Release of Initial Sum and Transfer Documents Sample Clauses

Release of Initial Sum and Transfer Documents. Subject to (i) the payment of the Initial Sum and the penalty on late payment, if any and (ii) the depository of the Transfer Documents by JCorp, the Stakeholder shall within two (2) days after the DBhd Shareholders’ Approval date:- (a) release the Transfer Documents to DAC Properties in accordance to the Payment Schedule who shall thereafter have the absolute right to submit the Transfers to the stamp office for the purpose of adjudication and stamping and then present the Transfer Documents for registration at the land registry as soon as reasonably practicable; and (b) release the Initial Sum (including all interest accrued thereon, if any) and the penalty on late payment charges, if any, to JCD. The Stakeholder shall and are hereby authorised to release the original issue documents of title for the JV Land or any parts thereof to DAC Properties for the sole purpose of Amalgamation & Subdivision, upon receiving the authorisation from JCD. The parties hereby agree that the Stakeholder shall release the Transfer Documents as and when such portion of the Purchase Consideration 1 has been paid by DAC Properties in accordance to the Payment Schedule and the penalty on late payment, if applicable; DAC Properties agrees that immediately after the DBhd Shareholders’ Approval date, the Balance Sum shall be paid directly to JCD and/or its nominees in full on or before each payment date as set out in the Payment Schedule. Simultaneously with the payment of such portion of the Balance Sum and the penalty on late payment charges, if any, the Stakeholder shall be authorised to release the Transfer Documents to DAC Properties. JCD undertakes to procure the respective nominees to immediately, on the next following day after the receipt of such portion of the Balance Sum, issue a written notification on the confirmation of such payment to the Stakeholder, failing which the Stakeholder shall and are hereby irrevocably and unconditionally authorised to release the relevant Transfer Documents to DAC Properties immediately on the next day after payment is made by DAC Properties to JCD and/or its nominees fail to issue such written notification.
Sample 1
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Related to Release of Initial Sum and Transfer Documents

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