1995 Mercury 40hp Tracker Pro, does it have a thermostat??

[dillon]

I'm replacing the impeller and wanted to test the cooling water runways. Running water directly up the water tube it comes back out the exhaust but not out of the pee hole. I cleared the pee hole tube so it should not be blocked. Does this motor have a thermostat? I just don't seem to see one visually or on a diagram but can't understand why water isn't coming out of the pee hole. (I have the lower unit off and am running a water line directly to the water intake tube). Motor is an oil injected 4 cylinder 40hp tracker pro OG267648. Thanks for any info.