Financial Asset Securitization Act Article 78

The Asset-Backed Security holders shall have the right to receive the principal, interests, profits, or other proceeds or repaid or distributed from the SPC in accordance with the asset securitization plan.The Supervisory Institution shall exercise its power and perform its obligation for the interest of, and shall have a fiduciary duty to, the Asset-Backed Security holders in compliance with the provisions of this Act with due diligence.The Supervisory Institution may take any litigious or non-litigious acts in its own name for the Asset-Backed Security holders.The Supervisory Institution shall not exempt or reduce the liabilities and obligations that the SPC shall bear in accordance with the asset securitization plan or enter into any litigious or non-litigious settlement with the SPC unless approved by resolutions adopted in a meeting of the Asset-Backed Security holders and approved by the court.When conducting any of the acts as referred to in the preceding paragraph, the Supervisory Institution shall make an announcement and shall notify each Asset-Backed Security holder.The Supervisory Institution may inspect and audit the business, financial condition, and relevant books and records of the SPC and the Servicer in terms of securitization matters at any time and may request the directors of the SPC to propose relevant reports.When violating the duties set forth in paragraph 2 hereof, the Supervisory Institution shall be liable to compensate the Asset-Backed Security holders for the damages sustained therefrom.