Tie figure 8 loop with SMALL loop, back up with overhand knot, goes on LOAD carabiner.

Loop cord between load and anchor carabiners three times as shown.

Tie Münter hitch on ANCHOR carabiner. Pull on end to tighten (shorten) all the way, then pull on the carabiners to stretch out to 4" between biners, and to put Münter hitch in lowering configuration.

Tie a slipped overhand around the entire assemblage, with the loop coming out towards the LOAD carabiner. Pull out a loop about a foot or so.

Use loop to tie an overhand around the assemblage.

Tie another figure 8 loop in the running end, again with a small loop, and back up with a barrel knot. Clip this into a non-locking carabiner. Clip this non-locking carabiner into the ANCHOR carabiner.

Starting with the end clipped into the NONLOCKING carabiner, chain the excess rope; clip the last loop into the NONLOCKING biner. This way only as much slack as is needed for lowering can be unchained as needed.