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 permitted only when the bond's non-call period spans fewer than two years.
3. The equity clawback becomes exercisable only once the bond's non-call period has fully expired.
4. The bond's non-call period is automatically extended each time the issuer exercises an equity clawback option.

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