2006 226 Grady White Seafarer

An aerated and raw water live bait well is an option on the Seafarer. So it varies from boat to boat.
 
As Seafarer228G mentioned, it should be an optional feature on the boat, I believe it's going to be behind the passenger seat in the lift up compartment right adjacent to the fish box. It's a bit on the smaller side though, especially when compared to the 228 Seafarer which actually has a true livewell at the stern of the boat and is 20 gallons in size. Comparatively, the one on the 226 Seafarer I imagine is likely half that size and considerably shorter to where if the lid isn't shut, I'd imagine a good deal of water will splash out of it. I've yet to use mine, considering the fishing style that I do, but it is a nice option to have and makes the boat incredibly more functional with it as well as the bracket on the back.