Used as a latch to hold the upper and lower chutes together on baggers. Some still call this a "hood latch" although it has not been used as a hood latch in over 15 years.
This is the OEM latch strap with non-OEM hardware. The OEM manufacturer wants too much for the hardware so we just went to the hardware store and made our own that so we can sell this part with the hardware at an affordable price.
The stud hardware has two fender washers used to repair the plastic on the chute that may have been damaged when the original stud came out when you hit the tree/bush/fence/post/or whatever.