You're absolutely correct, Domagon. Under the latest ICANN Transfers policy:
http://www.icann.org/transfers/policy-12jul04.htm
The only reasons that a registrar can deny a transfer are listed as:
"Upon denying a transfer request for any of the following reasons, the Registrar of Record must provide the Registered Name Holder and the potential Gaining Registrar with the reason for denial. The Registrar of Record may deny a transfer request only in the following specific instances:
1. Evidence of fraud
2. UDRP action
3. Court order by a court of competent jurisdiction
4. Reasonable dispute over the identity of the Registered Name Holder or Administrative Contact
5. No payment for previous registration period (including credit card charge-backs) if the domain name is past its expiration date or for previous or current registration periods if the domain name has not yet expired. In all such cases, however, the domain name must be put into "Registrar Hold" status by the Registrar of Record prior to the denial of transfer.
6. Express written objection to the transfer from the Transfer Contact. (e.g. - email, fax, paper document or other processes by which the Transfer Contact has expressly and voluntarily objected through opt-in means)
7. A domain name was already in “lock status” provided that the Registrar provides a readily accessible and reasonable means for the Registered Name Holder to remove the lock status.
8. A domain name is in the first 60 days of an initial registration period.
9. A domain name is within 60 days (or a lesser period to be determined) after being transferred (apart from being transferred back to the original Registrar in cases where both Registrars so agree and/or where a decision in the dispute resolution process so directs)."
As none of those 9 scenarios appear to exist here, a transfer dispute would be won by the existing registrant should Directnic refuse the transfer. The ICANN Transfers policy trumps anything that Directnic could put into their registrant agreement.