Common use of CONCERNING SECTION Clause in Contracts

CONCERNING SECTION. 2.08. (1) The notice referred to in paragraph of Section 2.08 shall read as follows: "NOTICE OF SHIP MORTGAGE This Vessel is owned by PETRODRILL FOUR LIMITED, a British Virgin Islands international business company ("Shipowner"), and is covered by a First Preferred Ship Mortgage in favor of the United States of America, under authority of Merchant Shipping Act of The Commonwealth of the Bahamas. Under the terms of said Mortgage neither the Shipowner, any charterer, the master or agent of this Vessel nor any other person has any right, power or authority to create, incur or permit to be placed or imposed upon this Vessel any lien whatsoever." (2) The first sentence of Section 2.08 of Exhibit 1 hereto is amended by inserting immediately after the words "Vessel's documents" and immediately before the word "and", the following: ; PROVIDED THAT, if at any time, it is provided by law that a Vessel's documents may be carried or kept at any place other than aboard the Vessel, then the certified copy of the Mortgage, any supplement to the Mortgage and any assignment of the Mortgage shall be carried or kept with the Vessel's documents,

CONCERNING SECTION. 2.08. (1) The notice referred to in paragraph of Section 2.08 shall read as follows: "NOTICE OF SHIP MORTGAGE This Vessel is owned by PETRODRILL FOUR FIVE LIMITED, a British Virgin Islands international business company ("Shipowner"), and is covered by a First Preferred Ship Mortgage in favor of the United States of America, under authority of Merchant Shipping Act of The Commonwealth of the Bahamas. Under the terms of said Mortgage neither the Shipowner, any charterer, the master or agent of this Vessel nor any other person has any right, power or authority to create, incur or permit to be placed or imposed upon this Vessel any lien whatsoever." (2) The first sentence of Section 2.08 of Exhibit 1 hereto is amended by inserting immediately after the words "Vessel's documents" and immediately before the word "and", the following: ; PROVIDED THAT, if at any time, it is provided by law that a Vessel's documents may be carried or kept at any place other than aboard the Vessel, then the certified copy of the Mortgage, any supplement to the Mortgage and any assignment of the Mortgage shall be carried or kept with the Vessel's documents,