1. The Defendants shall jointly and severally pay to the Plaintiff KRW 200 million and the interest rate from March 26, 2015 to the day of full payment.

On August 4, 2010, the Plaintiff agreed to receive KRW 200 million from the Defendants when the Defendants and the Plaintiff repaid the amount of KRW 200 million out of C’s obligations to the Jeongnam Agricultural Cooperative. The Defendants issued a promissory note on October 25, 2010, which was issued at par value KRW 240 million, and due date.

Therefore, the Defendants are jointly and severally liable to pay to the Plaintiff the agreed amount of KRW 240 million and damages for delay calculated at the rate of 20% per annum from March 26, 2015 to the day of full payment, as claimed by the Plaintiff, from March 26, 2015 to the day of full payment.

[3] Article 208(3)3 of the Civil Procedure Act provides that “The Defendant shall be notified of the date by public notice pursuant to Articles 194 through 196 of the Civil Procedure Act and did not appear on the date of pleading.”