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In this agreement, Mr. House conceded the McCarran Airport to the NCR to use as a base of operations in the Mojave Area. House also accepts that the NCR occupies a small building within the Strip which functions as the NCR Embassy and the HQ for the NCR military police. By this, the NCR agreed that they have no jurisdiction within the Strip, they can't carry weapons within the Strip, they have to respect the authority of the securitrons and they can't prevent any NCR citizen from using the services offered on the Strip.
Concerning Hoover Dam, the NCR is granted full control of the facility. They can send 95% of the energy generated by the Dam to the Republic, but in return 5% of the energy has to be used to power the Strip and its adjacent buildings if possible. The NCR is also partly responsible for the supply of food and clean water to the Strip.