Document:

Second Amended and Restated Credit Agreement dated October 14, 2008

 Exhibit 10.1 
 SECOND AMENDMENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 This SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (“Amendment”) is entered into as of October 14, 2008, among
NORTHWEST PIPE COMPANY, an Oregon corporation (the “Borrower”), and BANK OF AMERICA, N.A., as Administrative Agent. 
 RECITALS 
 Borrower, Administrative Agent and certain lenders party thereto from time to time are parties to that certain
Amended and Restated Credit Agreement entered into as of May 31, 2007 (as amended, modified or supplemented from time to time, the “Credit Agreement”). Borrower and Administrative Agent desire to amend the Credit Agreement as
set forth herein. The Required Lenders (as that term is defined in the Credit Agreement), and Bank of America, N.A., as Swing Line Lender and L/C Issuer, have consented to the amendments to the Credit Agreement set forth herein as indicated by their
signatures below. 
 NOW THEREFORE, the parties agree as follows: 
 AGREEMENT 
 1. Recitals. The Recitals are true. 
 2. Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings given in the Credit Agreement. 
 3. Amendments to Definitions. 
 (a) The table contained in the definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is amended in its entirety to read as follows: 
 Applicable Rate 
  

																		
	Pricing
Level	  	Consolidated Total
Leverage Ratio	  	Eurocurrency
Rate +	 	 	Standby
Letters of
Credit	 	 	Commercial
Letters of
Credit	 	 	Commitment Fee	 	 	Base Rate
+ or -	 
	1	  	33.50:1	  	2.25	%	 	2.25	%	 	1.125	%	 	0.40	%	 	0.75	%
	2	  	33.00:1 but <3.50:1	  	2.00	%	 	2.00	%	 	1.00	%	 	0.35	%	 	0.50	%
	3	  	32.50: but <3.00:1	  	1.75	%	 	1.75	%	 	0.875	%	 	0.30	%	 	0.25	%
	4	  	32.00 but <2.50:1	  	1.50	%	 	1.50	%	 	0.75	%	 	0.25	%	 	0.00	%
	5	  	<2.00:1	  	1.25	%	 	1.25	%	 	0.625	%	 	0.20	%	 	0.00	%

 (b) The definition of “Asset Coverage Ratio” in Section 1.01 of the
Credit Agreement is amended by deleting the last sentence therefrom. 
  

 Page 1 – SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 (c) The definition of “Consolidated EBITDAR” in Section 1.01 of the Credit
Agreement is amended in its entirety to read as follows: 
 “’Consolidated EBITDAR’ means, for any period, Consolidated
EBITDA plus lease and rent expense for such period.” 
 (d) The definition of “Consolidated Fixed Charge
Coverage Ratio” in Section 1.01 of the Credit Agreement is amended in its entirety to read as follows: 
 “’Consolidated Fixed Charge Coverage Ratio’ means, on any date of determination, the ratio of Consolidated EBITDAR for the period of four consecutive fiscal quarters of the Borrower and its Subsidiaries then most
recently ended to the sum of (i) Consolidated Interest Charges for such period, (ii) consolidated current maturities of long-term debt plus consolidated current maturities of capital leases as shown on the Borrower’s
consolidated balance sheet for such date of determination and (iii) consolidated operating lease and other rent payments for the period of four consecutive fiscal quarters of the Borrower and its Subsidiaries then most recently ended.”

 (e) The definition of “Consolidated Senior Leverage Ratio” in Section 1.01 of the Credit Agreement is
amended in its entirety to read as follows: 
 “’Consolidated Senior Leverage Ratio’ means, on any date of
determination, the ratio of Consolidated Senior Funded Debt on such date to Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower and its Subsidiaries then most recently ended.” 
 (f) The definition of “Consolidated Total Leverage Ratio” in Section 1.01 of the Credit Agreement is amended in its
entirety to read as follows: 
 “’Consolidated Total Leverage Ratio’ means, on any date of determination, the ratio of
Consolidated Total Debt on such date to Consolidated EBITDA for the period of four consecutive fiscal quarters of the Borrower and its Subsidiaries then most recently ended.” 
 (g) The first paragraph of the definition of “Interest Period” in Section 1.01 of the Credit Agreement is amended in its
entirety to read as follows: 
 “’Interest Period’ means, as to each Eurocurrency Rate Loan, the period commencing on
the date such Eurocurrency Rate Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three, six or nine months thereafter, as selected by the Borrower in its Committed Loan Notice;
provided that:” 
 (h) The definition of “Letter of Credit Sublimit” in Section 1.01 of the Credit
Agreement is amended in its entirety to read as follows: 
 “’Letter of Credit Sublimit’ means an amount equal to
$50,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.” 
  

 Page 2 – SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 (i) The definition of “Swing Line Sublimit” in Section 1.01 of the Credit
Agreement is amended in its entirety to read as follows: 
 “’Swing Line Sublimit’ means an amount equal to the lesser
of (a) $15,000,000 and (b) the Aggregate Commitments. The Swing Line Sublimit is part of, and not in addition to, the Aggregate Commitments.” 
 4. Amendment to Section 2.02(a) of the Credit Agreement. The second sentence of Section 2.02(a) of the Credit Agreement is amended in its entirety to read as follows: 
 “Each such notice must be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days prior to the requested date of
any Borrowing of, conversion to or continuation of Eurocurrency Rate Loans denominated in Dollars or of any conversion of Eurocurrency Rate Loans denominated in Dollars to Base Rate Committed Loans, (ii) four Business Days (or five Business
Days in the case of a Special Notice Currency) prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Loans denominated in Alternative Currencies, and (iii) on the requested date of any Borrowing of Base Rate
Committed Loans; provided, however, that if the Borrower wishes to request Eurocurrency Rate Loans having an Interest Period other than one, two, three or six months in duration as provided in the definition of “Interest
Period,” the applicable notice must be received by the Administrative Agent not later than 11:00 a.m. (x) four Business Days prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated
in Dollars, or (y) five Business Days (or six Business days in the case of a Special Notice Currency) prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Alternative Currencies,
whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested Interest Period is acceptable to all of them; and not later than 11:00 a.m., (A) three Business Days before the
requested date of such 

  

 Page 3 – SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 
Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Dollars, or (B) four Business Days (or five Business days in the case of
a Special Notice Currency) prior to the requested date of such Borrowing, conversion or continuation of Eurocurrency Rate Loans denominated in Alternative Currencies, the Administrative Agent shall notify the Borrower (which notice may be by
telephone) whether or not the requested Interest Period has been consented to by all the Lenders.” 
 5. Amendment to
Section 2.08 of the Credit Agreement. A new subparagraph (d) is added to Section 2.08 of the Credit Agreement, to read in its entirety as follows: 
 “(d) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the
basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or
fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and
(iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields.” 
 6.
Amendment to Section 2.16(a) of the Credit Agreement. The first sentence of Section 2.16(a) of the Credit Agreement is amended in its entirety to read as follows: 
 “Provided there exists no Default, upon notice to the Administrative Agent (which shall promptly notify the Lenders), the Borrower may from time to
time request an increase in the Aggregate Commitments by an amount (for all such requests) not exceeding $50,000,000; provided that (i) any such request for an increase shall be in a minimum amount of $5,000,000, and (ii) the Borrower may
make a maximum of three such requests.” 
 7. Amendment to Section 6.17 of the Credit Agreement. Section 6.17 of the
Credit Agreement is amended in its entirety to read as follows: 
 “Section 6.17. Financial Covenants.

 “(a) Consolidated Fixed Charge Coverage Ratio. The Borrower shall maintain a Consolidated Fixed Charge
Coverage Ratio of not less than 1.35:1.00. This ratio shall be measured at the end of each fiscal quarter. 
  

 Page 4 – SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 “(b) Consolidated Senior Leverage Ratio. The Borrower shall maintain at all
times a Consolidated Senior Leverage Ratio of not greater than 3.50:1.00. 
 “(c) Consolidated Total Leverage
Ratio. The Borrower shall maintain at all times a Consolidated Total Leverage Ratio of not greater than 4.00:1.00. 
 “(d) Consolidated Tangible Net Worth. The Borrower shall maintain at all times a Consolidated Tangible Net Worth of not less than the sum of (i) $200,178,000, (ii) 50% of the Consolidated Net Income (but only if it is
a positive number) for each fiscal quarter of the Borrower ended after June 30, 2008, and (iii) 100% of the net proceeds from any offering of the equity securities of the Borrower consummated after June 30, 2008. 
 “(e) Asset Coverage Ratio. The Borrower shall maintain at all times an Asset Coverage Ratio of not less than 1.00:1.00. If the
Borrower is out of compliance with this covenant, the Borrower may cure the resulting Default by paying Committed Loans within two (2) Business Days of learning of such non-compliance in an amount sufficient to bring itself into compliance with
this covenant. Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with such additional amounts required pursuant to Section 3.05. Each such prepayment shall be applied to the
Committed Loans of Lenders in accordance with their Applicable Percentages.” 
 8. Amendment to Section 7.01(j) of the Credit
Agreement. Section 7.01(j) of the Credit Agreement is amended in its entirety to read as follows: 
 “Liens securing
Indebtedness permitted under Section 7.03(f) or Section 7.03(h), including any renewals or extensions or refinancings thereof; and” 
 9. Amendment to Section 7.03(b) of the Credit Agreement. The first clause (immediately preceding the proviso) in Section 7.03(b) of the Credit Agreement is amended in its entirety to read as follows:

 “Indebtedness outstanding on October 14, 2008, and listed on Schedule 7.03 and any refinancings, refundings, renewals or
extensions thereof;” 
  

 Page 5 – SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 10. Amendment to Section 7.03(e) of the Credit Agreement. Section 7.03(e) of the Credit
Agreement is amended in its entirety to read as follows: 
 “(e) Indebtedness in respect of capital leases and purchase
money obligations for fixed or capital assets within the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such Indebtedness incurred during the Availability Period shall not
exceed $15,000,000 in any one fiscal year, or $35,000,000 during the Availability Period;” 
 11. Amendment to Section 7.03(f)
of the Credit Agreement. Section 7.03(f) of the Credit Agreement is amended in its entirety to read as follows: 
 “(f) up to $35,000,000 of Indebtedness incurred after October 14, 2008, and during the Availability Period pursuant to the ‘Prudential Note Agreement’ and evidenced by the ‘Prudential Shelf Notes’ as those
terms are defined in the Intercreditor Agreement;” 
 12. Amendment to Section 7.03(g) of the Credit Agreement.
Section 7.03(g) of the Credit Agreement is amended in its entirety to read as follows: 
 “(g) other unsecured
Indebtedness incurred during the Availability Period not exceeding $150,000,000 in principal amount in the aggregate, provided, however, that any such unsecured Indebtedness in excess of $25,000,000 shall be subordinated to the Lenders pursuant to a
subordination agreement in form and substance satisfactory to Administrative Agent; and” 
 13. Amendment to Section 7.03 of the
Credit Agreement. A new subparagraph (h) is added to Section 7.03 of the Credit Agreement, to read in its entirety as follows: 
 “(h) other Indebtedness that is not included in any of the preceding paragraphs of this Section 7.03 incurred during the Availability Period not exceeding $10,000,000 in principal amount in the
aggregate.” 
 14. Amendment to Schedule 2.01 to the Credit Agreement. Schedule 2.01 to the Credit Agreement is amended in its
entirety by substituting Exhibit A attached hereto for Schedule 2.01 attached to the Credit Agreement. 
 15. Amendment to Schedules 7.01
and 7.03 to the Credit Agreement. Schedules 7.01 and 7.03 to the Credit Agreement are amended in their entirety by substituting Exhibits B-1 and B-2 attached hereto for Schedules 7.01 and 7.03, respectively, attached to the Credit Agreement.

  

 Page 6 – SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 16. Amendment to Schedule 10.02 to the Credit Agreement. Schedule 10.02 to the Credit Agreement is
amended in its entirety by substituting Exhibit C attached hereto for Schedule 10.02 attached to the Credit Agreement. 
 17. Amendment to
Exhibit D to the Credit Agreement. The form of Compliance Certificate attached to the Credit Agreement as Exhibit D is amended in its entirety by substituting Exhibit D attached hereto for Exhibit D to the Credit Agreement. 
 18. Effective Date of Increase and Amendments. The increase in Aggregate Commitments and amendments provided for herein shall be effective upon
the date specified by the Administrative Agent (the “Increase Effective Date”) following satisfaction of the following conditions precedent to such increase: 
 (a) Delivery to the Administrative Agent of a certificate of Borrower dated as of the Increase Effective Date (in sufficient copies for
each Lender) signed by a Responsible Officer of Borrower (i) certifying a copy of the resolutions of the Board of Directors of the Borrower approving this Amendment and the transactions contemplated hereby, and (ii) certifying that, before
and after giving effect to the increase in the Aggregate Commitments contemplated hereby, (A) the representations and warranties contained in Article V and the other Loan Documents are true and correct on and as of the Increase Effective
Date, except (x) that the representations and warranties contained in Article V and the other Loan Documents that are qualified by reference to schedules shall be deemed to refer to such schedules as amended or supplemented by any information
contained in any notice delivered by Borrower to Administrative Agent prior to the Increase Effective Date pursuant to Section 6.03; (y) to the extent that such representations and warranties specifically refer to an earlier date,
in which case they are true and correct as of such earlier date; and (z) that the representations and warranties contained in subsection (a) of Section 5.05 shall be deemed to refer to the most recent statements furnished
pursuant to clauses (a) and (b), respectively, of Section 6.01, and (B) no Default exists. 
 (b)
Delivery of an opinion of Ater Wynne LLP, counsel to the Loan Parties, addressed to the Administrative Agent and each Lender, as to the matters set forth in Exhibit E. 
 (c) Execution and delivery by U.S. Bank National Association of a Joinder in the form attached hereto as Exhibit F and a Joinder to the
Intercreditor Agreement in the form prescribed by the Intercreditor Agreement. 
  

 Page 7 – SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 (d) Delivery of an Amended and Restated Committed Loan Note for each Lender reflecting
the Commitment of such Lender. 
 (e) Execution and delivery by the Majority Prudential Noteholders (as that term is defined
in the Intercreditor Agreement) of a consent in form and substance satisfactory to Administrative Agent. 
 (f) Delivery to
the Administrative Agent of the upfront fees provided for below. 
 19. Upfront Fees. Upon the Increase Effective Date, Borrower shall
pay to Administrative Agent such upfront fees as shall have been separately agreed upon in writing between the Borrower and the Administrative Agent, in the amounts so specified. 
 20. Release. Borrower hereby releases Administrative Agent, Lenders and their officers, agents, successors and assigns from all claims of every
nature known or unknown arising out of or related to the Loans which exist, or but for the passage of time, could be asserted, on the date Borrower signs this Amendment. 
 21. No Further Amendment, Expenses. Except as expressly modified by this Amendment, the Credit Agreement and the other Loan Documents shall remain unmodified in full force and effect and the parties hereby
ratify their respective obligations thereunder. Without limiting the foregoing, Borrower expressly reaffirms and ratifies its obligation to pay or reimburse Administrative Agent and Lenders on request for all reasonable expenses, including legal
fees actually incurred by Administrative Agent and Lenders in connection with the preparation of this Amendment, any other amendment documents and the closing of the transaction contemplated hereby and thereby. 
 22. Miscellaneous. 
 (a) 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, it being understood that the Administrative Agent may rely on a facsimile counterpart signature page hereof for purpose of determining whether a party hereto has executed a counterpart hereof.

 (b) 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. 
 (c)
Certain Agreements Not Enforceable. UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY THE LENDERS 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. 
 [Signatures
follow on the next page.] 
  

 Page 8 – SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

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

  

									
	BORROWER:	 		 	NORTHWEST PIPE COMPANY
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 
			
	ADMINISTRATIVE AGENT:	 		 	BANK OF AMERICA, N.A., as Administrative Agent
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 
			
	CONSENTED TO BY THE REQUIRED LENDERS:	 		 	UNION BANK OF CALIFORNIA, N.A.
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 
			
		 		 	BANK OF AMERICA, N.A.
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 

  

 Page 9 – SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

									
	CONSENTED TO BY SWING LINE LENDER AND L/C ISSUER	 		 	BANK OF AMERICA, N.A., as Swing Line Lender and L/C Issuer
				
		 		 	By:	 	 
				
		 		 	Name:	 	 
				
		 		 	Title:	 	 

  

 Page 10 – SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENTFirst Amendment and Limited Waiver

 Exhibit 10.2 
 Prudential Investment Management, Inc. (“PIM”) 
 The Prudential Insurance Company of America
(“Prudential”) 
 Prudential Retirement Insurance and Annuity Company (“PRIAC”) 
 Each Prudential Affiliate under the Note Agreement referred to below 
 c/o Prudential Capital Group 
 Four Embarcadero Center, Suite 2700 
 San Francisco, California 94111 
 October 14, 2008 
 NORTHWEST PIPE COMPANY 
 5721 SE Columbia Way, Suite 200 
 Vancouver, Washington 98661 
  

	 	Re:	First Amendment and Limited Waiver to Amended and Restated Note Purchase and Private Shelf Agreement dated as of May 31, 2007 

 Ladies and Gentlemen: 
 Reference is made to the Amended and
Restated Note Purchase and Private Shelf Agreement, dated as of May 31, 2007 (as amended, restated, supplemented or otherwise modified from time to time, the “Note Agreement”), by and between Northwest Pipe Company, an Oregon
corporation (the “Company”), on the one hand, and PIM, Prudential, PRIAC and each Prudential Affiliate (as therein defined) that becomes bound by certain provisions thereof (together with PIM, Prudential and PRIAC and their
respective successors and Transferees, collectively, the “Purchasers”), on the other hand. Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Note Agreement (after giving effect to any
amendments of such terms in this letter agreement). 
 1. Certain Defaults. Pursuant to the request of the Company and the provisions
of paragraph 11C of the Note Agreement, and subject to the terms and conditions of this letter agreement, the Purchasers hereby waive the Company’s breach of paragraph 5K of the Note Agreement caused by the Company failure to timely deliver a
Most Favored Lender Notice to the holders of Notes relating to the modification of the Company’s tangible net worth covenant under the Bank Credit Agreement, effected by the first amendment thereto dated as of June 27, 2008. 
 2. Amendments. Pursuant to the request of the Company and the provisions of paragraph 11C of the Note Agreement, and subject to the terms and
conditions of this letter agreement, the Purchasers hereby agree with the Company that the Note Agreement shall be amended as follows: 
  

	 	(a)	Paragraph 6A(1) is hereby amended and restated in its entirety as follow: 

 6A(1). Consolidated Total Debt to EBITDA Ratio. 
 The Company will not, at any time, permit the ratio of (i) Consolidated Total Debt at such time to (ii) Consolidated EBITDA for the period of four consecutive fiscal quarters of the Company then most
recently ended, to be greater than 4.00:1.00. 

 Northwest Pipe Company 
 October 14, 2008 
 Page 2 
  

	 	(b)	Paragraph 6A(2) is hereby amended and restated in its entirety as follow: 

 6A(2). Consolidated Tangible Net Worth. 
 The Company will not, at any time, permit Consolidated Tangible Net Worth to be less than the sum of (i) $200,178,000, plus (ii) 50% of the consolidated net income of the Company and its Subsidiaries
(but only if a positive number) for each fiscal quarter of the Company ended after June 30, 2008 through and including the most recently ended fiscal quarter of the Company at such time, plus (iii) 100% of the net proceeds from any
Equity Offering of the Company consummated after June 30, 2008. 
  

	 	(c)	Paragraph 6A(4) is hereby amended and restated in its entirety as follow: 

 6A(4). Consolidated Senior Funded Debt to EBITDA Ratio. 
 The Company will not, at any time, permit the ratio of (i) Consolidated Senior Funded Debt at such time to (ii) Consolidated EBITDA for the
period of four consecutive fiscal quarters of the Company then most recently ended, to be greater than 3.50:1.00. 
  

	 	(d)	Clause (i) of paragraph 6D is hereby amended and restated in its entirety as follows: 

 (i) Debt in existence on October 14, 2008 and disclosed on Schedule 6D hereto; 
  

	 	(e)	Schedule 6D of the Note Agreement is hereby amended and restated in its entirety with the attached Schedule 6D hereto. 

  

	 	(f)	Clause (iii) of paragraph 6D is hereby amended and restated in its entirety as follows: 

 (iii) Debt secured by Purchase Money Liens (exclusive of any Debt described in clause (i) of this paragraph 6D); provided that the
aggregate principal amount of such Debt (A) incurred during any year shall not exceed $15,000,000, and (B) shall not exceed $35,000,000 in the aggregate at any time; 
  

	 	(g)	Clause (v) of paragraph 6D is hereby amended and restated in its entirety as follows: 

 (v) Debt incurred under the Bank Credit Agreement and Guarantees of such Debt pursuant to the requirements thereof; provided that
(a) the aggregate commitment amount thereunder and the aggregate principal amount of such Debt shall not, at any time, exceed $200,000,000, and (b) each obligor and lender thereof is party to, and such Debt is subject to, the terms of the
Intercreditor Agreement; 

 Northwest Pipe Company 
 October 14, 2008 
 Page 3 
  

	 	(h)	Clause (vii) of paragraph 6D is hereby amended and restated in its entirety as follows: 

 (vii) Other unsecured Debt not exceeding $150,000,000 in the aggregate; provided that any such unsecured Debt exceeding $25,000,000
shall be subordinated to the holders of Notes pursuant to a subordination agreement in form and substance satisfactory to such holders; 
  

	 	(i)	Clause (vii) of paragraph 6E is hereby amended and restated in its entirety as follows: 

 (vii) Liens in existence on October 14, 2008 and disclosed on Schedule 6E hereto; 
  

	 	(j)	Schedule 6E of the Note Agreement is hereby amended and restated in its entirety with the attached Schedule 6E hereto. 

  

	 	(k)	The defined term “Consolidated EBITDAR” appearing in paragraph 10B is hereby amended and restated in its entirety as follows: 

 “Consolidated EBITDAR” shall mean, (a) Consolidated EBITDA, plus (b) Lease Rentals for the period of
four consecutive fiscal quarters of the Company ended on the date of determination. 
  

	 	(l)	The defined term “Consolidated Fixed Charges” appearing in paragraph 10B is hereby amended and restated in its entirety as follows: 

 “Consolidated Fixed Charges” shall mean in respect of the Company and the Subsidiaries, determined on a consolidated
basis in accordance with GAAP, the sum of (a) consolidated interest expense for the period of four consecutive fiscal quarters ended on the date of determination, plus (b) consolidated current maturities of long-term debt (including
Capitalized Lease Obligations) as set forth on the Company’s balance sheet on the date of determination, plus (c) Lease Rentals for the period of four consecutive fiscal quarters of the Company ended on the date of determination.

  

	 	(m)	Clause (iii) of paragraph 11I of the Note Agreement is hereby amended and restated in its entirety as follows: 

 (iii) if to the Company, addressed to it at 5721 SE Columbia Way, Suite 200, Vancouver, Washington 98661, Fax No. 360-397-6257, Attention: Chief
Financial Officer, with a copy to Greg Struxness, Esq., Ater Wynne LLP, 222 S.W. Columbia, Suite 1800, Portland, Oregon 97201, Fax No. 503-226-0079. 
 3. Limitation of Modifications. Each of the amendments, limited waivers and/or other modifications set forth in this letter agreement shall be limited precisely as written and shall not be deemed to be
(a) an amendment, consent or waiver of any other terms or conditions of the Note Agreement or any other document related to the Note Agreement or (b) a consent to any future amendment, consent or waiver. Except as expressly set forth in
this letter, the Note Agreement and the documents related to the Note Agreement shall continue in full force and effect. 

 Northwest Pipe Company 
 October 14, 2008 
 Page 4 
 4.
Representations and Warranties. The Company hereby represents and warrants as follows (both before and after giving effect to the effectiveness of this letter agreement): (a) no Event of Default has occurred and is continuing (or would
result from the transactions contemplated by this letter agreement); (b) the Company’s execution, delivery and performance of the Note Agreement, as modified by this letter agreement, have been duly authorized by all necessary corporate
and other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person (including any governmental authority) in order to be effective and enforceable; (c) the Note Agreement, as
modified by this letter agreement, constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms except as the enforceability thereof may be limited by bankruptcy, insolvency or
other similar laws of general application relating to or affecting the enforcement of creditors’ rights or by general principles of equity; and (d) each of the representations and warranties set forth in paragraph 8 of the Note Agreement
is true, correct and complete as of the date hereof (except to the extent such representations and warranties expressly relate to another date, in which case such representations and warranties are true, correct and complete as of such other date).

 5. Conditions to Effectiveness. This letter agreement shall become effective on the date on which: (a) the Purchasers shall
have received a fully executed and delivered counterpart of this letter agreement executed by the Company; (b) the Purchasers shall have received a fully executed and delivered copy of each of (i) the second amendment to Bank Credit
Agreement, (ii) the joinder agreement by U.S. Bank National Association to the Bank Credit Agreement, (iii) the first amendment to Intercreditor Agreement, and (iv) the joinder agreement by U.S. Bank National Association to the
Intercreditor Agreement, with each of the foregoing in form and substance satisfactory to the Purchasers, and each of the conditions precedent in such amendments shall have been previously or concurrently satisfied; (c) the Collateral Agent
shall have filed UCC amendment statements reflecting the Company’s change of address for each UCC financing statements filed against the Company in favor of the Collateral Agent; (d) the Company shall have paid to, or as directed by, PIM
in immediately available funds an amendment fee equal to 0.10% of the principal amount outstanding on the Notes; and (e) the Company shall have paid Bingham McCutchen LLP in immediately available funds its accrued and unpaid legal fees and
expenses. 
 6. Counterparts. This document may be executed in multiple counterparts, which together shall constitute a single
document. 
 7. Governing Law. This letter agreement shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the internal laws of the State of New York, excluding choice-of-law principles of the law of such state that would require the application of the laws of a jurisdiction other than such state. 
 [Remainder of the page intentionally left blank.] 

 If you are in agreement with the foregoing, please sign the enclosed counterpart of this letter in the
space indicated below and return it to the Purchasers at the above address whereupon, subject to the conditions expressed herein, it shall become a binding agreement between the Company, on the one hand, and the Purchasers, on the other hand.

  

			
	Sincerely,
	
	PURCHASERS
	
	PRUDENTIAL INVESTMENT MANAGEMENT, INC.
		
	By:	 	 
	Title:	 	Vice President
	
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 
	Title:	 	Vice President
	
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY
		
	By:	 	PRUDENTIAL INVESTMENT MANAGEMENT, INC., AS INVESTMENT MANAGER
		
	By:	 	 
	Title:	 	Vice President

 Accepted and agreed to as of the date first appearing above: 
  

			
	 NORTHWEST PIPE COMPANY,
 an Oregon
corporation

		
	By:	 	 
	Name:	 	Brian W. Dunham
	Title:	 	President and Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]