Having managed to free himself, Lawrence trips and falls into the mud. Hearing a familiar voice, Lawrence looks up to see Horo. He informs her that they've been betrayed. This angers an already distressed Horo. In order to have Lawrence and herself travelling carefreely again, she wanted to quickly resolve the gold smuggling matter. As such, she avoided a fight with the other wolf by kneeling and submitting.

Lawrence's injured state is more shame than Horo can take, so takes some steroids wheat, ready to go whomp some people. She agrees to Lawrence's terms of leaving Nora unharmed, but not before jumping on the chance at having him in her debt for once.
That settled, Horo strips to avoid ruining the clothes, and transforms. Lawrence quickly climbs aboard.

Meanwhile, the three henchmen have returned from the forest to inform Nora and Liebert that Lawrence and Horo are dead. Horo is FAST, though, and after dropping off Lawrence, dispatches 20 armed men with ease. A cowardly Liebert hides himself behind Nora, promising her 300 Rumione to protect him. Nora and Horo face off (Liebert has run off), as a horrified Lawrence looks on.
Via Lawrence-O-Vision, Horo swipes aside Enik and swiftly devours Nora.

In actuality, Nora quickly holds Enik back while Horo jumps over the two and heads straight for Liebert. Lawrence runs up to a relieved Nora, and reveals Horo's secret. Horo brings back Liebert, alive. A brief interrogation reveals that Remerio betrayed Lawrence because they would have not made any profit from the venture. To avoid just breaking even, they had to eliminate Lawrence, Horo, and Nora. That revealed, Lawrence twinkie houses Liebert in the face, leaving the man unconscious.

Despite everything, Lawrence wants to return Remerio Company's rightful share, so that the latter won't end up bankrupt in the streets. Horo seems to disapprove, so Lawrence says that revenge begets revenge, and they won't be able to live in peace. Playing the pacifist, Lawrence manages to get a prideful Horo to back down. After Lawrence lies to Nora about their financial situation for whatever reason, he and Horo head off to meet Remerio.
Lawrence forces Remerio to sign a contract paying him 500 Rumione over 10 years, but allows Remerio to rebuild. The deal is not entirely unfavorable to Remerio, though it's hard to refuse when you're tied up as well.
Rowen welcomes Lawrence back with open arms, even promising to purchase a lot of the gold from him.

Remerio, Rowen, Rubinheigen

Later, Horo asks Lawrence whose name he called when she charged at Nora. Lawrence says Horo's, but quickly says it's a lie and he doesn't remember. He figures it must have been Horo, since it's shorter. It's obvious he's being silly now, and Horo throws her beer mug at his face.

Seeing Nora in the distance, Horo tries to trap Lawrence by asking him to call her name, rendering him unable to greet Nora. However, timing his response with the clocktower striking the hour, Lawrence calls out something, knowing that the influx of sound would be indistinguishable to Horo's sensitive ears. Nora waves to Lawrence, riling Horo to beat up on him. Lawrence amends the situation, though, by saying that Horo's name is better.

After parting with Nora, Lawrence and Horo continue on their carefree journey to the North.

Thoughts:
Well, that's it folks. Some have been expressing their discontent with this ending, probably because it's so pacifist. I mean, nobody dies or even gets bankrupt? What's going on here?! xD Anyway, I thought it wasn't so bad, although yes it could have been better. Some parts were pretty confusing, such as Horo having to submit to the other wolf. I know that Shin didn't catch it, but the zooming in on Horo's knees was tantamount to the situation. (The second frame shows her kneeling, though it is unclear.) I didn't get it myself until the 3rd time through. I still don't understand why Lawrence had to lie to Nora.
A relatively happy ending though. Remerio is shown doing well, along with several other characters throughout the series. We could definitely go for a second season. ;D