The Z-Loan team is having a party at the dorms full of all sorts of amusing scenes. Chika bragging about his bonus from the last zombie hunt and Shito gets drunk and wants to kiss Michiru and Sotetsu.

Meanwhile, Bekko opens a portal on the floor with a boat ore. The portal leads to some very long spiraling stairs in a dark atmosphere. Finally, he reaches an elevator where another ferryman stops him and hops in the elevator too. His name is Hakka and he's the "new president". Bekko is very annoyed by him.

The elevator opens and they arrive at a colorful land with lots of big floating pink flowers and purple fountains with green water. All the ferrymen are having a meeting known as the River Management Department Regulatory Committee.

Hakka brings up the topic of the "Akashic Record" a portion of which he says was stolen. The main suspects are the "Akashic Record Reform Committee" (ARRC). The other ferrymen are surprised to hear that ARRC really exists while Bekko glares silently.

Back at the dorm Michiru senses something but is soon distracted by Koyomi's behavior towards Sotetsu. Michiru asks Koyomi if she likes Sotetsu and Koyomi drags her out of Shito's room where the party is taking place, and tells her that she once flirted with Sotetsu after getting drunk on Fantan.

Koyomi doesn't remember it clearly but she believes she and Sotetsu once slept together, though she is too embarrassed to ask him what happened since he continued acting normally towards her as if nothing happened.

At the othe shore, in the ferrymen meeting, Hakka reveals that Akashic Record holds the past, present and future fate of all things and could alter the flow of souls. The ferrymen accuse Bekko because he made zombies, which should not be allowed, however, Hakka points out that Zombie Loan is a necessity since they guide they hunt illegal zombies. Hakka has also decided to make a loan system of his own, Alive Loan.

In the city, at a secret location, Carmella is meeting with Chitose who has no patience for tardiness. They are part of the ARRC. Shiba came along with Carmella, he now carries a scythe, Chitose doesn't seem to like him. Carmella reveals that Shiba could not only be considered a zombie but a reaper. Chitose still hold no respect for Shiba, claiming that he hates humans and Shiba started as one. When Chitose refuses to let Shiba join ARRC at Carmella's request, he betrays her, attacking her with his scythe to make room for a new member.

At the Z-Loan office, Bekko tells the team that unless they make 10 million yen a month they will go out of business and the zombies with loans will die. This is due to competition from A-Loan, their office is located right in front of Z-Loan. The first to make 10 million yen before the month ends will stay in business.

The A-Loan team visits Z-Loan introduces themselves, the girl with pink hair in pigtails and red eyes is Toko, a second year high school student. The boy with green hair and blue eyes is Zen and is a third year in high school, though he is shorter than the others. The third member is a boy with dark hair, purple eyes and a bored look, Shuji. He and Shito started off badly since Shuji stepped on Shito's rare collector's edition Betty doll. The two teams start a zombie hunting competition and before he runs off, Shito asks Michiru to hold on to his comb, the same one he got from his mom.

At the ARRC hideout, Shiba is fighting Chitose, whose weapons are darts. Hakka arrives and stops them. It turns out Carmella was alive and only pretending to be dead. However, Hakka removes her core and reveals that "shoremen" are created from cores and die if the core is crushed.

The Z-Loan and A-Loan teams ran off to hunt illegal zombies. Toko can pinpoint the location of undead creatures using mystical energy, while Michiru can only identify them by their black rings, thus A-Loan takes the lead. However, Zarame can sense the zombies and leads the Z-Loan team towards one.

The A-Loan team arrives claiming to have already dealt with their zombie and takes out the one the Z-Loan team was after. Zen's weapons are two swords, while Shuji uses a machine gun. Zen gets a minor injury on his forehead from a stray bullet from Shuji and Michiru takes care of him.

The scene changes to the ARRC's hideout and we find that Carmella is still alive in a chibified form similar to Zarame, since her core was taken by Hakka. He returns her core and Carmella goes back to her normal form.

Shiba wonders why Hakka didn't absorb Carmella's core, he explains that cores can't be traded off that easily but doesn't elaborate, thus adding to the mystery of Zarame's core.

When asked about his motivations, Shiba reveals he was just bored, but Hakka paralyzes him and reads his mind. He concludes that Shiba desires both life and death. He was chosen by the ARRC because he is a contradiction, though again, they don't elaborate further.

At the dorms, Michiru is taking a bath in a big tub/pool with chibi-Zarame. Koyomi joins her and reveals she heard about the competition between A-Loan and Z-Loan. She explains she has no debts, but works at Z-Loan during emergencies. She is apparently still unaware of Yomi and her connection to Z-Loan. She cheers up Michiru by reminding her that even if A-Loan won the first round, Z-Loan can still catch up with the help of their friends.

Also at the dorms, Shito and Chika are in a locker room with showers. They talk about why A-Loan has the advantage. Shito thinks that they must have made a riskier deal for their abilities and says the way to get through such situations is by struggling, as he has been doing for 150 years.

The next day at a restaurant, Ohtsu is having a conversation with a client of Z-Loan. Ohtsu informs him of the new steeper payment plan. The man cannot pay with money earned from a regular job and Ohtsu tells him he could make more money by hunting zombies.

Out on the street Michiru is walking with Zarame, wondering how she can become more useful to the team. Zarame explains she doesn't have complete control of her reaper eyes, using them only subconsciously so Michiru asks him to teach her how to control her abilities.

At the Z-Loan office, Kuse is having a meeting with Bekko. She has been investigating A-Loan and offered to give Z-Loan the 10 million yen they need. Bekko doesn't accept it right away and instead decides to think about it to try changing Kuse's mind about "the reasons he created Z-Loan."

Meanwhile, Ohtsu has finished talking to the client whom he calls "Undertaker," and specifies that he is not obligated to hunt zombies but should consider the option.

Michiru is practicing finding zombies and meets up with "Mr. Undertaker" on the street, whom she recognizes as a client of Z-Loan. They go talk on bench in the park. Undertaker wants to give up and leave his fate in the hands of the other Z-Loan clients and compares himself to Michiru unable to do anything to change the situation. Michiru admits she used to think that way, but now she won't give up no matter what. Sotetsu arrives on his motorcycle and the scene cuts back to the Z-Loan office.

At the Z-Loan office Kuse interprets that Bekko means to say that if the Z-Loan clients can't overcome this then it will be their end, that they should do it themselves. Apparently unknown to them, Yuuta has been listening to the conversation.

At a preschool it is revealed that Undertaker has a daughter named Misora. It is hinted that her mother died, thus leaving him as the only one who can take care of her.

Sotetsu takes Michiru to meet with Shito and Chika at the Z-Loan office, but Chika is still upset because she showed kindness to Zen, who is part of the competition. The team meets Lyca, a boy who is wearing a uniform similar to Shito and Chika's. They finally recognize him as the werewolf who was temporarily named Pochi before, whom Kuse has educated. His name comes from "lycanthrope" which means werewolf.

Kuse reveals that Lyca dislikes males, which is why he shook hands with Michiru but bit Shito. Kuse offers to leave Lyca with Z-Loan to help them and Bekko accepts. Lyca, who has learned to speak (though in third person), agrees as well to become strong enough to protect Kuse.

Michiru announces that she will become stronger too so she can protect Shito and Chika. Shito, Chika and Michiru exit the Z-Loan office and run into the A-Loan team, their office is in front of Z-Loan. No longer intimidated by the competition, the Z-Loan team goes to find more zombies to hunt with renewed determination.