Effect
Cannot be used as Synchro Material, except for the Synchro Summon of a WATER Synchro Monster. If you have a monster(s) in your GY other than "Fishborg Launcher", and all of them are WATER: You can Special Summon this card from your GY, but banish it when it leaves the field. You can only use this effect of "Fishborg Launcher" once per turn.
"If this card is used as a Synchro Material, it can only be used for the Synchro Summon of a WATER monster." is not treated as an effect. (Even if this card's effects are negated, it can still only be used as a Synchro Material for a WATER monster.)
(1) is an Ignition Effect that can be activated in the Graveyard.
The effect of (1) finishes resolving when "Special Summon this card." (This card is Special Summoned while the effect "it is banished when it leaves the field" is applied.)
A Chain Link is not built when this card, which was Special Summoned by the effect of (1), leaves the field and is banished.
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