South Korea

The types of collateral and security interests are as follows: • Keun-mortgage on real property; • Keun-mortgage on concession rights; • Keun-mortgage on factory assets; • real estate mortgage trust; • Yangdo-dambo in relation to movables; • Keun-pledge over shares; • Keun-pledge over bank accounts; • Keun-pledge over insurances; and • assignment of contractual rights (yangdo-dambo). In a keun-mortgage any existing lien would have a significant impact on the value of the security interest over the same collateral. In practice, it is unlikely that any existing lien would remain undiscovered during a due diligence exercise on the project which would be complete prior to execution of the relevant finance agreements.