IB Advisor Friends & Family account

[GekkoToBe]

Below is from the IB website

Percent of P&L: A fixed percent is applied to the mark-to-market P&L (positive or negative) at the end of each day. Any changes made to the specified percent during a period will only be applied on a forward looking basis and will not be applied retroactively. If at the end of the billing period the accumulated fee calculation is negative, no fee will be charged. Two periods may be specified for this calculation:

1.Quarterly as of 3/31, 6/30, 9/30, and 12/31. Fees will be posted 10 days after the close of a quarter.
2.Annually as of 12/31. Fees will be posted 10 days after the close of the year.

http://www.interactivebrokers.com/en/p.php?f=advisorWrapFees

My understanding from this is that the fees are calculated daily, but charged quarterly/annually.

I had a few questions about how the fee deduction works.

1/ What happens if you had some fees built up during the quarter but then the client account got absolutely smashed in the last few days of the quarter to bring the quarter end balance to negative? If no fee is charged in this instance then why do they say calculated daily?

2/ If the fee is calculated daily, but not charged till the end of the quarter, does that mean that the clients account can continue of having the benefit of compounding the fee component of the profits?

3/ Does IB still deduct fees when coming back from a drawdown or does it incorporate high watermarks?

If anybody can answer my questions that would be great.

Perhaps even an example if anybody has some time.

Cheers, its much appreciated.