Document:

Joinder to Guarantee Agreement

 Exhibit 10.9 

EXECUTION VERSION 

JOINDER TO GUARANTEE AGREEMENT 

This JOINDER TO GUARANTEE AGREEMENT, dated as of July 29, 2010 (this “Joinder”) is entered
into by RAYONIER OPERATING COMPANY LLC, a Delaware limited liability company (“ROC”) and CREDIT SUISSE AG (formerly known as Credit Suisse) acting through its Cayman Islands Branch, as Administrative Agent (the
“Administrative Agent”) for the Guaranteed Parties. 
 W I T N E S S E T H 

Reference is made to the Five-Year Revolving Credit Agreement dated as of August 4, 2006 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”), the
Administrative Agent, the lenders from time to time party thereto, and the issuing banks from time to time party thereto (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

Rayonier, TRS and the Administrative Agent are parties to that certain Guarantee Agreement dated as of August 4,
2006 (as amended, restated, supplemented or otherwise modified from time to time, the “Guarantee”; capitalized terms not otherwise defined herein have the respective meanings given to them in the Guarantee), entered into in
connection with the Credit Agreement. 
 ROC, pursuant to an Assignment and Assumption Agreement of even date
herewith, made between ROC and Rayonier, is joining the Credit Agreement as the Additional Borrower (as defined therein). Consequently, ROC is required by Section 3.03 of the Credit Agreement to become a Guarantor under the Guarantee.

 Accordingly, pursuant to Section 3.03 of the Credit Agreement, the undersigned hereby agree as follows:

 1. ROC hereby acknowledges, agrees and confirms that, upon its execution of this Joinder, it shall be a “Guarantor”
under the Guarantee and shall have all of the obligations of a Guarantor thereunder, with the same force and effect as if it had originally been named a Guarantor in the Guarantee. ROC hereby guarantees, jointly and severally with the other
Guarantors, the due and punctual payment and performance of the Obligations. ROC hereby agrees to be bound by all the terms and conditions of the Guarantee applicable to it as a Guarantor thereunder. 

2. ROC represents and warrants that each of the representations and warranties set forth in the Guarantee and each other Loan Document
applicable to it is true and correct both before and after giving effect to this Joinder, except to the extent that any such representation and warranty relates solely to any earlier date, in which case such representation and warranty is true and
correct as of such earlier date. 
 3. ROC represents and warrants that no event has occurred or is continuing as of the date
hereof, or will result from the transactions contemplated hereby on the date hereof, that would constitute a Default or an Event of Default. 
  

 1 

 4. ROC agrees from time to time, upon request of the Administrative Agent, to take such
additional actions and to execute and deliver such additional documents and instruments as the Administrative Agent may request to effect the transactions contemplated by, and to carry out the intent of, this Joinder. Neither this Joinder nor any
term hereof may be changed, waived, discharged or terminated, except by an instrument in writing signed by the party (including, if applicable, any party required to evidence its consent to or acceptance of this Joinder) against whom enforcement of
such change, waiver, discharge or termination is sought. Any notice or other communication herein required or permitted to be given shall be given in pursuant to Section 8.02 of the Credit Agreement, and all for purposes thereof, the notice
address of ROC shall be the address as set forth on the signature page hereof. In case any provision in or obligation under this Joinder shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the
remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

5. This Joinder may be executed in counterparts, each of which shall constitute an original, but all of which when taken together shall
constitute a single contract. Delivery of an executed signature page to this Joinder by facsimile transmission shall be as effective as delivery of a manually executed counterpart of this Joinder. 

6. THIS JOINDER 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). 

[Rest of this page intentionally left blank.] 

 

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

			
	 RAYONIER OPERATING COMPANY LLC

		
	 By:
	 	 /s/ Hans E. Vanden Noort

	 Name:
	 	 Hans E. Vanden Noort

	 Title:
	 	 Senior Vice President and Chief

		 	 Financial Officer

Address for Notices: 

[Signature Page to Joinder to Guarantee Agreement] 

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

		
	 By:
	 	 /s/ Judith E. Smith

	 Name:
	 	 Judith E. Smith

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/ Christopher Reo Day

	 Name:
	 	 Christopher Reo Day

	 Title:
	 	 Associate

[Signature Page to Joinder to Guarantee Agreement] 

 Each of the undersigned (i) consents and agrees to this Joinder, and
(ii) agrees that the Loan Documents to which it is a party (including, without limitation, the Guarantee) shall remain in full force and effect and shall continue to be the legal, valid and binding obligation of the undersigned, enforceable
against it in accordance with their respective terms, and agrees that the Guarantee shall guarantee the Obligations including without limitation the obligations of ROC now or hereafter owing under the Credit Agreement and the other Loan Documents.

  

			
	CONSENTED, ACKNOWLEDGED AND AGREED:
	
	RAYONIER INC.
		
	By:	 	 /s/ Hans E. Vanden Noort

	Name:	 	Hans E. Vanden Noort
	Title:	 	Senior Vice President and Chief Financial Officer
	
	RAYONIER TRS HOLDINGS INC.
		
	By:	 	 /s/ Hans E. Vanden Noort

	Name:	 	Hans E. Vanden Noort
	Title:	 	Senior Vice President and Controller

[Acknowledgment Page to Joinder to Guarantee Agreement]First Supplemental Indenture

 Exhibit 10.10 

EXECUTION COPY 
  

	
	  

FIRST SUPPLEMENTAL INDENTURE
  

DATED AS OF JULY 29, 2010
  

TO INDENTURE
  

DATED AS OF OCTOBER 16, 2007
  

AMONG
  

RAYONIER TRS HOLDINGS INC.,
  

as ISSUER,
  

RAYONIER INC.,
  

as GUARANTOR,
  

and
  

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A,

 
 as TRUSTEE

 
 3.75% SENIOR EXCHANGEABLE NOTES DUE 2012

 
  
  

 FIRST SUPPLEMENTAL INDENTURE 

This FIRST SUPPLEMENTAL INDENTURE, dated as of July 29, 2010 (this “Supplemental Indenture”), is
among RAYONIER TRS HOLDINGS INC., a Delaware corporation (the “Company”), RAYONIER INC., a North Carolina corporation (the “Guarantor” or “Rayonier”), RAYONIER OPERATING COMPANY, LLC, a Delaware
limited liability company (“ROC”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (in such capacity and not in its individual capacity, the “Trustee”). Unless otherwise
indicated, defined terms used herein are used as defined in the below-referenced Indenture. 
 WHEREAS, the
Company, the Guarantor and the Trustee have heretofore executed and delivered that certain Indenture, dated as of October 16, 2007 (the “Indenture”) relating to the Company’s 3.75% Senior Exchangeable Notes due 2012; 

WHEREAS, the board of directors of the Guarantor has authorized the Guarantor to reorganize its structure (the
“Restructuring”); 
 WHEREAS, in connection with and as a part of the Restructuring, the Guarantor has
formed ROC as a wholly owned subsidiary of the Guarantor; 
 WHEREAS, in connection with and as part of the
Restructuring, the Guarantor desires to transfer and contribute to ROC substantially all of its interest in the partnerships, corporations, limited liability companies, properties or assets, tangible and intangible, held by the Guarantor pursuant to
a Contribution, Conveyance and Assumption Agreement dated as of July 29, 2010; 
 WHEREAS, the covenant
contained in Section 7.1 of the Indenture provides that such covenant does not apply to any transfer of assets between the Guarantor and the Guarantor’s Subsidiaries; 

WHEREAS, Section 4.1 of the Indenture provides that upon an exchange of the Securities, the Securityholder may, at
the option of the Company, receive shares of common stock of the Guarantor, and the section entitled “Description of Notes” in the Offering Circular provides that holders of the notes may, at the option of the Company, receive shares of
common stock of Rayonier; 
 WHEREAS, in connection with and as part of the Restructuring, ROC desires to become
a guarantor of the Securities, and the board of directors of ROC has authorized ROC to become a guarantor of the Securities; 

WHEREAS, Section 10.1(a) of the Indenture permits the Company, the Guarantor and the Trustee to amend or supplement
the Indenture without notice to, or consent of, any Securityholder to cure any ambiguity, defect or inconsistency, to correct or supplement any provision therein which may be inconsistent with any other provision therein or to make any other
provisions with respect to matters or questions arising under the Indenture which shall not be inconsistent with the provisions of the Indenture; provided that such action shall not adversely affect the interests of the Securityholders in any
material respect; 

 WHEREAS, Section 10.1(d) of the Indenture permits the Company, the
Guarantor and the Trustee to amend or supplement the Indenture without notice to, or consent of, any Securityholder to make any change that does not adversely affect in any material respect the legal rights under the Indenture of any Securityholder;

 WHEREAS, Section 10.1(e) of the Indenture permits the Company, the Guarantor and the Trustee to amend or
supplement the Indenture without notice to, or consent of, any Securityholder to add a guarantor; 
 WHEREAS,
the Company and the Guarantor desire to (i) cure an ambiguity in the Indenture to clarify that the Securities are exchangeable for Common Stock of Rayonier and not ROC, (ii) make a change that does not adversely affect in any material
respect the legal rights under the Indenture of any Securityholder and (iii) add a guarantor; and 

WHEREAS, the board of directors of the Company, the board of directors of the Guarantor and the board of directors of ROC
have approved this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the mutual undertakings,
promises and agreements herein contained and other good and valuable consideration, the sufficiency of which are acknowledged hereby, the Company, the Guarantor, ROC and the Trustee do covenant and agree as follows: 

ARTICLE I 

DEFINITIONS AND AUTHORITY 

Section 1.1 Definitions. All capitalized terms used in this Supplemental Indenture shall have the respective
meanings set forth in the preamble hereof or, if not defined in the preamble hereof, shall have the respective meanings set forth in the Indenture. 

Section 1.2 Authority for Supplement. This Supplemental Indenture is adopted pursuant to and in accordance with
the provisions of Section 10.1 of the Indenture. 
 ARTICLE II 

AMENDMENTS TO INDENTURE 

Section 2.1 Amendments to Section 1.1 of the Indenture. The definition of “Common Stock” shall be
amended by inserting the following words after the word “Guarantor” that appears in the first line of such definition: 

“(which, as of the date hereof, for purposes of this Indenture and the avoidance of doubt, is Rayonier Inc., a North
Carolina corporation)”. 
  

 -2- 

 Section 2.2 Guarantee of ROC. ROC hereby agrees and consents to its
addition as a guarantor of the Guaranteed Obligations as permitted by Section 10.1(e), and agrees to undertake the obligations under the Guarantee as set forth in Article V of this Indenture. 

ARTICLE III 

MISCELLANEOUS 

Section 3.1 Ratification and Reaffirmation. The Company, the Guarantor, ROC and the Trustee hereby ratify and
reaffirm all the terms and conditions of the Indenture, as specifically amended and supplemented by this Supplemental Indenture, and each hereby acknowledges that the Indenture remains in full force and effect, as so amended and supplemented.

 Section 3.2 Effective Date. This Supplemental Indenture shall be effective from and after the date
hereof. 
 Section 3.3 Execution in Counterparts. The parties may sign multiple counterparts of this
Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them together shall represent the same agreement 

Section 3.4 GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK. 
 Section 3.5 Effect of Headings. The headings of the Articles and
Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 3.6 Separability Clause. In case any provisions in this Supplemental Indenture shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

(SIGNATURE PAGE FOLLOWS) 
  

 -3- 

 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as of
the date and year first above written. 
  

			
	RAYONIER TRS HOLDINGS INC.
		
	By:	 	 /s/ Hans E. Vanden Noort

	Name:	 	Hans E. Vanden Noort
	Title:	 	Senior Vice President and Controller
	
	 RAYONIER INC.

		
	By:	 	 /s/ Hans E. Vanden Noort

	Name:	 	Hans E. Vanden Noort
	Title:	 	Senior Vice President and Chief Financial Officer
	
	RAYONIER OPERATING COMPANY LLC
		
	By:	 	Rayonier Inc., its sole member
		
	By:	 	 /s/ Hans E. Vanden Noort

	Name:	 	Hans E. Vanden Noort
	Title:	 	Senior Vice President and Chief Financial Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., not in its individual capacity, but solely as Trustee,
		
	By:	 	 /s/ Christie Leppert

	Name:	 	Christie Leppert
	Title:	 	Vice President

  

 SIGNATURE PAGE TO 

3.75% SENIOR EXCHANGEABLE NOTES FIRST SUPPLEMENTAL
INDENTURE

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