"2 är rätt svar. Den relevanta regeln är 418.3d:

418.3d Some effects from activated or triggered abilities have durations worded “as long as . . . .” If the “as long as” duration ends between the end of playing the activated ability or putting the triggered ability onto the stack and the moment when the effect would first be applied, the effect does nothing. It doesn’t start and immediately stop again, and it doesn’t last forever."
2007-10-10 23:01:00, av Priceguy