(1) In the case of structured finance arrangements (including covered bonds and structured finance arrangements referred to in Regulation 137(3)(e) and (f)), the occurrence of -
(a) a partial property transfer shall not operate to permit the transfer of some, but not all, of the assets, rights and liabilities which constitute or form part of a structured finance arrangement (including arrangements referred to in Regulation 137(3)(e) and (f)) to which the institution under resolution is a party, or
(b) a modification of contracts shall not operate to permit the termination or modification through the use of ancillary powers of the assets, rights and liabilities which constitute or form part of a structured finance arrangement (including arrangements referred to in Regulation 137(3)(e) and (f)) to which the institution under resolution is a party.
(2) Notwithstanding paragraph (1), where necessary in order to ensure availability of covered deposits, a resolution order may -
(a) transfer
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