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EXHIBIT 10.23  

  SIXTH AMENDMENT TO LOAN AGREEMENT         

    This amendment to Loan Agreement ("Amendment") is made as of August 31, 2000 by and among the following parties: 

    Bank
of America, N.A., formerly known as Bank of America National Trust and Savings Association ("Bank of America" and a "Lender") 

    U.S.
Bank National Association ("U.S. Bank" and a "Lender") 

    Bank
of America, N.A., formerly known as Bank of America National Trust and Savings Association, in its capacity as Agent ("Agent") 

    Each
of the several financial institutions which subsequently becomes party to the Loan Agreement pursuant to Section 11.7 (each individually a "Lender") 

    Northwest
Pipe Company, an Oregon corporation ("Borrower") 

  R E C I T A L S         

    A.  The
Borrower, the Lenders and the Agent are parties to that certain Amended and Restated Loan Agreement dated as of June 30, 1998, as amended as of
December 23, 1998, June 16, 1999, November 30, 1999, December 30, 1999 and May 11, 2000, and as the same may be further amended, modified or extended from time to
time (the "Loan Agreement") and the related Loan Documents described therein. 

    B.  The
parties desire to amend the Loan Agreement as set forth below: 

    NOW,
THEREFORE, the parties agree as follows: 

  A G R E E M E N T         

    1.  Definitions.  Capitalized terms used herein and not otherwise defined shall have the meaning given in
the Loan Agreement. 

    2.  Amendment to Section 1.1.  Section 1.1 of the Loan Agreement is amended by revising the
definition of "Temporary Supplemental Revolving Loan Commitment" as follows: 

"Temporary
Supplemental Revolving Loan Commitment" means Ten Million Dollars ($10,000,000.00) until September 30, 2000, after which there shall be no Temporary Supplemental Revolving Loan
Commitment. 

    Amendment
to Section 1.1. Section 1.1 of the Loan Agreement is amended by revising the following definition of "Temporary Supplemental Revolving Loan Maturity Date" as
follows: 

"Temporary
Supplemental Revolving Loan Maturity Date" means September 30, 2000. 

    3.  Amendment to Section 12.1.  Section 12.1 of the Loan Agreement is amended by changing
the ending date of the period during which each lender agrees to make Temporary Supplemental Revolving Loans to September 30, 2000. 

    4.  No Further Amendment.  Except as expressly modified by this Amendment, the Loan Agreement and the
other Loan Documents shall remain unmodified and in full force and effect and the parties hereby ratify their respective obligations thereunder. Without limiting the foregoing, the Borrower expressly
reaffirms and ratifies its obligation to pay or reimburse the Agent and the Lender on request for all reasonable expenses, including legal fees, actually incurred by the Agent or such Lender in
connection with the preparation of this Amendment, any other amendment documents, and the closing of the transactions contemplated hereby and thereby. 

    5.  Miscellaneous.  

    (a) Entire
Agreement.  This Amendment comprises the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior
oral or written agreements, representations or commitments. 

    (b) Counterparts.  This
Amendment 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 Amendment. 

    (c) Governing
Law.  This Amendment and the other agreements provided for herein and the rights and obligations of the parties hereto and thereto shall be
construed and interpreted in accordance with the laws of the State of Oregon. 

    (d) Certain
Agreements Not Enforceable.  UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY THE LENDERS AFTER OCTOBER 3, 1989,
CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION, AND BE
SIGNED BY THE LENDERS TO BE ENFORCEABLE. 

2

    EXECUTED
AND DELIVERED by the duly authorized officers of the parties as of the date first above written. 

	BORROWER:	 	NORTHWEST PIPE COMPANY
	 

 	 
 	 

By: BRIAN DUNHAM

Its: PRESIDENT AND CHIEF OPERATING OFFICER
	 	 	Address:	 	200 S.W. Market Street, Suite 1800

Portland OR 97201

Fax No. (503) 240-6615
	 

LENDER:	 
 	 

BANK OF AMERICA, N.A.
	 

 	 
 	 

By: ED KLUSS

Its: VICE PRESIDENT
	 	 	Address:	 	Commercial Banking

121 SW Morrison Street, Suite 1700

Portland OR 97204

Fax No. (503) 275-1391

Attn: Larry C. Ellis
	 

 	 
 	 

U.S. BANK NATIONAL ASSOCIATION
	 

 	 
 	 

By: TIMOTHY G. STEMPEL

Its: SENIOR VICE PRESIDENT
	 	 	Address:	 	Oregon Corporate Banking, T-4

111 SW Fifth Avenue, Suite 400

Portland OR 97208

Fax No. (503) 275-7290

Attn: Stephen Mitchell
	 

AGENT:	 
 	 

BANK OF AMERICA, N.A.
	 

 	 
 	 

By: DORA A. BROWN

Its: VICE PRESIDENT	 
 	 

 
	 	 	Address:	 	Agency Services

701 Fifth Avenue, Floor 16

Seattle WA 98104

Fax No. (206) 358-0971

Attn: Dora A. Brown

3

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SIXTH AMENDMENT TO LOAN AGREEMENT

R E C I T A L S

A G R E E M E N TPrepared by MERRILL CORPORATION www.edgaradvantage.com

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EXHIBIT 10.24  

  SEVENTH AMENDMENT TO LOAN AGREEMENT         

    This amendment to Loan Agreement ("Amendment") is made as of October 5, 2000 by and among the following parties: 

    Bank
of America, N.A., formerly known as Bank of America National Trust and Savings Association ("Bank of America" and a "Lender") 

    U.S.
Bank National Association ("U.S. Bank" and a "Lender") 

    Bank
of America, N.A., formerly known as Bank of America National Trust and Savings Association, in its capacity as Agent ("Agent") 

    Each
of the several financial institutions which subsequently becomes party to the Loan Agreement pursuant to Section 11.7 (each individually a "Lender") 

    Northwest
Pipe Company, an Oregon corporation ("Borrower") 

R E C I T A L S  

    A.  The
Borrower, the Lenders and the Agent are parties to that certain Amended and Restated Loan Agreement dated as of June 30, 1998, as amended as of
December 23, 1998, June 16, 1999, November 30, 1999, December 30, 1999, May 11, 2000 and August 31, 2000, and as the same may be further amended,
modified or extended from time to time (the "Loan Agreement") and the related Loan Documents described therein. 

    B.  The
Temporary Supplemental Revolving Loans which were the subject of the Fifth Amendment to Loan Agreement dated as of May 11, 2000 and the Sixth Amendment
to Loan Agreement dated August 31, 2000, are no longer available to Borrower because the maturity date for such loans is September 30, 2000. Therefore, the Borrower desires the Lenders
to increase the Total Commitment by $10,000,000. 

    NOW,
THEREFORE, the parties agree as follows: 

A G R E E M E N T  

    1.  Definitions.  Capitalized terms used herein and not otherwise defined shall have the meaning given in
the Loan Agreement. 

    2.  Amendment to Section 1.1.  Section 1.1 of the Loan Agreement is amended by revising the
following definition of "Total Commitment" by revising the definition of "Total Commitment" in its entirety to read as follows: 

"Total Commitment" means Sixty-Five Million Dollars ($65,000,000.00)." 

    3.  Amendment to Section 5.13.  Section 5.13 is amended in its entirety to read as follows: 

"Section 5.13 Maximum Funded Debt to EBITDA. Borrower and its Subsidiaries, on a consolidated basis, shall maintain for each period of four
consecutive fiscal quarters a ratio of Funded Debt to EBITDA of no greater than: 

	Period
 
	 	Ratio

	For the four consecutive fiscal quarters ending September 30, 2000	 	3.65:1
	For the four consecutive fiscal quarters ending December 31, 2000	 	3.65:1
	For the four consecutive fiscal quarters ending March 31, 2001	 	3.50:1
	For any four consecutive fiscal quarters ending on or after June 30, 2001	 	3.25:1

For
purposes of calculating this covenant, the EBITDA for the prior fiscal year for the "Acquisitions," as defined in Section 6.6, shall be included in the calculation. The Acquisitions' EBITDA
shall be incorporated on a decreasing pro-rata basis, with 100% of the Acquisitions' EBITDA included in the calculation for the first calendar quarter-end following closing of
the Acquisitions, 75% included in the second quarter-end, 50% included in the third quarter-end, and 25% included in the fourth quarter-end. Beginning with the
fifth quarter following the closing of the Acquisitions, the EBITDA for the Acquisitions' prior fiscal year shall no longer be incorporated in this calculation." 

    4.  Addition of Section 5.15.  The following Section 5.15 is added to the Loan Agreement: 

"Section 5.15 Maximum Funded Debt to Selected Balance Sheet Items. Borrower and its subsidiaries, on a consolidated basis, shall maintain a ratio
of funded debt to selected balance sheet items of no more than 1.00:1. For purposes of calculating this covenant "selected balance sheet items" shall mean the total of the following as shown on
Borrower's most recent 10-Q or 10-K report: 

80%
of trade accounts receivable after deducting the allowance for doubtful accounts. 

50%
of raw materials inventory and finished goods inventory. 

75%
of property, plant and equipment after deducting, in each case, accumulated depreciation. 

This
covenant will be measured upon receipt of the applicable 10-Q or 10-K report for each quarter beginning with the quarter ended September 30, 2000." 

    5.  Amendment of Section 6.2.  Section 6.2 of the Loan Agreement is amended in its entirety
to read as follows: 

"Section 6.2 Liquidation, Merger, Sale of Assets. Borrowers shall not, and shall not permit any Subsidiary to liquidate, dissolve or enter into
any merger, consolidation, partnership or other combination, except that Borrowers may make acquisitions by merger, as provided in Section 6.6 when Northwest Pipe Company is the survivor.
Borrowers shall not sell, lease, or dispose of assets other than in the ordinary course of business, except that Borrowers in any one fiscal year may sell assets not in the ordinary course of business
so long as the total of such sales does not exceed 5% of Tangible Net Worth as of the end of the prior fiscal year". 

    6.  Fees.  Upon execution of this Amendment, Borrower agrees to pay Agent for the benefit of Lenders, a
fee of Thirty Thousand Dollars ($30,000.00) to be divided in proportion to their Revolving Loan Pro Rata shares. 

    7.  No Further Amendment.  Except as expressly modified by this Amendment, the Loan Agreement and the
other Loan Documents shall remain unmodified and in full force and effect and the parties hereby ratify their respective obligations thereunder. Without limiting the foregoing, the Borrower expressly
reaffirms and ratifies its obligation to pay or reimburse the Agent and the Lender on request for all reasonable expenses, including legal fees, actually incurred by the Agent or such Lender in
connection with the preparation of this Amendment, any other amendment documents, and the closing of the transactions contemplated hereby and thereby. 

    8.  Miscellaneous.  

    (a) Entire Agreement.  This Amendment comprises the entire agreement of the parties with respect to the
subject matter hereof and supersedes all prior oral or written agreements, representations or commitments. 

2

    (b) Counterparts.  This Amendment 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 Amendment. 

    (c) Governing Law.  This Amendment and the other agreements provided for herein and the rights and
obligations of the parties hereto and thereto shall be construed and interpreted in accordance with the laws of the State of Oregon. 

    (d) Certain Agreements Not Enforceable.

UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY THE LENDERS AFTER OCTOBER 3, 1989, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL,
FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION, AND BE SIGNED BY THE LENDERS TO BE ENFORCEABLE.

3

    EXECUTED
AND DELIVERED by the duly authorized officers of the parties as of the date first above written. 

	BORROWER:	 	NORTHWEST PIPE COMPANY
	 

 	 
 	 

By: BRIAN DUNHAM

Its: President and Chief Operating Officer
	 	 	Address:	 	200 S.W. Market St., Suite 1800

Portland OR 97201

Fax No. (503) 240-6615
	 

LENDER:	 
 	 

BANK OF AMERICA, N.A.
	 

 	 
 	 

By: ED KLUSS

Its: Vice President
	 	 	Address:	 	Commercial Banking

121 SW Morrison Street,

Suite 1700

Portland OR 97204

Fax No. (503) 275-1391

Attn: Edward R. Kluss
	 

 	 
 	 

U.S. BANK NATIONAL ASSOCIATION
	 

 	 
 	 

By: J. STEPHEN MITCHELL

Its: Vice President
	 	 	Address:	 	Oregon Corporate Banking, T-4

111 SW Fifth Avenue, Suite 400

Portland OR 97208

Fax No. (503) 275-7290

Attn: Stephen Mitchell
	 

AGENT:	 
 	 

BANK OF AMERICA, N.A.
	 

 	 
 	 

By: DORA A. BROWN

Its: Vice President	 
 	 

 
	 	 	Address:	 	Commercial Agency Management

WA1-501-37-20

800 Fifth Avenue, Floor 37

Seattle WA 98104-3185

Fax No. (206) 358-0971

Attn: Dora A. Brown

4

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SEVENTH AMENDMENT TO LOAN AGREEMENT

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