That is a helmet "lock" Put it through the D-rings on the helmet strap and then put the 2 loops on a peg that is under the seat (when) you open the seat). Then close the seat and the helmet is secured until the seat is opened or some ass cuts the D-ring strap. I never found that as convenient as the old style helmet lock with a key.
I was surprised and pleased when my new bike, a Kawasaki Z650RS, came with the old style helmet lock. Unfortunately my helmet has the quick connect chin strap without D rings.
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