Thanks for your suggestion. I changed my formula to:
If(equals(triggerBody()?['Term_Sheet_Needs_to_be_Generated__c'], true), 'Need term sheet', If(equals(triggerBody()?['Milestones__c'], true), 'Milestones need to be approved', If(equals(triggerBody()?['Term_Sheet_Generated__c'], true), 'Waiting on App Submission', If(equals(triggerBody()?['Info_Ready_to_be_Reviewed__c'], true), 'Documents Need to Generated', If(equals(triggerBody()?['Docs_Created__c'], true), 'Out for Signing', If(equals(triggerBody()?['Legal_Agreement_Process_Done__c'], true), 'Completed', 'Waiting for Materials')))))
Unfortunately, it is still not working. Do you have any more suggestions?
Thank you!