Page 137 - Peter Randall "The Craft of the Knot.."

STEP 2 If a running loop is desired, the Honda Knot itself can be tied
around its standing part.

As you pass the running end through the Overhand Knot in Step 1, it
helps to remember that Overhand Knots have three openings. To be tied
correctly, you must lead the running end through the opening closest to

the loop, and take care that it stays in this part when tightening. If the
lead slips into the middle part, the knot will not be secure.
The Honda Knot makes a good low-friction running loop. It is used to

make a lariat, which is a running loop also known as a lasso. This knot
has been used to tie off bowstrings because the size of the loop can be
adjusted by changing the place of the Overhand Knot on the tip.

It’s worth noting that the Honda Knot is tied in the same manner as
the Guy Line Hitch. It is how they are used that makes them different.
The Honda Knot is used when a locking loop is desired, and the Guy Line
Hitch is used when the size of the loop will need to be decreased one or
more times, thereby shortening the line it is tying off. If needed,
however, the Honda Knot can be adjusted in size by changing the place

on the locking Overhand Knot. This adjustability is why the Honda Knot
has been used to attach bowstrings.