Vendor Code confidentiality

I started to use Sentinel's HL solution, went thru the samples applications and documentations. I played with the EMS as well. I really would like to bypass the EMS and make my own licensing solution and also implement update capability in customer applications. As far as I know the APIs need the Vendor Code which is claimed to be secret, so embedding it into an app might be a security risk. I found a topic in the forum which partly discusses the problem:
Vendor Code different for each instance of Sentinel EMS?

There, a SafeNet employee said, the presense of the Vendor Code (e.g. from disassembly) does not infer that an unwanted entity could generate licenses for themselves as they need additional DLLs and vendor-specific files.

But as I saw, the LDK ToolBox which I could generate licences with, relied solely on the Vendor Code. I understand obfuscating and encrypting might be a solution, but I would like to understand the mechanism. What are these DLLs and "vendor-specific" files that I own and a customer could never lay their hands on? What files I should ship with my assemblies and what files I should not?

Thank you in advance

Regards,

Roland