Neither a financial collateral arrangement, nor financial collateral provided under such an arrangement, may be invalidated or declared void or reversed only because the arrangement was created, or the financial collateral was provided -

(a) on the day on which relevant winding-up proceedings or reorganisation measures commenced, but before the commencement of those proceedings or measures, or

(b) during a period before, and defined by reference to, the commencement of those proceedings or measures, or by reference to the making of any court order or the taking of any other action, or the occurrence of any other event, during those proceedings or measures.