Translation
The scholar who is before me completed the play and now I do what he described. Your arms have been bound in the middle bind. Your sword is imprisoned and it cannot help you. And with mine I can injure you. I can put my sword around your neck without a doubt. And I can do the play that comes after me straight away.
Interpretation
Coming from the master play, you have stepped through with your left foot. Moving on the inside line, you move past your opponents sword and wrap your left arm over both your oppponents arms. The text tells us this play follows the 7th scholar. You could also arrive at this point as a continuation of the 5th scholar.
Be sure to step in very close. As you wrap your opponents arms, chamber your sword for a pommel strike. You will be in the position shown.
Lock your left arm tight to your body to hold your opponents arms. You are perfectly placed to make a series of pommel strikes into your opponents face. These will work best if you think of the handle of your sword as the blade of a dagger which you are using to make a series of fendente strikes. You want the sword to move in a straight line forward and back along the line of the blade. If you swing it in arc, you will rapidly lose power and control of your strikes.
The 7th scholar tells us that you can strike until you are exhausted. In practice, you should be able to deliver between two and five good solid strikes until your momentum runs out and your opponent collapses. This should be more than enough to finish the fight, however, if you choose, you can still continue as the 9th scholar.