Allr lýtr heimr und hylli
heilags friðar deilis.
Allr heimr lýtr und hylli heilags deilis friðar.
The whole world bows before the grace of the holy distributor of salvation [= God].
[1] heimr: ‘[…]imr’ W
[1] heimr ‘world’: Although the first two letters are now largely obscured, earlier eds have not indicated any difficulty in reading heimr.