Breaking the silence, Loki says that, thirsty, he had come to these halls from a long way away to ask the gods for a drink of "the famous mead." Calling the gods arrogant, Loki asks why they are unable to speak, and demands that they assign him a seat and a place for him at the feast, or tell him to leave.
Odin says that Loki must be insane to make Gefjun his enemy, as her wisdom about the fates of men may equal Odin's own.Odin then asks his silent son Víðarr to sit up, so that Loki (here referred to as the "wolf's father") may sit at the feast, and so that he may not speak words of blame to the gods in Ægir's hall. Prior to drinking, Loki declaims a toast to the gods, with a specific exception for Bragi.Bragi responds that he will give a horse, sword, and ring from his possessions so that he does not repay the gods "with hatred." Loki responds that Bragi will always be short of all of these things, accusing him of being "wary of war" and "shy of shooting." Bragi responds that, were they outside of Ægir's hall, Bragi would be holding Loki's head as a reward for his lies.Loki comes out of the woods, and meets Eldir outside of the hall.Loki greets Eldir (and the poem itself begins) with a demand that Eldir tell him what the gods are discussing over their ale inside the hall.