An overhand knot with draw-loop, is a knot in which the weight of the load the rope carries depresses the loop sufficiently to keep it in place until the load item is placed in its location. When no longer required the free end may be pulled and draw the loop through and so release the load.
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Tying onto a ring.
The overhand loop is sometimes used as a slip knot, to form the loops of a truckers hitch, or as a stopper.
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Make an eye
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Pull through
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Tighten
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—Ralph Waldo Emerson (18031882)