Maine Clawback Guaranty
Description
How to fill out Clawback Guaranty?
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FAQ
This is a common term of the private equity agreement. To the extent that the general partner receives more than its fair share of profits, as determined by the carried interest, the general partner clawback holds the individual partners responsible for paying back the limited partners what they are owed.
A clawback is a contractual provision that requires an employee to return money already paid by an employer, sometimes with a penalty. Clawbacks act as insurance policies in the event of fraud or misconduct, a drop in company profits, or for poor employee performance.
If the General Partner overpays themselves Carried Interest, a Clawback clause forces the General Partner to return the portion of overpaid Carried Interest to the Limited Partners. Clawback calculations are commonly triggered by the final liquidation of the fund or partnership.
What is the clawback period? This 90-day period begins on the date that you file for bankruptcy. During this time, the trustee has the right to demand payment from creditors. If a creditor does not comply with the trustee's request, the trustee can take legal action to recover the money.
What does Carried interest clawback mean? A clawback provision (usually seen where a fund uses a deal-by deal model) that ensures that the carried interest partner does not receive more than its agreed percentage of carried interest over the life of the fund.