1989-90' Mercury 100hp - Trouble identifying rogue wire

[GreggV420]

Purchased this engine with issues. Tracked it down to broken carb linkages and two bad coils.

After going through the rest I am unable to figure out what this wire is for and where the ring terminal should be going.

Any help is appreciated. Thanks in advance

https://i.imgur.com/JB5Ae6L.jpg

 

[GreggV420]

I think i may have figured this out. I believe this leads to an overheat switch.

 

[faztbullet]

yep....