Translation
I have followed the grip of the ninth remedy master of dagger. Taking my right hand from the grip, I take your dagger and then turn it up by your elbow. The point will surely strike you in the face. As demonstrated by the scholar who comes after me, I believe I will follow up in that way.
Expalantion
Against a lower stab, control your opponents wrist with both your hands as shown in the master play. You will not be able to stop the dagger, only redirect it. Be aware to catch it as far away from you as possible. You will need to allow space to manipulate the dagger without it reaching you. Sliding your front foot back into a shorter stance will make this a bit safer for you by giving the dagger a little extra space to slow its momentum without reaching you.
Having caught the wrist with the left hand, slide your right down to catch the blade of the dagger. Keep your thumb up, and lock your right elbow into your hip. This is the position shown.
Ensure your left hand directs the line of attack to the inside. Suddenly drive your right hip and forearm forward. As you do so, move your right hand in a small semi circle under your left hand.
This will spin the tip of the dagger straight down in an arc using your opponents wrist as a pivot point. If you move it to the side, it will redirect the dagger, but twisting down will lever the fingers open and strip the weapon from your opponents hand. The dagger tip should end up just inside your opponents elbow.
From here, you are ideally positioned to continue as the 2nd master.
You will see the same play being performed by the 9th scholar of the 9th master of dagger, and also in a slightly different context by the 11th scholar of the 5th master of dagger.