Document:

<PAGE>

                                                                     EXHIBIT 4.2

                             FORM OF SERIES N NOTES

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the
                    Indenture and the Officer's Certificate]

[Insert the Private Placement Legend, if applicable, pursuant to the provisions
                of the Indenture and the Officer's Certificate]

                              NEVADA POWER COMPANY

         6.650% General and Refunding Mortgage Notes, Series N, due 2036

<TABLE>
<S>                              <C>                        <C>
Original Interest Accrual Date:  April 3, 2006              Redeemable: Yes [X]  No [ ]
Stated Maturity:                 April 1, 2036              Redemption Date: See Below
Interest Rate:                   6.650%                     Redemption Price: See Below
Interest Payment Dates:          April 1 and October 1
Record Dates:                    March 15 and September 15
</TABLE>

                     The Security is not a Discount Security
              within the meaning of the within-mentioned Indenture.

                                -----------------

                                                       CUSIP No. _______________

         6.650% General and Refunding Mortgage Notes, Series N, due 2036

No. R-                                                               $__________

promises to pay to Cede & Co. or registered assigns, the principal sum of
__________________ Dollars on April 1, 2036.

      1. Interest. Nevada Power Company, a Nevada corporation (the "Company"),
promises to pay interest on the principal amount of this Series N Note at 6.650%
per annum, from April 3, 2006 until maturity and shall pay the Liquidated
Damages payable pursuant to Section 5 of the Registration Rights Agreement
referred to below. The Company shall pay interest and Liquidated Damages, if
any, semi-annually in arrears on April 1 and October 1 of each year, or if any
such day is not a Business Day, on the next succeeding Business Day (each an
"Interest Payment Date"). Interest on the Series N Notes shall accrue from the
most recent date to which interest has been paid or, if no interest has been
paid, from Original Interest Accrual Date specified above; provided that if
there is no existing Default in the payment of interest, and if this Series N
Note is authenticated between a record date referred to on the face hereof and
the next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date, except in the case of the original issuance of
Series N Notes, in which case interest shall accrue from the Original Interest
Accrual Date specified above; provided, further, that the first Interest Payment
Date shall be October 1, 2006. The Company shall pay interest (including
postpetition interest in any proceeding under the Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the rate borne on
the Series N

<PAGE>

Notes; it shall pay interest (including post-petition interest in any proceeding
under the Bankruptcy Law) on overdue installments of interest and Liquidated
Damages, if any, (without regard to any applicable grace periods) from time to
time on demand at the same rate to the extent lawful. Interest shall be computed
on the basis of a 360-day year of twelve 30-day months.

      2. Method of Payment. The Company shall pay interest on the Series N Notes
(except Defaulted Interest) and Liquidated Damages to the Persons who are
registered Holders of Series N Notes at the close of business on the March 15
and September 15 next preceding the Interest Payment Date, even if such Series N
Notes are canceled after such record date and on or before such Interest Payment
Date, except as provided in Section 3.07 of the Indenture with respect to
Defaulted Interest. The Series N Notes shall be payable as to principal, premium
and Liquidated Damages, if any, and interest at the office or agency of the
Company maintained for such purpose within the City and State of New York, or,
at the option of the Company, payment of interest and Liquidated Damages may be
made by check mailed to the Holders of Series N Notes at their addresses set
forth in the register of Holders, and provided that payment by wire transfer of
immediately available funds shall be required with respect to principal of, and
interest, premium and Liquidated Damages on, all Global Notes and all other
Series N Notes the Holders of which shall have provided wire transfer
instructions to the Company or the Paying Agent. Such payment shall be in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.

      3. Paying Agent and Security Registrar. Initially, The Bank of New York,
the Trustee under the Indenture, shall act as Paying Agent and Security
Registrar. The Company may change any Paying Agent or Security Registrar without
notice to any Holder of Series N Notes. The Company or any of its Subsidiaries
may act in any such capacity.

      4. Indenture; Security. This Series N Note is one of a duly authorized
issue of Securities of the Company, issued and issuable in one or more series
under and equally secured by a General and Refunding Mortgage Indenture, dated
as of May 1, 2001 (such Indenture as originally executed and delivered and as
supplemented or amended from time to time thereafter, together with any
constituent instruments establishing the terms of particular Securities, being
herein called the "Indenture"), between the Company and The Bank of New York,
Trustee (herein called the "Trustee," which term includes any successor Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a description of the property mortgaged, pledged
and held in trust, the nature and extent of the security and the respective
rights, limitations of rights, duties and immunities of the Company, the Trustee
and the Holders of the Securities thereunder and of the terms and conditions
upon which the Securities are, and are to be, authenticated and delivered and
secured. The acceptance of this Series N Note shall be deemed to constitute the
consent and agreement by the Holder hereof to all of the terms and provisions of
the Indenture. This Series N Note is one of the series designated above. The
terms of the Series N Notes include those stated in the Indenture, the Officer's
Certificate dated April 3, 2006 (the "Officer's Certificate") and those made
part of the Indenture by reference to the Trust Indenture Act. The Series N
Notes are subject to all such terms, and Holders of Series N Notes are referred
to the Indenture and such Act for a statement of such terms. To the extent any
provision of this Series N Note conflicts with the express provisions of the
Indenture or the Officer's Certificate, the provisions of the Indenture and the

<PAGE>

Officer's Certificate shall govern and be controlling. The Series N Notes are
general obligations of the Company initially limited to $250,000,000 aggregate
principal amount in the case of Series N Notes issued on the Issue Date.

      All Outstanding Securities, including the Series N Notes, issued under the
Indenture are secured by the lien of the Indenture on the properties of the
Company described in the Indenture. The lien of the Indenture is junior, subject
and subordinate to the prior lien of the Indenture of Mortgage dated as of
October 1, 1953 by and between the Company and Deutsche Bank Trust Company
Americas, as trustee.

      5. Optional Redemption.

            (a) THE COMPANY MAY REDEEM THE NOTES AT ANY TIME, EITHER IN WHOLE OR
IN PART AT A REDEMPTION PRICE EQUAL TO THE GREATER OF (1) 100% OF THE PRINCIPAL
AMOUNT OF THE SERIES N NOTES BEING REDEEMED AND (2) THE SUM OF THE PRESENT
VALUES OF THE REMAINING SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST ON THE
SERIES N NOTES BEING REDEEMED (EXCLUDING THE PORTION OF ANY SUCH INTEREST
ACCRUED TO THE DATE OF REDEMPTION) DISCOUNTED (FOR PURPOSES OF DETERMINING
PRESENT VALUE) TO THE REDEMPTION DATE ON A SEMI-ANNUAL BASIS (ASSUMING A 360-DAY
YEAR CONSISTING OF TWELVE 30-DAY MONTHS) AT THE TREASURY RATE (AS DEFINED BELOW)
PLUS 30 BASIS POINTS, PLUS, IN EACH CASE, ACCRUED INTEREST THEREON TO THE DATE
OF REDEMPTION.

            "Comparable Treasury Issue" means the United States Treasury
      security selected by an Independent Investment Banker as having a maturity
      comparable to the remaining term of the Series N Notes that would be
      utilized, at the time of selection and in accordance with customary
      financial practice, in pricing new issues of corporate debt securities of
      comparable maturity to the remaining term of the Series N Notes.

            "Comparable Treasury Price" means, with respect to any redemption
      date, (1) the average of the bid and asked prices for the Comparable
      Treasury Issue (expressed in each case as a percentage of its principal
      amount) on the third business day preceding such redemption date, as set
      forth in the daily statistical release (or any successor release)
      published by the Federal Reserve Bank of New York and designated
      "Composite 3:30 p.m. Quotations for U.S. Government Securities" or (2) if
      such release (or any successor release) is not published or does not
      contain such prices on such third business day, the Reference Treasury
      Dealer Quotation for such redemption date.

            "Independent Investment Banker" means one of the Reference Treasury
      Dealers appointed by the Company.

            "Reference Treasury Dealer" means a primary U.S. Government
      Securities Dealer selected by the Company.

<PAGE>

            "Reference Treasury Dealer Quotation" means, with respect to the
      Reference Treasury Dealer and any redemption date, the average, as
      determined by the Independent Investment Banker, of the bid and asked
      prices for the Comparable Treasury Issue (expressed in each case as a
      percentage of its principal amount) quoted in writing to the Independent
      Investment Banker by such Reference Treasury Dealer at or before 5:00
      p.m., New York City time, on the third business day preceding such
      redemption date.

            "Treasury Rate" means, with respect to any redemption date, the rate
      per year equal to the semi-annual equivalent yield to maturity of the
      Comparable Treasury Issue, assuming a price for the Comparable Treasury
      Issue (expressed as a percentage of its principal amount) equal to the
      Comparable Treasury Price for such redemption date.

      6. Notice of Optional Redemption. Notice of optional redemption shall be
mailed at least 30 days but not more than 60 days before the Redemption Date to
each Holder whose Series N Notes are to be redeemed at its registered address.
Series N Notes in denominations larger than $1,000 may be redeemed in part but
only in whole multiples of $1,000, unless all of the Series N Notes held by a
Holder are to be redeemed. Notices of redemption may not be conditional. On and
after the redemption date, interest and Liquidated Damages, if any, cease to
accrue on Series N Notes or portions thereof called for redemption.

      7. Mandatory Redemption.

            (a) Other than in connection with clause (b) below or in connection
with a redemption at the option of the Holders of the Series N Notes in Section
8 below, the Company shall not be required to make mandatory redemption or
sinking fund payments with respect to the Series N Notes.

            (b) Upon the occurrence of the events described below in clauses (1)
or (2) of this paragraph 7(b), the Company shall be required to redeem the
Series N Notes immediately, at a Redemption Price equal to 100% of the aggregate
principal amount of the Series N Notes plus accrued and unpaid interest and
Liquidated Damages, if any, on the Series N Notes to the date of redemption,
without further action or notice on the part of the Trustee or the Holders of
the Series N Notes:

             THE COMPANY OR ANY OF ITS SUBSIDIARIES THAT IS A SIGNIFICANT
                  SUBSIDIARY OR ANY GROUP OF SUBSIDIARIES THAT, TAKEN AS A
                  WHOLE, WOULD CONSTITUTE A SIGNIFICANT SUBSIDIARY PURSUANT TO
                  OR WITHIN THE MEANING OF BANKRUPTCY LAW:

                  (I)   commences a voluntary case,

                  (II)  consents to the entry of an order for relief against it
                        in an involuntary case,

<PAGE>

                  (III) consents to the appointment of a custodian of it or for
                        all or substantially all of its property,

                  (IV)  makes a general assignment for the benefit of its
                        creditors, or

                  (V)   admits in writing of its inability to pay its debts
                        generally as they become due; or

             A COURT OF COMPETENT JURISDICTION ENTERS AN ORDER OR DECREE
                  UNDER ANY BANKRUPTCY LAW THAT:

                  (I)   is for relief against the Company or any of its
                        Subsidiaries that is a Significant Subsidiary or any
                        group of Subsidiaries that, taken as a whole, would
                        constitute a Significant Subsidiary in an involuntary
                        case;

                  (II)  appoints a custodian of the Company or any of its
                        Subsidiaries that is a Significant Subsidiary or any
                        group of Subsidiaries that, taken as a whole, would
                        constitute a Significant Subsidiary or for all or
                        substantially all of the property of the Company or any
                        of its Subsidiaries that is a Significant Subsidiary or
                        any group of Subsidiaries that, taken as a whole, would
                        constitute a Significant Subsidiary; or

                  (III) orders the liquidation of the Company or any of its
                        Subsidiaries that is a Significant Subsidiary or any
                        group of Restricted Subsidiaries that, taken as a whole,
                        would constitute a Significant Subsidiary;

                  and the order or decree remains unstayed and in effect for 60
                  consecutive days.

      8. Redemption at the Option of Holders. Upon the occurrence of any of the
following Triggering Events: (a) failure for 30 days to pay when due interest
on, or Liquidated Damages with respect to, the Series N Notes; (b) failure to
pay when due the principal of, or premium, if any, on the Series N Notes; (c)
failure by the Company or any of its Restricted Subsidiaries to comply with the
provisions described in Section 1(u)(ii) of the Officer's Certificate; (d)
failure by the Company or any of its Restricted Subsidiaries for 30 days after
notice to comply with the provisions described in Section 1(h)(iii) of the
Officer's Certificate; (e) failure by the Company or any of its Restricted
Subsidiaries for 60 days after notice to comply with any of the other agreements
in the Officer's Certificate or the Series N Notes; (f) default under any
mortgage, indenture or instrument under which there may be issued or by which
there may be secured or evidenced any Indebtedness for money borrowed by the
Company or any of its Restricted Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Restricted Subsidiaries) whether such
Indebtedness or guarantee now exists, or is created after the original issue
date of the Series N Notes, if that default (i) is caused by a failure to pay
principal of, or interest or premium, if any, on such Indebtedness prior to the
expiration of the

<PAGE>

grace period provided in such Indebtedness on the date of such default (a
"Payment Default") or (ii) results in the acceleration of such Indebtedness
prior to its express maturity, and, in each case, the principal amount of any
such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been a Payment Default or the maturity of
which has been so accelerated, aggregates $15.0 million or more; (g) failure by
the Company or any of its Subsidiaries to pay final judgments aggregating in
excess of $15.0 million, which judgments are not paid, discharged or stayed for
a period of 60 days; or (h) an event of default under the First Mortgage
Indenture (other than any such matured event of default which (i) is of similar
kind or character to the Triggering Event described in (c) or (e) above and (ii)
has not resulted in the acceleration of the securities outstanding under the
First Mortgage Indenture); provided, however, that, anything in the Officer's
Certificate to the contrary notwithstanding, the waiver or cure of such event of
default under the First Mortgage Indenture and the rescission and annulment of
the consequences thereof under the First Mortgage Indenture shall constitute a
cure of the corresponding Triggering Event and a rescission and annulment of the
consequences thereof, the Holders of at least 25% in principal amount of the
Series N Notes then Outstanding may deliver a notice to the Company requiring
the Company to redeem the Series N Notes immediately at a Redemption Price equal
to 100% of the aggregate principal amount of the Series N Notes plus accrued and
unpaid interest and Liquidated Damages, if any, on the Series N Notes to the
Redemption Date. The Holders of a majority in aggregate principal amount of the
Series N Notes then Outstanding by notice to the Company and the Trustee may on
behalf of the Holders of all of the Series N Notes waive any existing Triggering
Event and its consequences except a continuing Triggering Event related to the
payment of interest or Liquidated Damages on, or the principal of, the Series N
Notes. In the case of any Triggering Event by reason of any willful action or
inaction taken or not taken by or on behalf of the Company with the intention of
avoiding payment of the premium that the Company would have had to pay if the
Company then had elected to redeem the Series N Notes pursuant to the provisions
of Section 1(g)(i) of the Officer's Certificate relating to redemption at the
option of the Company, an equivalent premium equal to the premium payable under
Section 1(g)(i) shall also become and be immediately due and payable to the
extent permitted by law upon the redemption of the Series N Notes at the option
of the Holders thereof.

      9. Denominations, Transfer, Exchange. The Series N Notes are in registered
form without coupons in denominations of $100,000 and integral multiples of
$1,000 in excess thereof. The transfer of Series N Notes may be registered and
Series N Notes may be exchanged as provided in the Indenture and the Officer's
Certificate. The Security Registrar and the Trustee may require a Holder of
Series N Notes, among other things, to furnish appropriate endorsements and
transfer documents and the Company may require a Holder of Series N Notes to pay
any taxes and fees required by law or permitted by the Indenture. The Company
need not exchange or register the transfer of any Series N Note or portion of a
Series N Note selected for redemption, except for the unredeemed portion of any
Series N Note being redeemed in part. Also, the Company need not exchange or
register the transfer of any Series N Notes for a period of 15 days before a
selection of Series N Notes to be redeemed or during the period between a record
date and the corresponding Interest Payment Date.

      10. Persons Deemed Owners. The registered Holder of a Series N Note may be
treated as its owner for all purposes.

<PAGE>

      11. Amendment, Supplement and Waiver. The Indenture permits, with certain
exceptions as therein provided, the Trustee to enter into one or more
supplemental indentures for the purpose of adding any provisions to, or changing
in any manner or eliminating any of the provisions of, the Indenture with the
consent of the Holders of not less than a majority in aggregate principal amount
of the Securities of all series then Outstanding under the Indenture, considered
as one class; provided, however, that if there shall be Securities of more than
one series Outstanding under the Indenture and if a proposed supplemental
indenture shall directly affect the rights of the Holders of Securities of one
or more, but less than all, of such series, then the consent only of the Holders
of a majority in aggregate principal amount of the Outstanding Securities of all
series so directly affected, considered as one class, shall be required; and
provided, further, that if the Securities of any series shall have been issued
in more than one Tranche and if the proposed supplemental indenture shall
directly affect the rights of the Holders of Securities of one or more, but less
than all, of such Tranches, then the consent only of the Holders of a majority
in aggregate principal amount of the Outstanding Securities of all Tranches so
directly affected, considered as one class, shall be required; and provided,
further, that the Indenture permits the Trustee to enter into one or more
supplemental indentures for limited purposes without the consent of any Holders
of Securities. The Indenture also contains provisions permitting the Holders of
a majority in principal amount of the Securities then Outstanding, on behalf of
the Holders of all Securities, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Series N
Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Series N Note and of any Series N Note issued upon the
registration of transfer hereof or in exchange therefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Series N
Note.

      12. Events of Default. If an Event of Default shall occur and be
continuing, the principal of this Series N Note may be declared due and payable
in the manner and with the effect provided in the Indenture.

      13. No Recourse Against Others. As provided in the Indenture, no recourse
shall be had for the payment of the principal of or premium, if any, or interest
on any Securities, or any part thereof, or for any claim based thereon or
otherwise in respect thereof, or of the indebtedness represented thereby, or
upon any obligation, covenant or agreement under the Indenture, against, and no
personal liability whatsoever shall attach to, or be incurred by, any
incorporator, stockholder, officer or director, as such, past, present or future
of the Company or of any predecessor or successor corporation (either directly
or through the Company or a predecessor or successor corporation), whether by
virtue of any constitutional provision, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise; it being expressly agreed
and understood that the Indenture and all the Securities are solely corporate
obligations and that any such personal liability is hereby expressly waived and
released as a condition of, and as part of the consideration for, the execution
of the Indenture and the issuance of the Securities.

      14. Authentication. Unless the certificate of authentication hereon has
been executed by the Trustee or an Authenticating Agent by manual signature,
this Series N Note shall not be entitled to any benefit under the Indenture or
be valid or obligatory for any purpose.

<PAGE>

      15. Transfer and Exchange.

            (a) As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Series N Note is registrable in the
Security Register, upon surrender of this Series N Note for registration of
transfer at the Corporate Trust Office of The Bank of New York in New York, New
York or such other office or agency as may be designated by the Company from
time to time, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Series N Notes of this series of authorized
denominations and of like tenor and aggregate principal amount, will be issued
to the designated transferee or transferees.

            (b) No service charge shall be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

            (c) Prior to due presentment of this Series N Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the
Trustee may treat the Person in whose name this Series N Note is registered as
the absolute owner hereof for all purposes, whether or not this Series N Note be
overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

      16. Governing Law. THE SERIES N NOTES SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

      17. Definition of "Business Day" and Other Terms. As used herein,
"Business Day" shall mean any day, other than Saturday or Sunday, on which
commercial banks are open for business, including dealings in deposits in U.S.
dollars, in New York. All other terms used in this Series N Note which are
defined in the Indenture or the Officer's Certificate shall have the meanings
assigned to them in the Indenture or the Officer's Certificate, as applicable,
unless otherwise indicated.

      18. Abbreviations. Customary abbreviations may be used in the name of a
Holder of Series N Notes or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (=
Uniform Gifts to Minors Act).

      19. Additional Rights of Holders of Restricted Global Notes and Restricted
Definitive Notes. In addition to the rights provided to Holders of Series N
Notes under the Indenture, Holders of Restricted Global Notes and Restricted
Definitive Notes shall have all the rights set forth in the Registration Rights
Agreement dated as of April 3, 2006 between Nevada Power Company and the parties
named on the signature pages thereof (the "Registration Rights Agreement").

      20. CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Series N Notes and the Trustee may use CUSIP
numbers in notices of redemption as a convenience to Holders of Series N Notes.
No representation is made as to the accuracy of

<PAGE>

such numbers either as printed on the Series N Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification
numbers placed thereon.

      The Company shall furnish to any Holder of Series N Notes upon written
request and without charge a copy of the Indenture and/or the Registration
Rights Agreement. Requests may be made to:

                              Nevada Power Company
                                  P.O. Box 230
                              6226 W. Sahara Avenue
                             Las Vegas, Nevada 89146
                       Attention: Chief Financial Officer

<PAGE>

      IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed.

                                             NEVADA POWER COMPANY

                                             By: ____________________________

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Securities of the series designated therein
referred to in the within-mentioned Indenture.

Dated: ___________________

                                               THE BANK OF NEW YORK, as Trustee

                                               By: __________________________
                                                   Authorized Signatory

<PAGE>

           SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE***

      The following exchanges of a part of this Global Note for an interest in
another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been
made:

<TABLE>
<CAPTION>
                                                            PRINCIPAL AMOUNT OF
                                                             THIS GLOBAL NOTE        SIGNATURE OF
                  AMOUNT OF DECREASE   AMOUNT OF INCREASE     FOLLOWING SUCH     AUTHORIZED SIGNATORY
                  IN PRINCIPAL AMOUNT  IN PRINCIPAL AMOUNT     DECREASE (OR       OF TRUSTEE OR NOTE
DATE OF EXCHANGE  OF THIS GLOBAL NOTE  OF THIS GLOBAL NOTE       INCREASE)             CUSTODIAN
----------------  -------------------  -------------------  -------------------  --------------------
<S>               <C>                  <C>                  <C>                  <C>
</TABLE>

-----------------
*** This should be included only if the Note is issued in global form.

<PAGE>

                                 ASSIGNMENT FORM

  To assign this Series N Note, fill in the form below: (I) or (we) assign and
                         transfer this Series N Note to

________________________________________________________________________________
                  (Insert assignee's soc. sec. or tax I.D. no.)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint ________________________________________________________
to transfer this Series N Note on the books of the Company. The agent may
substitute another to act for him.

Date:

Your Signature:________________________________________________________________
     (Sign exactly as your name appears on the face of this Series N Note)

                               SIGNATURE GUARANTEE

________________________________________________________________________________

                                 Signatures must be guaranteed by an "eligible
                                 guarantor institution" meeting the requirements
                                 of the Security Registrar, which requirements
                                 include membership or participation in the
                                 Security Transfer Agent Medallion Program
                                 ("STAMP") or such other "signature guarantee
                                 program" as may be determined by the Security
                                 Registrar in addition to, or in substitution
                                 for, STAMP, all in accordance with the
                                 Securities Exchange Act of 1934, as amended.

<PAGE>

                       OPTION OF HOLDER TO ELECT PURCHASE

      If you want to elect to have this Series N Note purchased by the Company
pursuant to Section 1(h)(iii) (Offer to Purchase upon Change of Control) of the
Officer's Certificate, check the box below:

          [ ]  Section 1(h)(iii) (Offer to Purchase
                upon Change of Control)

      If you want to elect to have only part of the Series N Note purchased by
the Company pursuant to Section 1(h)(iii) (Offer to Purchase upon Change of
Control) of the Indenture, state the amount you elect to have purchased:

         $_____________________

Date:

Your Signature: _______________________________________________________________
           (Sign exactly as your name appears on the face of the Series N Note)

Tax Identification No.:________________________________________________________

                               SIGNATURE GUARANTEE

________________________________________________________________________________

                                 Signatures must be guaranteed by an "eligible
                                 guarantor institution" meeting the requirements
                                 of the Security Registrar, which requirements
                                 include membership or participation in the
                                 Security Transfer Agent Medallion Program
                                 ("STAMP") or such other "signature guarantee
                                 program" as may be determined by the Security
                                 Registrar in addition to, or in substitution
                                 for, STAMP, all in accordance with the
                                 Securities Exchange Act of 1934, as amended.<PAGE>

                                                                     EXHIBIT 4.3

                      ------------------------------------

                          REGISTRATION RIGHTS AGREEMENT

                               DATED APRIL 3, 2006

                                      AMONG

                              NEVADA POWER COMPANY

                                       AND

                              LEHMAN BROTHERS INC.

                                       AND

                         WACHOVIA CAPITAL MARKETS, LLC,

                            AS REPRESENTATIVES OF THE

                               INITIAL PURCHASERS

                      ------------------------------------

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

            This Registration Rights Agreement (the "Agreement") is made and
entered into this 3rd day of April, 2006, by and between Nevada Power Company, a
Nevada corporation (the "Company"), and Lehman Brothers Inc. and Wachovia
Capital Markets, LLC, as representatives (the "Representatives") of the Initial
Purchasers (the "Initial Purchasers"), as contemplated by the Purchase
Agreement, dated March 29, 2006 (the "Purchase Agreement"), by and between the
Company and the Initial Purchasers, which provides for the sale by the Company
to the Initial Purchasers of an aggregate of $250,000,000 in principal amount of
the Company's 6.650% General and Refunding Mortgage Notes, Series N, due 2036
(the "Securities"). In order to induce the Initial Purchasers to enter into the
Purchase Agreement, the Company has agreed to provide the registration rights
set forth in this Agreement. The execution of this Agreement is a condition to
the closing under the Purchase Agreement.

            The Company agrees with the Representatives, for the benefit of the
Initial Purchasers and for the benefit of the beneficial owners (including the
Initial Purchasers) from time to time of the Registrable Securities (as
hereinafter defined), as follows:

            1. DEFINITIONS.

            As used in this Agreement, the following terms shall have the
following meanings:

            "1933 Act" means the Securities Act of 1933, as amended from time to
time.

            "1934 Act" means the Securities Exchange Act of 1934, as amended
from time to time.

            "Closing Date" means the Closing Time as defined in the Purchase
Agreement.

            "Company" has the meaning set forth in the preamble and shall also
include the Company's successors.

            "Depositary" means The Depository Trust Company, or any other
depositary appointed by the Company; provided, however, that such depositary
must have an address in the Borough of Manhattan, in the City of New York.

            "Exchange Offer" means the exchange offer by the Company of Exchange
Securities for Registrable Securities pursuant to Section 2.1 hereof.

            "Exchange Offer Registration" means a registration under the 1933
Act effected pursuant to Section 2.1 hereof.

                                        1
<PAGE>

            "Exchange Offer Registration Statement" means an exchange offer
registration statement on Form S-4 (or, if applicable, on another appropriate
form), and all amendments and supplements to such registration statement,
including the Prospectus contained therein, all exhibits thereto and all
documents incorporated by reference therein.

            "Exchange Period" has the meaning set forth in Section 2.1 hereof.

            "Exchange Securities" means the notes issued by the Company under
the Indenture containing terms identical to the Securities in all material
respects (except for references to provisions relating to liquidated damages,
restrictions on transfers and restrictive legends), to be offered to Holders of
Securities in exchange for Registrable Securities pursuant to the Exchange
Offer.

            "Holder" means an Initial Purchaser, for so long as it owns any
Registrable Securities, and any other beneficial owner of Registrable
Securities.

            "Indenture" means the General and Refunding Mortgage Indenture,
dated as of May 1, 2001, between the Company and the Trustee, as amended and
supplemented from time to time in accordance with the terms thereof.

            "Initial Purchaser" or "Initial Purchasers" has the meaning set
forth in the preamble.

            "Majority Holders" means the Holders of a majority in aggregate
principal amount of Outstanding (as defined in the Indenture) Registrable
Securities; provided, however, that whenever the consent or approval of Holders
of a specified percentage of Registrable Securities is required hereunder,
Registrable Securities held by the Company and other obligors on the Securities
or any Affiliate (as defined in the Indenture) of the Company or of such other
obligor (unless the Company, such obligor or such Affiliate owns all Registrable
Securities then Outstanding) shall be disregarded in determining whether such
consent or approval was given by the Holders of such required percentage.

            "Participating Broker-Dealer" means any of the Initial Purchasers
and any other broker-dealer which makes a market in the Securities and exchanges
Registrable Securities in the Exchange Offer for Exchange Securities.

            "Person" means an individual, partnership (general or limited),
corporation, limited liability company, trust or unincorporated organization, or
a government or agency or political subdivision thereof.

            "Private Exchange" has the meaning set forth in Section 2.1 hereof.

            "Private Exchange Securities" has the meaning set forth in Section
2.1 hereof.

            "Prospectus" means the prospectus included in a Registration
Statement, including, without limitation, a prospectus that discloses
information previously omitted

                                        2
<PAGE>

from a prospectus filed as part of an effective registration statement in
reliance upon Rule 415 under the 1933 Act), as amended or supplemented,
including all documents incorporated by reference therein.

            "Purchase Agreement" has the meaning set forth in the preamble.

            "Registrable Securities" means the Securities and, if issued, the
Private Exchange Securities; provided, however, that Securities and, if issued,
the Private Exchange Securities, shall cease to be Registrable Securities when
(i) (except in the case of Securities purchased from the Company and continued
to be held by the Initial Purchasers) the Exchange Offer is consummated, (ii) a
Registration Statement with respect to such Securities shall have been declared
effective under the 1933 Act and such Securities shall have been disposed of
pursuant to such Registration Statement, (iii) such Securities have been sold to
the public pursuant to Rule 144 under the 1933 Act, (iv) the applicable holding
period under rule 144(k) under the 1933 Act shall have expired or (v) such
Securities shall have ceased to be outstanding.

            "Registration Expenses" means any and all expenses incident to
performance of or compliance by the Company with this Agreement, including,
without limitation: (i) all SEC, stock exchange or National Association of
Securities Dealers, Inc. (the "NASD") registration and filing fees, including,
if applicable, the fees and expenses of any "qualified independent underwriter"
(and its counsel) that is required to be retained by any holder of Registrable
Securities in accordance with the rules and regulations of the NASD, (ii) all
fees and expenses incurred in connection with compliance with state securities
or blue sky laws (including reasonable fees and disbursements of counsel for any
underwriters or Holders in connection with blue sky qualification of any of the
Exchange Securities or Registrable Securities), (iii) all printing and other
expenses in preparing, and distributing any Registration Statement, any
Prospectus, any amendments or supplements thereto, any underwriting agreements,
securities sales agreements and other documents relating to the performance of
and compliance with this Agreement, (iv) all rating agency fees, (v) all fees
and disbursements of counsel for the Company and of the independent public
accountants of the Company, (vi) the fees and expenses of the Trustee and its
counsel (vii) the reasonable fees and expenses, if any, of the Initial
Purchasers in connection with the Exchange Offer, including the reasonable fees
and expenses, if any, of not more than one counsel to the Initial Purchasers in
connection therewith, which shall be Dewey Ballantine LLP, (viii) the reasonable
fees and disbursements of not more than one counsel representing the Holders of
Registrable Securities which shall be Dewey Ballantine LLP, unless another firm
shall be chosen by the Majority Holders and identified to the Company and (ix)
any fees and disbursements of the underwriters customarily required to be paid
by issuers or sellers of securities, but excluding underwriting discounts and
commissions and transfer taxes, if any, relating to the sale or disposition of
Registrable Securities by a Holder.

            "Registration Statement" means any registration statement of the
Company which covers any of the Exchange Securities or Registrable Securities
pursuant to the provisions of this Agreement, and all amendments and supplements
to any such

                                        3
<PAGE>

Registration Statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all
documents incorporated by reference therein.

            "SEC" means the Securities and Exchange Commission or any successor
agency or government body performing the functions currently performed by the
United States Securities and Exchange Commission.

            "Securities" has the meaning set forth in the preamble.

            "Shelf Registration" means a registration effected pursuant to
Section 2.2 hereof.

            "Shelf Registration Statement" means a "shelf" registration
statement of the Company pursuant to the provisions of Section 2.2 of this
Agreement which covers all of the Registrable Securities or all of the Private
Exchange Securities on an appropriate form under Rule 415 under the 1933 Act, or
any similar rule that may be adopted by the SEC, and all amendments and
supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

            "TIA" means the Trust Indenture Act of 1939, as amended from time to
time.

            "Trustee" means the trustee with respect to the Securities under the
Indenture.

            2. Registration Under the 1933 Act.

            2.1 Exchange Offer. the Company shall, for the benefit of the
Holders, at the Company's cost,

                        (A) prepare and, as soon as reasonably practicable but
      not later than the 180th day after the Closing Date, file with the SEC an
      Exchange Offer Registration Statement on an appropriate form under the
      1933 Act with respect to a proposed Exchange Offer and the issuance and
      delivery to the Holders, in exchange for the Registrable Securities (other
      than Private Exchange Securities), of a like principal amount of Exchange
      Securities,

                        (B) use all commercially reasonable efforts to cause the
      Exchange Offer Registration Statement to be declared effective under the
      1933 Act on or prior to the 270th day after the Closing Date,

                        (C) to commence the Exchange Offer as promptly as
      reasonably practicable after the effective date of the Exchange Offer
      Registration Statement,

                                       4
<PAGE>

                        (D) use all commercially reasonable efforts to keep the
      Exchange Offer Registration Statement effective until the closing of the
      Exchange Offer, and

                        (E) use all commercially reasonable efforts to cause the
      Exchange Offer to be consummated not later than the 40th day after such
      effective date. It is the objective of the Exchange Offer to enable each
      Holder eligible and electing to exchange Registrable Securities for
      Exchange Securities (assuming that such Holder (a) is not an affiliate of
      the Company within the meaning of Rule 405 under the 1933 Act, (b) is not
      a broker-dealer tendering Registrable Securities acquired directly from
      the Company for its own account, (c) acquired the Exchange Securities in
      the ordinary course of such Holder's business and (d) has no arrangements
      or understandings with any Person to participate in the Exchange Offer for
      the purpose of distributing the Exchange Securities) to transfer such
      Exchange Securities from and after their receipt without any limitations
      or restrictions under the 1933 Act or under state securities or blue sky
      laws.

            In connection with the Exchange Offer, the Company shall:

                  (a) mail as promptly as reasonably practicable to each Holder
      a copy of the Prospectus forming part of the Exchange Offer Registration
      Statement, together with an appropriate letter of transmittal and related
      documents;

                  (b) keep the Exchange Offer open for acceptance for a period
      of not less than 30 calendar days after the date notice thereof is mailed
      to the Holders (or longer if required by applicable law) (such period
      referred to herein as the "Exchange Period");

                  (c) utilize the services of the Depositary for the Exchange
      Offer;

                  (d) permit Holders to withdraw tendered Registrable Securities
      at any time prior to 5:00 p.m. (Eastern Time), on the last business day of
      the Exchange Period, by sending to the institution specified in the
      notice, a telegram, telex, facsimile transmission or letter setting forth
      the name of such Holder, the principal amount of Registrable Securities
      delivered for exchange, and a statement that such Holder is withdrawing
      such Holder's election to have such Securities exchanged;

                  (e) notify each Holder that any Registrable Security not
      tendered will remain Outstanding and continue to accrue interest, but will
      not retain any rights under this Agreement (except in the case of the
      Initial Purchasers and Participating Broker-Dealers, as provided herein);
      and

                  (f) otherwise comply in all respects with all applicable laws
      relating to the Exchange Offer.

                                       5
<PAGE>

            If, prior to consummation of the Exchange Offer, the Initial
Purchasers hold any Securities acquired by them and having the status of an
unsold allotment in the initial distribution, the Company upon the request of
any Initial Purchaser shall, simultaneously with the delivery of the Exchange
Securities in the Exchange Offer, issue and deliver to such Initial Purchaser in
exchange (the "Private Exchange") for the Securities held by such Initial
Purchaser, a like principal amount of debt securities (the "Private Exchange
Securities") of the Company issued under the Indenture and identical (except
that such securities shall bear appropriate transfer restrictions) to the
Exchange Securities.

            The Company shall use all commercially reasonable efforts to have
the Private Exchange Securities bear the same CUSIP number as the Exchange
Securities; provided, however, that the Company shall not have any liability
under this Agreement solely as a result of the Private Exchange Securities not
bearing the same CUSIP number as the Exchange Securities.

            As soon as practicable after the consummation of the Exchange Offer
and/or the Private Exchange, as the case may be, the Company shall:

                  (ii) accept for exchange all Registrable Securities duly
            tendered and not validly withdrawn pursuant to the Exchange Offer in
            accordance with the terms of the Exchange Offer Registration
            Statement and the letter of transmittal which shall be an exhibit
            thereto;

                  (iii) accept for exchange all Securities properly tendered
            pursuant to the Private Exchange;

                  (iv) deliver to the Trustee for cancellation all Registrable
            Securities so accepted for exchange; and

                  (v) cause the Trustee promptly to authenticate and deliver
            Exchange Securities or Private Exchange Securities, as the case may
            be, to each Holder of Registrable Securities so accepted for
            exchange in a principal amount equal to the principal amount of the
            Registrable Securities of such Holder so accepted for exchange.

            Interest on each Exchange Security and Private Exchange Security
will accrue from the last date on which interest was paid on the Registrable
Securities surrendered in exchange therefor or, if no interest has been paid on
the Registrable Securities, from the date as of which interest on such
Registrable Securities commenced to accrue, all as provided in the Indenture.
The Exchange Offer and the Private Exchange shall not be subject to any
conditions, other than the following:

                  (i) the Exchange Offer or the Private Exchange, or the making
            of any exchange by a Holder, shall not be in violation of applicable
            law or any applicable interpretation of the staff of the SEC,

                                        6
<PAGE>

                  (ii) the Registrable Securities to be exchanged shall have
            been duly tendered in accordance with the Exchange Offer and the
            Private Exchange,

                  (iii) each Holder of Registrable Securities to be exchanged in
            the Exchange Offer shall have represented that all Exchange
            Securities to be received by it shall be acquired in the ordinary
            course of its business and that at the time of the consummation of
            the Exchange Offer it shall have no arrangement or understanding
            with any person to participate in the distribution (within the
            meaning of the 1933 Act) of the Exchange Securities and shall have
            made such other representations as may be reasonably necessary under
            applicable SEC rules, regulations or interpretations to render the
            use of Form S-4 or other appropriate form under the 1933 Act
            available, and

                  (iv) no action or proceeding shall have been instituted or
            threatened in any court or by or before any governmental agency with
            respect to the Exchange Offer or the Private Exchange which, in the
            Company's judgment, would reasonably be expected to impair the
            ability of the Company to proceed with the Exchange Offer or the
            Private Exchange. The Company shall inform the Initial Purchasers of
            the names and addresses of the Holders to whom the Exchange Offer is
            made, and the Initial Purchasers shall have the right (but shall
            have no obligation hereunder) to contact such Holders and otherwise
            facilitate the tender of Registrable Securities in the Exchange
            Offer.

            2.2 Shelf Registration. (i) If, because of any changes in law, SEC
rules or regulations or applicable interpretations thereof by the staff of the
SEC, the Company is not permitted to effect the Exchange Offer as contemplated
by Section 2.1 hereof, (ii) if for any other reason the Exchange Offer
Registration Statement is not declared effective on or prior to the 270th day
after the Closing Date or the Exchange Offer is not consummated on or prior to
the 40th day after the effective date of the Exchange Offer Registration
Statement, or (iii) if any Holder is not permitted to participate in the
Exchange Offer or does not receive fully tradeable Exchange Securities pursuant
to the Exchange Offer, then in case of each of clauses (i) through (iii) the
Company shall, at its cost:

                (a) File with the SEC, as promptly as reasonably practicable but
      no later than the 30th day after such filing obligation arises, a Shelf
      Registration Statement relating to the offer and sale of the Registrable
      Securities by the Holders from time to time in accordance with the methods
      of distribution elected by the Holders participating in the Shelf
      Registration and set forth in such Shelf Registration Statement, and shall
      use all commercially reasonable efforts to cause the Shelf Registration
      Statement to be declared effective as promptly as reasonably practicable
      but no later than the 90th day after the filing thereof.

                                        7
<PAGE>

                (b) Use all commercially reasonable efforts to keep the Shelf
      Registration Statement continuously effective in order to permit the
      Prospectus forming part thereof to be usable by Holders for a period of
      two years from the date the Shelf Registration Statement is declared
      effective by the SEC, or for such shorter period as will terminate when
      all Registrable Securities covered by the Shelf Registration Statement
      have been sold pursuant to the Shelf Registration Statement or cease to be
      Outstanding or otherwise to be Registrable Securities (the "Effectiveness
      Period"); provided, however, that the Effectiveness Period in respect of
      the Shelf Registration Statement shall be extended to the extent required
      to permit dealers to comply with the applicable prospectus delivery
      requirements of Rule 174 under the 1933 Act and as otherwise provided
      herein.

                (c) Notwithstanding any other provisions hereof, use its best
      efforts to ensure that (i) any Shelf Registration Statement and any
      amendment thereto and any Prospectus forming part thereof and any
      supplement thereto complies in all material respects with the 1933 Act and
      the rules and regulations thereunder, (ii) any Shelf Registration
      Statement and any amendment thereto does not, when it becomes effective,
      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 and (iii) any Prospectus forming part of any Shelf
      Registration Statement, and any supplement to such Prospectus (as amended
      or supplemented from time to time), does not include an untrue statement
      of a material fact or omit to state a material fact necessary in order to
      make the statements, in light of the circumstances under which they were
      made, not misleading.

            The Company shall not permit any securities other than Registrable
Securities to be included in the Shelf Registration Statement. The Company
further agrees, if necessary, to supplement or amend the Shelf Registration
Statement, as required by Section 3(b) below, and to furnish to the Holders of
Registrable Securities copies of any such supplement or amendment promptly after
its being used or filed with the SEC.

            2.3 Expenses. The Company shall pay all Registration Expenses in
connection with the registration pursuant to Section 2.1 or 2.2. Each Holder
shall pay all underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of such Holder's Registrable Securities
pursuant to the Shelf Registration Statement.

            2.4 Effectiveness. (a) The Company will be deemed not to have used
all commercially reasonable efforts to cause the Exchange Offer Registration
Statement or the Shelf Registration Statement, as the case may be, to become, or
to remain, effective during the requisite period if the Company voluntarily
takes any action that would, or omits to take any action the omission of which
would, result in any such Registration Statement not being declared effective or
in the Holders of Registrable

                                       8
<PAGE>

Securities covered thereby not being able to exchange or offer and sell such
Registrable Securities during that period as and to the extent contemplated
hereby, unless such action is required or prohibited, as the case may be, by
applicable law.

            (b) An Exchange Offer Registration Statement pursuant to Section 2.1
hereof or a Shelf Registration Statement pursuant to Section 2.2 hereof will not
be deemed to have become effective unless it has been declared effective by the
SEC; provided, however, that if, after it has been declared effective, the
offering of Registrable Securities pursuant to an Exchange Offer Registration
Statement or a Shelf Registration Statement is interfered with by any stop
order, injunction or other order or requirement of the SEC or any other
governmental agency or court, such Registration Statement will be deemed not to
have become effective during the period of such interference, until the offering
of Registrable Securities pursuant to such Registration Statement may legally
resume.

            2.5 Liquidated Damages. In the event that either (a) the Exchange
Offer Registration Statement is not filed with the SEC at or prior to the
deadline therefor specified in Section 2.1, (b) the Exchange Offer Registration
Statement has not been declared effective at or prior to the deadline therefor
specified in Section 2.1, (c) the Exchange Offer is not consummated at or prior
to the deadline therefor specified in Section 2.1, (d) the Shelf Registration
Statement is not filed with the SEC at or prior to the deadline therefor
specified in Section 2.2 or (e) the Shelf Registration Statement has not been
declared effective at or prior to the deadline therefor specified in Section 2.2
(each such event referred to in clauses (a) through (e) above, a "Registration
Default"), then the Company shall pay to each Holder of Registrable Securities
affected thereby liquidated damages in an amount equal to $0.05 per $1,000 in
principal amount of Registrable Securities held by such Holder for each week (or
portion thereof) in the first 90-day period immediately following the occurrence
of such Registration Default. The amount of such liquidated damages payable per
week shall increase by $0.05 per $1,000 in principal amount of such Registrable
Securities with respect to each subsequent 90-day period until all Registration
Defaults have been cured, up to a maximum amount of liquidated damages of $0.50
per week per $1,000 in principal amount of Registrable Securities; provided that
the Company shall in no event be required to pay liquidated damages for more
than one Registration Default at any given time. Following the cure of all
Registration Defaults liquidated damages will cease to accrue.

            If the Shelf Registration Statement is unusable by the Holders for
any reason (other than by reason of a prohibition, condition or other
requirement (not relating to information contained therein or omitted therefrom)
not in effect at the date hereof imposed by any statute or governmental
regulation), and the aggregate number of days in any consecutive twelve-month
period for which the Shelf Registration Statement shall not be usable exceeds 30
days in the aggregate, then the Company shall pay to each Holder of Registrable
Securities affected thereby liquidated damages in an amount equal to $0.05 per
$1,000 in principal amount of Registrable Securities held by such Holder for
each week (or portion thereof) in the first 90-day period beginning on the 31st
day on which the Shelf Registration Statement ceases to be usable. The amount of
such liquidated damages shall increase by $0.05 per $1,000 in principal amount
of such Registrable Securities with respect to each subsequent 90-day period in
which the Shelf

                                       9
<PAGE>

Registration Statement is not usable, up to a maximum amount of liquidated
damages of $0.50 per week per $1,000 in principal amount of Registrable
Securities. Upon the Shelf Registration Statement once again becoming usable,
liquidated damages will cease to accrue.

            Liquidated damages shall be computed based on the actual number of
days elapsed in each 90-day period in which a Registration Default is continuing
or in which the Shelf Registration Statement is unusable, as the case may be.

            All accrued liquidated damages shall be paid to the Holders entitled
thereto, in the manner provided in the Indenture for the payment of interest, on
each interest payment date, as more fully set forth in the Indenture and the
Securities. Notwithstanding the fact that any Securities in respect of which
liquidated damages are due cease to be Registrable Securities, all obligations
of the Company to pay such liquidated damages shall survive until such time as
such obligations in respect of such Securities shall have been satisfied in
full.

            3. Registration Procedures.

            In connection with the obligations of the Company with respect to
Registration Statements pursuant to Sections 2.1 and 2.2 hereof, the Company
shall:

                  (a) prepare and file with the SEC a Registration Statement,
      within the relevant time period specified in Section 2, on the appropriate
      form under the 1933 Act, which form (i) shall be selected by the Company,
      (ii) shall, in the case of a Shelf Registration, be available for the sale
      of the Registrable Securities by the selling Holders thereof and, (iii)
      shall comply as to form in all material respects with the requirements of
      the 1933 Act and TIA, and the rules and regulation of the SEC thereunder,
      and use all commercially reasonable efforts to cause such Registration
      Statement to become effective and remain effective in accordance with
      Section 2 hereof;

                  (b) prepare and file with the SEC such amendments and
      post-effective amendments to each Registration Statement as may be
      necessary under applicable law to keep such Registration Statement
      effective for the applicable period; and cause each Prospectus to be
      supplemented by any required prospectus supplement, and as so supplemented
      to be filed pursuant to Rule 424 under the 1933 Act and comply with the
      provisions of the 1933 Act, the 1934 Act and the rules and regulations
      thereunder applicable to them with respect to the disposition of all
      securities covered by each Registration Statement during the applicable
      period in accordance with the intended method or methods of distribution
      by the selling Holders thereof (including sales by any Participating
      Broker-Dealer);

                  (c) in the case of a Shelf Registration, (i) notify each
      Holder of Registrable Securities, at least five business days prior to
      filing, that a Shelf Registration Statement with respect to the
      Registrable Securities is being filed and advise such Holders that the
      distribution of Registrable Securities will be made in

                                       10
<PAGE>

      accordance with the methods selected by the Holders of a majority in
      principal amount of the Registrable Securities the Holders of which are
      participating in such Shelf Registration, (ii) furnish to each Holder of
      Registrable Securities and to each underwriter of an underwritten offering
      of Registrable Securities, if any, without charge, as many copies of each
      Prospectus, including each preliminary Prospectus, and any amendment or
      supplement thereto and such other documents as such Holder or underwriter
      may reasonably request, and, if the Holder so requests, all exhibits in
      order to facilitate the public sale or other disposition of the
      Registrable Securities and (iii) be deemed to have consented to the use of
      the Prospectus or any amendment or supplement thereto by each of the
      selling Holders of Registrable Securities in connection with the offering
      and sale of the Registrable Securities covered by the Prospectus or any
      amendment or supplement thereto;

                  (d) use all commercially reasonable efforts to register or
      qualify the Registrable Securities under all applicable state securities
      or "blue sky" laws of such jurisdictions as any Holder of Registrable
      Securities covered by a Registration Statement and each underwriter of an
      underwritten offering of Registrable Securities shall reasonably request
      by the time the applicable Registration Statement is declared effective by
      the SEC, and do any and all other acts and things which may be reasonably
      necessary or advisable to enable each such Holder and such underwriter to
      consummate the disposition in each such jurisdiction of such Registrable
      Securities owned by such Holder; provided, however, that the Company shall
      not be required to (i) qualify as a foreign corporation or as a dealer in
      securities in any jurisdiction where it would not otherwise be required to
      qualify but for this Section 3(d) or (ii) take any action which would
      subject it to general service of process or taxation in any such
      jurisdiction where it is not then so subject;

                  (e) notify promptly each Holder of Registrable Securities
      under a Shelf Registration or any Participating Broker-Dealer who has
      notified the Company that it is utilizing the Exchange Offer Registration
      Statement as provided in paragraph (f) below and, if requested in writing
      by such Holder or Participating Broker-Dealer, confirm such advice in
      writing promptly (i) when a Registration Statement has become effective
      and when any post-effective amendments thereto become effective and any
      supplements thereto are filed, (ii) of any request by the SEC or any state
      securities authority for post-effective amendments to a Registration
      Statement and supplements to a Prospectus or for additional information
      after the Registration Statement has become effective, (iii) of the
      issuance by the SEC or any state securities authority of any stop order
      suspending the effectiveness of a Registration Statement or the initiation
      of any proceedings for that purpose, (iv) in the case of a Shelf
      Registration, if, between the effective date of a Registration Statement
      and the closing of any sale of Registrable Securities covered thereby, the
      representations and warranties of the Company contained in any
      underwriting agreement, securities sales agreement or other similar
      agreement, if any, relating to the offering cease to be true and correct
      in all material respects, (v) of the happening of any event or the
      discovery of any

                                       11
<PAGE>

      facts during any period in which a Registration Statement is effective
      which makes any statement made in such Registration Statement or the
      related Prospectus untrue in any material respect or which requires the
      making of any change in such Registration Statement or Prospectus in order
      to make the statements therein not misleading, (vi) of the receipt by the
      Company of any notification with respect to the suspension of the
      qualification of the Registrable Securities or the Exchange Securities, as
      the case may be, for sale in any jurisdiction or the initiation or
      threatening of any proceeding for such purpose and (vii) of any
      determination by the Company that a post-effective amendment to such
      Registration Statement would be appropriate;

                  (f) (A) in the case of the Exchange Offer Registration
      Statement, (i) include in the Exchange Offer Registration Statement a
      section entitled "Plan of Distribution" which section shall be reasonably
      acceptable to the Representatives, on behalf of the Participating
      Broker-Dealers, and which shall contain a summary statement of the
      positions taken or policies made by the staff of the SEC with respect to
      the potential "underwriter" status of any broker-dealer that holds
      Registrable Securities acquired for its own account as a result of
      market-making activities or other trading activities and that will be the
      beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of
      Exchange Securities to be received by such broker-dealer in the Exchange
      Offer, whether such positions or policies have been publicly disseminated
      by the staff of the SEC or such positions or policies, in the reasonable
      judgment of the Representatives on behalf of the Participating
      Broker-Dealers and its counsel, represent the prevailing views of the
      staff of the SEC, including a statement that any such broker-dealer who
      receives Exchange Securities for Registrable Securities pursuant to the
      Exchange Offer may be deemed a statutory underwriter and must deliver a
      prospectus meeting the requirements of the 1933 Act in connection with any
      resale of such Exchange Securities, (ii) furnish to each Participating
      Broker-Dealer who has delivered to the Company the written notice referred
      to in Section 3(e), without charge, as many copies of each Prospectus
      included in the Exchange Offer Registration Statement, including any
      preliminary prospectus, and any amendment or supplement thereto, as such
      Participating Broker-Dealer may reasonably request, (iii) be deemed to
      have consented to the use of the Prospectus forming part of the Exchange
      Offer Registration Statement or any amendment or supplement thereto, by
      any Person subject to the prospectus delivery requirements of the SEC,
      including all Participating Broker-Dealers, in connection with the sale or
      transfer of the Exchange Securities covered by the Prospectus or any
      amendment or supplement thereto and to have agreed to keep the Exchange
      Offer Registration Statement effective during the period of such use (up
      to a maximum of 180 days after the consummation of the Exchange Offer) and
      (iv) include in the transmittal letter or functionally equivalent
      documentation to be executed by or on behalf of an exchange offeree in
      order to participate in the Exchange Offer (x) a statement to the
      following effect:

            "If the exchange offeree is a broker-dealer holding Registrable
            Securities acquired for its own account as a

                                       12
<PAGE>

            result of market-making activities or other trading activities, it
            will deliver a prospectus meeting the requirements of the 1933 Act
            in connection with any resale of Exchange Securities received in
            respect of such Registrable Securities pursuant to the Exchange
            Offer." and

      (y) a statement to the effect that by a broker-dealer making the
      acknowledgment described in clause (x) and by delivering a Prospectus in
      connection with the exchange of Registrable Securities, the broker-dealer
      will not be deemed to admit that it is an underwriter within the meaning
      of the 1933 Act; and

                        (B) in the case of any Exchange Offer Registration
      Statement and solely upon the written request of the Representatives,
      deliver to the Initial Purchasers on behalf of the Participating
      Broker-Dealers, prior to the commencement of the Exchange Offer (i) an
      opinion of counsel or opinions of counsel substantially to the effect set
      forth in Exhibit A, (ii) officers' certificates substantially in the form
      customarily delivered in a public offering of debt securities and (iii) a
      comfort letter or comfort letters in customary form to the extent
      permitted by Statement on Auditing Standards No. 72 of the American
      Institute of Certified Public Accountants (or if such a comfort letter is
      not permitted, an agreed upon procedures letter in customary form) from
      the Company's independent certified public accountants (and, if necessary,
      any other independent certified public accountants of any subsidiary of
      the Company or of any business acquired by the Company for which financial
      statements are, or are required to be, included in the Registration
      Statement) at least as broad in scope and coverage as the comfort letter
      or comfort letters delivered to the Initial Purchasers in connection with
      the initial sale of the Securities to the Initial Purchasers;

                  (g) (i) in the case of an Exchange Offer, furnish counsel for
      the Initial Purchasers and (ii) in the case of a Shelf Registration,
      furnish counsel for the Holders of Registrable Securities copies of any
      comment letters received from the SEC or any other request by the SEC or
      any state securities authority for amendments or supplements to a
      Registration Statement and Prospectus or for additional information;

                  (h) make all commercially reasonable efforts to obtain the
      withdrawal of any order suspending the effectiveness of a Registration
      Statement at the earliest possible moment;

                  (i) in the case of a Shelf Registration, furnish to each
      Holder of Registrable Securities, and each underwriter, if any, without
      charge, at least one conformed copy of each Registration Statement and any
      post-effective amendment thereto, including financial statements and
      schedules (without documents incorporated therein by reference and all
      exhibits thereto, unless requested);

                                       13
<PAGE>

                  (j) in the case of a Shelf Registration, cooperate with the
      selling Holders of Registrable Securities to facilitate the timely
      preparation and delivery of certificates representing Registrable
      Securities to be sold and not bearing any restrictive legends; and enable
      such Registrable Securities to be in such denominations (consistent with
      the provisions of the Indenture) and registered in such names as the
      selling Holders or the underwriters, if any, may reasonably request at
      least five business days prior to the closing of any sale of Registrable
      Securities;

                  (k) upon the occurrence of any event or the discovery of any
      facts, each as contemplated by Sections 3(e)(v) and 3(e)(vi) hereof, as
      promptly as practicable after the occurrence of such an event, use all
      commercially reasonable efforts to prepare a post-effective amendment to
      the Registration Statement, a supplement to the related Prospectus or an
      amendment to any document incorporated therein by reference or file any
      other required document so that, as thereafter delivered to the purchasers
      of the Registrable Securities or Participating Broker-Dealers, the
      Prospectus will not contain at the time of such delivery any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements therein, in light of the circumstances under which
      they were made, not misleading. At such time as such public disclosure is
      otherwise made or the Company determines that such disclosure is not
      necessary, in each case to correct any misstatement of a material fact or
      to include any omitted material fact, the Company agrees promptly to
      notify each Holder of such determination and to furnish each Holder such
      number of copies of the Prospectus as amended or supplemented, as such
      Holder may reasonably request;

                  (l) in the case of a Shelf Registration, a reasonable time
      prior to the filing of any Registration Statement, any Prospectus, any
      amendment to a Registration Statement or amendment or supplement to a
      Prospectus (excluding, in any case, any document which is to be
      incorporated by reference into a Registration Statement or a Prospectus
      after the initial filing of a Registration Statement), provide copies of
      such document to the Holders participating in such Shelf Registration and
      make such representatives of the Company as shall be reasonably requested
      by the Holders of a majority in principal amount of the Registrable
      Securities the Holders of which are participating in such Shelf
      Registration, available for discussion of such document;

                  (m) obtain a CUSIP number for all Exchange Securities, Private
      Exchange Securities or Registrable Securities, as the case may be, not
      later than the effective date of a Registration Statement, and provide the
      Trustee with printed certificates for the Exchange Securities, Private
      Exchange Securities or the Registrable Securities, as the case may be, in
      a form eligible for deposit with the Depositary;

                  (n) (i) use all commercially reasonable efforts to cause the
      Indenture to be qualified under the TIA in connection with the
      registration of the Exchange Securities or Registrable Securities, as the
      case may be, (ii) cooperate

                                       14
<PAGE>

      with the Trustee and the Holders to effect such changes to the Indenture
      as may be required for the Indenture to be so qualified in accordance with
      the terms of the TIA and (iii) execute, and use all commercially
      reasonable efforts to cause the Trustee to execute, all documents which
      may be required to effect such changes, and all other forms and documents
      required to be filed with the SEC to enable the Indenture to be so
      qualified in a timely manner;

                  (o) in the case of a Shelf Registration and at the request of
      the Holders of a majority in principal amount of the Registrable
      Securities the Holders of which are participating in such Shelf
      Registration, enter into agreements (including underwriting agreements)
      and take all other customary and appropriate actions in order to expedite
      or facilitate the disposition of such Registrable Securities and in such
      connection whether or not an underwriting agreement is entered into and
      whether or not the registration is an underwritten registration:

                        (i) make such representations and warranties to such
            Holders and the underwriters, if any, in form, substance and scope
            as are customarily made by issuers to underwriters in similar
            underwritten offerings as may be reasonably requested by them;

                        (ii) obtain opinions of counsel to the Company and
            updates thereof (which counsel and opinions (in form, scope and
            substance) shall be reasonably satisfactory to the managing
            underwriters, if any, and the holders of a majority in principal
            amount of the Registrable Securities being sold) addressed to each
            selling Holder and the underwriters, if any, covering the matters
            customarily covered in opinions requested in sales of securities or
            underwritten offerings and such other matters as may be reasonably
            requested by such Holders and underwriters;

                        (iii) obtain "cold comfort" letters and updates thereof
            from the Company's independent certified public accountants (and, if
            necessary, any other independent certified public accountants of any
            subsidiary of the Company or of any business acquired by the Company
            for which financial statements are, or are required to be, included
            in the Registration Statement) addressed to the underwriters, if
            any, and use reasonable efforts to have such letter addressed to the
            selling Holders of Registrable Securities (to the extent consistent
            with Statement on Auditing Standards No. 72 of the American
            Institute of Certified Public Accounts), such letters to be in
            customary form and covering matters of the type customarily covered
            in "cold comfort" letters to underwriters in connection with similar
            underwritten offerings;

                        (iv) enter into a securities sales agreement with the
            Holders and an agent of the Holders providing for, among other
            things, the appointment of such agent for the selling Holders for
            the purpose of

                                       15
<PAGE>

            soliciting purchases of Registrable Securities, which agreement
            shall be in form, substance and scope customary for similar
            offerings;

                        (v) if an underwriting agreement is entered into, cause
            the same to set forth indemnification provisions and procedures
            substantially equivalent to the indemnification provisions and
            procedures set forth in Section 4 hereof with respect to the
            underwriters and all other parties to be indemnified pursuant to
            said Section or, at the request of any underwriters, in the form
            customarily provided to such underwriters in similar types of
            transactions; and

                        (vi) deliver such documents and certificates as may be
            reasonably requested and as are customarily delivered in similar
            offerings to the Holders of the Registrable Securities being sold
            and the managing underwriters, if any.

The above shall be done at (i) the effectiveness of such Registration Statement
(and each post-effective amendment thereto) and (ii) each closing under any
underwriting or similar agreement as and to the extent required thereunder;

                   (p) in the case of a Shelf Registration or if a Prospectus is
required to be delivered by any Participating Broker-Dealer in the case of an
Exchange Offer, make available for inspection by representatives of the Holders
of the Registrable Securities, any underwriters participating in any disposition
pursuant to a Shelf Registration Statement, any Participating Broker-Dealer and
any counsel or accountant retained by any of the foregoing, all financial and
other records, pertinent corporate documents and properties of the Company
reasonably requested by any such persons, and cause the respective officers,
directors, employees, and any other agents of the Company to supply all
information reasonably requested by any such representative, underwriter,
special counsel or accountant in connection with a Registration Statement, and
make such representatives of the Company available for discussion of such
documents as shall be reasonably requested by the Initial Purchasers;

                   (q) (i) in the case of an Exchange Offer Registration
Statement and upon the written request of the Representatives, a reasonable time
prior to the filing of any Exchange Offer Registration Statement, any Prospectus
forming a part thereof, any amendment to an Exchange Offer Registration
Statement or amendment or supplement to such Prospectus, provide copies of such
document to the Representatives and/or counsel to the Initial Purchasers and
make such changes in any such document prior to the filing thereof as the
Representatives or such counsel may reasonably request and, except as otherwise
required by applicable law, not file any such document in a form to which the
Representatives or counsel to the Initial Purchasers shall not have previously
been advised and furnished a copy of or to which the Representatives or such
counsel shall reasonably object, and make the representatives of the Company
available for

                                       16
<PAGE>

      discussion of such documents as shall be reasonably requested by the
      Representatives; and

                  (ii) in the case of a Shelf Registration, a reasonable time
      prior to filing any Shelf Registration Statement, any Prospectus forming a
      part thereof, any amendment to such Shelf Registration Statement or
      amendment or supplement to such Prospectus, provide copies of such
      document to the Holders of Registrable Securities, to counsel for such
      Holders and to the underwriter or underwriters of an underwritten offering
      of Registrable Securities, if any, and, upon the written request of the
      Representatives, to the Representatives and/or counsel to the Initial
      Purchasers, make such changes in any such document prior to the filing
      thereof as the Initial Purchasers, counsel to the Holders of Registrable
      Securities or the underwriter or underwriters shall reasonably request and
      not file any such document in a form to which the Representatives, the
      Majority Holders, counsel for the Holders of Registrable Securities or any
      underwriter shall not have previously been advised and furnished a copy of
      or to which the Representatives, the Majority Holders, counsel to the
      Holders of Registrable Securities or any underwriter shall reasonably
      object, and make the representatives of the Company available for
      discussion of such document as shall be reasonably requested by the
      Representatives, the Majority Holders, counsel for the Holders of
      Registrable Securities or any underwriter;

                  (r) in the case of a Shelf Registration, use all commercially
      reasonable efforts to cause all Registrable Securities to be listed on any
      securities exchange on which similar debt securities issued by the Company
      are then listed if requested by the Majority Holders, or if requested by
      the underwriter or underwriters of an underwritten offering of Registrable
      Securities, if any;

                  (s) in the case of a Shelf Registration, use all commercially
      reasonable efforts to cause the Registrable Securities to be rated by the
      appropriate rating agencies, if so requested by the Majority Holders, or
      if requested by the underwriter or underwriters of an underwritten
      offering of Registrable Securities, if any;

                  (t) otherwise comply with all applicable rules and regulations
      of the SEC and make available to its security holders, as soon as
      reasonably practicable, an earning statement covering at least 12 months
      which shall satisfy the provisions of Section 11(a) of the 1933 Act and
      Rule 158 thereunder; and

                  (u) cooperate and assist in any filings required to be made
      with the NASD and, in the case of a Shelf Registration, in the performance
      of any due diligence investigation by any underwriter and its counsel
      (including any "qualified independent underwriter" that is required to be
      retained in accordance with the rules and regulations of the NASD).

            Each Holder will be deemed to have agreed that, upon receipt of any
notice from the Company of the happening of any event or the discovery of any
facts,

                                       17
<PAGE>

each of the kind described in Section 3(e)(v) or 3(e)(vi) (in the event that
such notice pursuant to 3(e)(vi) relates to the jurisdiction in which such
Holder plans to dispose of Registrable Securities) hereof, such Holder will
forthwith discontinue disposition of Registrable Securities pursuant to a
Registration Statement until such Holder's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 3(k) hereof, and, if
so directed by the Company, such Holder will deliver to the Company (at its
expense) all copies in such Holder's possession, other than permanent file
copies then in such Holder's possession, of the Prospectus covering such
Registrable Securities current at the time of receipt of such notice.

            In the event that the Company fails to effect the Exchange Offer or
file any Shelf Registration Statement and maintain the effectiveness of any
Shelf Registration Statement as provided herein (other than by reason of a
prohibition, condition or other requirement not in effect at the date hereof
imposed by any statute or governmental regulation), the Company shall not file
any Registration Statement with respect to any securities (within the meaning of
Section 2(1) of the 1933 Act) of the Company other than Registrable Securities.

            If any of the Registrable Securities covered by any Shelf
Registration Statement are to be sold in an underwritten offering, the
underwriter or underwriters and manager or managers that will manage such
offering will be selected by the Majority Holders of such Registrable Securities
included in such offering and shall be reasonably acceptable to the Company. No
Holder of Registrable Securities may participate in any underwritten
registration hereunder unless such Holder (a) agrees to sell such Holder's
Registrable Securities on the basis provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and (b)
completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such
underwriting arrangements.

            In the case of a Shelf Registration Statement, the Company may
require each Holder of Registrable Securities to furnish to the Company, and
update, such information regarding such Holder and the proposed distribution by
such Holder as the Company may from time to time reasonably request. Such
information may include such Holder's name and address and any relationships
between such Holder and the Company, any of the Initial Purchasers or any
underwriter proposing to participate in such proposed distribution. In order to
obtain such information, the Company shall, at least fifteen business days prior
to the filing of such Shelf Registration Statement, commence commercially
reasonable efforts, in cooperation with the Depositary and the Initial
Purchasers, (a) to inform the Holders of Registrable Securities that a Shelf
Registration Statement is being filed and (b) to specify the information
regarding such Holders which the Company requires in connection with the
preparation thereof.

            Anything in this Agreement to the contrary notwithstanding, any
Holder of Registrable Securities which shall not have timely furnished to the
Company the information so requested with respect to any Shelf Registration
Statement:

                                       18
<PAGE>

                  (a) shall not be entitled to have the Registrable Securities
      held by it covered by such Shelf Registration Statement or to receive
      copies of such Shelf Registration Statement or the Prospectus relating
      thereto;

                  (b) shall not be entitled to any liquidated damages
      contemplated in clause (d) or (e) of the first sentence in the first
      paragraph, or in the second paragraph, of Section 2.5 hereof;

                  (c) shall not be entitled to receive any notices from the
      Company as provided in this Section 3 or elsewhere in this Agreement; and

                  (d) shall not otherwise be deemed a Holder of Registrable
      Securities for purposes of this Agreement with respect to such Shelf
      Registration Statement.

            All Holders of Registrable Securities, by their payment for and
acceptance of such Securities, shall be deemed to have consented and agreed to
the terms and provisions of this Agreement including, without limitation, the
terms and provisions of this Section 3.

            4. Indemnification; Contribution.

            (a) The Company agrees to indemnify and hold harmless the Initial
Purchasers, each Holder, each Participating Broker-Dealer, each Person who
participates as an underwriter (any such Person being an "Underwriter") and each
Person, if any, who controls any Holder or 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 any untrue statement
            or alleged untrue statement of a material fact contained in any
            Registration Statement (or any amendment or supplement thereto)
            pursuant to which Exchange Securities or Registrable Securities were
            registered under the 1933 Act, including all documents incorporated
            therein by reference, or the omission or alleged omission therefrom
            of a material fact required to be stated therein or necessary to
            make the statements therein not misleading, or arising out of any
            untrue statement or alleged untrue statement of a material fact
            contained in any Prospectus (or any amendment or supplement thereto)
            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

                                       19
<PAGE>

            any such alleged untrue statement or omission; provided that
            (subject to Section 4(d) below) any such settlement is effected with
            the written consent of the Company; and

                  (iii) against any and all expense whatsoever (including the
            fees and disbursements of counsel chosen by any indemnified party),
            as incurred, which is 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 statement or
            omission, to the extent that any such expense is not paid under
            subparagraph (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 the
Holder or Underwriter expressly for use in a Registration Statement (or any
amendment thereto) or any Prospectus (or any amendment or supplement thereto);
and provided, further, that this indemnity agreement shall not inure to the
benefit of any Underwriter or any person who controls such Underwriter on
account of any such loss, liability, claim, damage or expense arising out of any
such defect or alleged defect in any preliminary prospectus if a copy of the
Prospectus (exclusive of the documents incorporated by reference therein) shall
not have been given or sent by such Underwriter with or prior to the written
confirmation of the sale involved to the extent that (i) the Prospectus would
have cured such defect or alleged defect and (ii) sufficient quantities of the
Prospectus were timely made available to such Underwriter.

            (b) Each Holder severally, but not jointly, agrees to indemnify and
hold harmless the Company, the Initial Purchasers, each Underwriter and the
other selling Holders, and each of their respective directors and officers, and
each Person, if any, who controls the Company, the Initial Purchasers, any
Underwriter or any other selling Holder 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 Section 4(a)
hereof, as incurred, but only with respect to untrue statements or omissions, or
alleged untrue statements or omissions, made in the Shelf Registration Statement
(or any amendment thereto) or any Prospectus included therein (or any amendment
or supplement thereto) in reliance upon and in conformity with written
information with respect to such Holder furnished to the Company by such Holder
expressly for use in the Shelf Registration Statement (or any amendment thereto)
or such Prospectus (or any amendment or supplement thereto); provided, however,
that no such Holder shall be liable for any claims hereunder in excess of the
amount of net proceeds received by such Holder from the sale of Registrable
Securities pursuant to such Shelf Registration Statement.

            (c) Each indemnified party shall give notice as promptly as
reasonably practicable to each indemnifying party of any action or proceeding
commenced against it

                                       20
<PAGE>

in respect of which indemnity may be sought hereunder, but failure so to 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. An indemnifying
party may participate at its own expense in the defense of 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 party or parties be liable for the 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 4 (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.

            (d) 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 4(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.

            (e) If the indemnification provided for in this Section 4 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, in such proportion as is appropriate to reflect
the relative fault of the Company on the one hand and the Holders and the
Initial Purchasers 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 fault of the Company on the one hand and the Holders
and the Initial Purchasers 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, the Holders or the Initial Purchasers
and the parties' relative intent,

                                       21
<PAGE>

knowledge, access to information and opportunity to correct or prevent such
statement or omission.

            The Company, the Holders and the Initial Purchasers agree that it
would not be just and equitable if contribution pursuant to this Section 4 were
determined by pro rata allocation (even if the Initial Purchasers 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 4. The aggregate amount of losses, liabilities, claims, damages and
expenses incurred by an indemnified party and referred to above in this Section
4 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.

            Notwithstanding the provisions of this Section 4, no Initial
Purchaser shall be required to contribute any amount in excess of the amount by
which the total price at which the Securities sold by it were offered exceeds
the amount of any damages which such Initial Purchaser 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 1933 Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation.

            For purposes of this Section 4, each Person, if any, who controls an
Initial Purchaser or Holder 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 such
Initial Purchaser or Holder, and each director of the Company, 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 Initial Purchasers' 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 to the
Purchase Agreement and not joint.

            5. Miscellaneous.

            5.1 Rule 144 and Rule 144A. So long as the Company is subject to the
reporting requirements of Section 13 or 15 of the 1934 Act, the Company
covenants that it will file the reports required to be filed by it under the
1933 Act and Section 13(a) or 15(d) of the 1934 Act and the rules and
regulations adopted by the SEC thereunder. If the Company ceases to be so
required to file such reports, the Company covenants that it will upon the
request of any Holder of Registrable Securities (a) make publicly available such
information as is necessary to permit sales pursuant to Rule 144 under the 1933
Act, (b) deliver such information to a prospective purchaser as is necessary to
permit sales pursuant to Rule 144A under the 1933 Act and it will take such
further action as any Holder of Registrable Securities may reasonably request,
and (c) take such further action

                                       22
<PAGE>

that is reasonable in the circumstances, in each case, to the extent required
from time to time to enable such Holder to sell its Registrable Securities
without registration under the 1933 Act within the limitation of the exemptions
provided by (i) Rule 144 under the 1933 Act, as such Rule may be amended from
time to time, (ii) Rule 144A under the 1933 Act, as such Rule may be amended
from time to time, or (iii) any similar rules or regulations hereafter adopted
by the SEC. Upon the request of any Holder of Registrable Securities, the
Company will deliver to such Holder a written statement as to whether it has
complied with such requirements.

            5.2 No Inconsistent Agreements. The Company has not entered into and
the Company will not after the date of this Agreement enter into any agreement
which is inconsistent with the rights granted to the Holders of Registrable
Securities in this Agreement or otherwise conflicts with the provisions hereof.
The rights granted to the Holders hereunder do not and will not for the term of
this Agreement in any way conflict with the rights granted to the holders of the
Company's other issued and outstanding securities under any such agreements.

            5.3 Amendments and Waivers. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given unless the Company has obtained the written consent of Holders
of at least a majority in aggregate principal amount of the outstanding
Registrable Securities affected by such amendment, modification, supplement,
waiver or departure.

            5.4 Notices. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand delivery, registered
first-class mail, telex, telecopier, or any courier guaranteeing overnight
delivery (a) if to a Holder, at the most current address given by such Holder to
the Company by means of a notice given in accordance with the provisions of this
Section 5.4, which address initially is the address set forth in the Purchase
Agreement with respect to the Initial Purchasers; and (b) if to the Company,
initially at the Company's address set forth in the Purchase Agreement, and
thereafter at such other address of which notice is given in accordance with the
provisions of this Section 5.4.

            All such notices and communications shall be deemed to have been
duly given: at the time delivered by hand, if personally delivered; two business
days after being deposited in the mail, postage prepaid, if mailed; when
answered back, if telexed; when receipt is acknowledged, if telecopied; and on
the next business day if timely delivered to an air courier guaranteeing
overnight delivery.

            Copies of all such notices, demands, or other communications shall
be concurrently delivered by the person giving the same to the Trustee under the
Indenture, at the address specified in such Indenture.

            5.5 Successor and Assigns. This Agreement shall inure to the benefit
of and be binding upon the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent

                                       23
<PAGE>

Holders; provided, however, that nothing herein shall be deemed to permit any
assignment, transfer or other disposition of Registrable Securities in violation
of the terms of the Purchase Agreement or the Indenture. If any transferee of
any Holder shall acquire Registrable Securities, in any manner, whether by
operation of law or otherwise, such Registrable Securities shall be held subject
to all of the terms of this Agreement, and by taking and holding such
Registrable Securities such person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement,
including the restrictions on resale set forth in this Agreement and, if
applicable, the Purchase Agreement, and such person shall be entitled to receive
the benefits hereof.

            5.6 Third Party Beneficiaries. The Initial Purchasers (even if the
Initial Purchasers are not Holders of Registrable Securities) shall be third
party beneficiaries to the agreements made hereunder between the Company, on the
one hand, and the Holders, on the other hand, and shall have the right to
enforce such agreements directly to the extent they deem such enforcement
necessary or advisable to protect their rights or the rights of Holders
hereunder. Each Holder of Registrable Securities shall be a third party
beneficiary to the agreements made hereunder between the Company, on the one
hand, and the Initial Purchasers, on the other hand, and shall have the right to
enforce such agreements directly to the extent it deems such enforcement
necessary or advisable to protect its rights hereunder.

            5.7 Specific Enforcement. Without limiting the remedies available to
the Initial Purchasers and the Holders, the Company acknowledges that any
failure by the Company to comply with its obligations under Sections 2.1 through
2.4 hereof may result in material irreparable injury to the Initial Purchasers
or the Holders for which there is no adequate remedy at law, that it would not
be possible to measure damages for such injuries precisely and that, in the
event of any such failure, the Initial Purchasers or any Holder may obtain such
relief as may be required to specifically enforce the Company's obligations
under Sections 2.1 through 2.4 hereof.

            5.8 Restriction on Resales. Until the expiration of two years after
the Closing Date, the Company will not, and will cause its "affiliates" (as such
term is defined in Rule 144(a)(1) under the 1933 Act) not to, resell any
Securities which are "restricted securities" (as such term is defined under Rule
144(a)(3) under the 1933 Act) that have been reacquired by any of them and shall
immediately upon any purchase of any such Securities submit such Securities to
the Trustee for cancellation.

            5.9 Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

            5.10 Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

                                       24
<PAGE>

            5.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO
THE PRINCIPLES OF CONFLICT OF LAWS THEREOF.

            5.12 Severability. In the event that any one or more of the
provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby.

                                       25
<PAGE>

            IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first written above.

                                             NEVADA POWER COMPANY

                                             By: ______________________________
                                                 Name:
                                                 Title:

Confirmed and accepted as
  of the date first above written:

LEHMAN BROTHERS INC.
WACHOVIA CAPITAL MARKETS, LLC
By: LEHMAN BROTHERS INC.

By: _______________________________
    Name:
    Title:

As Representatives of the Initial Purchasers

               Signature Page to the Registration Rights Agreement

<PAGE>

                                                                       Exhibit A

                         CONTENTS OF OPINION OF COUNSEL

            1. The Exchange Offer Registration Statement and the Prospectus
(other than the financial statements, notes or schedules thereto and other
financial data and supplemental schedules included or incorporated by reference
therein or omitted therefrom and the Form T-1, as to which such counsel need
express no opinion), comply as to form in all material respects with the
requirements of the 1933 Act and the applicable rules and regulations
promulgated under the 1933 Act.

            2. Nothing has come to our attention that would lead us to believe
that the Exchange Offer Registration Statement (except for financial statements
and schedules and other financial data included therein as to which we make no
statement), when it became effective, contained an untrue statement of a
material fact or omitted to state a material fact required to be stated therein
or necessary to make the statements therein not misleading or that the
Prospectus, as amended or supplemented (except for financial statements and
schedules and other financial data included therein, as to which such counsel
need make no statement), at the date of such opinion includes an untrue
statement of a material fact or omits 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.

                                       A-1

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