1. The defendant's appeal is dismissed.

2. The costs of appeal shall be borne by the Defendant.

3. The judgment of the court of first instance is ordered.

1. Basic facts

A. (i) On April 8, 2013, the Plaintiff entered into an export credit guarantee agreement with the Plaintiff and A Co., Ltd. (hereinafter “A”) with a loan-handling institution as a Masan branch in the foreign exchange bank, under which the credit guarantee limit is KRW 200 million and the guarantee period is from April 8, 2013 to April 7, 2014, and where the Plaintiff was notified of the occurrence of a credit guarantee accident from a loan bank, the Plaintiff would have a prior right to indemnity against A (hereinafter “instant credit guarantee agreement”); and A was granted a loan of KRW 250 million from the foreign exchange bank, based on the instant credit guarantee agreement.

B. At the time of the credit guarantee contract of this case, Luxembourg agreed to pay to the Plaintiff the amount of the performance of the guaranteed obligation and the amount of the performance of the guaranteed obligation calculated at the rate prescribed by the Plaintiff (11%) from the day following the date of the performance of the guaranteed obligation to the day of full payment, and ② reasonable expenses incurred in exercising the rights acquired by the Plaintiff upon the performance

B. B, as the representative director of B’s joint and several sureties, was jointly and severally guaranteed the obligation to be borne by A due to the instant credit guarantee contract at the time of the instant credit guarantee contract.

C. The occurrence of a credit guarantee accident and the Plaintiff’s subrogation (i.e., foreign exchange bank) delayed payment of the principal and interest of the loan at the due date, and on March 5, 2014, the Plaintiff notified the occurrence of the guarantee accident to the Plaintiff and requested performance of the guaranteed obligation on May 22, 2014.

B. On June 26, 2014, the Plaintiff subrogated to the foreign exchange bank the principal and interest of the guaranteed debt amount of KRW 202,771,270 under the instant credit guarantee contract, and disbursed KRW 1,093,250 to preserve claims, such as provisional seizure.

Attached Form

The Defendant’s creation B of the right to collateral security regarding each real estate indicated in the list shall be KRW 50,00,000,000 regarding each real estate listed in the separate list owned by the Defendant on March 27, 2014 (hereinafter “each real estate of this case”).