Translation
I am the counter to the fifth play that is shown before. And I say that if I use my right hand to lift the elbow of his hand which is harming me, I will make him turn in such a way that I will force him to the ground, as you see here, or I will gain a hold or lock. And I will have little care for his grappling skills.
Interpretation
The 4th scholar has attempted a throw against you by pinning the small of your back against their hips and then stepping through with their right leg, pushing back and to the outside on your throat.
To counter this, you need to act early. The first step of your opponents attack is to try and grab your right hip with their left hand and pull it forward. The aim is to lock your hip in place and cause you to bend slightly backwards.
As soon as they attempt this, slide your right hand back. Your hand is inside theirs, so use that to your advantage. Use your elbow to prevent their hand from making a grab. Turn your right hand and grab their elbow from the inside, pushing it up and rolling across your body past your face as shown.
Shuffle your right foot up if necessary, then pivot on it. Swing your back foot out of the way in an anticlockwise arc. This will get you out of your opponents grip and completely remove you from their line of attack.
As you step out of the way, grab your opponents left hand with your left hand. This will give you a good elbow lock. The 2nd scholar of the 3rd master of dagger gives an excellent description of this same lock on the opposite arm. Use it to spin your opponent down in an anticlockwise circle.