On the OMC motors that use a carbon seal, does it matter which way the seal goes in? One side of the seal has 2 small "notches" in it, presumably to let oil in or out.
"UP" means up towards your face. Think about it, the seal does its job by the flat side being in contact with the flat of the bearing shell.It wouldn’t do much good if the notches were against the shell, would it? The new seal design removes all doubt.