Ask HN: YC Pro Rata Side Letter

The YC pro rata side letter seems to terminate after the initial "Equity Financing." ("The Pro Rata Right described above shall automatically terminate upon the earlier of (i) the initial closing of the Equity Financing")

Is this interpretation correct? Do investors who use the YC pro rata side letter lose the right to maintain their position in future follow on rounds?

YC describes their own pro-rata rights as continuing though future rounds: "Additional Future Financing Rounds: When you conduct later rounds of financing, we continue to have a participation right to purchase up to 4% of the new money securities."

Does YC receive pro-rata rights that are broader than those included in the SAFE pro-rata side letter?