{"component": "clause", "props": {"groups": [{"samples": [{"hash": "iVu2Ev1HNhG", "uri": "/contracts/iVu2Ev1HNhG#computation-and-payment", "label": "Credit Agreement (Tilly's, Inc.)", "score": 33.0547561646, "published": true}, {"hash": "a9FKio08neo", "uri": "/contracts/a9FKio08neo#computation-and-payment", "label": "Credit Agreement", "score": 31.3408622742, "published": true}, {"hash": "fP4pe5295P0", "uri": "/contracts/fP4pe5295P0#computation-and-payment", "label": "Credit Agreement (Cray Inc)", "score": 27.1232032776, "published": true}], "snippet": "Interest shall be computed on the basis of a 360-day year, actual days elapsed. Interest shall be payable at the times and place set forth in each promissory note or other instrument or document required hereby.", "size": 203, "snippet_links": [{"key": "basis-of", "type": "clause", "offset": [34, 42]}, {"key": "actual-days", "type": "definition", "offset": [59, 70]}, {"key": "payable-at", "type": "definition", "offset": [98, 108]}, {"key": "promissory-note", "type": "definition", "offset": [147, 162]}], "hash": "c8a1ee48d3d8ba9a24aff39e812d6fc6", "id": 1}, {"samples": [{"hash": "icgpoRRxGRj", "uri": "/contracts/icgpoRRxGRj#computation-and-payment", "label": "Debtor in Possession Credit Agreement", "score": 29.576171875, "published": true}, {"hash": "bSbzZkvn7wI", "uri": "/contracts/bSbzZkvn7wI#computation-and-payment", "label": "Debtor in Possession Credit Agreement", "score": 25.2737846375, "published": true}, {"hash": "aopeYCoyHBW", "uri": "/contracts/aopeYCoyHBW#computation-and-payment", "label": "Debtor in Possession Credit Agreement", "score": 25.2737846375, "published": true}], "snippet": "Interest shall be computed on the basis of a 365/366- day year, actual days elapsed. The applicable interest rate for each Loan shall change simultaneously with each change in the Prime Rate. Interest shall accrue for each Loan on the applicable Funding Date of each Loan, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall bear interest for one day. Each determination by Lender of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. Accrued interest on each Loan shall be payable on each Repayment Date, for interest accrued during since the immediately preceding Repayment Date; provided that the accrued interest payable on the Initial Repayment Date shall be interest accrued since the Effective Date.", "size": 6, "snippet_links": [{"key": "basis-of", "type": "clause", "offset": [34, 42]}, {"key": "actual-days", "type": "definition", "offset": [64, 75]}, {"key": "applicable-interest-rate", "type": "definition", "offset": [89, 113]}, {"key": "loan-shall", "type": "definition", "offset": [123, 133]}, {"key": "simultaneously-with", "type": "clause", "offset": [141, 160]}, {"key": "change-in", "type": "clause", "offset": [166, 175]}, {"key": "the-prime-rate", "type": "definition", "offset": [176, 190]}, {"key": "date-of", "type": "clause", "offset": [254, 261]}, {"key": "a-loan", "type": "definition", "offset": [297, 303]}, {"key": "the-day", "type": "definition", "offset": [333, 340]}, {"key": "the-loan", "type": "clause", "offset": [350, 358]}, {"key": "provided-that", "type": "definition", "offset": [384, 397]}, {"key": "any-loan", "type": "clause", "offset": [398, 406]}, {"key": "same-day", "type": "definition", "offset": [429, 437]}, {"key": "interest-for", "type": "definition", "offset": [469, 481]}, {"key": "determination-by-lender", "type": "clause", "offset": [496, 519]}, {"key": "an-interest", "type": "clause", "offset": [523, 534]}, {"key": "conclusive-and-binding", "type": "clause", "offset": [566, 588]}, {"key": "all-purposes", "type": "definition", "offset": [593, 605]}, {"key": "manifest-error", "type": "clause", "offset": [614, 628]}, {"key": "accrued-interest-on-each-loan", "type": "definition", "offset": [630, 659]}, {"key": "interest-accrued", "type": "definition", "offset": [705, 721]}, {"key": "accrued-interest-payable", "type": "definition", "offset": [795, 819]}, {"key": "initial-repayment-date", "type": "definition", "offset": [827, 849]}, {"key": "the-effective-date", "type": "clause", "offset": [882, 900]}], "hash": "951cd4dc5ec012bebca3ba1cb2a73dbe", "id": 7}, {"samples": [{"hash": "eXhItHKI0kR", "uri": "/contracts/eXhItHKI0kR#computation-and-payment", "label": "Credit Agreement (Culp Inc)", "score": 31.540725708, "published": true}, {"hash": "cb1tkfQuU0U", "uri": "/contracts/cb1tkfQuU0U#computation-and-payment", "label": "Credit Agreement (Culp Inc)", "score": 29.6817245483, "published": true}, {"hash": "1hE3vgQpwe9", "uri": "/contracts/1hE3vgQpwe9#computation-and-payment", "label": "Credit Agreement (Linear Technology Corp /Ca/)", "score": 24.8220405579, "published": true}], "snippet": "Interest shall be computed on the basis of a 360-day year, actual days elapsed. Interest shall be payable at the times and place set forth in the Line of Credit Note.", "size": 54, "snippet_links": [{"key": "basis-of", "type": "clause", "offset": [34, 42]}, {"key": "actual-days", "type": "definition", "offset": [59, 70]}, {"key": "payable-at", "type": "definition", "offset": [98, 108]}, {"key": "the-line-of-credit-note", "type": "clause", "offset": [142, 165]}], "hash": "9de00f808b2206597bb1e751c8a3c407", "id": 2}, {"samples": [{"hash": "7ZTPcDyuxvr", "uri": "/contracts/7ZTPcDyuxvr#computation-and-payment", "label": "Credit Agreement (Arcturus Therapeutics Holdings Inc.)", "score": 34.5961685181, "published": true}, {"hash": "jA9opnx50Zo", "uri": "/contracts/jA9opnx50Zo#computation-and-payment", "label": "Credit Agreement (Arcturus Therapeutics Holdings Inc.)", "score": 34.3497619629, "published": true}, {"hash": "5M9lQjwhOsr", "uri": "/contracts/5M9lQjwhOsr#computation-and-payment", "label": "Credit Agreement (Rocky Mountain Chocolate Factory, Inc.)", "score": 33.7611236572, "published": true}], "snippet": "Interest shall be computed on the basis set forth in each promissory note or other instrument or document required hereby. Interest shall be payable at the times and place set forth in each promissory note or other instrument or document required hereby.", "size": 31, "snippet_links": [{"key": "the-basis", "type": "clause", "offset": [30, 39]}, {"key": "promissory-note", "type": "definition", "offset": [58, 73]}, {"key": "payable-at", "type": "definition", "offset": [141, 151]}], "hash": "6a35e05b46901cc70f4706952ad15a92", "id": 3}, {"samples": [{"hash": "7t3pEPnIx3J", "uri": "/contracts/7t3pEPnIx3J#computation-and-payment", "label": "Credit Agreement (Lecg Inc)", "score": 18.0, "published": true}, {"hash": "d5Z8hA328e6", "uri": "/contracts/d5Z8hA328e6#computation-and-payment", "label": "Credit Agreement (Lecg Inc)", "score": 16.0, "published": true}], "snippet": "Interest shall be computed on the basis of ----------------------- a 360-day year, actual days elapsed. Interest shall be payable at the times and place set forth in the Line of Credit Note and the BMSC Letter of Credit Agreement.", "size": 15, "snippet_links": [{"key": "basis-of", "type": "clause", "offset": [34, 42]}, {"key": "actual-days", "type": "definition", "offset": [83, 94]}, {"key": "payable-at", "type": "definition", "offset": [122, 132]}, {"key": "the-line-of-credit-note", "type": "clause", "offset": [166, 189]}, {"key": "letter-of-credit-agreement", "type": "definition", "offset": [203, 229]}], "hash": "e1cc9e17e8bb75422d69d8062d6a98e4", "id": 4}, {"samples": [{"hash": "2hA9ZkxSJ99", "uri": "/contracts/2hA9ZkxSJ99#computation-and-payment", "label": "Collective Bargaining Agreement", "score": 27.0471343994, "published": true}, {"hash": "aJlDjLxqQXg", "uri": "/contracts/aJlDjLxqQXg#computation-and-payment", "label": "Collective Bargaining Agreement", "score": 26.9853134155, "published": true}, {"hash": "dH8sn7avYZM", "uri": "/contracts/dH8sn7avYZM#computation-and-payment", "label": "Collective Bargaining Agreement", "score": 22.126625061, "published": true}], "snippet": "Overtime shall be computed on a work period basis and shall be included in the compensation for the pay period which included the last day of the work period.", "size": 7, "snippet_links": [{"key": "overtime-shall-be", "type": "clause", "offset": [0, 17]}, {"key": "work-period", "type": "definition", "offset": [32, 43]}, {"key": "compensation-for-the", "type": "clause", "offset": [79, 99]}, {"key": "pay-period", "type": "clause", "offset": [100, 110]}, {"key": "of-the-work", "type": "clause", "offset": [139, 150]}], "hash": "db37bd93921cdddd173c9af8ff7da85e", "id": 5}, {"samples": [{"hash": "f7Y56CAT1sV", "uri": "/contracts/f7Y56CAT1sV#computation-and-payment", "label": "Loan Agreement (Stevens International Inc)", "score": 18.0, "published": true}], "snippet": "Interest (and fees computed on a per annum basis) shall be computed on the basis of a 360-day year, actual days elapsed. Interest shall be payable at times and place set forth in the Line of Credit Note and the Term Note.", "size": 7, "snippet_links": [{"key": "per-annum", "type": "definition", "offset": [33, 42]}, {"key": "basis-of", "type": "clause", "offset": [75, 83]}, {"key": "actual-days", "type": "definition", "offset": [100, 111]}, {"key": "payable-at", "type": "definition", "offset": [139, 149]}, {"key": "the-line-of-credit-note", "type": "clause", "offset": [179, 202]}, {"key": "the-term-note", "type": "clause", "offset": [207, 220]}], "hash": "acd572d3296e273f9731a6ef003eb368", "id": 6}, {"samples": [{"hash": "hYiDCCuB3lX", "uri": "/contracts/hYiDCCuB3lX#computation-and-payment", "label": "Credit Agreement (Gadzooks Inc)", "score": 18.0, "published": true}, {"hash": "5IDIQA3hNoj", "uri": "/contracts/5IDIQA3hNoj#computation-and-payment", "label": "Credit Agreement (Gadzooks Inc)", "score": 18.0, "published": true}], "snippet": "Interest shall be computed on the basis of a 360-day year, actual days elapsed, unless such calculation would result in a usurious rate, in which case interest shall be computed on the basis of a 365/366-day year, as the case may be, actual days elapsed. Interest shall be payable at the times and place set forth in the Line of Credit Note.", "size": 6, "snippet_links": [{"key": "basis-of", "type": "clause", "offset": [34, 42]}, {"key": "actual-days", "type": "definition", "offset": [59, 70]}, {"key": "usurious-rate", "type": "clause", "offset": [122, 135]}, {"key": "the-case", "type": "definition", "offset": [217, 225]}, {"key": "payable-at", "type": "definition", "offset": [273, 283]}, {"key": "the-line-of-credit-note", "type": "clause", "offset": [317, 340]}], "hash": "771995eda8512074d43addb8d339bbe9", "id": 8}, {"samples": [{"hash": "gRlaZ2pdJ2p", "uri": "/contracts/gRlaZ2pdJ2p#computation-and-payment", "label": "Credit Agreement (Monaco Coach Corp /De/)", "score": 21.0, "published": true}, {"hash": "5jWwk35jcRW", "uri": "/contracts/5jWwk35jcRW#computation-and-payment", "label": "Credit Agreement (Monaco Coach Corp /De/)", "score": 21.0, "published": true}], "snippet": "All interest and per annum fees shall be computed on the basis of a 360-day year, actual days elapsed, except interest on Prime Rate Loans shall be computed on the basis of a 365/366-day year, actual days elapsed. Interest on Prime Rate Loans shall be payable monthly, in arrears, on the first day of each month and on the Maturity Date. Interest on LIBOR Loans shall be paid on the last day of each Fixed Rate Term, at the end of the third month with respect to each Fixed Rate Term of six months and on the Maturity Date.", "size": 6, "snippet_links": [{"key": "per-annum", "type": "definition", "offset": [17, 26]}, {"key": "basis-of", "type": "clause", "offset": [57, 65]}, {"key": "actual-days", "type": "definition", "offset": [82, 93]}, {"key": "loans-shall", "type": "definition", "offset": [133, 144]}, {"key": "in-arrears", "type": "definition", "offset": [269, 279]}, {"key": "day-of", "type": "clause", "offset": [294, 300]}, {"key": "on-the-maturity-date", "type": "clause", "offset": [316, 336]}, {"key": "interest-on-libor-loans", "type": "clause", "offset": [338, 361]}, {"key": "last-day", "type": "clause", "offset": [383, 391]}, {"key": "fixed-rate-term", "type": "clause", "offset": [400, 415]}, {"key": "at-the-end-of-the", "type": "clause", "offset": [417, 434]}, {"key": "with-respect-to", "type": "clause", "offset": [447, 462]}, {"key": "term-of", "type": "clause", "offset": [479, 486]}, {"key": "six-months", "type": "definition", "offset": [487, 497]}], "hash": "01becc8c54933bf7117f0011b01a9a71", "id": 9}, {"samples": [{"hash": "2ZLhT6zqVTM", "uri": "/contracts/2ZLhT6zqVTM#computation-and-payment", "label": "Loan Agreement (Zagg INC)", "score": 22.1964416504, "published": true}, {"hash": "7AS2MkjUuqY", "uri": "/contracts/7AS2MkjUuqY#computation-and-payment", "label": "Loan Agreement (Zagg INC)", "score": 21.3723468781, "published": true}], "snippet": "Interest shall be computed on the basis of a Three Hundred Sixty (360) day year and actual days elapsed. Interest and principal shall be payable at the times and place set forth in the Note.", "size": 5, "snippet_links": [{"key": "basis-of", "type": "clause", "offset": [34, 42]}, {"key": "actual-days", "type": "definition", "offset": [84, 95]}, {"key": "interest-and-principal", "type": "clause", "offset": [105, 127]}, {"key": "payable-at", "type": "definition", "offset": [137, 147]}, {"key": "the-note", "type": "clause", "offset": [181, 189]}], "hash": "8ccfa5869e84c18dca03c05d704af110", "id": 10}], "next_curs": "CmASWmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjwLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiBjb21wdXRhdGlvbi1hbmQtcGF5bWVudCMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"children": [["royalty", "Royalty"], ["trading-activities", "Trading Activities"], ["payments", "Payments"], ["accounting-principles", "Accounting Principles"], ["election", "Election"]], "parents": [["interest-fees", "Interest Fees"], ["credit-terms", "Credit Terms"], ["the-credits", "The Credits"], ["the-credit", "The Credit"], ["line-of-credit", "Line of Credit"]], "size": 413, "title": "Computation and Payment", "id": "computation-and-payment", "related": [["calculation-and-payment", "Calculation and Payment", "Calculation and Payment"], ["computation-and-payment-of-fee", "Computation and Payment of Fee", "<strong>Computation and Payment</strong> of Fee"], ["collection-and-payment", "Collection and Payment", "Collection and Payment"], ["consideration-and-payment", "Consideration and Payment", "Consideration and Payment"], ["calculation-and-payment-of-interest", "Calculation and Payment of Interest", "Calculation and Payment of Interest"]], "related_snippets": [], "updated": "2026-03-22T06:20:25+00:00", "also_ask": ["What mechanisms ensure accurate and timely computation of amounts owed?", "Which payment terms are non-negotiable to protect our interests?", "What are the most common pitfalls or ambiguities in computation clauses?", "How do these computation and payment provisions compare to industry standards?", "What factors most often lead courts to invalidate or modify payment clauses?"], "drafting_tip": "Specify calculation methods and payment timelines to prevent disputes; define terms like 'net amount' to avoid ambiguity; require written notice for adjustments to ensure transparency.", "explanation": "The Computation and Payment clause defines how financial amounts owed under the agreement are calculated and when and how those payments must be made. It typically outlines the methods for determining sums due, such as fees, reimbursements, or other charges, and specifies the timing, manner, and acceptable forms of payment. This clause ensures both parties have a clear understanding of their financial obligations, reducing the risk of disputes over payment amounts or schedules."}, "json": true, "cursor": ""}}