NORTHWEST PIPE CO
EXHIBIT 10.24
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<TYPE>EX-10.24
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<DESCRIPTION>EXHIBIT 10.24
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<P ALIGN="RIGHT"><FONT SIZE=2><B>EXHIBIT 10.24  </B></FONT></P>

<BR>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="kc1158_seventh_amendment_to_loan_agreement"> </A></FONT> <FONT SIZE=2><B>SEVENTH AMENDMENT TO LOAN AGREEMENT         </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;This amendment to Loan Agreement ("Amendment") is made as of October&nbsp;5, 2000 by and among the following parties: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Bank
of America, N.A., formerly known as Bank of America National Trust and Savings Association ("Bank of America" and a "Lender") </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;U.S.
Bank National Association ("U.S. Bank" and a "Lender") </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Bank
of America, N.A., formerly known as Bank of America National Trust and Savings Association, in its capacity as Agent ("Agent") </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Each
of the several financial institutions which subsequently becomes party to the Loan Agreement pursuant to Section&nbsp;11.7 (each individually a "Lender") </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Northwest
Pipe Company, an Oregon corporation ("Borrower") </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>R E C I T A L S  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;The
Borrower, the Lenders and the Agent are parties to that certain Amended and Restated Loan Agreement dated as of June&nbsp;30, 1998, as amended as of
December&nbsp;23, 1998, June&nbsp;16, 1999, November&nbsp;30, 1999, December&nbsp;30, 1999, May&nbsp;11, 2000 and August&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;The
Temporary Supplemental Revolving Loans which were the subject of the Fifth Amendment to Loan Agreement dated as of May&nbsp;11, 2000 and the Sixth Amendment
to Loan Agreement dated August&nbsp;31, 2000, are no longer available to Borrower because the maturity date for such loans is September&nbsp;30, 2000. Therefore, the Borrower desires the Lenders
to increase the Total Commitment by $10,000,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;NOW,
THEREFORE, the parties agree as follows: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>A G R E E M E N T  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>1.&nbsp;&nbsp;Definitions.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;Capitalized terms used herein and not otherwise defined shall have the meaning given in
the Loan Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>2.&nbsp;&nbsp;Amendment to Section&nbsp;1.1.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;Section&nbsp;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: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>"</FONT><FONT
SIZE=2><I>Total Commitment</I></FONT><FONT SIZE=2>" means Sixty-Five Million Dollars ($65,000,000.00)." </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>3.&nbsp;&nbsp;Amendment to Section&nbsp;5.13.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;Section&nbsp;5.13 is amended in its entirety to read as follows: </FONT></P>

<UL>
<UL>


<P><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Section&nbsp;5.13 Maximum Funded Debt to EBITDA.</B></FONT><FONT SIZE=2> 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: </FONT></P>
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<TH WIDTH="88%" ALIGN="LEFT"><FONT SIZE=1><B>Period<BR> </B></FONT><HR NOSHADE></TH>
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<TH WIDTH="10%" ALIGN="CENTER"><FONT SIZE=1><B>Ratio</B></FONT><HR NOSHADE></TH>
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<TD WIDTH="88%"><FONT SIZE=2>For the four consecutive fiscal quarters ending September&nbsp;30, 2000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3.65:1</FONT></TD>
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<TD WIDTH="88%"><FONT SIZE=2>For the four consecutive fiscal quarters ending December&nbsp;31, 2000</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3.65:1</FONT></TD>
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<TD WIDTH="88%"><FONT SIZE=2>For the four consecutive fiscal quarters ending March&nbsp;31, 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3.50:1</FONT></TD>
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<TD WIDTH="88%"><FONT SIZE=2>For any four consecutive fiscal quarters ending on or after June&nbsp;30, 2001</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>3.25:1</FONT></TD>
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<P><FONT SIZE=2>For
purposes of calculating this covenant, the EBITDA for the prior fiscal year for the "Acquisitions," as defined in Section&nbsp;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." </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>4.&nbsp;&nbsp;Addition of Section&nbsp;5.15.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;The following Section&nbsp;5.15 is added to the Loan Agreement: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Section&nbsp;5.15 Maximum Funded Debt to Selected Balance Sheet Items</B></FONT><FONT SIZE=2>. 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: </FONT></P>

<UL>

<P><FONT SIZE=2>80%
of trade accounts receivable after deducting the allowance for doubtful accounts. </FONT></P>

<P><FONT SIZE=2>50%
of raw materials inventory and finished goods inventory. </FONT></P>

<P><FONT SIZE=2>75%
of property, plant and equipment after deducting, in each case, accumulated depreciation. </FONT></P>

</UL>

<P><FONT SIZE=2>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&nbsp;30, 2000." </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>5.&nbsp;&nbsp;Amendment of Section&nbsp;6.2.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;Section&nbsp;6.2 of the Loan Agreement is amended in its entirety
to read as follows: </FONT></P>

<UL>
<UL>

<P><FONT SIZE=2>"</FONT><FONT
SIZE=2><B>Section&nbsp;6.2 Liquidation, Merger, Sale of Assets.</B></FONT><FONT SIZE=2> 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&nbsp;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". </FONT></P>

</UL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>6.&nbsp;&nbsp;Fees.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>7.&nbsp;&nbsp;No Further Amendment.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>8.&nbsp;&nbsp;Miscellaneous.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;</FONT></P>

<UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;</FONT><FONT
SIZE=2><B>Entire Agreement.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;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. </FONT></P>

</UL>
<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;</FONT><FONT SIZE=2><B>Counterparts.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;</FONT><FONT
SIZE=2><B>Governing Law.</B></FONT><FONT SIZE=2>&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;</FONT><FONT
SIZE=2><B>Certain Agreements Not Enforceable.</B></FONT></P>

<UL>

<P><FONT SIZE=2><B>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.</B></FONT></P>

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</UL>
<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;EXECUTED
AND DELIVERED by the duly authorized officers of the parties as of the date first above written. </FONT></P>

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<TD WIDTH="32%"><FONT SIZE=2>BORROWER:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="66%" COLSPAN=3><FONT SIZE=2>NORTHWEST PIPE COMPANY</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=2>&nbsp;<BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" COLSPAN=3><FONT SIZE=2>&nbsp;<BR>
By: BRIAN DUNHAM<BR>
Its: President and Chief Operating Officer</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2>Address:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>200 S.W. Market St., Suite 1800<BR>
Portland OR 97201<BR>
Fax No. (503)&nbsp;240-6615</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=2>&nbsp;<BR>
LENDER:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" COLSPAN=3><FONT SIZE=2>&nbsp;<BR>
BANK OF AMERICA, N.A.</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=2>&nbsp;<BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" COLSPAN=3><FONT SIZE=2>&nbsp;<BR>
By: ED KLUSS<BR>
Its: Vice President</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2>Address:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>Commercial Banking<BR>
121 SW Morrison Street,<BR>
Suite 1700<BR>
Portland OR 97204<BR>
Fax No. (503)&nbsp;275-1391<BR>
Attn: Edward R. Kluss</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=2>&nbsp;<BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" COLSPAN=3><FONT SIZE=2>&nbsp;<BR>
U.S. BANK NATIONAL ASSOCIATION</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=2>&nbsp;<BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" COLSPAN=3><FONT SIZE=2>&nbsp;<BR>
By: J. STEPHEN MITCHELL<BR>
Its: Vice President</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2>Address:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>Oregon Corporate Banking, T-4<BR>
111 SW Fifth Avenue, Suite 400<BR>
Portland OR 97208<BR>
Fax No. (503)&nbsp;275-7290<BR>
Attn: Stephen Mitchell</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=2>&nbsp;<BR>
AGENT:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="66%" COLSPAN=3><FONT SIZE=2>&nbsp;<BR>
BANK OF AMERICA, N.A.</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=2>&nbsp;<BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;<BR>
By: DORA A. BROWN<BR>
Its: Vice President</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;<BR>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;<BR>
&nbsp;</FONT></TD>
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<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2>Address:</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>Commercial Agency Management<BR>
WA1-501-37-20<BR>
800 Fifth Avenue, Floor 37<BR>
Seattle WA 98104-3185<BR>
Fax No. (206)&nbsp;358-0971<BR>
Attn: Dora A. Brown</FONT></TD>
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