Exhibit 10.3

 

[JPMORGAN CHASE LETTERHEAD]

 

November 16, 2007

 

Dynamic Materials Corporation

 

Credit Agreement dated November 16, 2007, by and among Dynamic Materials
Corporation, (“US Borrower”), Dynamic Materials Luxembourg 2 S.à r.l., (“Euro
Borrower” and together with US Borrower, the “Borrowers”), the Guarantors listed
therein, the Lenders listed therein, JPMorgan Chase Bank, N.A., as
Administrative Agent for the Revolving Credit Lenders and the Term Lenders (“US
Agent”), J.P. Morgan Europe Limited, as Administrative Agent for the Euro
Revolving Credit Lenders and the Euro Term Lenders (“Euro Agent”) and JPMorgan
Securities Inc., as Sole Bookrunner and Lead Arranger (the “Credit Agreement”).

 

Ladies and Gentlemen:

 

Capitalized terms used herein and not otherwise defined shall have the meanings
given in the Credit Agreement. The US Agent is willing to postpone completion of
certain of the closing conditions required under the Credit Agreement listed on
Exhibit A attached to this letter (the “Post Closing Conditions”) on the
following terms and conditions:

 

By execution and delivery of this letter, Borrowers represent, warrant, covenant
and agree with the US Agent that the Post Closing Conditions (in form and
substance satisfactory to the US Agent in its sole discretion) will be satisfied
within the respective periods of time set forth on Exhibit A attached hereto.
Borrowers further agree that upon their failure or refusal to satisfy any of the
Post Closing Conditions within said respective time periods, the Lenders shall
have no obligation to make Advances under the Commitments (, and such failure or
refusal shall constitute an Event of Default under the Credit Agreement, and the
US Agent and Euro Agent will be entitled to exercise their remedies under the
Credit Agreement with respect thereto.

 

This document will be governed by the laws of the State of New York.

 

[Signature Page Follows]

 

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Sincerely,

 

 

 

 

 

JPMORGAN CHASE BANK, N.A.

 

 

 

 

 

 

 

 

By:

/s/ Brennon J. Crist

 

 

 

 

 

 

 

AGREED

 

 

 

 

 

DYNAMIC MATERIALS CORPORATION

 

 

 

 

 

 

 

 

By:

 

/s/ Richard A. Santa

 

Name:

Richard A. Santa

 

Title:

Chief Financial Officer

 

 

 

 

 

 

 

DYNAMIC MATERIALS LUXEMBOURG 2 S.À R.L.

 

 

 

 

 

By:

 

/s/ Yvon Cariou

 

Name:

Yvon Cariou

 

Title:

Chief Executive Officer

 

 

 

[Signature Page to Post Closing Agreement]

 

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EXHIBIT A

 

UNDELIVERED ITEM

 

DELIVERY TIME-FRAME

1) US Borrower shall deliver an executed Open-End Leasehold Mortgage, Assignment
of Leases and Rents, Security Agreement and Fixture Filing for the Dunbar Mine
Facility, Ohio Pyle Road, Rural Road 2, Fayette County in the Commonwealth of
Pennsylvania.

 

60 Days

 

 

 

2) US Borrower shall deliver a Pro Forma Mortgagee’s Title Policy showing no
liens, with the exception of Permitted Liens, and indicating US Borrower is the
owner of the leasehold estate in the Dunbar Mine Facility (more particularly
described in 1).

 

60 Days

 

 

 

3) US Borrower shall deliver an executed Open-End Mortgage, Assignment of Leases
and Rents, Security Agreement and Fixture Filing for the property located at
1138 Industrial Park Drive, Mt. Braddock, Fayette County in the Commonwealth of
Pennsylvania.

 

60 Days

 

 

 

4) US Borrower shall deliver a Pro Forma Mortgagee’s Title Policy showing no
liens, with the exception of Permitted Liens, and indicating US Borrower is fee
owner for the property at 1138 Industrial Park Drive (more particularly
described in 3).

 

60 Days

 

 

 

5) US Borrower shall deliver a legal opinion from local Pennsylvania counsel as
to enforceability and other matters reasonably required by US Agent covering the
leasehold mortgage and fee mortgage described in items 1 and 3 above.

 

60 Days

 

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UNDELIVERED ITEM

 

DELIVERY TIME-FRAME

6) US Borrower shall deliver the German share pledge documents evidencing
pledges of all of the Equity Interests in Blitz F07-dreihundert-vierzehn GmbH
(in the future: DYNAenergetics Holding GmbH), fully executed in the form agreed.

 

No later than Noon, Eastern Standard Time on November 16, 2007

 

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