The knot lanyard on the Sebenza serves to make removal from ones pocket easier. Easier for the carrier of the knife, and for other people also. It also extends the grippable portion of the knife if the user wishes to "choke down" on the knife (i.e. first and middle finger wrapped around butt of knife and ring and pinkie finger wrapped around the lanyard knot). It also is a way to carry enough cordage to make a wrist loop lanyard without being in a loop all the time. Loops snag on things easily. The knot might snag on something but not as easily.

The knot has also become a bit of a trademark for CRK. Not that they hold any exclusive right to it.

I hope this helps a little.

Paul