No need to cut the shock cord, it's just an overhand not with two extra wraps - I've pulled them off before, and outfit it back on is almost easier than taking it off - if you just need some slack in the tension, then I would recommend undoing the knot, and adding in a few extra inches of your own by tying it in. Or you could just remove it altogether however I would seriously recommend that you find a way to keep the opening closed (Velcro, a few feet of thread, hand stitched every few inches in the seam already created for the shock cord channel. The end overlap so at some point in the process you will just have to deal with that by some means if you intend to sew it shut.
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