Noble Arms - Arfeudutyr

The effect "You can only control 1 face-up 'Noble Arms - Arondight'" does not create a Chain Link. (This effect is applied even when not on the field. If you control a face-up "Noble Arms - Arondight," you cannot activate a second "Noble Arms - Arondight" from your hand.)

The effect "Once per turn: You can target 1 Set card your opponent controls; the equipped monster loses 500 ATK, and if it does, destroy that Set card" creates a Chain Link. (This effect targets 1 Set card your opponent controls. It can only be activated during your Main Phase.)

The action of "the equipped monster loses 500 ATK" and the action of "destroy that Set card" are treated as occurring simultaneously.

The effect "the equipped monster loses 500 ATK, and if it does, destroy that Set card" cannot be activated if the equipped monster has less than 500 ATK.

The ATK reduction applied by the effect "the equipped monster loses 500 ATK, and if it does, destroy that Set card" remains applied as long as that monster remains face-up on the field. (Even if the monster is no longer equipped with "Noble Arms - Arfeudutyr" after this effect resolves, its ATK remains reduced.)

The effect "③: If this face-up card on the field is destroyed and sent to the GY: You can target 1 Warrior 'Noble Knight' monster you control; equip this card to that monster" is an effect that activates in the GY and creates a Chain Link. (It targets 1 Warrior "Noble Knight" monster you control in your Monster Zone. It can also be activated during the Damage Step.)