2: 1 full and 1 partial.
I know what your saying and I agree it is reasonable to interpret the phrase as meaning a full quarter. However, there is nothing stated forcing you to interpret it as a full quarter. I think this is where the R's discretion rule CAN take over. One could reasonably argue that if the committee intended for only full periods to be adjusted they would have added that (or a similar) word. The word, full, is used 15-18 times in the rules to describe things like timeouts, seconds, etc. What is the difference between "one full second" and "one second?" I don't know if there is any, but they wanted to make sure everyone understood what they were talking about with respect to that particular rule (rule 7 issues).
They didn't say "full period" when talking about what was remaining. If a team truly wants out of a game and is willing to set the 4th quarter to 0:00, does it make any sense to continue a 3rd quarter with several minutes on there unless they want to continue? Anyway, I'm partially at fault here (for adding 2 full paragraphs to the discussion) but I still have to ask: is this worth arguing over? Interpret as you see fit.