Yes, haven’t we seen that before somewhere? My idea is that the two collars, the U-bights, should be drawn up tight. The turNip will take care of itself when it is loaded. The advantage of taking the two collars around the SP is that it is easily opened after heavy load, by first bending one of the collars to one side, give a little slack and bending the other to the other side. When the collar is on the leg of the loop, it is not so easy to get slack in the knot.
The first collar is tightened by pulling on the relevant loop leg, and the other by pulling the end.