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1. The Defendants jointly and severally pay to the Plaintiff KRW 500,000,000.
2. The costs of lawsuit are assessed against the Defendants.
3...
Reasons
1. Facts of recognition;
A. On October 29, 2010, the Plaintiff made a loan (hereinafter “instant loan”) of KRW 1.40 million to Defendant A Co., Ltd. (hereinafter “Defendant Co., Ltd.”) under Defendant B’s Joint and Several Service Guarantee (1.68 billion won: the credit period expires) with a rate of KRW 1.37% on October 28, 2013 and interest market interest rate of KRW 2.37% on the date of expiration of the credit period (hereinafter “instant loan”). The first interest shall be paid within one month from the commencement date of the credit, the interest thereafter shall be paid within one month from the date following the last calculation date of the interest paid, and if the interest is not paid at the due date, the amount to be paid shall not be paid at the expiration date of the credit period, or when the interest has been lost pursuant to Article 7 of the Bank Credit Transaction Basic Terms and Conditions (For Enterprises), each of the credit balance shall be paid from the expiration date, and the compensation rate for delay shall be more than 1.6% per annum or less than 16% per annum.
B. Meanwhile, according to the Bank Credit Agreements that agreed to apply to the instant loan at the time of the instant loan agreement (for corporate use), the rate of interest rates and damages for delay shall be governed by the Plaintiff within the extent permitted by law (Article 3(1) and (5) of the Terms and Conditions), and when the delayed collection of interest, etc. reaches four times through the entire period of the pertinent loan (including the extension of the term), the Defendant Company shall naturally lose its interest within the period from that time without the Plaintiff’s demand notice to the Defendant Company, and the Defendant Company shall be able to pay such interest, etc., and even if the Defendant Company delays the payment of interest for 14 consecutive days from that time, it shall lose its interest.
(Article VII, Paragraph 2, 3) of the Terms and Conditions
Meanwhile, on April 28, 2014, the Plaintiff and the Defendants have expired the credit period of the loans under the instant loan agreement until October 28, 2014.