What is the meaning of a triangular sign pointing downwards with a white background and red border (panneau 'Cédez le passage')?

1. Yield right of way to vehicles traveling on the intersecting road, without being required to come to a full stop if the road is clear
2. Mandatory stop under all circumstances for at least 5 seconds
3. Priority over all oncoming traffic on narrow bridges
4. End of all previous speed limits