Question about HF Performance Fees

Hello everyone - I have a question for people with experience in the HF industry. How are performance fees/carry paid at hedge funds?

In PE at least ones with a European carry structure you get paid at the end of the fund life and draw mgmt fees from the total fund size. But in HF - assuming zero mgmt fee - I have a couple of questions:

1. When is carry paid? end of every year?

2. How is carry paid? assuming fund is fully invested, do you unwind positions to pay carry? do you just roll over the carry into the fund and adjust positions? etc.

3. What happens if you pay carry in a year and then have a down year the following one? is there a claw back or so?

4. Is carry usually a straight 20% over a fixed hurdle? or a waterfall?