This excerpt taken from the BOOM 8-K filed Sep 11, 2009.
A. Pursuant to the Credit Agreement dated as of November 16, 2007 (as amended, modified and supplemented from time to time, the Credit Agreement), among the Debtors, Dynamic Materials Corporation, the Wholly Owned Subsidiaries of US Borrower that are Domestic Subsidiaries (as such term is defined in the Credit Agreement), the lenders from time to time party thereto (the Lenders), the Administrative Agent, J.P. Morgan Europe Limited and JPMorgan Securities, Inc., the Lenders agreed to make loans to and other extensions of credit on behalf of the Euro Borrower.
B. It is a condition to the obligations of the Lenders and the Administrative Agent under the Credit Agreement that Debtors shall have granted certain Liens securing the Obligations and executed and delivered, and granted the Liens provided for in, this Agreement.
C. To induce the Lenders and the Administrative Agent to enter into the Credit Agreement and to induce the Lenders to make loans and/or extend other credit to the Euro Borrower, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Debtors have agreed to grant security interests in the Collateral as security for the Secured Obligations.