(1) The protections in Regulations 138 to 142 shall, subject to the restrictions in Regulations 128 to 131, apply to -
(a) the arrangements set out in paragraph (3), and
(b) the counterparties to the arrangements referred to in subparagraph (a).
(2) The protections referred to in paragraph (1) shall apply -
(a) where a modification of contracts occurs, or
(b) to all partial property transfers, irrespective of the number of parties involved in the arrangements and of whether the arrangements -
(i) are created by contract, trusts or other means, or arise automatically by operation of law, or
(ii) arise under, or are governed in whole or in part by, the law of another Member State or of a third country.
(3) The arrangements referred to in paragraph (1) are the following:
(a) security arrangements, under which a person has by way of security an actual or contingent interest in the assets or rights that are subject to transfer, irrespective of whether that interest is secured by specific as
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