have we ever agreed to this (charge interest for different Payment Dates)  
for early payments (i.e., earlier than our usual 5 days after the Floating 
Price is determinable)?  SS
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 07/27/99 03:32 
PM ---------------------------


Melba Lozano
07/27/99 03:02 PM
To: Sara Shackleton/HOU/ECT@ECT
cc: Dale Neuner/HOU/ECT@ECT 
Subject: Michael Petroleum - Payment Date(s)


	

Sara,

Attached is a draft of the language that needs to be placed in all Michael 
Petroleum deals.  Janelle agreed with the counterparty that they will settle 
on the last day of the calendar month instead of our usual 5th Business Day.  
She is charging 6.5 % annual interest on payments they make to us for the 
days beyond the 5th Business Day.

I__________________________________________________________________I
(5th B.D.)       6.5% interest  
..............................................................................
....    (last B.D.)


Please let me know as soon as you can if this is ok. to put in the 
confirmations.  Call me if you need me to go up there.




THANK YOU SOOO MUCH!

Melba