North Carolina General Statutes Section 6-21.2 sets forth the procedures and limitations applicable
to the collection of attorneys’ fees pursuant to the Credit Documents and the Guarantees, and North Carolina case law requires that attorneys’ fees charged to borrowers by lenders be reasonable in amount. Accordingly, any provisions in the
Credit Documents and the Guarantees relating to the ability of either the Administrative Agent or any Lender to collect attorneys’ fees are subject to those limitations. 

 (w) We express no opinion in respect of any provision of the Guarantee
pursuant to which Rayonier, TRS or any Guarantor has guaranteed the obligations of any Borrower under any Interest Rate Agreement. 

(x) We have assumed that no Borrower is an “investment company” within the meaning of, or subject to regulation
as an “investment company” under, the Investment Company Act of 1940, as amended. 
 (y) We express no
opinion as to the laws of any jurisdiction other than Applicable Laws. 
 This opinion is limited to, and any
reference herein to “Applicable Laws” means, the laws of the State of North Carolina, and for purposes of the opinions in paragraphs numbered (1) through (4) above the general corporate, limited liability company, or partnership
laws, as applicable, of the State of Delaware, and to the laws of the United States of America that are applicable to loan transactions generally, excluding the following legal issues or the application of any such laws or regulations to the matters
on which our opinions are referenced: (i) federal and state securities laws; (ii) the local laws of the State of North Carolina (i.e., the statutes, ordinances, the administrative decisions and the rules and regulations of counties and
municipalities of the State of North Carolina); (iii) federal and state antitrust and unfair competition laws and regulations; (iv) federal and state tax laws and regulations; (v ) federal and state regulatory laws and regulations
applicable to any entity as a result of its nonprofit status or solely because of the business in which it is engaged; (vi) federal and state environmental laws and regulations; and (vii) laws, rules and regulations relating to money
laundering and terrorist groups (including any requirements imposed under the USA Patriot Act of 2001, as amended). We are expressing no opinion as to the effect of the laws of any other jurisdiction. This opinion is rendered solely to the
Administrative Agent and the Lenders in connection with the Loans and may be relied upon only by the Administrative Agent and the Lenders, any participants in the Loans, and any successors and assigns of the Lenders. This opinion may not be quoted
in whole or in part or relied upon by any other party or for any other purpose other than the purposes herein stated without our prior written consent. 

This opinion letter is rendered as of the date set forth above. We expressly disclaim any obligation to update this
letter after such date. 
  

	
	 Very truly yours,

	
	 WOMBLE CARLYLE SANDRIDGE & RTCE

	 A Professional Limited Liability Company

 EXHIBIT D-3 – FORM OF OPINION 

OF SPECIAL NEW YORK COUNSEL FOR THE BORROWERS 

[Letterhead of Vinson & Elkins] 

August 4, 2006 
 Each of the Addressees
Listed in 
 the Attached Schedule I 

Re: Five year revolving credit agreement. 

Ladies and Gentlemen: 

We have acted as special New York counsel for Rayonier Inc., a corporation organized under the laws of the State of North
Carolina (“Rayonier”), in connection with the transactions contemplated by the Five Year Revolving Credit Agreement, dated as of August 4, 2006 (the “Credit Agreement”), among: (i) Rayonier, Rayonier TRS
Holdings Inc., a corporation organized under the laws of the State of Delaware (“TRS”), and Rayonier Forest Resources, L.P., a limited partnership organized under the laws of the State of Delaware (“RFR”), as Borrowers;
(ii) the several lenders from time to time parties thereto; (iii) the issuing banks from time to time parties thereto; (iv) Credit Suisse, acting through its Cayman Islands Branch, as Administrative Agent (the “Administrative
Agent”); (v) Credit Suisse Securities (USA) LLC and Bank of America, N.A., as Co-Syndication Agents; (vi) JPMorgan Chase Bank, Sun Trust Bank and The Bank Of New York, as Co-Documentation Agents; and (vii) Credit Suisse
Securities (USA) LLC and Banc of America Securities LLC, as Joint Lead Arrangers. This opinion letter is furnished to you pursuant to Section 3.0l(e)(iii) of the Credit Agreement. Unless otherwise defined herein, capitalized terms used herein
have the meanings assigned to such terms in the Credit Agreement. 
 In rendering the opinions set forth below,
we have reviewed an execution copy of the following documents and instruments: 
 (i) the Credit
Agreement; 
 (ii) the form of Revolving Credit Promissory Note, attached as Exhibit A to the
Credit Agreement (the “Promissory Note”); 
 (iii) the Guarantee Agreement,
dated as of August 4, 2006 (the “Rayonier Guarantee”), among Rayonier, TRS and the Administrative Agent; and 

 (iv) the TRS Subsidiary Guarantee Agreement, dated as of
August 4, 2006 (the “TRS Subsidiary Guarantee”), among the guarantors listed on Schedule II (the “TRS Subsidiary Guarantors”) and the Administrative Agent. 

The documents listed in clauses (i) through (iv) above are referred to herein as the “Transaction
Documents”. Rayonier, TRS, RFR, and the TRS Subsidiary Guarantors, are collectively referred to herein as the “Opinion Parties”). In rendering the opinions set forth herein, we have, with your consent, relied only upon
examination of the documents described above and have made no independent verification or investigation of the factual matters set forth therein. We did not participate in the negotiation or preparation of the Transaction Documents and except as set
forth herein have not advised any of the Opinion Parties with respect to such documents or the lending transactions contemplated therein. As to any facts material to our opinions, we have made no independent investigation of such facts and have
relied, to the extent that we deem such reliance proper, upon statements of public officials and officers or other representatives of the Opinion Parties and on the representations and warranties set forth in the Transaction Documents. 

In rendering the opinions expressed below, we have assumed the legal capacity of all natural persons, the genuineness of
all signatures, the authenticity of all documents submitted to us as originals, and the conformity to authentic original documents of all documents submitted to us as copies, which assumptions we have not independently verified. In addition, we have
assumed that (i) each party to the Transaction Documents teach, a (“Transaction Party”) is a corporation, partnership, limited liability company or other entity duly organized and validly existing under the laws of the
jurisdiction of its organization; (ii) each Transaction Party has all necessary corporate, partnership or limited liability company power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it
is a party; (iii) each Transaction Document has been duly executed and delivered by each Transaction Party that is a party thereto; (iv) the execution, delivery and performance by each Transaction Party of the Transaction Documents to
which it is a party have been duly authorized by all necessary corporate, partnership or limited liability company action and do not contravene the bylaws or other constituent documents of such Transaction Party; (v) the execution, delivery and
performance by each Transaction Party of the Transaction Documents to which it is a party do not conflict with or result in the breach of any document or instrument binding on it; (vi) the execution, delivery and performance by each Transaction
Party of the Transaction Documents to which it is a party do not contravene any provision of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award applicable to any of them (except that we have not made such
assumption with respect to Applicable Laws (as defined below) applicable to the Opinion Parties, as to which we express our opinion in paragraph 2); (vii) no authorization, approval, consent, order, license, franchise, permit or other action
by, and no notice to or filing with, any Governmental Authority or any other third party is required for the due execution, delivery and performance by each Transaction Party of the Transaction Documents to which it is a party that has not been duly
obtained or made and that is not 

 
in full force and effect (except that we have not made such assumption with respect to Governmental Approvals (as defined below) required to be obtained or taken by the Opinion Parties as to
which we express our opinion in paragraph 3); (viii) the Transaction Documents constitute valid, binding and enforceable obligations of each party thereto (other than the Opinion Parties); and (ix) the laws of any jurisdiction other than
the laws that are the subject of this opinion letter do not affect the terms of the Transaction Documents. 

Based upon the foregoing, and subject to the assumptions, qualifications, exceptions and limitations set forth herein, it
is our opinion that: 
  

	 	1.	 Each Transaction Document (other than the Promissory Note) to which any Opinion Party is a party constitutes the valid and binding obligation of
such Opinion Party enforceable against such Opinion Party in accordance with its terms. Each Promissory Note, when executed and delivered by an Opinion Party, will constitute the valid and binding obligation of such Opinion Party enforceable against
such Opinion Party in accordance with its terms. 

  

	 	2.	 The execution and delivery by each Opinion Party of each Transaction Document to which it is a party do not, and the performance by such Opinion
Party of its obligations thereunder will not, result in any violation by any Opinion Party of any Applicable Law (as defined below). “Applicable Laws” means those laws, rules and regulations of the State of New York and the rules and
regulations adopted thereunder, that, in our experience, are normally applicable to transactions of the type contemplated by the Transaction Documents. However, the term “Applicable Laws” does not include, and we express no opinion with
regard to: (i) any federal laws, rules or regulations; (ii) any state laws, rules or regulations relating to: (A) pollution or protection of the environment; (B) zoning, land use, building or construction; (C) occupational
safety and health or other similar matters; (D) labor, employee rights and benefits; (E) the regulation of utilities; (F) antitrust and trade regulation; (G) tax; (H) securities; and (I) copyrights, patents and
trademarks; and (iii) any laws, rules or regulations of any county, municipality or similar political subdivision or any agency or instrumentality thereof. 

 

	 	3.	 No Governmental Approval (as defined below) which has not been obtained or taken and is not in full force and effect, is required to be obtained or
taken by any Opinion Party to authorize, or is required in connection with, the execution and delivery by each Opinion Party of each Transaction Document to which it is a party or the performance by such Opinion Party of its obligations thereunder.
“Governmental Approvals” means any consent, approval, license, authorization or validation of, or 

	 	 
filing, recording or registration with, any Governmental Authority pursuant to any Applicable Laws (as defined in paragraph 2 above). 

The opinions set forth above are subject to the following qualifications and exceptions: 

(a) The enforceability of each Transaction Document and the provisions thereof may be limited by bankruptcy, insolvency,
reorganization, fraudulent transfer, moratorium or other laws now or hereafter in effect relating to or affecting enforcement of creditors’ rights generally and by general principles of equity (including, without limitation, concepts of
materiality, reasonableness, good faith and fair dealing), regardless of whether such enforcement is considered in a proceeding in equity or at law. 

(b) With respect to our opinion set forth in paragraph 1 above, we express no opinion with respect to the validity or
enforceability of the following provisions to the extent that they are contained in the Transaction Documents: (i) provisions releasing, exculpating or exempting a party from, or requiring indemnification or contribution of a party for,
liability for its own negligence or to the extent that the same are inconsistent with public policy; (ii) provisions purporting to waive, subordinate or not give effect to rights to notice, demands, legal defenses or other rights or benefits
that cannot be waived, subordinated or rendered ineffective under applicable law; (iii) provisions purporting to provide remedies inconsistent with applicable law; (iv) provisions relating to the creation, attachment, perfection or
enforceability of any security interest; (v) provisions relating to severability or set-offs; (vi) provisions stating that a guarantee will not be affected by a modification of the obligation guaranteed in cases in which that modification
materially changes the nature or amount of such obligation; (vii) provisions restricting access to courts or purporting to affect the jurisdiction or venue of courts (other than the courts of the State of New York with respect to Transaction
Documents governed by the laws of the State of New York); (viii) provisions purporting to exclude all conflicts-of-law rules; and (ix) provisions providing that decisions by a party are conclusive or may be made in its sole discretion.

 (c) Insofar as our opinion set forth in paragraph 1 above relates to the enforceability under New York law of
the provisions of the Transaction Documents choosing New York law as the governing law thereof, such opinion is rendered solely in reliance upon the Act of July 19, 1984, ch. 421, 1984 McKinney’s Sess. Law of N.Y. 1406 (codified at N.Y.
Gen. Oblig. Law §§5-1401 (McKinney 1989)) (the “Act”) and is subject to the qualifications that such enforceability (i) as specified in the Act, does not apply to the extent provided to the contrary in subsection two of
Section 1-105 of the NY UCC, (ii) may be limited by public policy considerations of any jurisdiction in which enforcement of such provisions is sought, and (iii) is subject to any U.S. Constitutional requirement under the Full Faith
and Credit Clause or the Due Process Clause thereof or the exercise of any applicable judicial discretion in favor of another jurisdiction. 

(d) We express no opinion in respect of any provision of the Rayonier Guarantee or the TRS Subsidiary Guarantee Agreement
pursuant to which any Opinion 

 
Party has guaranteed the obligations of any other Opinion Party under any Interest Rate Agreement. 

(e) We have assumed that no Opinion Party is an “investment company” within the meaning of, or subject to
regulation as an “investment company” under, the Investment Company Act of 1940, as amended. 
 We
express no opinion as to the laws of any jurisdiction other than Applicable Laws. 
 This opinion letter is
rendered as of the date set forth above. We expressly disclaim any obligation to update this letter after such date. 

This opinion letter is given solely for your benefit and the benefit of the Lenders from time to time party to the Credit
Agreement in connection with the transactions contemplated by the Transaction Documents and may not be furnished to, or relied upon by, any other person or for any other purpose without our prior written consent. 

Very truly yours, 

 EXHIBIT E - FORM OF 

CLOSING CERTIFICATE 

[NAME OF A BORROWER] 

Pursuant to Section 3.01(f) of the Five-Year Revolving Credit Agreement dated as of
            , 2006 among Rayonier Inc., Rayonier TRS Holdings Inc., Rayonier Forest Resources, L.P., and any Additional Borrower (as defined therein), as borrowers, the lenders
parties thereto, the issuing banks parties thereto, and Credit Suisse, acting through one or more of its branches (“CS”), as Administrative Agent for the lenders (as amended or modified from time to time, the “Credit
Agreement”; the terms defined therein being used herein as therein defined), the undersigned hereby certifies that [he or she] is the
                     of [NAME OF A BORROWER] (the “Borrower”) and in such capacity further certifies as follows: 

1. The representations and warranties of the Borrower set forth in the Credit Agreement and each of the other Loan
Documents to which the Borrower is a party, are true and correct in all material respects on and as of the date hereof. 

2. No Default or Event of Default has occurred and is continuing as of the date hereof or after giving effect to the
transactions to be consummated under the Credit Agreement on the date hereof. 
 IN WITNESS WHEREOF, the
undersigned has hereunto set his name. 
  

							
		 		 	  

		 		 	 Name:
	 	
	 Date:             ,
200    
	 		 	 Title:
	 	

  

 Exh. E - 1 

 EXHIBIT F - FORM OF 

ASSIGNMENT AND ACCEPTANCE 

This Assignment and Acceptance (the “Assignment and Acceptance”) is dated as of the date set forth below
(the “Effective Date”) and is entered into by and between the Assignor (as defined below) and the Assignee (as defined below). Capitalized terms used in this Assignment and Acceptance and not otherwise defined herein have the
meanings specified in the Five-Year Revolving Credit Agreement dated as of             , 2006 (as amended or modified from time to time, the “Credit Agreement”)
among Rayonier Inc., Rayonier TRS Holdings Inc., Rayonier Forest Resources, L.P., and any other Additional Borrower (as defined in the Credit Agreement), as borrowers, the Lenders (as defined in the Credit Agreement), the Issuing Banks (as defined
in the Credit Agreement), and Credit Suisse, acting through its Cayman Islands Branch (“CS”), as Administrative Agent for the Lenders (the “Administrative Agent”). Receipt of a copy of the Credit Agreement is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex I attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth herein in full.

 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the
Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below
(i) all the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified
below of all of such outstanding rights and obligations of the Assignor under the facility identified below (including any Letters of Credit or Guarantees included in such facility) and (ii) to the extent permitted to be assigned under
applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the
“Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Acceptance, without representation or warranty by the Assignor. 

 

	1.	 Assignor (the “Assignor”): 

  

	2.	 Assignee (the “Assignee”): 

  

	3.	 Assigned Interest: 

  

 Exh. F - 1 

									
	 Facility Assigned
	  	Aggregate Amount 
of
Commitment/Revolving
Credit Advances of
all
Lenders	  	Amount of
Commitment/
Revolving

Credit Advances
Assigned	  	Percentage Assigned 
of
Commitment/Revolving
Credit Advances
1
	 Revolving Credit Advance
	  	$	 	  	$	 	  	%

 Effective Date:
             , 20    [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR]. 
  
  

	1
	 Set forth, to at least 9 decimals, as a percentage of the Commitment/ Revolving Credit Advances of all Lenders thereunder.

  

 Exh. F - 2 

 The terms set forth in this Assignment and Acceptance are hereby agreed to:

  

			
	 [NAME OF ASSIGNOR], as Assignor,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [NAME OF ASSIGNEE], as Assignee,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	

  

 Exh. F - 3 

			
	 [Consented to
and]2 Accepted:

	
	 CREDIT SUISSE, acting through its Cayman Islands Branch, as Administrative Agent,

		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
		
	 By
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 [Consented to:

	
	 NAME OF BORROWER

		
	 By
	 	  

	 Name:
	 	
	
Title:]3

	 	

  

	2
	 To the extent required by the Credit Agreement. 

	3
	 To the extent required by the Credit Agreement. 

 

 Exh. F - 4 

			
	 [Consented to:

	
	 [NAME OF ISSUING BANK],as Issuing Bank,

		
	 By
	 	  

	 Name:
	 	
	
Title:]4

	 	

  

	4
	 To the extent required by the Credit Agreement. 

 

 Exh. F - 5 

 ANNEX 1 

CREDIT
AGREEMENT5 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ACCEPTANCE 

1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of
the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim created by the Assignor and (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit
Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of any Borrower, any of its
Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by any Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations
under any Loan Document. 
 1.2 Assignee. The Assignee (a) represents and warrants that (i) it
has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies
the requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of
the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements referred to in Section 4.01 of the Credit Agreement or delivered pursuant to Section 5.01 of the Credit Agreement, and such other documents and information as it has deemed appropriate to make its own credit analysis and
decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent, the Assignor or any other
Lender, (v) it is an Eligible Assignee, and (vi) if it is a Lender organized under the laws of a jurisdiction outside the United States, attached to this Assignment and Acceptance is any documentation required to be delivered by it
pursuant to Section 2.15(e) of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other

  

  

	5
	 Capitalized terms used in this Assignment and Acceptance and not otherwise defined herein have the meanings specified in the Five-Year Revolving
Credit Agreement dated as of             , 2006 (as amended or modified from time to time, the “Credit Agreement”) among Rayonier Inc., Rayonier TRS Holdings Inc.,
Rayonier Forest Resources, L.P., and any Additional Borrwer, as borrowers (each a “Borrower” and, collectively, the “Borrowers”), the Lenders (as defined in the Credit Agreement), the Issuing Banks (as defined in
the Credit Agreement), and Credit Suisse, acting through its Cayman Islands Branch (“CS”), as Administrative Agent for the Lenders (the “Administrative Agent”). 

1 

 
Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents,
and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of the
Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and after the Effective
Date. 
 3. General Provisions. This Assignment and Acceptance shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but
all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Assignment and Acceptance by facsimile or other electronic transmission shall be as effective as delivery of a
manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be construed in accordance with and governed by the law of the State of New York. 

 

 2 

 EXHIBIT G — FORM OF ADDITIONAL 

BORROWER DESIGNATION 
 Credit
Suisse, 
 acting through its Cayman Islands Branch, 

as Administrative Agent 

for the Lenders parties 

to the Credit Agreement 

referred to below 

Eleven Madison Avenue 

New York, New York 10010 

[Date] 

Attention: [Agency Department Manager] 

Ladies and Gentlemen: 

The undersigned, Rayonier Inc., refers to the Five-Year Revolving Credit Agreement, dated as of
            , 2006 (as amended or modified from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein defined), among Rayonier
Inc., Rayonier TRS Holdings Inc., Rayonier Forest Resources, L.P., and any Additional Borrower (as defined therein), as borrowers, certain Lenders parties thereto, certain Issuing Banks parties thereto, and Credit Suisse, acting through its Cayman
Islands Branch (“CS”), as Administrative Agent for said Lenders, and hereby gives you notice, irrevocably, pursuant to the Credit Agreement, that the undersigned hereby designates
                    , a
                    , as an Additional Borrower under the Credit Agreement. Such designation is subject to fulfillment (or waiver by the
Required Lenders) of the conditions precedent set forth in Section 3.03 of the Credit Agreement. 
  

			
	 Very truly yours,

	
	 RAYONIER INC.

		
	 By
	 	  

	 Name:
	 	
	
Title:

	 	

  

 1 

 EXHIBIT H — FORM OF ADDITIONAL 

SUBSIDIARY GUARANTOR DESIGNATION 

Credit Suisse, 
 acting through its Cayman
Islands Branch, 
 as Administrative Agent 

for the Lenders parties 

to the Credit Agreement 

referred to below 

Eleven Madison Avenue 

New York, New York 10010 

[Date] 

Attention: [Agency Department Manager] 

Ladies and Gentlemen: 

The undersigned, Rayonier Inc., refers to the Five-Year Revolving Credit Agreement, dated as of
            , 2006 (as amended or modified from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein defined), among Rayonier
Inc., Rayonier TRS Holdings Inc., Rayonier Forest Resources, L.P., and any Additional Borrower (as defined therein), as borrowers, certain Lenders parties thereto, certain Issuing Banks parties thereto, and Credit Suisse, acting through its Cayman
Islands Branch (“CS”), as Administrative Agent for said Lenders, and hereby gives you notice, irrevocably, pursuant to the Credit Agreement, that the undersigned hereby designates
                    , a
                    , as an Additional Subsidiary Guarantor under the Credit Agreement. Such designation is subject to fulfillment (or waiver
by the Required Lenders) of the conditions precedent set forth in Section 3.04 of the Credit Agreement. 
  

			
	 Very truly yours,

	
	 RAYONIER INC.

		
	 By
	 	  

	 Name:
	 	
	
Title:

	 	

  

 1

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