Confidentiality Agrmt and SFV Rate design ,
 Hi Jim-

	I hope your conversation with Paul Cherry went well last week.  Paul indicated to me that you might be sending a Conf Agrmt for us to execute so you could then pass along to us some of the debt covenant waterfall language.  I'll be happy to push that agreement thru the channels here once you send it.  If you feel it might be faster for us to send you our standard form agreement, let me know.

Also, along those same confidential lines, if you can provide to me some various operating scenarios for the plant (high, low, and base case operating assumptions) I can begin designing an SFV rate for you to look at.  Let me know please.

thanks
Kevin Hyatt
jima@pandaenergy.com