Þér eigum vér veigar,
Valgautr, salar brautar
Fals, hrannvala, fannar,
framr valdr, ramar gjalda.
Valgautr, vér eigum gjalda þér ramar veigar salar Fals brautar fannar, framr valdr hrannvala.
Valgautr <= Óðinn = Gizurr>, we have to repay you for the powerful drinks of the hall of the Falr <dwarf> of the path of the snow-drift [MOUNTAINS > GIANT = Suttungr > CAVE > POETRY], outstanding owner of wave-horses [SHIPS > SEAFARER].
[4] valdr: so Tˣ, W, U, 2368ˣ, 743ˣ, valdi R, valr B
case: nom.