Okay, so I don't claim to understand everything about this show, but if Stocking has her sword out, how is she still wearing two stockings? And how did Panty get her panties off while wearing shorts? I've seen people pull that stunt but it's not exactly what I'd call "easy access."

Stocking can turn EVERY stocking in a sword, so maybe it's not hers.

And Panty... Well, it's easier to chain-screw when you're going commando.

Maybe Panty can transform her panties around her body? Doubles as rule of cool, since her gun then appears at her waist like it's holstered.