No, it isn't case sensitive. The easiest way to figure this out on your own is to write a lowercase test query that searches results that you know are in uppercase.
If there isn't a link to display, you shouldn't wrap it in link tags, that's just confusing. If the link is stored in a database, instead of storing the text "no link at this point" it would be better to just make the field NULL and test the value for NULL. Then no storage space is being wasted in the database.
Regards,
Rich
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