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1. Of the instant lawsuit, Sejong Steel Co., Ltd., Ltd., as indicated in the separate note on July 7, 2010, respectively.
Reasons
1. Facts of recognition;
A. On December 21, 2009, the Busan City Office of Education: (a) decided the construction cost of KRW 17,535,739,000; and (b) contracted the construction of teachers and dormitories and the construction of a new dormitory in the Geum-gu, Seo-gu, Busan District Office of Education (hereinafter the above two companies referred to as “Shee Construction and Yangyang Comprehensive Construction”); (c) fixed the construction cost of KRW 900,90,000 on May 26, 2010 and subcontracted the construction work to the Yanju Construction Co.,, Ltd. (hereinafter “Yanju Construction”).
B. On May 26, 2010, the Busan City Office of Education agreed that the construction cost claim shall be paid directly by the Maritime Construction and the Maritime Integrated Construction shall be paid by the Busan City Office of Education.
C. (1) On July 7, 2010, the Maritime Construction issued each of the promissory notes (hereinafter “each of the instant promissory notes”) indicated in the separate notes to the Syang Steel Co., Ltd. (hereinafter “Syang Steel”), and on July 7, 2010, the Syang Steel issued each of the instant promissory notes to the Han River Co., Ltd. (hereinafter “Syang Steel”) by endorsement and transfer, respectively, on the following grounds:
(2) As the creditors of each of the instant promissory notes against the Maritime Construction, Han River Co., Ltd.: (a) as of November 10, 2010, when the Maritime Construction was in de facto insolvent, and the Maritime Construction was found to have been in demand for the payment of each of the above promissory notes claims or the payment in kind; and (b) on November 10, 2010, the Maritime Construction demanded the payment in kind for each of the instant promissory notes claims against the Busan Office of Education (hereinafter “the instant construction payment claim”), among the agreed bonds in direct payment as above, transferred to the Maritime Construction Co., Ltd. the bonds indicated in the attached Form to the Maritime Office of Education (hereinafter “the instant construction payment claim”).
(hereinafter “instant assignment contract”) D.
Maritime Construction will be processed on November 30, 2010.