guṇaś ca nīlākhyaḥ, tajjātiś ca nīlatvākhyeti guṇatajjātī, tābhyāṃ sambaddham iti vigrahaḥ /
The analysis is: the quality named 'blue' and its universal named 'blueness' are the quality and its universal, [and] that which is connected with these two [is what is meant].