Kaup varð daprt, þars djúpan,
dróttinrækt, of sóttu,
þeir es, heim, á himnum,
hás elds, svikum belldu.
Dróttinrækt kaup varð daprt á himnum, þars of sóttu djúpan heim hás elds, þeir es belldu svikum.
The lord-rejecting bargain was dismal in the heavens, when they sought the deep world of towering flame [HELL], those who committed treason.
[1] þars (‘þar er’): so Holm4, Flat, Kˣ, J2ˣ, þats Holm2, 321ˣ, 68, 75c, 325V, þá er 972ˣ, þar 61, Bb
[1] þars ‘when’: Or, as more frequently, ‘where’. This reading is adopted by most eds, but þats would also be possible: kaup varð daprt, þats … ‘that bargain turned out dismal, by which …’.