Wolf and Lonely Smile

Wolf and Lonely Smile is the tenth episode of the second season of the Spice and Wolf anime.

Official Synopsis
Holo's fate is up in the air after she agrees to take part in Eve's risky money-making scheme. With so much on the line, Lawrence sets out to learn more about Eve - and quickly discovers that she is not who she claims to be.

Plot
Together with Aroldo Ecklund, Eve Boland explains the plan to Lawrence: they will ostensibly offer Holo as collateral to gain a cash loan, which they will then use to buy fur in Lenos. Lawrence is skeptical, having never dealt in the slave trade, but Eve reveals that she has the necessary connections because her family is fallen nobility and she herself was once sold to a wealthy merchant. Holo, with her beauty and grace, would easily pass as a noblewoman if Eve vouched for her.

Eve expects an impending trade war, at which point the fur will be sold at a massive profit, clearing the "loan" and restoring Holo's freedom. The profit will also allow for Eve a clean break from her current business with the Church, which has soured, and for Aroldo to retire and go on pilgrimage. In return for Lawrence's help, Aroldo offers his inn.

Perturbed, Lawrence has a restless night and in the morning explains the plan to Holo. She agrees to it, reminding Lawrence to trust her as a partner and hoping that he will be more selfish and use the inn to achieve his dream of being a town merchant. Lawrence investigates the deal, getting clues about Eve from a beggar and the state of the fur trade from Helena. He realizes that Eve's business and disagreement with the Church have more than meets the eye. With the Church aiming to become more powerful in the region, associating with Eve becomes risky, but Lawrence and Holo resolve to proceed with her plan nonetheless.