1996-2006 Yamaha 115-140HP Outboards Service Manuals, Page 472Get this manual

1996-2006 Yamaha 115-140HP Outboards Service Manuals, Page 472

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IPOWRI8I:1
The valve should be installed that the longer part is faced toward the exhaust cover

Hold down the cover against the spring and install the bolts
Bypass cover bolt: