kvAsau vibhu: ka vayam iti upasatti bhItAn 
	jantUn kShaNAt tvadanuvR^ittiShu yogyayantI |
samprApta sadgurutano: samaye dayALo:
	AtmAvadhI: bhavati samskR^itirIkShaNam te ||

Meaning:

iti 				- Thinking thus,
kva 				- 'where is
asau 				- this supreme Lord
vibhu: 				- who is present everywhere?' and
kva 				- 'where
vayam 				- are we?',
jantUn 				- beings
upasatti bhItAn 		- are afraid to approach (You);
samaye 				- in the appropriate time
samprApta 			- taking
sat guru tano: 			- the form of a noble acharya
te 				- You
yogyayantI 			- make them qualified
kShaNam 			- in a moment
kShaNAt 			- to happily
tvat anuvR^ittiShu 		- seek and perform service to You,
dayALo: 			- through Your merciful
samskR^iti: 			- glance;
Atma avadhI: bhavati 		- this is there as long as the soul exists (forever).

Vyakhyana Saram:
In the previous shlokams, Swami Desikan showed how He protects through His vibhava avataras. In this shloka, he shows how the Lord protects by descending in the form of an acharya - as said by Periyazhvar "pIthaga Adaip pirAnAr pirama gurvAgi vandhu".

Seeing His exalted status and their lowly status, there are many beings who at many times would fear and move away from Him. Azhvar says "ammAn Azhip pirAn avan evvidaththAn yAn Ar". To such beings He shows His divine qualities of saushIlyam and saulabhyam, through the form of an acharya and teaches them that they too are well qualified to perform service to Him. In His normal state, He would show kindness as well as give out punishment. But as an acharya, He shows only kindness. That grace will last as long as the soul exists - that is, forever, says Vedanta Desikan.

That the Lord is the first acharya is shown in the guru paramparai thaniyan given to us by Swami Kooraththazhvan - "lakshmI nAtha samArambhAm". He is the first acharya because it was He who gave the Rahasya Thrayam that an acharya teaches us. As Narayana, He gave the Thirumanthram to Nara, at Badarikashramam. He gave Periya Pirattiyar the Dvayam, at Vishnu Lokam. He gave the Charama Shlokam as Sri Krishna to Arjuna, on the chariot. Thus, He stands as the first acharya. Swami Desikan states that He descends as all acharyas into this world and showers His grace to remove the fear in the hearts of all beings.

In the fourth line of this shloka, three different variations in the text are used - "samskR^itirIkShaNam", "samskR^ita dhIkShaNam" and "shikShita dhIkShaNAt". Sri PB Annangarachariar Swami shows that to match the feminine case of "yogyantI", the text "samskR^itirIkShaNam" is appropriate.