Start by finding the center of your piece (fold in half)
Create a loop, by taking the top (center) and going right
Put your fingers through the loop you created (from behind) and grab onto the rope laying flat, pull through and this will create a new loop. Do not pull the ends though!
It will like like this, continue putting your fingers through the new loop and creating another new one! I apologize SnapGuide flipped the pictures
Once you are near your ends, this is what it will look like
To release the knot you pull on the ends and it all comes undone (see video)