It serves the same purpose as the taut-line hitch, e.g. tensioning a tent's guy line.

[2] The working end is wrapped inwards around the standing part (A-B) twice (1).

By pushing the knot along the standing part in direction of A, the line can be tightened.

The slipped adjustable grip hitch can be easily untied by pulling the end E, even under quite heavy load.

Using the same knot core an adjustable bend can be made to join two lines.