medium · Debt Capital Markets primary-issuance-syndication

Which of the following describes the relationship between the 'Non-Call' period and the 'Equity Clawback'?

1. The equity clawback is a specific exception that allows for early redemption during the non-call period.
2. An equity clawback is only allowed if the non-call period is less than two years.
3. The equity clawback only becomes active once the non-call period has expired.
4. The non-call period is extended every time an equity clawback is exercised.

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