"You have fumbled with your blade. There is no holding back, and there is no taking of prisoners. You accepted a fight of submission, and now you must abide."
Samanosuke cuts the path between the elf and his weapon (since initiative is first) and takes a readied action to attack him if he goes for his sword. Samanosuke is holding his blade out, pointed at the elf, and is giving him a chance to submit.
"The Samurai cannot hold back, and the Samurai cannot submit. What is your answer? You may not agree with my take on honor, but there is no honor in giving your opponent opportunities. That is called a mistake."
"If you submit now, we could try this again sometime, when I am less lucky or you are more."