brahmadayo ye vayam udvijantah
harama yasmai balim antako ’sau
bibheti yasmad aranam tato nah
Translation by His Divine Grace A. C. Bhaktivedanta Swami Srila Prabhupada:
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 Brahma. 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.
Purport by His Divine Grace A. C. Bhaktivedanta Swami Srila Prabhupada:
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 Brahma, although they are in charge of the various elements of this material world. The words bibheti yasmat 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.