1. All appeals filed by the plaintiffs are dismissed.

2. The costs of appeal are assessed against the Plaintiffs.

The purport of the claim and appeal is the purport of the appeal.

1. The reasoning of the judgment of this court citing the reasoning of the judgment of the court of first instance is the same as the reasoning of the judgment of the court of first instance, except for the following additional determination.

2. In addition, the Plaintiffs should distribute the instant dividends in accordance with Article 4(1) of the instant Convention.

Even if the claim for the loan of this case constitutes a "claim with clear priority right" as stipulated in the proviso of Article 4 (1) of the Convention, and the above provision stipulates that the dividend of this case shall be distributed in accordance with the priority right. Thus, the claim shall be distributed in proportion to the balance of the loan of each lender pursuant to Article 22 (1) of the loan agreement of this case

However, comprehensively taking account of the overall purport of the statements and arguments set forth in Eul 1 through 10, 13 through 17, 20 through 22 (including each number), and the whole purport of the arguments, ① the loan contract of this case was exchanged for project financing for the implementation of the project of this case. The loan contract of this case was concluded between financial institutions, including the lender of the loan of this case, and the lender of the loan of this case entered into an individual loan contract of this case and set the right to collateral as collateral for each loan of this case. ② Real estate was set the priority of the right to collateral as collateral for each loan of this case, ② The loan of this case was set differently for the lender under the loan contract of this case as collateral and only the right to collateral secured for the loan of this case was set as collateral for the loan of this case, ③ the loan of this case was set differently among the lender of the loan of this case and the loan of this case was otherwise set up as collateral for the loan of this case, ④ some of the loan of this case to the lender of this case.