śrī-devā ūcuḥ
vāyv-ambarāgny-ap-kṣitayas tri-lokā
brahmādayo ye vayam udvijantaḥ
harāma yasmai balim antako ’sau
bibheti yasmād araṇaṁ tato naḥ
śrī-devāḥ ūcuḥ—the demigods said; vāyu—composed of air; ambara—sky; agni—fire; ap—water; kṣitayaḥ—and land; tri-lokāḥ—the three worlds; brahma-ādayaḥ—beginning from Lord Brahmā; ye—who; vayam—we; udvijantaḥ—being very much afraid; harāma—offer; yasmai—unto whom; balim—presentation; antakaḥ—the destroyer, death; asau—that; bibheti—fears; yasmāt—from whom; araṇam—shelter; tataḥ—therefore; naḥ—our.
The demigods said: The three worlds are created by the five elements—namely ether, air, fire, water and earth—which are controlled by various demigods, beginning from Lord Brahmā. Being very much afraid that the time factor will end our existence, we offer presentations unto time by performing our work as time dictates. The time factor himself, however, is afraid of the Supreme Personality of Godhead. Therefore let us now worship that Supreme Lord, who alone can give us full protection.
When one is afraid of being killed, one must take shelter of the Supreme Personality of Godhead. He is worshiped by all the demigods. beginning from Brahmā, although they are in charge of the various elements of this material world. The words bibheti yasmāt indicate that all the demons, regardless of how great and powerful, fear the Supreme Personality of Godhead. The demigods, being afraid of death, took shelter of the Lord and offered Him these prayers. Although the time factor is fearful to everyone, fear personified is afraid of the Supreme Lord, who is therefore known as abhaya, fearless. Taking shelter of the Supreme Lord brings actual fearlessness, and therefore the demigods decided to take shelter of the Lord.

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