Specifications include, but are not limited to: The contractor will serve as a consultant for the PUCT to provide transparency into and evaluation of the securitization financing process followed by ERCOT with regard to the securitization refinancing of the Winter Storm Uri default balance. The purpose of the consultant’s work is to assist the PUCT in determining the facts that will form the basis for allowing ERCOT to go forward with the securitized financing as proposed or for stopping the transaction. As a consultant for the PUCT, the contractor must: • As directed by the commission’s designated representative, hold discussions with the transaction’s book-running senior manager to fully understand the type of security that is to be sold. • Hold discussions with the commission’s designated representative to understand the commission’s objectives and the pricing considerations consistent with those objectives. • As directed by the commission’s designated representative, participate in conference calls with ERCOT, underwriters, the commission’s designated representative, and various counsel and consultants with regard to the structuring plans for the securities and the potential implications of evolving market conditions. • At the beginning of the public marketing process, hold discussions with the transaction’s book-running senior manager and the commission’s designated representative regarding the market environment and the specific structuring of tranches, amortization, coupons and yields, and call features. • Provide relevant feedback to the commission’s designated representative regarding the information gathered through discussions with the transaction’s book-running senior manager. • During the order process, evaluate pricing of tranching structures based on the evaluation of investor preferences, analyze relative pricing of tranches against relevant benchmark securities, and assess market environment for other primary offerings as well as U.S. economic indicators that could affect the pricing and scheduled sale of the securities. • As directed by the commission’s designated representative, analyze alternatives (such as lowering yields) to reduce the amount of oversubscription and recommend whether the oversubscribed bonds are reasonably priced or should be re-priced. • At the time of final pricing, provide feedback to the commission’s designated representative on the securities’ coupon rates, yield, tranching, and structuring in given market conditions. • If requested by the commission’s designated representative, attend pricing of securitized bonds at the offices of the transaction’s book-running senior manager. • If requested by the commission’s designated representative, attend a commission public meeting and provide to the commission one or more oral briefings on the results of the transaction. • Provide a written report on the pricing process as directed by the commission or its designated representative.