Translation
This is the fourth play of grappling by which the scholar can put the player on the ground. And if he cannot put him on the ground in this way, he will seek other plays and grips that we will now see drawn below. I tell you that you can well know that the plays are not all equal at all times, so that if you have a grip that is not good enough you should quickly gain one, so that you do not give the advantage to your enemy.
Interpretation
The 3rd scholar of grappling is a variant on the 2nd scholar. The easiest way to arrive at this position is by mistiming your efforts at making the play of either the master or the 2nd scholar. If you are too slow in either of these applications, your opponent will step in close, and grab you by the hip and shoulder in preparation for a throw of their own. It is still possible to recover, and turn this situation to your advantage.
With your left hand, grab your opponent in the small of their back, on the top ridge of their right hip. Pull it towards you, locking it against your own hip. This will jam their right arm and bend their waist back slightly. By doing so, you are starting to steal your opponents balance point.
As you pull on their hip, push back on the opponents jaw, twisting their neck clockwise. This will simultaneously bend your opponent backwards and off to your right. Your grip on their hip prevents them from stepping back to recover.
Once their balance is lost, the action progresses in much the same way as the 2nd scholar. Move your right hand, and your opponents head with it, in a spiraling curve out and down to your right hip. Grab onto their belt with your right hand, and lift it up towards your right shoulder. Step through as you do so to move into what was your opponents space.
You should end up more or less in Posta Dente di Zenghiaro with your left side forward and your opponent lying on their back off to your right.