1. The Defendants are jointly and severally and severally liable to the Plaintiff for KRW 356,460,670 and KRW 355,825,510 among the Defendants.

1. Facts of recognition;

A. On May 8, 2015, the Plaintiff entered into an export credit guarantee agreement (hereinafter “the instant credit guarantee agreement”) with Defendant A Co., Ltd. (hereinafter “Defendant Co., Ltd.”) with the term “364,50,000 won, loan handling institution: Industrial Bank of Korea Youngcheon Branch and Guarantee Period: from May 18, 2012 to May 16, 2016”; and the Defendant B, as the representative director of the Defendant Co., Ltd., jointly and severally guaranteed the Defendant Company’s obligations under the instant credit guarantee agreement.

B. The Industrial Bank of Korea, on May 11, 2016, issued by the Plaintiff as a security for an export credit guarantee agreement, carried out a trade bill loan to the Defendant Company, but the Defendant Company lost its interest by delinquency in paying KRW 394,00,000 out of the above loan, and accordingly, notified the Plaintiff of the occurrence of the accident.

On June 20, 2016, the Plaintiff subrogated the Bank for the principal and interest amounting to KRW 355,825,510 (i.e., principal and interest amounting to KRW 354,60,000).

C. According to Article 8 of the Credit Guarantee Agreement, “The Defendant Company shall reimburse the Plaintiff the reasonable expenses incurred in exercising the Plaintiff’s right to preserve performance of the guaranteed obligation upon the Plaintiff’s performance of the guaranteed obligation and the performance of the guaranteed obligation, according to the method determined by the Plaintiff, and if the obligation is not repaid, the amount shall be paid by adding the damages calculated by multiplying the overdue interest rate determined by the Plaintiff to the Plaintiff.

In order to preserve the claim for reimbursement against the Defendants, the Plaintiff paid KRW 635,160,00 in the provisional seizure of the claim, and the rate of delay damages determined by the Plaintiff is 11% per annum.

E. Meanwhile, on September 1, 2013, Defendant B assumed office as the representative director of the Defendant Company and resigned on January 4, 2016, and C was appointed as the representative director on the same day.

[Reasons for Recognition] Defendant Company: Defendant B does not have dispute under Article 150(3) and (1) of the Civil Procedure Act, and evidence Nos. 1 through 5, and 9 of the same Act.