Faraday's law conditions

Both.

The equation $mathscr E = – frac{dPhi}{dt}$ embodies the Faraday law (and, by means of the minus sign, Lenz's law). It can be used when $Phi$ changes due to change in flux density over a stationary loop or due to the loop area changing (motional emf).

In the first case the emf is due to an electric field accompanying a changing magnetic field, in accordance with the Faraday-Maxwell equation $$text{curl} vec E= -frac{partial vec B}{partial t}.$$

In the second case the emf arises from magnetic Lorentz forces acting on the charge carriers in the moving parts of the loop.

Faraday's law covers both cases.