Query submitted
└─ Retrieve all RED LINE positions on retroactive promote clawbacks in removal-for-cause. What is the firm's standing counter?
Verification status
├─ Answer type Cited legal-memory retrieval
├─ Corpus checked post_legal
├─ Verified date 2026-04-30
├─ Source rank Andrea Reynoso Rank 2
└─ Scope warning Cross-deal pattern is not yet fully verifiable. Only supported corpus findings are shown as verified. 1 deal
Answer
└─ The firm does not concede retroactive promote clawbacks. The standing counter is to convert any retroactive clawback into a forward-only remedy with a cure period. The validated corpus contains no instance of the firm agreeing to retroactive repayment of already-earned promote or fees. The Invesco JV does not contain a removal concept — only default provisions with fee termination at §10.3.
Evidence tree
├─ Redline Position #27 Red Line
│ ├─ Attorney Andrea R.
│ ├─ Date 2026-01-09
│ ├─ Finding Forward-only with cure period is acceptable. Retroactive repayment of previously earned promote or fees is a red flag.
│ ├─ Note Do not confuse removal-for-cause clawback with §7.3 liquidation clawback.
│ ├─ Source 06_Meetings/Andrea/2025-01-10/transcript_andrea_2025-01-09.md
│ └─ Feedback ID AR-2026-01-09-blockers
├─ Guidance Position #28 Guidance
│ ├─ Attorney Andrea R.
│ ├─ Date 2026-01-09
│ ├─ Finding Invesco JV does not contain a removal concept. It only contains default provisions with fee termination at §10.3.
│ ├─ Interpretation No promote-clawback mechanism exists in this agreement.
│ └─ Source 06_Meetings/Andrea/2025-01-10/transcript_andrea_2025-01-09.md
├─ Clause Evidence §10.2 Termination of Fees
│ ├─ Version v8
│ ├─ Clause ID invesco_jv_v8_102_termination_of_fees
│ ├─ Text
│ │ "…fees paid to Co-General Partner shall have been deemed earned when paid, and shall not be subject to recovery or clawback by the General Partner or the Partnership."
│ └─ Supports Already-paid fees are treated as earned and not recoverable.
├─ Clause Evidence §10.3 Right of Offset
│ ├─ Version v8
│ ├─ Clause ID invesco_jv_v8_103_right_of_offset
│ ├─ Text
│ │ "General Partner may cause the Partnership to withhold any distributions until such time, if any, as the Event of Default is cured."
│ └─ Supports Agreement uses withholding/offset during default — not retroactive recovery of already-paid promote.
└─ Baseline Position #26 Baseline
├─ Attorney Andrea R.
├─ Finding §7.3 liquidation true-up is standard and not the same thing as a removal-for-cause clawback.
├─ Warning Conflating liquidation true-up with removal clawback is a common counterparty move.
└─ Source 06_Meetings/Andrea/2025-01-10/transcript_andrea_2025-01-09.md
Final position
├─ Standing counter Forward-only remedy with cure period
├─ Redline position No retroactive clawback of previously earned promote or fees
├─ Do not confuse with §7.3 liquidation true-up
├─ Verified corpus coverage 1 deal — Invesco JV
└─ System limitation Cross-deal patterns are flagged as unverifiable unless additional deal records are present. Unverified