| Signing | Revenue Participation | Target | Timeline | Call Option |
| Carve-out | Schedules | Deal Memo | NDA | Deal-flow |
| At the end of the day | Documentation | TRANSACTION LEGALESE BINGO (free square) | Asset-backed | Defeasance |
| Reps & Warranties | Due Diligence Report | LOI | Conditions Precedent | Of the essence |
| Structure | Pre-signing | Affiliate Entity | Termination notice | Side Letter |