Reproduction cam chain tensioner for many of the Honda 350 twins from 68-73. As your engine runs the cam chain is spinning all the time and it slowly wears all of the parts that guide it and put tension on it. If you're doing your top end and you plan to replace the cam chain and it's associated parts, it's a good idea. Check for wear of course, but sometimes it's good to go by the "while you're in there" approach.
The cam chain guide is on the front side of the engine.
Replacement For Honda Part Number: 14500-312-000
Fits Honda:
CB350G Super Sport 350 - 1973
CB350K Super Sport - 1968-1973
CL350K Scrambler - 1968-1973
SL350K Motosport - 1969-1973