NEVADA POWER COMPANY (a Nevada corporation) 6.50% General and Refunding Mortgage Notes, Series S, due 2018 PURCHASE AGREEMENT
Exhibit 1.1
(a Nevada corporation)
$500,000,000
6.50% General and Refunding Mortgage Notes,
Series S, due 2018
PURCHASE AGREEMENT
Dated: July 25, 2008
TABLE OF CONTENTS
Page | |||||||
SECTION 1. |
Representations and Warranties by the Company | 3 | |||||
(a) |
Representations and Warranties | 3 | |||||
(i) | Status as a Well-Known Seasoned Issuer | 3 | |||||
(ii) | Registration Statement, Prospectus and Disclosure at Time of Sale | 3 | |||||
(iii) | Incorporated Documents | 5 | |||||
(iv) | Independent Accountants | 6 | |||||
(v) | Financial Statements | 6 | |||||
(vi) | No Material Adverse Change in Business | 6 | |||||
(vii) | Good Standing of the Company | 7 | |||||
(viii) | Subsidiaries | 7 | |||||
(ix) | Capitalization | 7 | |||||
(x) | Authorization of Agreement | 7 | |||||
(xi) | Authorization of Indenture | 7 | |||||
(xii) | Authorization of Securities | 7 | |||||
(xiii) | Descriptions of Indenture and Securities | 8 | |||||
(xiv) | Absence of Defaults and Conflicts | 8 | |||||
(xv) | Labor | 8 | |||||
(xvi) | ERISA | 8 | |||||
(xvii) | Tax | 9 | |||||
(xviii) | Insurance | 9 | |||||
(xix) | Absence of Proceedings | 9 | |||||
(xx) | Exhibits | 9 | |||||
(xxi) | Possession of Licenses and Permits | 9 | |||||
(xxii) | Title to Property; Title Insurance | 10 | |||||
(xxiii) | Lien of Indenture | 10 | |||||
(xxiv) | Absence of Further Requirements | 11 | |||||
(xxv) | Leases | 11 | |||||
(xxvi) | Environmental Laws | 11 | |||||
(xxvii) | Investment Company Act | 12 | |||||
(xxviii) | Internal Controls | 12 | |||||
(xxix) | Compliance with Sarbanes Oxley | 12 | |||||
(b) |
Officer’s Certificates | 12 | |||||
SECTION 2. |
Sale and Delivery to Underwriters; Closing | 13 | |||||
(a) |
Securities | 13 | |||||
(b) |
Payment | 13 | |||||
(c) |
Denominations; Registration | 13 | |||||
(d) |
Global Securities | 13 | |||||
SECTION 3. |
Covenants of the Company | 14 | |||||
(a) |
Preparation and Filing of Final Term Sheet | 14 |
i
Page | ||||||
(b) |
Compliance with Securities Regulations and Commission Requests; Payment of Filing Fees | 14 | ||||
(c) |
Filing of Amendments and Exchange Act Documents | 14 | ||||
(d) |
Delivery of Registration Statements | 15 | ||||
(e) |
Delivery of Prospectuses | 15 | ||||
(f) |
Continued Compliance with Securities Laws | 15 | ||||
(g) |
Blue Sky Qualifications | 16 | ||||
(h) |
Rule 158 | 16 | ||||
(i) |
Use of Proceeds | 16 | ||||
(j) |
Restriction on Sale of Securities | 16 | ||||
(k) |
Reporting Requirements | 16 | ||||
(l) |
Issuer Free Writing Prospectuses | 16 | ||||
SECTION 4. |
Payment of Expenses | 17 | ||||
(a) |
Expenses | 17 | ||||
(b) |
Termination of Agreement | 17 | ||||
SECTION 5. |
Conditions of Underwriters’ Obligations | 18 | ||||
(a) |
Effectiveness of Registration Statement; Filing of Prospectus; Payment of Filing Fee | 18 | ||||
(b) |
Opinions of Counsel for Company | 18 | ||||
(c) |
Opinion of Counsel for Underwriters | 18 | ||||
(d) |
Officers’ Certificate | 19 | ||||
(e) |
Accountants’ Comfort Letter | 19 | ||||
(f) |
Bring-down Comfort Letter | 19 | ||||
(g) |
Maintenance of Ratings | 19 | ||||
(h) |
Title Policy | 19 | ||||
(i) |
Additional Documents | 19 | ||||
(j) |
Termination of Agreement | 20 | ||||
SECTION 6. |
Indemnification | 20 | ||||
(a) |
Indemnification of Underwriters | 20 | ||||
(b) |
Indemnification of Company, Directors and Officers | 21 | ||||
(c) |
Actions against Parties; Notification | 21 | ||||
(d) |
Settlement without Consent if Failure to Reimburse | 22 | ||||
SECTION 7. |
Contribution | 22 | ||||
SECTION 8. |
Representations, Warranties and Agreements to Survive Delivery | 23 | ||||
SECTION 9. |
Termination of Agreement | 23 | ||||
(a) |
Termination; General | 23 | ||||
(b) |
Liabilities | 24 |
ii
Page | ||||||
SECTION 10. |
Default by One or More of the Underwriters | 24 | ||||
SECTION 11. |
Notices | 24 | ||||
SECTION 12. |
No Advisory or Fiduciary Relationship | 25 | ||||
SECTION 13. |
Parties | 25 | ||||
SECTION 14. |
Governing Law | 25 | ||||
SECTION 15. |
Waiver of Trial by Jury | 25 | ||||
SECTION 16. |
Time | 25 | ||||
SECTION 17. |
Counterparts | 25 | ||||
SECTION 18. |
Effect of Headings | 26 | ||||
SCHEDULES |
||||||
Schedule A — List of Underwriters and Principal amount of Securities
to be purchased by Each |
Sch A-1 | |||||
Schedule B — Final Term Sheet |
Sch B-1 | |||||
Schedule C — List of All Issuer General Use Free Writing Prospectuses |
Sch C-1 | |||||
EXHIBITS |
||||||
Exhibit A — Form of Opinion of Xxxxxxxx & Wedge | A-1 | |||||
Exhibit B — Form of Opinion of Xxxxxx, Hall & Xxxxxxx LLP | B-1 |
iii
NEVADA POWER COMPANY
(a Nevada corporation)
(a Nevada corporation)
$500,000,000
6.50% General and Refunding Mortgage Notes, Series S, due 2018
PURCHASE AGREEMENT
July 25, 0000
Xxxx xx Xxxxxxx Securities LLC
Bank of America Tower
Xxx Xxxxxx Xxxx
Xxx Xxxx, Xxx Xxxx 00000
Bank of America Tower
Xxx Xxxxxx Xxxx
Xxx Xxxx, Xxx Xxxx 00000
Barclays Capital Inc.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Citigroup Global Markets Inc.
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
As Representatives of the Several Underwriters
Ladies and Gentlemen:
Nevada Power Company, a Nevada corporation (the “Company”), confirms its agreement with Banc
of America Securities LLC (“BofA”), Barclays Capital Inc. (“Barclays”) and Citigroup Global Markets
Inc. (“Citigroup”) and each of the other Underwriters named in Schedule A hereto (collectively, the
“Underwriters”, which term shall also include any underwriters substituted as hereinafter provided
in Section 10 hereof), for whom BofA, Barclays and Citigroup are acting as representatives (in such
capacity, the “Representatives”), with respect to the issue and sale by the Company and the
purchase by the Underwriters, acting severally and not jointly, of the respective principal amounts
set forth in Schedule A hereto of $500,000,000 in aggregate principal amount of the Company’s 6.50%
General and Refunding Mortgage Notes, Series S, due 2018 (the “Securities”).
The Securities are to be issued under the General and Refunding Mortgage Indenture, dated as
of May 1, 2001, between the Company and The Bank of New York Mellon (formerly The Bank of New
York), trustee (the “Trustee”), as amended and supplemented by various instruments including the
officer’s certificate, to be dated the Closing Time (as hereinafter defined), establishing the
terms of the Securities (the “Officer’s Certificate”), such indenture, as so amended and
supplemented, being hereinafter called (the “Indenture”).
The Company understands that the Underwriters propose to make a public offering of the
Securities as soon as the Representatives deem advisable after this Agreement has been executed and
delivered.
The Company has filed with the Securities and Exchange Commission (the “Commission”) an
automatic shelf registration statement on Form S-3 (No. 333-146100-02), including the related
preliminary prospectus or prospectuses, which registration statement became effective upon filing
under Rule 462(e) of the rules and regulations of the Commission (the “1933 Act Regulations”) under
the Securities Act of 1933, as amended (the “1933 Act”). Such registration statement at any given
time, including the amendments thereto to such time, the exhibits and any schedules thereto at such
time, the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the
1933 Act at such time and the documents otherwise deemed to be a part thereof or included therein
by 1933 Act Regulations at such time, is herein called the “Registration Statement”.
Promptly after execution and delivery of this Agreement, the Company will prepare and file a
prospectus in accordance with the provisions of Rule 430B (“Rule 430B”) of the 1933 Act Regulations
and paragraph (b) of Rule 424 (“Rule 424(b)”) of the 1933 Act Regulations. Any information
included in such prospectus that was omitted from the Registration Statement but that is deemed to
be part of and included in such registration statement pursuant to Rule 430B is referred to as
“Rule 430B Information”.
Each prospectus used in connection with the offering of the Securities that omitted Rule 430B
Information (other than a “free writing prospectus” that is not a Permitted Free Writing Prospectus
(as hereinafter defined)) is herein called a “preliminary prospectus” and such term shall be deemed
to include all documents otherwise deemed to be a part thereof or included therein by the 0000 Xxx.
The final prospectus relating to the Securities in the form first filed with the Commission,
including the documents incorporated by reference therein pursuant to Item 12 of Form S-3 under the
1933 Act at the time of such filing and any preliminary prospectuses that form a part thereof, is
herein called the “Prospectus”.
All references in this Agreement to financial statements and schedules and other information
which is “contained,” “included” or “stated” in the Registration Statement, any preliminary
prospectus or the Prospectus (or other references of like import) shall be deemed to mean and
include all such financial statements and schedules and other information which is incorporated by
reference in or otherwise deemed by 1933 Act Regulations to be a part of or included in the
Registration Statement, any preliminary prospectus or the Prospectus, as the case may be.
All references in this Agreement to amendments or supplements to the Registration Statement,
any preliminary prospectus or the Prospectus shall be deemed to mean and include the filing of any
document under the Securities Exchange Act of 1934, as amended
(the “1934 Act”), which is incorporated by reference in or otherwise deemed by 1933 Act
Regulations to be a part of or included in the Registration Statement, such preliminary prospectus
or the Prospectus, as the case may be.
2
For purposes of this Agreement, all references to the Registration Statement, any preliminary
prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed
to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis
and Retrieval system (“XXXXX”).
SECTION 1. Representations and Warranties by the Company.
(a) Representations and Warranties. The Company represents and warrants to each Underwriter
as of the Execution Time, as of the Applicable Time referred to in Section 1(a)(ii) hereof and as
of the Closing Time referred to in Section 2(b) hereof, and agrees with each Underwriter, as
follows:
(i) Status as a Well-Known Seasoned Issuer. (A) At the time of the initial filing of
the Registration Statement, (B) at the time of the most recent amendment thereto for the purposes
of complying with Section 10(a)(3) of the 1933 Act (whether such amendment was by post-effective
amendment, incorporated report filed pursuant to Section 13 or 15(d) of the 1934 Act or form of
prospectus), (C) at the earliest time after each of the times referred to in (A) and (B) above that
the Company or another offering participant made a bona fide offer within the meaning of Rule
164(h)(2) of the 1933 Act Regulations, (D) at the time the Company or any person acting on its
behalf (within the meaning, for this clause only, of Rule 163(c) of the 1933 Act Regulations) made
any offer relating to the Securities in reliance on the exemption of Rule 163 of the 1933 Act
Regulations, (E) at the date and time that the Registration Statement is deemed to be effective
with respect to the Underwriters pursuant to Rule 430B(f)(2) (the “Effective Time”), (F) at the
Execution Time and (G) at the Closing Time, (X) each of the Company and Sierra Pacific Resources, a
Nevada corporation of which the Company is a wholly-owned subsidiary, was, is and will be a
“well-known seasoned issuer”, as defined in Rule 405 of the 1933 Act Regulations (“Rule 405”) and
(Y) the Company was not, is not and will not be an “ineligible issuer”, as defined in Rule 405.
The Registration Statement is an “automatic shelf registration statement,” as defined in Rule 405,
and the Securities, since their registration on the Registration Statement, have been and remain
eligible for registration by the Company on a Rule 405 “automatic shelf registration statement”.
The Company has not received from the Commission any notice pursuant to Rule 401(g)(2) of the 1933
Act Regulations objecting to the use of the automatic shelf registration statement form.
(ii) Registration Statement, Prospectus and Disclosure at Time of Sale. The
Registration Statement became effective upon filing under Rule 462(e) of the 1933 Act Regulations
(“Rule 462(e)”) on September 14, 2007, and any post-effective amendment thereto shall also become
effective upon filing with the Commission under Rule 462(e). No stop order suspending the
effectiveness of the Registration Statement has been issued under the 1933 Act
and no proceedings for that purpose have been instituted or are pending or, to the knowledge
of the Company, are contemplated by the Commission, and any request on the part of the Commission
for additional information has been complied with.
Any offer that is a written communication relating to the Securities made prior to the initial
filing of the Registration Statement by the Company or any person acting on its behalf (within the
meaning, for this paragraph only, of Rule 163(c) of the 1933 Act Regulations) has been filed with
the Commission in accordance with the exemption provided by Rule 163 of the
3
1933 Act Regulations
(“Rule 163”) and otherwise complied with the requirements of Rule 163, including without limitation
the legending requirement, to qualify such offer for the exemption from Section 5(c) of the 1933
Act provided by Rule 163.
At each of the times specified in paragraph (a)(i) above, the Registration Statement complied
and will comply in all material respects with the requirements of the 1933 Act and the 1933 Act
Regulations, and did not and will not contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not
misleading.
At the date of the Prospectus and at the Closing Time, the Prospectus (without regard to any
amendment or supplement thereto) will not include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading. At the time that any amendment or
supplement to the Prospectus is issued and at the Closing Time, the Prospectus as so amended or
supplemented will not include an untrue statement of a material fact and will not omit to state a
material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading.
Each preliminary prospectus (including the prospectus or prospectuses filed as part of the
Registration Statement or any amendment thereto) complied when so filed in all material respects
with the 1933 Act Regulations.
Each preliminary prospectus and the Prospectus, as delivered to the Underwriters for use in
connection with this offering, was and will be identical to the electronically transmitted copies
thereof filed with the Commission pursuant to XXXXX, except to the extent permitted by Regulation
S-T.
As of the Applicable Time, as of the Execution Time and as of the Closing Time neither (x) the
Statutory Prospectus (as defined below) and the Final Term Sheet or any other Issuer General Use
Free Writing Prospectuses (as defined below) issued at or prior to the Applicable Time (as defined
below), all considered together (collectively, the “Disclosure Package”), nor (y) any individual
Issuer Limited Use Free Writing Prospectus, when considered together with the Disclosure Package,
included, includes or will include any untrue statement of a material fact or omitted, omits or
will omit to state any material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not
misleading.
As used in this subsection and elsewhere in this Agreement:
“Applicable Time” means 2:00 P.M. (Eastern Time) on July 25, 2008 or such other time as agreed
by the Company and the Representatives.
“Execution Time” means the time this Agreement became effective as a binding agreement, as
evidenced by the delivery by each party hereto to the other of a signed counterpart hereof, as
hereinafter contemplated.
4
“Final Term Sheet” means the final term sheet reflecting the final terms of the Securities in
the form attached hereto as Schedule B.
“Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as defined in
Rule 433 of the 1933 Act Regulations (“Rule 433”), relating to the Securities that (i) is required
to be filed with the Commission by the Company, (ii) is a “road show that is a written
communication” within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with
the Commission or (iii) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a
description of the Securities or of the offering that does not reflect the final terms, in each
case in the form filed or required to be filed with the Commission or, if not required to be filed,
in the form retained in the Company’s records pursuant to Rule 433(g).
“Issuer General Use Free Writing Prospectus” means the Final Term Sheet and any other Issuer
Free Writing Prospectus that is intended for general distribution to prospective investors, as
evidenced by its being specified in Schedule C hereto.
“Issuer Limited Use Free Writing Prospectus” means any Issuer Free Writing Prospectus that is
not an Issuer General Use Free Writing Prospectus.
“Permitted Free Writing Prospectus” has the meaning specified in Section 3(l) hereof.
“Statutory Prospectus” as of any time means the prospectus relating to the Securities that is
included in the Registration Statement immediately prior to that time, including any document
incorporated by reference therein and any preliminary or other prospectus deemed to be a part
thereof.
Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through
the completion of the public offering and sale of the Securities or until any earlier date that the
Company notified or notifies the Representatives as described in Section 3(f), did not, does not
and will not include any information that conflicted, conflicts or will conflict with the
information contained in the Registration Statement or the Prospectus, including any
document incorporated by reference therein and any preliminary or other prospectus deemed to
be a part thereof that has not been superseded or modified.
The representations and warranties in this subsection shall not apply to statements in or
omissions from the Registration Statement, the Prospectus or any Issuer Free Writing Prospectus
made in reliance upon and in conformity with written information furnished to the Company by any
Underwriter through the Representatives expressly for use therein.
(iii) Incorporated Documents. The documents incorporated or deemed to be incorporated
by reference in the Registration Statement and the Prospectus, at the time they were or hereafter
are filed with the Commission, complied and will comply in all material respects with the
requirements of the 1934 Act and the rules and regulations of the Commission thereunder (the “1934
Act Regulations”), and, when read together with the other information in the Prospectus, at each of
the times specified in paragraph (a)(i) above and at the Applicable Time, did not and will not
contain an untrue statement of a material fact or omit to state a
5
material fact required to be
stated therein or necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading.
(iv) Independent Accountants. Deloitte & Touche LLP, which certified certain of the
financial statements and supporting schedules of the Company and its consolidated subsidiaries
included in the Registration Statement and whose report appears in the Registration Statement (A)
is a registered public accounting firm and is independent with respect to the Company and its
subsidiaries, each within the meaning of the 1934 Act and (B) is in compliance with subsections
(g), (h), (j), (k) and (l), and, to our knowledge, (b), of Section 10A of the 1934 Act with respect
to the Company and its subsidiaries.
(v) Financial Statements. The financial statements included in the Registration
Statement, the Disclosure Package and the Prospectus, together with the related schedules and
notes, present fairly the financial position of the Company and its consolidated subsidiaries at
the dates indicated and the results of operations, changes in stockholders’ equity and cash flows
of the Company and its consolidated subsidiaries for the periods specified subject, in the case of
the unaudited interim financial statements, to normal year-end audit adjustments and the absence of
complete notes (to the extent permitted by the 1934 Act Regulations); said financial statements
have been prepared in conformity with generally accepted accounting principles (“GAAP”) applied on
a consistent basis, except as noted therein, throughout the periods involved. The supporting
schedules, if any, present fairly in accordance with GAAP the information required to be stated
therein. The selected financial data and the summary financial information included in the
Registration Statement, the Disclosure Package and Prospectus present fairly the information shown
therein, subject as aforesaid with respect to the unaudited interim financial statements, and have
been compiled on a basis consistent with that of the audited financial statements included therein.
The financial statements included in the Registration Statement, Disclosure Package and Prospectus
do not contain non-GAAP financial measures within the meaning of Regulation G or Item 10 of
Regulation S-K of the Commission. Except as disclosed in the
Registration Statement, Disclosure Package and Prospectus, neither the Company nor any of its
subsidiaries has any off-balance sheet arrangements of the character contemplated by Item 303 of
Regulation S-K or otherwise by Section 13(j) of the 1934 Act, or has any other contingent
obligation or liability, which, in any case, is material, or is reasonably likely to be material,
to the Company and its consolidated subsidiaries considered as one enterprise.
(vi) No Material Adverse Change in Business. Since the respective dates as of which
information is given in the Registration Statement, the Disclosure Package or the Prospectus,
except as otherwise stated therein, (A) there has been no material adverse change, or any
development which is reasonably likely to result in a material adverse change, in the condition,
financial or otherwise, results of operations or business affairs of the Company and its
subsidiaries considered as one enterprise, whether or not arising in the ordinary course of
business (any such change or development, a “Material Adverse Change”), (B) there have been no
transactions entered into by the Company or any of its subsidiaries, other than those in the
ordinary course of business, which are material with respect to the Company and its subsidiaries
considered as one enterprise and (C) there has been no dividend or distribution of any kind
declared, paid or made by the Company on any class of its capital stock.
6
(vii) Good Standing of the Company. The Company has been duly organized and is
validly existing as a corporation in good standing under the laws of the State of Nevada and has
corporate power and authority to own, lease and operate its properties and to conduct its business
as described in the Prospectus and to enter into and perform its obligations under this Agreement;
and the Company is duly qualified as a foreign corporation to transact business and is in good
standing in each other jurisdiction in which such qualification is required, whether by reason of
the ownership or leasing of property or the conduct of business, except where the failure so to
qualify or to be in good standing would not have a material adverse effect, and would not result in
any development which is reasonably likely to have a material adverse effect, on the condition,
financial or otherwise, results of operations or business affairs of the Company and its
subsidiaries considered as one enterprise, whether or not arising in the ordinary course of
business (any such effect or development, a “Material Adverse Effect”).
(viii) Subsidiaries. None of the subsidiaries of the Company is a “significant
subsidiary” within the meaning of Rule 405.
(ix) Capitalization. The authorized, issued and outstanding capital stock of the
Company is as set forth in the Registration Statement, the Disclosure Package and the Prospectus.
The shares of issued and outstanding capital stock of the Company have been duly authorized and
validly issued and are fully paid and non-assessable and are owned by Sierra Pacific Resources;
none of the issued and outstanding shares of capital stock of the Company was issued in violation
of any preemptive or other similar rights of any securityholder of the Company.
(x) Authorization of Agreement. The Company has all corporate power and authority
necessary to execute and deliver this Agreement, to perform its obligations hereunder and to
consummate the transactions contemplated hereby. This Agreement has been duly authorized, executed
and delivered by the Company.
(xi) Authorization of Indenture. The Indenture has been duly authorized by the
Company, and the Indenture (excluding the Officer’s Certificate) has been duly executed and
delivered by the Company; and the Indenture (excluding the Officer’s Certificate) constitutes, and,
at the Closing Time, the Indenture will have been duly executed and delivered by the Company and
will constitute, a valid and binding agreement of the Company, enforceable against the Company in
accordance with its terms, except as the enforcement thereof may be limited by bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or
affecting the enforcement of mortgagees’ and other creditors’ rights generally and general
principles of equity including an implied covenant of good faith and fair dealing (regardless of
whether enforcement is considered in a proceeding in equity or at law) (all such laws and
principles of equity being hereinafter sometimes called, collectively, the “Enforceability
Exceptions”). The Indenture has been duly qualified under the 1939 Act.
(xii) Authorization of Securities. The Securities have been duly authorized and, at
the Closing Time, will have been duly executed and delivered by the Company and, when the
Securities have been authenticated and delivered by the Trustee and issued and delivered by the
Company against payment of the purchase price therefor as provided in this Agreement, the
Securities, will constitute valid and binding obligations of the Company, enforceable against the
7
Company in accordance with their terms, except as the enforcement thereof may be limited by the
Enforceability Exceptions, will be in the form contemplated by the Indenture and will be entitled
to the benefits and security of the Indenture ratably with all other securities outstanding
thereunder.
(xiii) Descriptions of Indenture and Securities. The Indenture and the Securities
will conform in all material respects to the respective statements relating thereto contained in
the Registration Statement, the Disclosure Package and the Prospectus and will be in substantially
the respective forms last delivered to the Underwriters prior to the Closing Time.
(xiv) Absence of Defaults and Conflicts. Neither the Company nor any of its
subsidiaries is in violation of its charter or by-laws or in default in the performance or
observance of any obligation, agreement, covenant or condition contained in any contract,
indenture, mortgage, deed of trust, loan or credit agreement, note, lease or other agreement or
instrument to which the Company or any of its subsidiaries is a party or by which any of them may
be bound, or to which any of the property or assets of the Company or any of its subsidiaries is
subject (collectively, “Agreements and Instruments”) except for such defaults as would not result
in a Material Adverse Effect; and the execution, delivery and performance by the Company of this
Agreement, the Indenture and any other agreement or instrument entered into or issued or to be
entered into or issued by the Company in connection with the transactions
contemplated hereby or thereby or in the Disclosure Package and the Prospectus (including the
offering, sale, issuance and delivery of the Securities, the use of the proceeds from the sale of
the Securities as described in the Disclosure Package and the Prospectus) and the performance by
the Company of its obligations under this Agreement, the Indenture and the Securities have been
duly authorized by all necessary corporate action and do not and will not, whether with or without
the giving of notice or passage of time or both, conflict with or constitute a breach of, or
default or a Repayment Event (as defined below) under, or result in the creation or imposition of
any lien, charge or encumbrance upon any property or assets of the Company or any of its
subsidiaries pursuant to, the Agreements and Instruments except for such conflicts, breaches or
defaults or liens, charges or encumbrances that, singly or in the aggregate, would not result in a
Material Adverse Effect, nor will such action result in any violation of the provisions of the
charter or by-laws of the Company or any of its subsidiaries or any applicable law, statute, rule,
regulation, judgment, order, writ or decree of any government, government instrumentality or court,
domestic or foreign, having jurisdiction over the Company or any of its subsidiaries or any of
their assets, properties or operations. As used herein, a “Repayment Event” means any event or
condition which gives the holder of any note, debenture or other evidence of indebtedness (or any
person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment
of all or a portion of such indebtedness by the Company or any of its subsidiaries.
(xv) Labor. No labor disturbance by the employees of the Company or any of its
subsidiaries exists or, to the knowledge of the Company or any of its subsidiaries, is imminent,
which might be expected to have a Material Adverse Effect.
(xvi) ERISA. The Company is in compliance in all material respects with all
applicable provisions of the Employee Retirement Income Security Act of 1974, as amended, including
the regulations and published interpretations thereunder (“ERISA”); no “reportable event” (as
defined in ERISA) has occurred with respect to any “pension plan” (as defined in
8
ERISA) for which
the Company would have any material liability; the Company has not incurred and the Company does
not expect to incur material liability under (i) Title IV of ERISA with respect to termination of,
or withdrawal from, any “pension plan” or (ii) Sections 412 or 4971 of the Internal Revenue Code of
1986, as amended, including the regulations and published interpretations thereunder (the “Code”);
and each “pension plan” for which the Company would have any liability that is intended to be
qualified under Section 401(a) of the Code is so qualified in all material respects and to the
Company’s knowledge nothing has occurred, whether by action or by failure to act, which might
reasonably be expected to cause the loss of such qualification.
(xvii) Tax. Each of the Company and its subsidiaries has filed all federal, state and
local income and franchise tax returns required to be filed through the date hereof and has paid
all taxes due thereon, and no tax deficiency has been determined adversely to the Company or any of
its subsidiaries which has had, nor does the Company have any knowledge of any tax deficiency
which, if determined adversely to the Company or any of its subsidiaries, might reasonably be
expected to have, a Material Adverse Effect.
(xviii) Insurance. The Company and its subsidiaries carry, or are covered by,
insurance in such amounts and covering such risks that the Company reasonably believes is adequate
for the conduct of its business and the value of its properties and as is customary for companies
engaged in similar businesses in similar industries.
(xix) Absence of Proceedings. Except as disclosed in the Registration Statement, the
Disclosure Package and the Prospectus, there is no action, suit, proceeding, inquiry or
investigation before or brought by any court or governmental agency or body, domestic or foreign,
now pending, or, to the knowledge of the Company, threatened, against or affecting the Company or
any of its subsidiaries that, singly or in the aggregate, if determined adversely to the Company or
such subsidiaries, might reasonably be expected to result in a Material Adverse Effect, or which
might reasonably be expected to materially and adversely affect the consummation of the
transactions contemplated by this Agreement or the performance by the Company of its obligations
hereunder.
(xx) Exhibits. There are no contracts or documents which are required to be described
in the Registration Statement, the Disclosure Package, the Prospectus or the documents incorporated
by reference therein or to be filed as exhibits thereto which have not been so described and filed
as required.
(xxi) Possession of Licenses and Permits. The Company and its subsidiaries possess
such permits, licenses, approvals, consents and other authorizations (collectively, “Governmental
Licenses”) issued by the appropriate federal, state, local or foreign regulatory agencies or bodies
necessary to conduct the business now operated by them except where the failure to possess such
Governmental Licenses would not have a Material Adverse Effect; the Company and its subsidiaries
are in compliance with the terms and conditions of all such Governmental Licenses, except where the
failure so to comply would not, singly or in the aggregate, have a Material Adverse Effect; all of
the Governmental Licenses are valid and in full force and effect, except where the invalidity of
such Governmental Licenses or the failure of such Governmental Licenses to be in full force and
effect would not have a Material Adverse
9
Effect; and neither the Company nor any of its
subsidiaries has received any notice of proceedings relating to the revocation or modification of
any such Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable
decision, ruling or finding, would result in a Material Adverse Effect.
(xxii) Title to Property; Title Insurance. (A) The Company has good and marketable
title to all real property, and good title to all other property, owned by it including, without
limitation, property which is or is to be specifically or generally described or referred to in the
Indenture as being subject to the lien thereof, subject only to the Lien (as defined in the
Indenture) of the Indenture and other Permitted Liens (as defined in the Indenture); and the
descriptions of all such property contained or referred to in the Indenture are correct in all
material respects and adequate for purposes of the Lien purported to be created by the Indenture.
(B) The Company has obtained and delivered to the Trustee policies of title insurance and
endorsements thereto which (I) cover (x) the Company’s real properties used in connection with the
generation of electric power from the generating facilities known as the Xxxxx Station, the Xxxxx
Xxxxx Station, the Xxxx Xxxxxxx Station (Units 1, 2 and 3) and the Sunrise Station, all of which
are located in the State of Nevada, and (y) all other real properties of the Company located in
Nevada that were owned in fee title as of August 18, 2003, (II) have an aggregate face amount of
$950,000,000, (III) contain “first loss payable” and “last dollar” endorsements and (IV) are in
full force and effect.
(xxiii) Lien of Indenture. The Indenture (excluding the Officer’s Certificate)
constitutes, and, at the Closing Time, the Indenture will constitute, a valid mortgage lien on and
security interest in the property which is specifically or generally described or referred to
therein as being subject to the Lien thereof, subject to no Lien prior to the Lien thereof except
other Permitted Liens; the Indenture (excluding the Officer’s Certificate) by its terms effectively
subjects, and, at and after the Closing Time, the Indenture by its terms will effectively subject,
to the Lien thereof all property located in the State of Nevada (except property of the kinds
specifically excepted from the Lien thereof) acquired by the Company after the date of the
execution and delivery thereof, subject to no Lien prior to the Lien thereof except (i) other
Permitted Liens, (ii) any Lien on such property existing at the time of such acquisition, (iii) and
any Lien for unpaid portions of the purchase price of such property placed thereon at the time of
such acquisition, (iv) with respect to real property, any Lien placed thereon following the
acquisition thereof by the Company and prior to the recording and filing of a supplemental
indenture or other instrument specifically describing such real property, (v) as otherwise provided
in Article XIII of the Indenture and (vi) possible claims of a trustee in bankruptcy and possible
claims and taxes of the federal government; and, at the Closing Time, the Indenture will have been
duly recorded or filed for recordation as a mortgage of real estate, and any required filings with
respect to personal property and fixtures subject to the Lien of the Indenture will have been duly
made, in each place in which such recording or filing is required to protect, preserve and perfect
the Lien of the Indenture, and all taxes and recording and filing fees required to be paid with
respect to the execution, recording or filing of the Indenture, the filing of financing statements
and similar documents and the issuance of the Securities will have been paid.
10
(xxiv) Absence of Further Requirements. No filing with, or authorization, approval,
consent, license, order, registration, qualification or decree of, any court or governmental
authority or agency is necessary or required for the execution or delivery by the Company of this
Agreement, the performance by the Company of its obligations hereunder or the consummation by the
Company of the transactions contemplated hereby, including, without limitation, the execution and
delivery by the Company of the Officer’s Certificate, the offering, sale, issuance or delivery by
the Company of the Securities and the performance by the Company of its obligations under the
Indenture and the Securities except such as (A) have been already obtained and (B) may be required
under state securities laws. Without limiting the generality of the foregoing, the final order of
the Public Utilities Commission of Nevada in Docket No. 07-03004,
which authorizes all of the foregoing, including the issuance and sale of the Securities,
remains in full force and effect and such final order is not the subject of any reconsideration,
appeal or other review; and any reconsideration, appeal or other review of such final order
subsequent to the date hereof, if made, would not impair (A) the validity of the execution and
delivery by the Company of this Agreement or the consummation by the Company of the transactions
contemplated hereby or (B) the validity or enforceability of the Securities or the obligations of
the Company hereunder or under the Indenture.
(xxv) Leases. All of the leases and subleases material to the business of the Company
and its subsidiaries, considered as one enterprise, and under which the Company or any of its
subsidiaries holds properties described in the Registration Statement, the Disclosure Package and
the Prospectus, are in full force and effect, and neither the Company nor any of its subsidiaries
has any notice of any material claim of any sort that has been asserted by anyone adverse to the
rights of the Company or any of its subsidiaries under any of the leases or subleases mentioned
above, or affecting or questioning the rights of the Company or any subsidiary thereof to the
continued possession of the leased or subleased premises under any such lease or sublease.
(xxvi) Environmental Laws. Except as described in the Registration Statement, the
Disclosure Package and the Prospectus and except such matters as would not, singly or in the
aggregate, result in a Material Adverse Effect, (A) neither the Company nor any of its subsidiaries
is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance,
code, policy or rule of common law or any judicial or administrative interpretation thereof,
including any judicial or administrative order, consent, decree or judgment, relating to pollution
or protection of human health, the environment (including, without limitation, ambient air, surface
water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation,
laws and regulations relating to the release or threatened release of chemicals, pollutants,
contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products
(collectively, “Hazardous Materials”) or to the manufacture, processing, distribution, use,
treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
“Environmental Laws”), (B) the Company and its subsidiaries have all permits, authorizations and
approvals required under any applicable Environmental Laws and are each in compliance with their
requirements, (C) there are no pending or threatened administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation,
investigation or proceedings relating to any Environmental Law against the Company or any of its
subsidiaries.
11
(xxvii) Investment Company Act. The Company is not required, and upon the issuance
and sale of the Securities contemplated herein and the application of the net proceeds thereof as
contemplated in the Disclosure Package and the Prospectus will not be required, to register as an
“investment company” or an entity “controlled” by an “investment company” as such terms are defined
in the Investment Company Act of 1940, as amended.
(xxviii) Internal Controls. (A) The Company has devised and established and
maintains the following, among other, internal controls (without duplication):
(I) a system of “internal accounting controls” as contemplated in Section
13(b)(2)(B) of the 1934 Act;
(II) “disclosure controls and procedures” as such term is defined in Rule
13a-15(e) under the 1934 Act; and
(III) “internal control over financial reporting” (as such term is defined in
Rule 13a-15(f) under the 1934 Act) (the internal controls referred to in clauses (I)
and (II) above and this clause (III) being hereinafter called, collectively, the
“Internal Controls”).
(B) The Internal Controls are evaluated by the Company’s senior management periodically as
appropriate and, in any event, as required by law.
(C) The Internal Controls are, individually and in the aggregate, effective in all material
respects to perform the functions for which they were established.
(D) Based on the most recent evaluations of the Internal Controls, (I) there are no material
weaknesses in the design or operation of the Internal Controls, whether considered individually or
collectively, and (II) all significant deficiencies, if any, in the design or operation of the
Internal Controls have been identified and reported to the Company’s independent auditors and the
audit committee of the Company’s board of directors; and all deficiencies which, individually or in
the aggregate, could constitute significant deficiencies and which have not yet been rectified (X)
are in the process of being rectified and (Y) have not had and will not have, individually or in
the aggregate, a material adverse effect on the effectiveness of the Internal Controls.
(xxix) Compliance with Sarbanes Oxley. The Company is in compliance in all material
respects with the Xxxxxxxx-Xxxxx Act of 2002 and the rules and regulations of the Commission that
have been adopted thereunder, all to the extent that such Act and such rules and regulations are in
effect and applicable to the Company.
(b) Officer’s Certificates. Any certificate signed by any officer of the Company delivered to
the Representatives or to counsel for the Underwriters shall be deemed a representation and
warranty by the Company to each Underwriter as to the matters covered thereby.
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SECTION 2. Sale and Delivery to Underwriters; Closing.
(a) Securities. On the basis of the representations and warranties herein contained and
subject to the terms and conditions herein set forth, the Company agrees to sell to each
Underwriter, severally and not jointly, and each Underwriter, severally and not jointly,
agrees to purchase from the Company, at a purchase price of 99.023% of the principal amount
thereof, the principal amount of Securities set forth in Schedule A opposite the name of such
Underwriter, plus any additional principal amount of Securities which such Underwriter may become
obligated to purchase pursuant to the provisions of Section 10 hereof, subject, in each case, to
such adjustments among the Underwriters as the Representatives in their sole discretion shall make
to eliminate any sales or purchases of fractional securities.
(b) Payment. Payment of the purchase price for, and delivery of certificates for, the
Securities shall be made at the offices of Xxxxxx, Hall & Xxxxxxx LLP, counsel for the Company, at
Xxx Xxxxxxxxxxxxx Xxxxx, Xxxxxx, XX 00000, or at such other place as shall be agreed upon by the
Representatives and the Company, at 10:00 A.M. (Eastern time) on the third business day after the
date hereof (unless postponed in accordance with the provisions of Section 10), or such other time
not later than ten business days after such date as shall be agreed upon by the Representatives and
the Company (such time and date of payment and delivery being herein called “Closing Time”).
Payment shall be made to the Company by wire transfer of immediately available funds to a bank
account designated by the Company, against delivery to the Representatives for the respective
accounts of the Underwriters of certificates for the Securities to be purchased by them. It is
understood that each Underwriter has authorized the Representatives, for its account, to accept
delivery of, receipt for, and make payment of the purchase price for, the Securities which it has
agreed to purchase. Any of the Representatives individually and not as representative of the
Underwriters, may (but shall not be obligated to) make payment of the purchase price for the
Securities to be purchased by any Underwriter whose funds have not been received by the Closing
Time, but such payment shall not relieve such Underwriter from its obligations hereunder.
(c) Denominations; Registration. Certificates for the Securities shall be in such
denominations ($2,000 and integral multiples of $1,000 in excess thereof) and registered in such
names as the Representatives may request in writing at least one full business day before the
Closing Time. Subject to the provisions of subsection (d) below, the certificates for the
Securities, will be made available for examination and packaging by the Representatives in New
York, New York not later than 2:00 P.M. (Eastern time) on the business day prior to the Closing
Time.
(d) Global Securities. In lieu of the delivery to the Underwriters of certificates
representing the Securities at the Closing Time, as contemplated above, the Company, with the
approval of the Representatives, may deliver one or more global Securities to a custodian for The
Depository Trust Company (“DTC”), to be held by DTC initially for the accounts of the several
Underwriters.
13
SECTION 3. Covenants of the Company.
(a) Preparation and Filing of Final Term Sheet. The Company will prepare a Final Term Sheet
in the form of Schedule B hereto and will file the Final Term Sheet with the Commission pursuant to
Rule 433(d) of the 1933 Act Regulations within the time period required thereby.
(b) Compliance with Securities Regulations and Commission Requests; Payment of Filing Fees.
The Company, subject to Section 3(c), will comply with the requirements of Rule 430B and will
notify the Representatives immediately, and confirm the notice in writing, (i) when any
post-effective amendment to the Registration Statement or new registration statement relating to
the Securities shall become effective, or any supplement to the Prospectus or any amended
Prospectus shall have been filed, (ii) of the receipt of any comments from the Commission, (iii) of
any request by the Commission for any amendment to the Registration Statement or the filing of a
new registration statement or any amendment or supplement to the Prospectus or any document
incorporated by reference therein or otherwise deemed to be a part thereof or for additional
information, (iv) of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or such new registration statement or of any order preventing or
suspending the use of any preliminary prospectus, or of the suspension of the qualification of the
Securities for offering or sale in any jurisdiction, or of the initiation or threatening of any
proceedings for any of such purposes or of any examination pursuant to Section 8(e) of the 1933 Act
concerning the Registration Statement and (v) if the Company becomes the subject of a proceeding
under Section 8A of the 1933 Act in connection with the offering of the Securities. The Company
will effect the filings required under Rule 424(b), in the manner and within the time period
required by Rule 424(b) (without reliance on Rule 424(b)(8)), and will take such steps as it deems
necessary to ascertain promptly whether the form of prospectus transmitted for filing under Rule
424(b) was received for filing by the Commission and, in the event that it was not, it will
promptly file such prospectus. The Company will make every reasonable effort to prevent the
issuance of any stop order and, if any stop order is issued, to obtain the lifting thereof at the
earliest possible moment. The Company shall pay the required Commission filing fees relating to
the Securities within the time required by Rule 456(b)(1)(i) of the 1933 Act Regulations without
regard to the proviso therein and otherwise in accordance with Rules 456(b) and 457(r) of the 1933
Act Regulations (including, if applicable, by updating the “Calculation of Registration Fee” table
in accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration
Statement or on the cover page of a prospectus filed pursuant to Rule 424(b)).
(c) Filing of Amendments and Exchange Act Documents. The Company will give the
Representatives notice of its intention to file or prepare any amendment to the Registration
Statement or new registration statement relating to the Securities or any amendment, supplement or
revision to either any preliminary prospectus (including any prospectus included in the
Registration Statement as initially filed or amendment thereto at the time it became effective) or
to the Prospectus, whether pursuant to the 1933 Act, the 1934 Act or otherwise, and the
Company will furnish the Representatives with copies of any such documents a reasonable amount
of time prior to such proposed filing or use, as the case may be, and will not (except as required
by applicable law) file or use any such document to which the Representatives or counsel for the
Underwriters shall reasonably object. The Company has given the
14
Representatives notice of any
filings made pursuant to the 1934 Act or 1934 Act Regulations within 24 hours prior to the
Applicable Time; the Company will give the Representatives notice of its intention to make any such
filing from the Applicable Time to the Closing Time and will furnish the Representatives with
copies of any such documents a reasonable amount of time prior to such proposed filing and will not
(except as required by applicable law) file or use any such document to which the Representatives
or counsel for the Underwriters shall reasonably object.
(d) Delivery of Registration Statements. The Company has furnished or will deliver to each of
the Representatives and counsel for the Underwriters, without charge, one conformed copy of the
Registration Statement as initially filed and of each amendment thereto (including exhibits filed
therewith or incorporated by reference therein and documents incorporated or deemed to be
incorporated by reference therein or otherwise deemed to be a part thereof) and signed copies of
all consents and certificates of experts. The copy of the Registration Statement as initially
filed and each amendment thereto furnished to the Underwriters will be identical to the
electronically transmitted copies thereof filed with the Commission pursuant to XXXXX, except to
the extent permitted by Regulation S-T.
(e) Delivery of Prospectuses. The Company has delivered to each Underwriter, without charge,
as many copies of each preliminary prospectus as such Underwriter reasonably requested, and the
Company hereby consents to the use of such copies for purposes permitted by the 1933 Act. The
Company will furnish to each Underwriter, without charge, during the period when the Prospectus is
required to be delivered under the 1933 Act (or in lieu thereof, the notice referred to in Rule
173(a) under the 1933 Act), such number of copies of the Prospectus (as amended or supplemented) as
such Underwriter may reasonably request. The Prospectus and any amendments or supplements thereto
furnished to the Underwriters will be identical to the electronically transmitted copies thereof
filed with the Commission pursuant to XXXXX, except to the extent permitted by Regulation S-T.
(f) Continued Compliance with Securities Laws. The Company will comply with the 1933 Act and
the 1933 Act Regulations, the 1934 Act and the 1934 Act Regulations so as to permit the completion
of the distribution of the Securities as contemplated in this Agreement and in the Prospectus. If
at any time when a prospectus is required by the 1933 Act to be delivered in connection with sales
of the Securities, any event shall occur or condition shall exist as a result of which it is
necessary, in the opinion of counsel for the Underwriters or for the Company, to amend the
Registration Statement or amend or supplement the Prospectus in order that the Prospectus will not
include any untrue statements of a material fact or omit to state a material fact necessary in
order to make the statements therein not misleading in the light of the circumstances existing at
the time it is delivered to a purchaser, or if it shall be necessary, in the opinion of such
counsel, at any such time to amend the Registration Statement or to file a new
registration statement or amend or supplement the Prospectus in order to comply with the
requirements of the 1933 Act or the 1933 Act Regulations, the Company will promptly prepare and
file with the Commission, subject to Section 3(c), such amendment, supplement or new registration
statement as may be necessary to correct such statement or omission or to comply with such
requirements, the Company will use commercially reasonable efforts to have such amendment or new
registration statement declared effective as soon as practicable (if it is not an automatic shelf
registration statement with respect to the Securities) and the Company will furnish to the
Underwriters such number of copies of such amendment, supplement or new
15
registration statement as
the Underwriters may reasonably request. If at any time following issuance of an Issuer Free
Writing Prospectus there occurred or occurs an event or development as a result of which such
Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the
Registration Statement (or any other registration statement relating to the Securities) or the
Statutory Prospectus or any preliminary prospectus or included or would include an untrue statement
of a material fact or omitted or would omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances prevailing at that subsequent time, not
misleading, the Company will promptly notify the Representatives and will promptly amend or
supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such
conflict, untrue statement or omission.
(g) Blue Sky Qualifications. The Company will use commercially reasonable efforts, in
cooperation with the Underwriters, to qualify the Securities for offering and sale under the
applicable securities laws of such states and other jurisdictions as the Representatives may
designate and to maintain such qualifications in effect for a period of not less than one year from
the date hereof; provided, however, that the Company shall not be obligated to file any general
consent to service of process or to qualify as a foreign corporation or as a dealer in securities
in any jurisdiction in which it is not so qualified or so subject itself to taxation in respect of
doing business in any jurisdiction in which it is not otherwise so subject; and provided further
that the Company’s obligations pursuant to this subsection (f) to maintain effective any
qualifications shall cease upon the date that the Securities are listed on the New York Stock
Exchange (or any successor to such entity). The Company will also supply the Underwriters with
such information as is necessary for the determination of the legality of the Securities for
investment under the laws of such jurisdictions as the Underwriters may reasonably request.
(h) Rule 158. The Company will timely file such reports pursuant to the 1934 Act as are
necessary in order to make generally available to its securityholders as soon as practicable an
earnings statement for the purposes of, and to provide to the Underwriters the benefits
contemplated by, the last paragraph of Section 11(a) of the 1933 Act.
(i) Use of Proceeds. The Company will use the net proceeds received by it from the sale of
the Securities in the manner specified in the Disclosure Package and Prospectus under “Use of
Proceeds”.
(j) Restriction on Sale of Securities. During a period of 30 days from the date of the
Prospectus, the Company will not, without the prior written consent of the Representatives,
directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase,
or otherwise transfer or dispose of, any debt securities of the Company (other than the
Securities).
(k) Reporting Requirements. The Company, during the period when the Prospectus is required to
be delivered under the 1933 Act, will file all documents required to be filed with the Commission
pursuant to the 1934 Act within the time periods required by the 1934 Act and the 1934 Act
Regulations.
(l) Issuer Free Writing Prospectuses. The Company represents and agrees that, unless it
obtains the prior consent of the Representatives, and each Underwriter represents and
16
agrees that,
unless it obtains the prior consent of the Company and the Representatives, it has not made and
will not make any offer relating to the Securities that would constitute an “issuer free writing
prospectus,” as defined in Rule 433, or that would otherwise require the Company to file any
material pursuant to Rule 433 under the 1933 Act, other than the Final Term Sheet prepared and
filed pursuant to Section 3(a) hereto. Any such free writing prospectus consented to by the
Company or the Representatives, as the case may be, is herein referred to as a “Permitted Free
Writing Prospectus”. The Company represents that it has treated or agrees that it will treat each
Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433,
and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free
Writing Prospectus, including timely filing with the Commission where required, legending and
record keeping.
SECTION 4. Payment of Expenses.
(a) Expenses. The Company will pay all expenses incident to the performance of its
obligations under this Agreement, including (i) the printing and filing of the Registration
Statement (including financial statements and exhibits) as originally filed and of each amendment
thereto, (ii) the printing and delivery to the Underwriters of this Agreement, any agreement among
underwriters, the Officer’s Certificate and such other documents as may be required in connection
with the offering, purchase, sale, issuance or delivery of the Securities, (iii) the printing,
issuance and delivery of the certificates for the Securities to the Underwriters, including any
transfer taxes and any stamp or other duties payable upon the sale, issuance or delivery of the
Securities to the Underwriters, (iv) the fees and disbursements of the Company’s counsel,
accountants and other advisors, (v) the qualification of the Securities under securities laws in
accordance with the provisions of Section 3(g) hereof, including filing fees and the reasonable
fees and disbursements of counsel for the Underwriters in connection therewith and in connection
with the preparation of the Blue Sky Survey, any supplement thereto, (vi) the printing and delivery
to the Underwriters of copies of each preliminary prospectus, any Permitted Free Writing Prospectus
and of the Prospectus and any amendments or supplements thereto and any costs associated with
electronic delivery of any of the foregoing by the Underwriters to
investors, (vii) the costs and expenses of the Company relating to investor presentations on
any “road show” undertaken in connection with the marketing of the Securities including, without
limitation, expenses associated with the production of road show slides and graphics, fees and
expenses of any consultants engaged in connection with the road show presentations, all except as
otherwise agreed between the Company and the Representatives, and (viii) the fees and expenses of
the Trustee, including the fees and disbursements of counsel for the Trustee.
The Underwriters shall pay their own out-of-pocket expenses in connection with the purchase,
offer and sale by them of the Securities, including the fees and disbursements of counsel for the
Underwriters (except as provided in clause (v) of the preceding paragraph).
(b) Termination of Agreement. If this Agreement is terminated by the Representatives in
accordance with the provisions of Section 5 or Section 9(a)(i) hereof, the Company shall reimburse
the Underwriters for all of their reasonable out-of-pocket expenses, including the reasonable fees
and disbursements of counsel for the Underwriters.
17
SECTION 5. Conditions of Underwriters’ Obligations. The obligations of the several
Underwriters hereunder are subject to the accuracy, as of the Execution Time, the Applicable Time
and as of the Closing Time, of the representations and warranties of the Company contained in
Section 1 hereof or in certificates of any officer of the Company or any of its subsidiaries
delivered pursuant to the provisions hereof, to the performance by the Company of its covenants and
other obligations hereunder, and to the following further conditions:
(a) Effectiveness of Registration Statement; Filing of Prospectus; Payment of Filing
Fee. The Registration Statement shall be effective and at Closing Time no stop order
suspending the effectiveness of the Registration Statement shall have been issued under the
1933 Act or proceedings therefor initiated or threatened by the Commission, and any request
on the part of the Commission for additional information shall have been complied with to
the reasonable satisfaction of counsel to the Underwriters; the Final Term Sheet shall have
been filed with the Commission in the manner and within the time period required by Rule
433(d). The Prospectus shall have been filed with the Commission in the manner and within
the time period required by Rule 424(b) without reliance on Rule 424(b)(8) (or a
post-effective amendment providing such information shall have been filed and become
effective in accordance with the requirements of Rule 430B). The Company shall have paid
the required Commission filing fees relating to the Securities within the time period
required by Rule 456(b)(1)(i) of the 1933 Act Regulations without regard to the proviso
therein and otherwise in accordance with Rules 456(b) and 457(r) of the 1933 Act Regulations
and, if applicable, shall have updated the “Calculation of Registration Fee” table in
accordance with Rule 456(b)(1)(ii) either in a post-effective amendment to the Registration
Statement or on the cover page of a prospectus filed pursuant to Rule 424(b).
(b) Opinions of Counsel for Company. At the Closing Time, the Representatives shall
have received the favorable opinion, dated as of the Closing Time, of each of Xxxxxxxx and
Wedge and Xxxxxx, Hall & Xxxxxxx LLP, counsel for the Company, in form and substance
satisfactory to counsel for the Underwriters, together with signed or reproduced copies of
such letter for each of the other Underwriters to the effect set forth in Exhibits A and B
hereto, respectively, and to such further effect as counsel to the Underwriters may
reasonably request.
(c) Opinion of Counsel for Underwriters. At the Closing Time, the Representatives
shall have received the favorable opinion, dated as of the Closing Time, of Xxxxx & XxXxxxx
LLP, counsel for the Underwriters, together with signed or reproduced copies of such letter
for each of the other Underwriters, with respect to such matters as the Representatives
shall reasonably request. In giving such opinion such counsel may rely, as to all matters
governed by the laws of jurisdictions other than the law of the State of New York and the
federal law of the United States, upon the opinions of counsel satisfactory to the
Representatives. Such counsel may also state that, insofar as such opinion involves factual
matters, they have relied, to the extent they deem proper, upon certificates of officers of
the Company and its subsidiaries and certificates of public officials.
18
(d) Officers’ Certificate. At the Closing Time, there shall not have been, since (i)
the earlier of the Execution Time and the Applicable Time or (ii) since the respective dates
as of which information is given in the Registration Statement, the Disclosure Package and
the Prospectus, any Material Adverse Change; and the Representatives shall have received a
certificate of the President, any Vice President or the Treasurer of the Company and of the
chief financial or chief accounting officer of the Company, dated as of the Closing Time, to
the effect that (i) there has been no such Material Adverse Change, (ii) the representations
and warranties in Section 1 hereof are true and correct with the same force and effect as
though expressly made at and as of the Closing Time, (iii) the Company has complied with all
agreements and satisfied all conditions on its part to be performed or satisfied at or prior
to the Closing Time and (iv) no stop order suspending the effectiveness of the Registration
Statement has been issued and no proceedings for that purpose have been instituted or are
pending or, to their knowledge, contemplated by the Commission.
(e) Accountants’ Comfort Letter. At the Execution Time, the Representatives shall have
received from Deloitte & Touche LLP a letter dated such date, in form and substance
satisfactory to the Representatives, together with signed or reproduced copies of such
letter for each of the other Underwriters containing statements and information of the type
ordinarily included in accountants’ “comfort letters” to Underwriters with respect to the
financial statements and other financial information contained in the Registration Statement
and Prospectus.
(f) Bring-down Comfort Letter. At the Closing Time, the Representatives shall have
received from Deloitte & Touche LLP a letter, dated as of the Closing Time, to the effect
that they reaffirm the statements made in the letter furnished pursuant to subsection (e) of
this Section, except that the “specified date” referred to shall be a date not more than
three business days prior to the Closing Time.
(g) Maintenance of Ratings. Since the Execution Time, there shall not have occurred a
downgrading in the rating assigned to the Securities or any other debt securities of the
Company by any “nationally recognized statistical rating agency”, as that term is defined by
the Commission for purposes of Rule 436(g)(2) under the 1933 Act, and no such securities
rating agency shall have publicly announced that it has under credit watch, surveillance or
review, with possible negative implications, its rating of any of such securities.
(h) Title Policy. At Closing Time, the Representatives shall have received a
certificate of an officer of the Company (i) listing the policies of title insurance held by
the Trustee and the endorsements thereto, specifying the face amounts thereof and
identifying in general terms the properties described therein as covered thereby and (ii)
stating, to the best knowledge of such officer, that such policies, as amended and
supplemented by such endorsements, are in full force and effect.
(i) Additional Documents. At Closing Time, counsel for the Underwriters shall have
been furnished with such additional documents and opinions as they may require for the
purpose of enabling them to pass upon the issuance and sale of the
19
Securities as herein contemplated, or in order to evidence the accuracy of any of the
representations or warranties, or the fulfillment of any of the conditions, herein
contained; and all proceedings taken by the Company in connection with the issuance and sale
of the Securities as herein contemplated shall be satisfactory in form and substance to the
Representatives and counsel for the Underwriters.
(j) Termination of Agreement. If any condition specified in this Section shall not
have been fulfilled when and as required to be fulfilled, this Agreement may be terminated
by the Representatives by notice to the Company at any time at or prior to Closing Time, and
such termination shall be without liability of any party to any other party except as
provided in Section 4 and except that Sections 1, 6, 7 and 8 shall survive any such
termination and remain in full force and effect.
SECTION 6. Indemnification.
(a) Indemnification of Underwriters. The Company agrees to indemnify and hold harmless each
Underwriter, its affiliates as such term is defined in Rule 501(b) under the 1933 Act (each, an
“Affiliate”), its selling agents and each person, if any, who controls any Underwriter within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act as follows:
(i) against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, arising out of (A) any untrue statement or alleged untrue statement of a material
fact contained in the Registration Statement (or any amendment or supplement thereto), or
the omission or alleged omission therefrom of a material fact required to be stated therein
or necessary in order to make the statements therein not misleading or (B) any untrue
statement or alleged untrue statement of a material fact contained in any preliminary
prospectus, any Issuer Free Writing Prospectus or the Prospectus (or any amendment or
supplement thereto) or any “issuer information” filed or required to be filed pursuant to
Rule 433(d) under the 1933 Act, or the omission or alleged omission therefrom of a material
fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading;
(ii) against any and all loss, liability, claim, damage and expense whatsoever, as
incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or
of any claim whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission; provided that (subject to Section 6(d) below) any such
settlement is effected with the written consent of the Company; and
(iii) against any and all expense whatsoever, as incurred (including the fees and
disbursements of counsel chosen by the Representatives), reasonably incurred in
investigating, preparing or defending against any litigation, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, or any claim
whatsoever based upon any such untrue statement or omission, or any such alleged untrue
20
statement or omission, to the extent that any such expense is not paid under (i) or
(ii) above;
provided, however, that this indemnity agreement shall not apply to any loss, liability, claim,
damage or expense to the extent arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written information furnished to
the Company by any Underwriter through the Representatives expressly for use in the Registration
Statement (or any amendment thereto), or any preliminary prospectus, any Issuer Free Writing
Prospectus or the Prospectus (or any amendment or supplement thereto).
(b) Indemnification of Company, Directors and Officers. Each Underwriter severally agrees to
indemnify and hold harmless the Company, its directors, officers and each person, if any, who
controls the Company within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act
against any and all loss, liability, claim, damage and expense described in the indemnity contained
in subsection (a) of this Section, as incurred, but only with respect to untrue statements or
omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any
amendment thereto), or any preliminary prospectus, any Issuer Free Writing Prospectus or the
Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written
information furnished to the Company by such Underwriter through the Representatives expressly for
use therein.
(c) Actions against Parties; Notification. Each indemnified party shall give notice as
promptly as reasonably practicable to each indemnifying party of any action commenced against it in
respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party
shall not relieve such indemnifying party from any liability hereunder to the extent it is not
materially prejudiced as a result thereof and in any event shall not relieve it from any liability
which it may have otherwise than on account of this indemnity agreement. In the case of parties
indemnified pursuant to Section 6(a) above, counsel to the indemnified parties shall be selected by
the Representatives, and, in the case of parties indemnified pursuant to Section 6(b) above,
counsel to the indemnified parties shall be selected by the Company. An indemnifying party may
participate at its own expense in the defense of any such action; provided, however, that counsel
to the indemnifying party shall not (except with the consent of the indemnified party) also be
counsel to the indemnified party. In no event shall the indemnifying parties be liable for fees
and expenses of more than one counsel (in addition to any local counsel) separate from their own
counsel for all indemnified parties in connection with any one action or separate but similar or
related actions in the same jurisdiction arising out of the same general allegations or
circumstances. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any
litigation, or any investigation or proceeding by any governmental agency or body, commenced or
threatened, or any claim whatsoever in respect of which indemnification or contribution could be
sought under this Section or Section 7 hereof (whether or not the indemnified parties are actual or
potential parties thereto), unless such settlement, compromise or consent (i) includes an
unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to or an admission of
fault, culpability or a failure to act by or on behalf of any indemnified party.
21
(d) Settlement without Consent if Failure to Reimburse. If at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses
of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature
contemplated by Section 6(a)(ii) effected without its written consent if (i) such settlement is
entered into more than 45 days after receipt by such indemnifying party of the aforesaid request,
(ii) such indemnifying party shall have received notice of the terms of such settlement at least 30
days prior to such settlement being entered into and (iii) such indemnifying party shall not have
reimbursed such indemnified party in accordance with such request prior to the date of such
settlement.
SECTION 7. Contribution. If the indemnification provided for in Section 6 hereof is
for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of
any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying
party shall contribute to the aggregate amount of such losses, liabilities, claims, damages and
expenses incurred by such indemnified party, as incurred, (i) in such proportion as is appropriate
to reflect the relative benefits received by the Company on the one hand and the Underwriters on
the other hand from the offering of the Securities pursuant to this Agreement or (ii) if the
allocation provided by clause (i) is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to in clause (i) above but also the
relative fault of the Company on the one hand and of the Underwriters on the other hand in
connection with the statements or omissions which resulted in such losses, liabilities, claims,
damages or expenses, as well as any other relevant equitable considerations.
The relative benefits received by the Company on the one hand and the Underwriters on the
other hand in connection with the offering of the Securities pursuant to this Agreement shall be
deemed to be in the same respective proportions as the total net proceeds from the offering of the
Securities pursuant to this Agreement (before deducting expenses) received by the Company and the
total underwriting discount received by the Underwriters, bear to the aggregate initial offering
price of the Securities.
The relative fault of the Company on the one hand and the Underwriters on the other hand shall
be determined by reference to, among other things, whether any such untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to
information supplied by the Company or by the Underwriters and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission.
The Company and the Underwriters agree that it would not be just and equitable if contribution
pursuant to this Section were determined by pro rata allocation (even if the Underwriters were
treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to above in this Section. The aggregate amount of
losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to
above in this Section shall be deemed to include any legal or other expenses reasonably incurred by
such indemnified party in investigating, preparing or defending against any litigation, or any
investigation or proceeding by any governmental agency or body, commenced or threatened, or any
claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged
omission.
22
Notwithstanding the provisions of this Section, no Underwriter shall be required to contribute
any amount in excess of the amount by which the total price at which the Securities purchased and
sold by it hereunder exceeds the amount of any damages which such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged
omission.
No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
0000 Xxx) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.
For purposes of this Section, each person, if any, who controls an Underwriter within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act and each Underwriter’s
Affiliates and selling agents shall have the same rights to contribution as such Underwriter, and
each person, if any, who controls the Company within the meaning of Section 15 of the 1933 Act or
Section 20 of the 1934 Act shall have the same rights to contribution as the Company. The
Underwriters’ respective obligations to contribute pursuant to this Section 7 are several in
proportion to the principal amount of Securities set forth opposite their respective names in
Schedule A hereto and not joint.
SECTION 8. Representations, Warranties and Agreements to Survive Delivery. All
representations, warranties and agreements contained in this Agreement or in certificates of
officers of the Company or any of its subsidiaries submitted pursuant hereto shall remain operative
and in full force and effect, regardless of any investigation made by or on behalf of any
Underwriter or its Affiliates or selling agents or controlling person, or by or on behalf of the
Company, and shall survive delivery of the Securities to the Underwriters.
SECTION 9. Termination of Agreement.
(a) Termination; General. The Representatives may terminate this Agreement, by notice to the
Company, at any time at or prior to Closing Time (i) if there has been, since (A) the earlier of
the Execution Time and the Applicable Time or (B) since the respective dates as of which
information is given in the Registration Statement, the Disclosure Package or the Prospectus, any
Material Adverse Change, or (ii) if there has occurred any material adverse change in the financial
markets in the United States or in the international financial markets, any outbreak of hostilities
or escalation thereof or other calamity or crisis or any change or development involving a
prospective change in national or international political, financial or economic conditions, in
each case the effect of which is such as to make it, in the judgment of the Representatives,
impracticable or inadvisable to market the Securities or to enforce contracts for the sale of the
Securities, (iii) if trading in any securities of the Company has been suspended or materially
limited by the Commission, or if trading generally on the American Stock Exchange or the New York
Stock Exchange or in the NASDAQ Global Market or the NASDAQ Global Select Market has been suspended
or materially limited, or minimum or maximum prices for trading have been fixed, or maximum ranges
for prices have been required, by either of such exchanges or NASDAQ Stock Market, Inc. with
respect to such markets or by order of the Commission or any other governmental authority, or a
material disruption has occurred in commercial banking or securities settlement or clearance
services in the United States or with
23
respect to Clearstream or Euroclear systems in Europe, or (iv) if a banking moratorium has
been declared by either Federal or New York authorities.
(b) Liabilities. If this Agreement is terminated pursuant to this Section, such termination
shall be without liability of any party to any other party except as provided in Section 4 hereof,
and provided further that Sections 1, 6, 7 and 8 shall survive such termination and remain in full
force and effect.
SECTION 10. Default by One or More of the Underwriters. If one or more of the
Underwriters shall fail at the Closing Time to purchase the Securities which it or they are
obligated to purchase under this Agreement (the “Defaulted Securities”), the Representatives shall
have the right, within 24 hours thereafter, to make arrangements for one or more of the
non-defaulting Underwriters, or any other underwriters, to purchase all, but not less than all, of
the Defaulted Securities in such amounts as may be agreed upon and upon the terms herein set forth;
if, however, the Representatives shall not have completed such arrangements within such 24-hour
period, then:
(a) if the principal amount of the Defaulted Securities does not exceed 10% of the
aggregate principal amount of Securities to be purchased hereunder, each of the
non-defaulting Underwriters shall be obligated, severally and not jointly, to purchase the
full amount thereof in the proportions that their respective underwriting obligations
hereunder bear to the underwriting obligations of all non-defaulting Underwriters, or
(b) if the principal amount of the Defaulted Securities exceeds 10% of the aggregate
principal amount of the Securities to be purchased hereunder, this Agreement shall terminate
without liability on the part of any non-defaulting Underwriter.
No action taken pursuant to this Section shall relieve any defaulting Underwriter from
liability in respect of its default.
In the event of any such default which does not result in a termination of this Agreement
either the Representatives or the Company shall have the right to postpone the Closing Time for a
period not exceeding seven days in order to effect any required changes in the Registration
Statement or Prospectus or in any other documents or arrangements. As used in this Agreement the
term “Underwriter” includes any person substituted for an Underwriter under this Section.
SECTION 11. Notices. All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given if mailed or transmitted by any standard form
of telecommunication. Notices to the Underwriters shall be directed to the Representatives at Banc
of America Securities LLC, 00 Xxxx 00xx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention:
High Grade Debt Capital Markets Transaction Management, fax: 000-000-0000, Barclays Capital Inc.,
000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: Fixed Income Syndicate, fax: 000-000-0000,
and Citigroup Global Markets Inc., 000 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, Attention: General
Counsel; notices to the Company shall be directed to it at Nevada Power Company, 0000 X. Xxxxxx
Xxxxxx, Xxx Xxxxx, Xxxxxx 00000, attention of the Corporate Treasurer.
24
SECTION 12. No Advisory or Fiduciary Relationship. The Company acknowledges and
agrees that (a) the purchase and sale of the Securities pursuant to this Agreement, including the
determination of the public offering price of the Securities and any related discounts and
commissions, is an arm’s-length commercial transaction between the Company, on the one hand, and
the several Underwriters, on the other hand, (b) in connection with the offering contemplated
hereby and the process leading to such transaction each Underwriter is and has been acting solely
as a principal and is not the agent or fiduciary of the Company, or its stockholders, creditors,
employees or any other party, (c) no Underwriter has assumed or will assume an advisory or
fiduciary responsibility in favor of the Company with respect to the offering contemplated hereby
or the process leading thereto (irrespective of whether such Underwriter has advised or is
currently advising the Company on other matters) and no Underwriter has any obligation to the
Company with respect to the offering contemplated hereby except the obligations expressly set forth
in this Agreement, (d) the Underwriters and their respective affiliates may be engaged in a broad
range of transactions that involve interests that differ from those of the Company, and (e) the
Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the
offering contemplated hereby and the Company has consulted its own legal, accounting, regulatory
and tax advisors to the extent it deemed appropriate. Nothing in this Section 12 is intended to
limit any duties of confidentiality that the Underwriters might otherwise have.
SECTION 13. Parties. This Agreement shall inure to the benefit of and be binding upon
the Underwriters and the Company and their respective successors. Nothing expressed or mentioned
in this Agreement is intended or shall be construed to give any person, firm or corporation, other
than the Underwriters and the Company and their respective successors and the controlling persons
and officers and directors referred to in Sections 6 and 7 and their heirs and legal
representatives, any legal or equitable right, remedy or claim under or in respect of this
Agreement or any provision herein contained. This Agreement and all conditions and provisions
hereof are intended to be for the sole and exclusive benefit of the Underwriters and the Company
and their respective successors, and said controlling persons and officers and directors and their
heirs and legal representatives, and for the benefit of no other person, firm or corporation. No
purchaser of Securities from any Underwriter shall be deemed to be a successor by reason merely of
such purchase.
SECTION 14. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York.
SECTION 15. Waiver of Trial by Jury. The Underwriters and the Company each waive any
right to trial by jury in any action, claim, suit or proceeding arising out of the transactions
contemplated by this Agreement.
SECTION 16. Time. Time shall be of the essence of this agreement. Except as
otherwise set forth herein, specified times of day refer to New York City time.
SECTION 17. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same Agreement.
25
SECTION 18. Effect of Headings. The Section headings and Table of Contents herein are
for convenience only and shall not affect the construction hereof.
26
If the foregoing is in accordance with your understanding of our agreement, please sign and
return to the Company a counterpart hereof, whereupon this instrument, along with all counterparts,
will become a binding agreement between the Underwriters and the Company in accordance with its
terms.
Very truly yours, | ||||||
Nevada Power Company | ||||||
By: | ||||||
Title: |
Confirmed And Accepted,
as of the date first above written:
Banc of America Securities LLC
By: |
||||
Title: | ||||
Barlays Capital Inc. | ||||
By: |
||||
Title: | ||||
Citigroup Global Markets Inc. | ||||
By: |
||||
Title: |
For themselves and as Representatives of the other Underwriters named in Schedule A hereto
27
SCHEDULE A
Principal Amount | ||||
Name of Underwriters | of Securities | |||
Banc of America Securities LLC |
$ | 135,000,000 | ||
Barclays Capital Inc. |
$ | 135,000,000 | ||
Citigroup Global Markets Inc. |
$ | 135,000,000 | ||
Xxxxx Xxxxxxx & Co. |
$ | 25,000,000 | ||
Scotia Capital (USA) Inc. |
$ | 25,000,000 | ||
Wedbush Xxxxxx Securities Inc. |
$ | 25,000,000 | ||
The Xxxxxxxx Capital Group, L.P. |
$ | 20,000,000 | ||
Total |
$ | 500,000,000 | ||
Sch A-1