What does the "or" operator mean in variables

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#1 
local c = player.Character or player.CharacterAdded:Wait()

And in other similar cases there’s the or operator so what does this variable actually mean

#2

if player.Character returns nil, then instead do player.CharacterAdded:Wait() (wait until the character is added)

#3

Or simply means:
if A = B or C = D then
If either statement is true then it’ll do the following lines of the script up to the end
<Control Structures | Roblox Creator Documentation