"as the case may be, the date of the applicable JGB Redemption...

"as the case may be, the date of the applicable JGB Redemption Election Notice, the applicable Interest Payment Date, or the Crowd Election Redemption Date"


"AS THE CASE MAY BE" - crowd has SOLE choice over whether to pay in cash or shares. Countless of times- they intend to pay the majority with cash.

"THE DATE of the applicable JGB REDEMPTION ELECTION notice, the applicable interest payment date, or the crowd election redemption date" - the date the MONTHLY principle and interest payment falls "due" in relation to the explanatory notes.

Cash payments - no share issue.

12.7c. No, wrong.


Please don't continually comment on things you don't understand.