You got it. It holds/locks the geared belt to what is called the "x axis slider." If you remove it you will see all it does is hold one end of the geared belt that goes throughout the machine. Repairing and/or installing a new belt is not difficult. The hard part will be to fix the "flex" of the belt to avoid an overtightened belt, which will make a noisy racket when the machine runs, or an under-tightened belt which will affect the nozzle placement during printing. Just an FYI, the electric contact above and to the right of your circled piece covers the electrical cable coming up from the motherboard and is called a line pressure plate. Don't lose it! Good luck at trying to find a replacement.