Document:

EXHIBIT 10.23

[*] The asterisk denotes that confidential portions of this exhibit have been
omitted in reliance on Rule 24b-2 of the Securities Exchange Act of 1934. The
confidential portions have been submitted separately to the Securities and
Exchange Commission.

Date:   July 25, 2002

To:     Commonwealth Energy Corp.
        15901 Red Hill Ave., Suite 100
        Tustin, CA 92780
        Attn: Dick Paulsen
        Phone: 714.259.2523
        Fax:   714.259.2563

Re:     CONFIRMATION OF TRANSACTION WITH COMMONWEALTH ENERGY FOR WHOLESALE
        ELECTRICITY TO SUPPLY COMMONWEALTH ENERGY'S RETAIL CUSTOMER LOAD IN
        DETROIT EDISON'S SERVICE TERRITORY

This Confirmation memorializes the oral Transaction agreement between Steve
Sheppard of DTE Energy Trading, Inc. ("DTEET") and Dick Paulsen of
Commonwealth Energy ("CE") dated July 25, 2002 regarding the Transaction set
forth below.

AGREED TO ECONOMIC TERMS

BUYER:                  CE

SELLER:                 DTEET

PRODUCT:                Full requirements service product ("FRSP") (as defined
                        below) for CE's retail customers in Detroit Edison's
                        service territory (the "CE customers");

                        Energy delivery is measured and billed at the CE
                        Customer meter(s). Energy is to be used only to serve CE
                        Customer load under Detroit Edison's Electric Choice
                        Program.

                        FRSP means firm Energy as measured and delivered to the
                        CE Customer retail meters which shall include load
                        following Energy, load forecasting and scheduling
                        services, applicable Detroit Edison/International
                        Transmission Company ("ITC") and Midwest Independent
                        System Operator ("MISO") transmission and ancillary
                        services charges, including imbalance charges.

DELIVERY PERIOD:        As defined in Sections 2.2 and 2.3 of the Operating
                        Agreement between Seller and Buyer, effective July 24,
                        2002 ("Operating Agreement") and with respect to this
                        Transaction:

                                -       [Confidential Treatment Requested]*

                                -       [Confidential Treatment Requested]* from
                                        the date the last CE Customer begins
                                        taking Energy supplied by CE under the
                                        terms of this Transaction

WHOLESALE CONTRACT
QUANTITY:               As defined in Sections 2.2, 2.3, and 3.1 of the
                        Operating Agreement and with respect to this
                        Transaction:

                                -       Maximum demand of [Confidential
                                        Treatment Requested]*;

                                -       Estimated Energy volume of [Confidential
                                        Treatment Requested]* MWh; and

                                       1
<PAGE>

                                                              [DTE ENERGY LOGO]

                                   -  Actual Energy volume, as provided by
                                      ITC/MISO and reduced by ITC/Detroit
                                      Edison transmission and distribution
                                      losses, will determine the actual
                                      Wholesale Contract Quantity delivered.

TRANSMISSION & SCHEDULING
REQUIREMENTS:                 Seller will function as CE's Marketer in
                              accordance with the Marketer Agreement for
                              Electric Choice Program between The Detroit
                              Edison Company and Seller. Seller will schedule
                              point-to-point transmission service and schedule
                              ancillary services up to the CE Customer meter(s).

CONTRACT PRICE:               As defined in Sections 2.2 and 3.2 of the
                              Operating Agreement and with respect to this
                              Transaction;

                                   -  [Confidential Treatment Requested]*

DELIVERY POINT:               CE Customer meter(s)

PRODUCT FIRMNESS:             Physical, Firm Energy with Liquidated Damages.

SCHEDULING
REQUIREMENTS:                 Seller will schedule and deliver Energy according
                              to the Wholesale Contract Quantity. Further,
                              Seller will develop it's own day-ahead forecast
                              for energy scheduling.

SPECIAL CONDITIONS:           Buyer will function as the AES/Retailer in
                              accordance with the AES/Retailer Agreement for
                              Electric Choice Program between The Detroit
                              Edison Company and Buyer.

                              Buyer will select Optional Retail Access Backup
                              Service when enrolling CE Customers in Detroit
                              Edison's Electric Choice Program.

                              Buyer is responsible for all expenses, including
                              taxes, after the Delivery Point. Seller is
                              responsible for all expenses, including taxes,
                              before the Delivery Point.

REGULATORY OR
RULE CHANGES:                 If any of the following occurrences have material
                              adverse economic consequences to Seller or Buyer,
                              then the parties agree to use their best efforts
                              to negotiate in good faith to restore the
                              original economic value of this Transaction: 1) a
                              change in existing rules, regulations, procedures
                              or protocols of the entity governing the
                              transmission of Energy, capacity, scheduling or
                              ancillary services, or 2) a change in the
                              obligations of load serving entities in the ITC
                              (or its successor entity) control area.

SECURITY FOR CE'S
PERFORMANCE:                  In connection with Energy provided by DTEET under
                              this Transaction, CE will grant DTEET a security
                              interest in, and lien on (and right of setoff
                              against), and assignment of, all account
                              receivables relating to the sale of Energy by CE
                              to certain CE Customers (the "Secured Party
                              Accounts Receivable") pursuant to that certain
                              Security Agreement dated July 24, 2002, which is
                              hereby incorporated by reference ("the Security
                              Agreement").

SPECIAL PAYMENT
TERMS:                        CE will pay DTEET for the Energy pursuant to the
                              terms of that certain Escrow Agreement dated July
                              24, 2002, which is incorporated by reference (the
                              "Escrow Agreement").

                                       2

<PAGE>

                                                     [DTE ENERGY LOGO]

CE's REPRESENTATIONS
AND WARRANTIES:          CE represents and warrants that there are no
                         encumbrances limiting or interfering with DTEET's
                         rights in the Secured Party Accounts Receivable;

                         CE represents and warrants that it will undertake no
                         action to negate or diminish DTEET's interest in the
                         Secured Party Accounts Receivable and will cooperate
                         fully with DTEET to protect DTEET's interest arising
                         under this Transaction;

                         CE represents and warrants that it has irrevocably
                         instructed each CE Customer receiving the Energy and
                         all other persons or entities paying CE for the Energy,
                         and shall so instruct all future CE Customers receiving
                         the Energy and all other persons or entities at any
                         time paying CE for the Energy, to make payment to the
                         Lockbox (as defined in the Escrow Agreement), and that
                         it will use all commercially reasonable efforts to
                         cause all such persons or entities to agree to make
                         payments to the Lockbox; provided, however, that CE
                         may, subject to the terms and conditions of the Escrow
                         Agreement, Security Agreement, and EEI Master Power
                         Purchase and Sale Agreement, instruct each CE Customer
                         receiving the Energy and all other persons or entities
                         paying CE for the Energy to make payment to a different
                         account upon the termination of this Transaction or the
                         Escrow Agreement); and

                         CE represents and warrants that it will promptly notify
                         DTEET if it is aware that any person or entity
                         instructed to make payment to the Lockbox has refused
                         or failed to make any such payment to the Lockbox, and
                         will as promptly as possible deposit such payments
                         received by CE into the Lockbox.

                         CE represents and warrants that it will only use the
                         Products purchased hereunder to serve its retail
                         customer load under the Detroit Edison Electric Choice
                         Program, and that it will not be resold in the
                         wholesale market.

This Transaction Letter shall be governed by the terms and conditions set forth
herein and the EEI Master Power Purchase and Sale Agreement between DTEET and
Buyer, effective May 11, 2001 (the "Master Agreement") which is incorporated by
reference and made a part here of. In the event of a conflict between this
Transaction Letter and the terms and conditions of the Master Agreement,
including, but not limited to, the product definitions in Schedule P of the
Master Agreement, this Transaction Letter shall govern.

Please execute this Transaction Letter by signing below and returning a coy to
Joseph Gallagher, Risk Monitor, by facsimile at 734.887.2056.

                                       3

<PAGE>
CONFIDENTIAL & PROPRIETARY

                                                               [DTE ENERGY LOGO]

If this Transaction Letter is not executed and returned within two (2) Business
Days, it shall be deemed correct as sent. Questions should be referred to Joseph
Gallagher, of DTEET, at 734.887.2004.

Sincerely,

DTE Energy Trading, Inc.

Approved

/s/ RANDALL D. BALHORN
-------------------------------------
Randall D. Balhorn, President

7/25/02
-------------------------------------
Date

ACCEPTED AND AGREED:

Commonwealth Energy Corporation

/s/ DICK PAULSEN
-------------------------------------
Dick Paulsen, Chief Operating Officer

7/26/02
-------------------------------------
Date

                                       4<PAGE>

                                                                     Exhibit 4.9

                 WAIVER AND FIRST AMENDMENT TO REVOLVING CREDIT,
                        TERM LOAN AND SECURITY AGREEMENT

         THIS WAIVER AND FIRST AMENDMENT TO REVOLVING CREDIT, TERM LOAN AND
SECURITY AGREEMENT, dated as of February 6, 2004 (the "AMENDMENT"), is entered
into by and between CAPITALSOURCE FINANCE LLC, a Delaware limited liability
company ("LENDER"), and COAST DENTAL SERVICES, INC., a Florida corporation
("BORROWER"). Capitalized terms used and not otherwise defined herein are used
as defined in the Agreement (as defined below).

         WHEREAS, the parties hereto entered into that certain Revolving Credit,
Term Loan and Security Agreement dated as of December 31, 2002 (as amended,
supplemented, or otherwise modified from time to time, the "AGREEMENT"); and

         WHEREAS, the parties hereto desire to amend the Agreement in certain
respects as provided herein and to waive certain Events of Default that have
occurred and are continuing;

         NOW, THEREFORE, in consideration of the premises and the other mutual
covenants contained herein, the receipt and sufficiency are hereby acknowledged,
the parties hereto agree as follows:

         SECTION 1. AMENDMENTS.

         (a)      Section 2.4(c)(ii)(B) of the Agreement hereby is amended by
deleting the reference to "$300,000" and replacing it with "$350,000."

         (b)      Section 7.2(iii) of the Agreement hereby is amended by
deleting the reference to "$1,500,000" and replacing it with "$5,000,000."

         (c)      Annex I of the Loan Agreement hereby is amended by deleting
the Financial Covenants 1), 2), 3), 4) and 5) and replacing such covenants with
the following:

                  1)       MINIMUM EBITDA

                  Borrower shall not permit EBITDA for any Test Period ending on
the last day of each month set forth below to be less than the following
amounts:

<TABLE>
<CAPTION>
    Month                                    EBITDA
    -----                                    ------
<S>                                        <C>
December, 2003                            ($   450,000)
January, 2004                             ($   650,000)
February, 2004                            ($    50,000)
March, 2004                                $   850,000
April, 2004                                $ 1,050,000
</TABLE>

                  Borrower shall not permit EBITDA for any Test Period ending
after April 30, 2004 to be less than $1,250,000.

<PAGE>

                  2)       NET LEVERAGE RATIO (TOTAL DEBT TO EBITDA)

                  The Net Leverage Ratio shall not exceed 1.25 to 1.0 from
January 1, 2003 through December 31, 2003, and 1.0 to 1.0 from January 1, 2004
and thereafter.

                  3)       FIXED CHARGED RATIO (EBITDA/FIXED CHARGES)

                  As measured at the end of each calendar month thereafter, the
Fixed Charge Ratio shall not be less than:

<TABLE>
<CAPTION>
FOR EACH TEST PERIOD ENDING:                         FIXED CHARGE RATIO:
----------------------------                         -------------------
<S>                                                  <C>
March 31, 2004 through
April 30, 2004                                           1.00 to 1.00
May 31, 2004 and thereafter                              1.50 to 1.00
</TABLE>

                  4)       CASH VELOCITY

                  Collections of Borrower's Accounts (including capitated
collections) shall not be less than $6,000,000 for each calendar month during
the Term commencing January 1, 2003; provided, that upon any violation of or
failure to comply with this covenant Lender shall have the right, in its sole
discretion, to consider for all purposes under the Agreement as though Borrower
actually collected Accounts equal to such minimum required amount.

                  5)       MINIMUM LIQUIDITY AND WORKING CAPITAL

                  At Closing and at all other times Borrower shall have not less
than $1,000,000 of Available Cash on hand.

         (d)      Appendix A of the Loan Agreement hereby is amended by deleting
the definition of "Minimum Termination Fee" in its entirety and replacing it
with the following:

                  "Minimum Termination Fee" shall mean (for the time period
indicated) the amount equal to (i) three percent (3.0%) of the Facility Cap, if
the date of notice of such termination by Borrower is after the Closing Date but
before January 1, 2005; and (ii) 2% of the Facility Cap, if the date of notice
of such termination by Borrower is on or after January 1, 2005.

         (e)      Appendix A of the Loan Agreement is hereby amended by deleting
the definition of "Term" in its entirety and replacing it with the following:

                  "Term" shall mean the period commencing the date set forth on
the first page hereof and ending on December 31, 2006.

         SECTION 2. WAIVERS.

         (a)      Borrower's EBITDA and Fixed Charge Ratio for the Test Periods
ending on July 31, 2003, August 30, 2003, September 30, 2003, October 31, 2003
and November 30, 2003 have been less than the amounts required by Annex I of the
Agreement.

                                       2

<PAGE>

         (b)      Borrower has informed Lender that Borrower will not be in
compliance with the Net Leverage Ratio covenant for the periods ending on
December 31, 2003, January 31, 2004 and February 29, 2004.

         (c)      Borrower hereby requests that Lender waive, and by Lender's
signature hereto and subject to the terms and conditions hereof, Lender waives
all Defaults or Events of Default that will occur or may have occurred under the
Agreement or any other Loan Document as a result of Borrower's failure to meet
the Financial Covenants referenced in Section 2(a) and 2(b) above for the dates
described. The waivers provided herein shall not preclude the future exercise of
any right, power, or privilege available to Lender whether under the Agreement,
the other Loan Documents or otherwise.

         SECTION 3. CONDITIONS TO EFFECTIVENESS.

         (a)      The effectiveness of this Amendment is conditioned upon the
following conditions precedent:

                  (i)      Borrower shall have delivered to Lender the duly
executed counterpart of this Amendment.

                  (ii)     Borrower shall have paid to Lender a loan
modification fee in the amount of $30,000.

         SECTION 4. MISCELLANEOUS.

         (a)      Borrower represents and warrants that after giving effect to
this Amendment and the transactions contemplated hereby and subject to the
satisfaction of the conditions set forth herein, all of the representations and
warranties set forth in Article V of the Agreement are true and correct in all
material respects and no Default or Event of Default has occurred and is
continuing as of the date hereof.

         (b)      Except as expressly provided herein, the Agreement shall
continue in full force and effect, and the unamended terms and conditions of the
Agreement are expressly incorporated herein and ratified and confirmed in all
respects. This Amendment is not intended to be or to create, nor shall it be
construed as, a novation or an accord and satisfaction. From and after the date
hereof, references to the Agreement shall be references to the Agreement as
amended hereby.

         (c)      This Amendment constitutes the entire agreement between the
parties hereto with respect to the subject matter hereof. Neither this Amendment
nor any provision hereof may be changed, waived, discharged, modified or
terminated orally, but only by an instrument in writing signed by the parties
required to be a party thereto pursuant to the Agreement.

         (d)      This Amendment may be executed in any number of counterparts
(including by facsimile), and by the different parties hereto on the same or
separate counterparts, each of which shall be deemed to be an original
instrument but all of which together shall constitute one and the same
agreement.

         (e)      THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE

                                       3

<PAGE>

PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE AGREEMENT AND
SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS OF THE
AGREEMENT.

                      [SIGNATURES APPEAR ON FOLLOWING PAGE]

                                       4

<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Waiver and First
Amendment to Revolving Credit, Term Loan and Security Agreement to be executed
by their respective officers thereunto duly authorized, as of the date first
above written.

LENDER:                             CAPITALSOURCE FINANCE LLC

                                    By: /s/ Stephen M. Klein
                                        -------------------------
                                    Name: Stephen M. Klein
                                    Title: Director

BORROWER:                           COAST DENTAL SERVICES, INC.

                                    By: /s/ Timothy G. Merrick
                                        -------------------------
                                    Name: Timothy G. Merrick
                                    Its: Vice President - Finance

                                       5

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