diff --git a/app/src/components/admin/ConfigurationSection.test.tsx b/app/src/components/admin/ConfigurationSection.test.tsx
index b001b6fe..cee4e54b 100644
--- a/app/src/components/admin/ConfigurationSection.test.tsx
+++ b/app/src/components/admin/ConfigurationSection.test.tsx
@@ -72,7 +72,7 @@ const READY: ConfigurationState = {
 		freshness: DAY,
 		cooldown: 3_600n,
 		maxUpBps: 1_000,
-		maxDownBps: null,
+		maxDownBps: 500,
 		min: PRICE_ONE / 2n,
 		max: 2n * PRICE_ONE,
 	},
@@ -157,7 +157,7 @@ describe("ConfigurationSection", () => {
 				freshness_duration: DAY,
 				cooldown_secs: 3_600n,
 				max_up_bps: 500,
-				max_down_bps: null,
+				max_down_bps: 500,
 				min_answer: PRICE_ONE / 2n,
 				max_answer: 2n * PRICE_ONE,
 			},
diff --git a/app/src/components/admin/CycleActionRail.test.tsx b/app/src/components/admin/CycleActionRail.test.tsx
index eec99204..46b3c101 100644
--- a/app/src/components/admin/CycleActionRail.test.tsx
+++ b/app/src/components/admin/CycleActionRail.test.tsx
@@ -422,15 +422,15 @@ describe("CycleActionRail", () => {
 
 	it("states an action's note outside the conditions", () => {
 		renderRail([
-			{ ...attestAction, note: "Ripcord raised — attesting does not lift it." },
+			{ ...attestAction, note: "NAV paused — attesting does not unpause it." },
 		])
 		expand("Attest price")
 
 		const list = screen.getByRole("list", { name: "Attest price conditions" })
 		expect(
-			screen.getByText("Ripcord raised — attesting does not lift it."),
+			screen.getByText("NAV paused — attesting does not unpause it."),
 		).toBeTruthy()
-		expect(within(list).queryByText(/Ripcord/)).toBeNull()
+		expect(within(list).queryByText(/NAV paused/)).toBeNull()
 	})
 })
 
diff --git a/app/src/components/admin/CycleSection.test.tsx b/app/src/components/admin/CycleSection.test.tsx
index 519bfc14..926dcd63 100644
--- a/app/src/components/admin/CycleSection.test.tsx
+++ b/app/src/components/admin/CycleSection.test.tsx
@@ -140,13 +140,13 @@ const ready = (overrides: Partial<ReadyState> = {}): CycleState => ({
 		price: price(1n),
 		attestedAt: 1_700_050_000n,
 		expiresAt: 1_700_136_000n,
-		ripcord: false,
+		navPaused: false,
 		recorded: true,
 		limits: {
 			freshness: 86_400n,
 			cooldown: 3_600n,
 			maxUpBps: 500,
-			maxDownBps: null,
+			maxDownBps: 1_000,
 			min: price(1n) / 2n,
 			max: price(2n),
 		},
diff --git a/app/src/components/admin/EmergencySection.test.tsx b/app/src/components/admin/EmergencySection.test.tsx
index 7af8efe0..ec451db8 100644
--- a/app/src/components/admin/EmergencySection.test.tsx
+++ b/app/src/components/admin/EmergencySection.test.tsx
@@ -16,8 +16,8 @@ const {
 	useOracleStateMock,
 	pauseVaultMock,
 	unpauseVaultMock,
-	raiseRipcordMock,
-	setRipcordMock,
+	pauseNavMock,
+	setNavPausedMock,
 	clearLatestMock,
 	pauseTokenMock,
 	unpauseTokenMock,
@@ -33,8 +33,8 @@ const {
 		useOracleStateMock: vi.fn(),
 		pauseVaultMock: tx(),
 		unpauseVaultMock: tx(),
-		raiseRipcordMock: tx(),
-		setRipcordMock: tx(),
+		pauseNavMock: tx(),
+		setNavPausedMock: tx(),
 		clearLatestMock: tx(),
 		pauseTokenMock: tx(),
 		unpauseTokenMock: tx(),
@@ -58,8 +58,8 @@ vi.mock("../../hooks/useOracleState", () => ({
 vi.mock("../../hooks/useEmergencyTransactions", () => ({
 	usePauseVault: () => pauseVaultMock,
 	useUnpauseVault: () => unpauseVaultMock,
-	useRaiseRipcord: () => raiseRipcordMock,
-	useSetRipcord: () => setRipcordMock,
+	usePauseNav: () => pauseNavMock,
+	useSetNavPaused: () => setNavPausedMock,
 	useClearLatest: () => clearLatestMock,
 	usePauseToken: () => pauseTokenMock,
 	useUnpauseToken: () => unpauseTokenMock,
@@ -103,8 +103,8 @@ describe("EmergencySection", () => {
 		for (const mock of [
 			pauseVaultMock,
 			unpauseVaultMock,
-			raiseRipcordMock,
-			setRipcordMock,
+			pauseNavMock,
+			setNavPausedMock,
 			clearLatestMock,
 			pauseTokenMock,
 			unpauseTokenMock,
@@ -122,7 +122,7 @@ describe("EmergencySection", () => {
 		expect(within(overview).getByText("Vault")).toBeTruthy()
 		expect(within(overview).getAllByText("Paused")).toHaveLength(2)
 		expect(within(overview).getByText("Open")).toBeTruthy()
-		expect(within(overview).getByText("Ripcord raised")).toBeTruthy()
+		expect(within(overview).getByText("NAV paused")).toBeTruthy()
 	})
 
 	it("offers the vault guardian only the pause, saying what it stops and what stays open", () => {
@@ -155,36 +155,36 @@ describe("EmergencySection", () => {
 		).toBeTruthy()
 	})
 
-	it("raises the ripcord for an oracle admin through set_ripcord, shown as raising", () => {
+	it("pauses the NAV for an oracle admin through set_nav_paused, shown as pausing", () => {
 		const { rerender } = render(
 			<EmergencySection grants={[oracleAdmin]} wallet={WALLET} />,
 		)
 
-		fireEvent.click(button("Raise the ripcord"))
-		expect(setRipcordMock.submit).toHaveBeenCalledWith(true, oracleAdmin)
-		expect(raiseRipcordMock.submit).not.toHaveBeenCalled()
+		fireEvent.click(button("Pause the NAV"))
+		expect(setNavPausedMock.submit).toHaveBeenCalledWith(true, oracleAdmin)
+		expect(pauseNavMock.submit).not.toHaveBeenCalled()
 
-		setRipcordMock.status = { status: "preparing" }
+		setNavPausedMock.status = { status: "preparing" }
 		rerender(<EmergencySection grants={[oracleAdmin]} wallet={WALLET} />)
 
 		expect(
-			screen.getByRole("heading", { name: "Preparing to raise the ripcord" }),
+			screen.getByRole("heading", { name: "Preparing to pause the NAV" }),
 		).toBeTruthy()
 	})
 
-	it("lowers the ripcord, and clears the latest price once raised", () => {
+	it("unpauses the NAV, and clears the latest price once paused", () => {
 		setState("open", "open", "paused")
 		const { rerender } = render(
 			<EmergencySection grants={[oracleAdmin]} wallet={WALLET} />,
 		)
 
-		fireEvent.click(button("Lower the ripcord"))
-		expect(setRipcordMock.submit).toHaveBeenCalledWith(false, oracleAdmin)
+		fireEvent.click(button("Unpause the NAV"))
+		expect(setNavPausedMock.submit).toHaveBeenCalledWith(false, oracleAdmin)
 
-		setRipcordMock.status = { status: "preparing" }
+		setNavPausedMock.status = { status: "preparing" }
 		rerender(<EmergencySection grants={[oracleAdmin]} wallet={WALLET} />)
 		expect(
-			screen.getByRole("heading", { name: "Preparing to lower the ripcord" }),
+			screen.getByRole("heading", { name: "Preparing to unpause the NAV" }),
 		).toBeTruthy()
 
 		fireEvent.click(button("Clear the latest price"))
diff --git a/app/src/components/admin/EmergencySection.tsx b/app/src/components/admin/EmergencySection.tsx
index ba755d02..09ce1f7d 100644
--- a/app/src/components/admin/EmergencySection.tsx
+++ b/app/src/components/admin/EmergencySection.tsx
@@ -5,8 +5,8 @@ import {
 	useClearLatest,
 	usePauseToken,
 	usePauseVault,
-	useRaiseRipcord,
-	useSetRipcord,
+	usePauseNav,
+	useSetNavPaused,
 	useUnpauseToken,
 	useUnpauseVault,
 } from "../../hooks/useEmergencyTransactions"
@@ -29,8 +29,8 @@ import CycleActionRail from "./CycleActionRail"
 import SurfaceLayout from "./SurfaceLayout"
 import layoutStyles from "./SurfaceLayout.module.css"
 
-const RAISE = "raise"
-const LOWER = "lower"
+const PAUSE = "pause"
+const UNPAUSE = "unpause"
 
 const EmergencySection: React.FC<{
 	grants: Grant[]
@@ -43,8 +43,8 @@ const EmergencySection: React.FC<{
 	const { oracle } = useOracleState()
 	const pauseVault = usePendingTransaction(usePauseVault())
 	const unpauseVault = usePendingTransaction(useUnpauseVault())
-	const raiseRipcord = usePendingTransaction(useRaiseRipcord())
-	const setRipcord = usePendingTransaction(useSetRipcord())
+	const pauseNav = usePendingTransaction(usePauseNav())
+	const setNavPaused = usePendingTransaction(useSetNavPaused())
 	const clearLatest = usePendingTransaction(useClearLatest())
 	const pauseToken = usePendingTransaction(usePauseToken())
 	const unpauseToken = usePendingTransaction(useUnpauseToken())
@@ -60,12 +60,12 @@ const EmergencySection: React.FC<{
 			case "unpause-vault":
 				unpauseVault.submit(undefined, "", action.grant)
 				return
-			case "raise-ripcord":
-				if (action.viaAdmin) setRipcord.submit(true, RAISE, action.grant)
-				else raiseRipcord.submit(undefined, "", action.grant)
+			case "pause-nav":
+				if (action.viaAdmin) setNavPaused.submit(true, PAUSE, action.grant)
+				else pauseNav.submit(undefined, "", action.grant)
 				return
-			case "lower-ripcord":
-				setRipcord.submit(false, LOWER, action.grant)
+			case "unpause-nav":
+				setNavPaused.submit(false, UNPAUSE, action.grant)
 				return
 			case "clear-latest":
 				clearLatest.submit(undefined, "", action.grant)
@@ -95,10 +95,10 @@ const EmergencySection: React.FC<{
 	const modalFlows: TransactionModalProps[] = [
 		flow("pause-vault", pauseVault),
 		flow("unpause-vault", unpauseVault),
-		flow("raise-ripcord", raiseRipcord),
+		flow("pause-nav", pauseNav),
 		flow(
-			setRipcord.amountLabel === RAISE ? "raise-ripcord" : "lower-ripcord",
-			setRipcord,
+			setNavPaused.amountLabel === PAUSE ? "pause-nav" : "unpause-nav",
+			setNavPaused,
 		),
 		flow("clear-latest", clearLatest),
 		flow("pause-token", pauseToken),
diff --git a/app/src/components/vault/TransactionModal.test.tsx b/app/src/components/vault/TransactionModal.test.tsx
index 83ce5b65..d387e3bc 100644
--- a/app/src/components/vault/TransactionModal.test.tsx
+++ b/app/src/components/vault/TransactionModal.test.tsx
@@ -1601,6 +1601,7 @@ describe("TransactionModal, attesting a price", () => {
 		[3005, /already have expired/],
 		[3003, /cooldown .* has not elapsed/],
 		[3004, /moves further from the last attested price/],
+		[3010, /^Unpause the NAV first\.$/],
 	])("names the oracle's reason for code %i", (code, sentence) => {
 		renderAttestModal({
 			status: "failed",
@@ -2105,8 +2106,8 @@ describe("TransactionModal, emergency actions", () => {
 	it.each<[EmergencyModalAction, string, string]>([
 		["pause-vault", "Preparing to pause the vault", "Vault paused"],
 		["unpause-vault", "Preparing to unpause the vault", "Vault unpaused"],
-		["raise-ripcord", "Preparing to raise the ripcord", "Ripcord raised"],
-		["lower-ripcord", "Preparing to lower the ripcord", "Ripcord lowered"],
+		["pause-nav", "Preparing to pause the NAV", "NAV paused"],
+		["unpause-nav", "Preparing to unpause the NAV", "NAV unpaused"],
 		[
 			"clear-latest",
 			"Preparing to clear the latest price",
@@ -2177,8 +2178,8 @@ describe("TransactionModal, emergency actions", () => {
 		["unpause-vault", 1001, "vault", /The vault is not paused/],
 		["pause-token", 1000, "share token", /The share token is already paused/],
 		["unpause-token", 1001, "share token", /The share token is not paused/],
-		["raise-ripcord", 2000, "oracle", /does not hold the role/],
-		["clear-latest", 3008, "oracle", /The ripcord is not raised/],
+		["pause-nav", 2000, "oracle", /does not hold the role/],
+		["clear-latest", 3008, "oracle", /The NAV is not paused/],
 	])(
 		"names the reason %s was refused with code %i",
 		(action, code, refuser, sentence) => {
@@ -2209,7 +2210,7 @@ describe("TransactionModal, emergency actions", () => {
 	})
 
 	it("sends an unknown outcome to the Emergency tab", () => {
-		renderEmergencyModal("raise-ripcord", {
+		renderEmergencyModal("pause-nav", {
 			status: "failed",
 			failure: { kind: "unknown" },
 		})
diff --git a/app/src/components/vault/TransactionModal.tsx b/app/src/components/vault/TransactionModal.tsx
index 98ec47ff..6458d82c 100644
--- a/app/src/components/vault/TransactionModal.tsx
+++ b/app/src/components/vault/TransactionModal.tsx
@@ -38,8 +38,8 @@ import styles from "./TransactionModal.module.css"
 export type EmergencyModalAction =
 	| "pause-vault"
 	| "unpause-vault"
-	| "raise-ripcord"
-	| "lower-ripcord"
+	| "pause-nav"
+	| "unpause-nav"
 	| "clear-latest"
 	| "pause-token"
 	| "unpause-token"
@@ -331,6 +331,8 @@ const attestContractErrorReason = (code: number): string => {
 			return "The cooldown since the last attestation has not elapsed yet."
 		case 3004:
 			return "That price moves further from the last attested price than the oracle allows."
+		case 3010:
+			return "Unpause the NAV first."
 		default:
 			return GENERIC_REFUSAL
 	}
@@ -1026,19 +1028,19 @@ const EMERGENCY_COPY: Record<EmergencyModalAction, AdminCopy> = {
 		done: "Vault unpaused",
 		doneBody: "Deposits, pricing and upgrades are open again.",
 	},
-	"raise-ripcord": {
+	"pause-nav": {
 		refuser: "oracle",
-		verb: "raise the ripcord",
-		signing: "Signing stops pricing until the ripcord is lowered.",
-		done: "Ripcord raised",
+		verb: "pause the NAV",
+		signing: "Signing stops pricing until the NAV is unpaused.",
+		done: "NAV paused",
 		doneBody:
-			"Pricing is stopped. No epoch can be fulfilled until the ripcord is lowered.",
+			"Pricing is stopped. No epoch can be fulfilled until the NAV is unpaused.",
 	},
-	"lower-ripcord": {
+	"unpause-nav": {
 		refuser: "oracle",
-		verb: "lower the ripcord",
+		verb: "unpause the NAV",
 		signing: "Signing resumes pricing.",
-		done: "Ripcord lowered",
+		done: "NAV unpaused",
 		doneBody: "Epochs can be fulfilled again while the price is valid.",
 	},
 	"clear-latest": {
@@ -1047,7 +1049,7 @@ const EMERGENCY_COPY: Record<EmergencyModalAction, AdminCopy> = {
 		signing: "Signing removes the recorded price.",
 		done: "Latest price cleared",
 		doneBody:
-			"The next attestation is not limited by its distance from the last. Pricing stays stopped until the ripcord is lowered.",
+			"The next attestation is not limited by its distance from the last. Pricing stays stopped until the NAV is unpaused.",
 	},
 	"pause-token": {
 		refuser: "share token",
@@ -1339,7 +1341,7 @@ const adminContractErrorReason =
 			case 3001:
 				return "One of the oracle limits is out of range."
 			case 3008:
-				return "The ripcord is not raised, so the latest price cannot be cleared."
+				return "The NAV is not paused, so the latest price cannot be cleared."
 			case 6007:
 				return "The deposit cap cannot be negative."
 			case 6045:
@@ -1443,8 +1445,8 @@ const describeStatus = (
 			return describeFinalizeRoundStatus(props.status, props.round)
 		case "pause-vault":
 		case "unpause-vault":
-		case "raise-ripcord":
-		case "lower-ripcord":
+		case "pause-nav":
+		case "unpause-nav":
 		case "clear-latest":
 		case "pause-token":
 		case "unpause-token":
diff --git a/app/src/hooks/useAdminTransaction.test.ts b/app/src/hooks/useAdminTransaction.test.ts
index 7be5ae71..88d1ce27 100644
--- a/app/src/hooks/useAdminTransaction.test.ts
+++ b/app/src/hooks/useAdminTransaction.test.ts
@@ -32,8 +32,8 @@ import {
 	useClearLatest,
 	usePauseToken,
 	usePauseVault,
-	useRaiseRipcord,
-	useSetRipcord,
+	usePauseNav,
+	useSetNavPaused,
 	useUnpauseToken,
 	useUnpauseVault,
 } from "./useEmergencyTransactions"
@@ -115,8 +115,8 @@ const {
 	verifier: { allow: vi.fn() },
 	verifierWriterMock: vi.fn(),
 	oracle: {
-		raise_ripcord: vi.fn(),
-		set_ripcord: vi.fn(),
+		pause_nav: vi.fn(),
+		set_nav_paused: vi.fn(),
 		clear_latest: vi.fn(),
 		set_config: vi.fn(),
 		grant_role: vi.fn(),
@@ -144,7 +144,7 @@ const ORACLE_CONFIG = {
 	freshness_duration: 86_400n,
 	cooldown_secs: 3_600n,
 	max_up_bps: 1_000,
-	max_down_bps: null,
+	max_down_bps: 500,
 	min_answer: 1n,
 	max_answer: 10n,
 }
@@ -200,9 +200,9 @@ const cases: Case[] = [
 		refusal: 1001,
 	},
 	{
-		name: "useRaiseRipcord",
-		useHook: useRaiseRipcord,
-		method: oracle.raise_ripcord,
+		name: "usePauseNav",
+		useHook: usePauseNav,
+		method: oracle.pause_nav,
 		arg: undefined,
 		args: { caller: investorAddress },
 		keys: oracleWriteKeys,
@@ -218,9 +218,9 @@ const cases: Case[] = [
 		refusal: 3008,
 	},
 	{
-		name: "useSetRipcord",
-		useHook: useSetRipcord,
-		method: oracle.set_ripcord,
+		name: "useSetNavPaused",
+		useHook: useSetNavPaused,
+		method: oracle.set_nav_paused,
 		arg: false,
 		args: { paused: false, caller: investorAddress },
 		keys: oracleWriteKeys,
diff --git a/app/src/hooks/useConfigurationState.test.ts b/app/src/hooks/useConfigurationState.test.ts
index 01a3ec0e..e5459732 100644
--- a/app/src/hooks/useConfigurationState.test.ts
+++ b/app/src/hooks/useConfigurationState.test.ts
@@ -30,7 +30,7 @@ const LIMITS = {
 	freshness: 86_400n,
 	cooldown: 3_600n,
 	maxUpBps: 1_000,
-	maxDownBps: null,
+	maxDownBps: 500,
 	min: 1n,
 	max: 10n,
 }
diff --git a/app/src/hooks/useCycleState.test.ts b/app/src/hooks/useCycleState.test.ts
index ee5f77f5..f1497479 100644
--- a/app/src/hooks/useCycleState.test.ts
+++ b/app/src/hooks/useCycleState.test.ts
@@ -77,7 +77,7 @@ const config = {
 	freshness_duration: 86_400n,
 	cooldown_secs: 3_600n,
 	max_up_bps: 500,
-	max_down_bps: null,
+	max_down_bps: 500,
 	min_answer: 5n * 10n ** 17n,
 	max_answer: 2n * 10n ** 18n,
 }
@@ -86,19 +86,19 @@ const state = (tag: OracleState["tag"]): ContractRead<OracleState> =>
 	value({ tag, values: undefined } as OracleState)
 
 describe("toOracle", () => {
-	it("carries the report, the limits and no ripcord while the price is valid", () => {
+	it("carries the report, the limits and no NAV pause while the price is valid", () => {
 		expect(toOracle(state("Valid"), value(report), value(config))).toEqual({
 			state: "valid",
 			price: (10n ** 18n) as Price,
 			attestedAt: 1_700_050_000n,
 			expiresAt: 1_700_136_000n,
-			ripcord: false,
+			navPaused: false,
 			recorded: true,
 			limits: {
 				freshness: 86_400n,
 				cooldown: 3_600n,
 				maxUpBps: 500,
-				maxDownBps: null,
+				maxDownBps: 500,
 				min: 5n * 10n ** 17n,
 				max: 2n * 10n ** 18n,
 			},
@@ -112,9 +112,9 @@ describe("toOracle", () => {
 		expect(oracle.expiresAt).toBe(1_700_136_000n)
 	})
 
-	it("reads a paused oracle as a raised ripcord", () => {
+	it("reads a paused oracle as a paused NAV", () => {
 		expect(
-			toOracle(state("Paused"), value(report), value(config)).ripcord,
+			toOracle(state("Paused"), value(report), value(config)).navPaused,
 		).toBe(true)
 	})
 
@@ -133,7 +133,7 @@ describe("toOracle", () => {
 		})
 	})
 
-	it("knows there is no record even while the ripcord is raised", () => {
+	it("knows there is no record even while the NAV is paused", () => {
 		const oracle = toOracle(
 			state("Paused"),
 			{ kind: "contract-error", code: 3006 },
@@ -142,7 +142,7 @@ describe("toOracle", () => {
 
 		expect(oracle).toMatchObject({
 			state: "paused",
-			ripcord: true,
+			navPaused: true,
 			recorded: false,
 			price: null,
 			attestedAt: null,
@@ -155,7 +155,7 @@ describe("toOracle", () => {
 			price: null,
 			attestedAt: null,
 			expiresAt: null,
-			ripcord: null,
+			navPaused: null,
 			recorded: null,
 			limits: null,
 		})
diff --git a/app/src/hooks/useCycleState.ts b/app/src/hooks/useCycleState.ts
index ed3e02e5..728e69ef 100644
--- a/app/src/hooks/useCycleState.ts
+++ b/app/src/hooks/useCycleState.ts
@@ -48,7 +48,7 @@ export type OracleLimits = {
 	freshness: bigint
 	cooldown: bigint
 	maxUpBps: number
-	maxDownBps: number | null
+	maxDownBps: number
 	min: bigint
 	max: bigint
 }
@@ -58,7 +58,7 @@ export type CycleOracle = {
 	price: Price | null
 	attestedAt: bigint | null
 	expiresAt: bigint | null
-	ripcord: boolean | null
+	navPaused: boolean | null
 	recorded: boolean | null
 	limits: OracleLimits | null
 }
@@ -128,7 +128,7 @@ export function toOracle(
 		freshness_duration: bigint
 		cooldown_secs: bigint
 		max_up_bps: number
-		max_down_bps: number | null
+		max_down_bps: number
 		min_answer: bigint
 		max_answer: bigint
 	}>,
@@ -141,7 +141,7 @@ export function toOracle(
 		price: report === null ? null : (report.nav_per_share as Price),
 		attestedAt: report?.timestamp ?? null,
 		expiresAt: report?.expires_at ?? null,
-		ripcord: nav.status === "unreadable" ? null : nav.status === "paused",
+		navPaused: nav.status === "unreadable" ? null : nav.status === "paused",
 		recorded: recordedOf(latest),
 		limits:
 			config.kind === "value"
diff --git a/app/src/hooks/useEmergencyTransactions.ts b/app/src/hooks/useEmergencyTransactions.ts
index d78e1a22..0057a248 100644
--- a/app/src/hooks/useEmergencyTransactions.ts
+++ b/app/src/hooks/useEmergencyTransactions.ts
@@ -19,15 +19,14 @@ const tokenCall = (method: "pause" | "unpause") => (signer: Signer) =>
 		token[method]({ caller: signer.publicKey }),
 	)
 
-const oracleCall =
-	(method: "raise_ripcord" | "clear_latest") => (signer: Signer) =>
-		navOracleWriter(signer).then((oracle) =>
-			oracle[method]({ caller: signer.publicKey }),
-		)
+const oracleCall = (method: "pause_nav" | "clear_latest") => (signer: Signer) =>
+	navOracleWriter(signer).then((oracle) =>
+		oracle[method]({ caller: signer.publicKey }),
+	)
 
-const setRipcordCall = (signer: Signer, paused: boolean) =>
+const setNavPausedCall = (signer: Signer, paused: boolean) =>
 	navOracleWriter(signer).then((oracle) =>
-		oracle.set_ripcord({ paused, caller: signer.publicKey }),
+		oracle.set_nav_paused({ paused, caller: signer.publicKey }),
 	)
 
 export const usePauseVault = adminTransaction(vaultCall("pause"), [
@@ -42,12 +41,15 @@ export const usePauseToken = adminTransaction(tokenCall("pause"), [
 export const useUnpauseToken = adminTransaction(tokenCall("unpause"), [
 	tokenPausedKey,
 ])
-export const useRaiseRipcord = adminTransaction(
-	oracleCall("raise_ripcord"),
+export const usePauseNav = adminTransaction(
+	oracleCall("pause_nav"),
 	oracleWriteKeys,
 )
 export const useClearLatest = adminTransaction(
 	oracleCall("clear_latest"),
 	oracleWriteKeys,
 )
-export const useSetRipcord = adminTransaction(setRipcordCall, oracleWriteKeys)
+export const useSetNavPaused = adminTransaction(
+	setNavPausedCall,
+	oracleWriteKeys,
+)
diff --git a/app/src/hooks/useOracleState.test.ts b/app/src/hooks/useOracleState.test.ts
index 8220bb6b..ecfbe479 100644
--- a/app/src/hooks/useOracleState.test.ts
+++ b/app/src/hooks/useOracleState.test.ts
@@ -34,7 +34,7 @@ describe("useOracleState", () => {
 		vi.clearAllMocks()
 	})
 
-	it("reports the oracle as paused while the ripcord is raised", async () => {
+	it("reports the oracle as paused while the NAV is paused", async () => {
 		oracleMock.state.mockResolvedValue({
 			result: { tag: "Paused", values: undefined },
 		})
diff --git a/app/src/pages/configuration.test.ts b/app/src/pages/configuration.test.ts
index d07515d2..cd01a808 100644
--- a/app/src/pages/configuration.test.ts
+++ b/app/src/pages/configuration.test.ts
@@ -42,7 +42,7 @@ const ready = (
 		freshness: DAY,
 		cooldown: 3_600n,
 		maxUpBps: 1_000,
-		maxDownBps: null,
+		maxDownBps: 500,
 		min: PRICE_ONE / 2n,
 		max: 2n * PRICE_ONE,
 	},
@@ -195,7 +195,7 @@ describe("toConfigurationActions", () => {
 		expect(uncapped.enabled).toBe(false)
 	})
 
-	it("holds a deposit cap and an oracle duration at their contract width", () => {
+	it("holds a deposit cap and the oracle limits at their contract edges", () => {
 		const cap = (text: string) =>
 			find("set-deposit-cap", [governance], { depositCap: text })
 		const oracle = (inputs: ConfigurationInputs) =>
@@ -214,16 +214,19 @@ describe("toConfigurationActions", () => {
 			),
 		).toBe(false)
 		expect(
-			condition(
-				oracle({ freshness: "18446744073709551615" }),
-				"Freshness window ≤ 2^64−1 s",
-			),
+			condition(oracle({ freshness: "35d" }), "Freshness window ≤ 35d"),
 		).toBe(true)
 		expect(
-			condition(
-				oracle({ cooldown: "18446744073709551615" }),
-				"Cooldown ≤ 2^64−1 s",
-			),
+			condition(oracle({ cooldown: "1d" }), "Cooldown ≤ freshness window"),
+		).toBe(true)
+		expect(
+			condition(oracle({ maxFall: "0.01" }), "Largest fall 0.01% to 100%"),
+		).toBe(true)
+		expect(
+			condition(oracle({ maxFall: "100" }), "Largest fall 0.01% to 100%"),
+		).toBe(true)
+		expect(
+			condition(oracle({ ceiling: "1000000" }), "Price ceiling ≤ 1,000,000"),
 		).toBe(true)
 	})
 
@@ -307,7 +310,7 @@ describe("toConfigurationActions", () => {
 			["Freshness window", "1d"],
 			["Cooldown", "1h"],
 			["Largest rise", "5"],
-			["Largest fall", ""],
+			["Largest fall", "5"],
 			["Price floor", "0.50"],
 			["Price ceiling", "2.00"],
 		])
@@ -316,25 +319,36 @@ describe("toConfigurationActions", () => {
 			freshness_duration: DAY,
 			cooldown_secs: 3_600n,
 			max_up_bps: 500,
-			max_down_bps: null,
+			max_down_bps: 500,
 			min_answer: PRICE_ONE / 2n,
 			max_answer: 2n * PRICE_ONE,
 		})
 	})
 
+	it("requires a largest fall", () => {
+		const config = find("set-oracle-config", [oracleAdmin], { maxFall: "" })
+
+		expect(config.arg).toBeUndefined()
+		expect(config.enabled).toBe(false)
+		expect(config.fields?.[3]).toMatchObject({
+			label: "Largest fall",
+			placeholder: "10",
+			next: null,
+		})
+	})
+
 	it.each<[ConfigurationInputs, string]>([
-		[{ freshness: "0" }, "Freshness window > 0"],
-		[{ freshness: "18446744073709551616" }, "Freshness window ≤ 2^64−1 s"],
-		[{ cooldown: "18446744073709551616" }, "Cooldown ≤ 2^64−1 s"],
-		[{ maxRise: "0" }, "Largest rise > 0"],
-		[{ maxRise: "100.01" }, "Largest rise ≤ 100%"],
-		[{ maxFall: "101%" }, "Largest fall ≤ 100%"],
+		[{ freshness: "0" }, "Freshness window ≥ 1s"],
+		[{ freshness: "35d 1s" }, "Freshness window ≤ 35d"],
+		[{ cooldown: "0" }, "Cooldown ≥ 1s"],
+		[{ cooldown: "1d 1s" }, "Cooldown ≤ freshness window"],
+		[{ maxRise: "0" }, "Largest rise 0.01% to 100%"],
+		[{ maxRise: "100.01" }, "Largest rise 0.01% to 100%"],
+		[{ maxFall: "0" }, "Largest fall 0.01% to 100%"],
+		[{ maxFall: "100.01%" }, "Largest fall 0.01% to 100%"],
 		[{ floor: "0" }, "Price floor > 0"],
 		[{ ceiling: "0.4" }, "Price ceiling ≥ floor"],
-		[
-			{ ceiling: "17014118346046924" },
-			"Price ceiling ≤ 17,014,118,346,046,923",
-		],
+		[{ ceiling: "1000000.01" }, "Price ceiling ≤ 1,000,000"],
 	])("names the oracle limit %o breaks", (inputs, label) => {
 		const config = find("set-oracle-config", [oracleAdmin], inputs)
 
@@ -386,7 +400,7 @@ describe("toConfigurationGroups", () => {
 		expect(
 			groups[1]?.strips.map((strip) => strip.map((tile) => tile.value)),
 		).toEqual([
-			["1d", "1h", "10%", "No limit"],
+			["1d", "1h", "10%", "5%"],
 			["0.5000", "2.0000"],
 		])
 		expect(groups[2]?.strips).toEqual([])
diff --git a/app/src/pages/configuration.ts b/app/src/pages/configuration.ts
index 515e73ec..3771ac6b 100644
--- a/app/src/pages/configuration.ts
+++ b/app/src/pages/configuration.ts
@@ -79,10 +79,12 @@ export const EFFECTS = {
 
 const MAX_NOTICE = 30n * DAY
 const MAX_WIND_DOWN_DELAY = 90n * DAY
+const MIN_SECS = 1n
+const MAX_FRESHNESS = 35n * DAY
+const MIN_BPS = 1
 const MAX_BPS = 10_000
-const MAX_U64 = (1n << 64n) - 1n
 const MAX_I128 = (1n << 127n) - 1n
-const MAX_CEILING = MAX_I128 / 10_000n
+const MAX_CEILING = 1_000_000n * 10n ** BigInt(PRICE_DECIMALS)
 const PERCENT = /^(\d+)(?:\.(\d{1,2}))?\s*%?$/
 
 type Kind<T> = {
@@ -139,20 +141,13 @@ const PRICE: Kind<bigint> = {
 	placeholder: "0.00",
 }
 
-const RISE: Kind<number> = {
+const MOVE: Kind<number> = {
 	parse: parseBps,
 	show: formatPercent,
 	prefill: (bps) => String(bps / 100),
 	placeholder: "10",
 }
 
-const FALL: Kind<number | null> = {
-	parse: orNone(parseBps),
-	show: (bps) => (bps === null ? "No limit" : formatPercent(bps)),
-	prefill: (bps) => (bps === null ? "" : String(bps / 100)),
-	placeholder: "No limit",
-}
-
 type Parsed<T> = { arg: T | undefined; field: ActionField }
 
 function parsed<T>(
@@ -367,8 +362,8 @@ function oracleFields(
 			DURATION,
 		),
 		cooldown_secs: field("cooldown_secs", "cooldown", "Cooldown", DURATION),
-		max_up_bps: field("max_up_bps", "maxRise", "Largest rise", RISE),
-		max_down_bps: field("max_down_bps", "maxFall", "Largest fall", FALL),
+		max_up_bps: field("max_up_bps", "maxRise", "Largest rise", MOVE),
+		max_down_bps: field("max_down_bps", "maxFall", "Largest fall", MOVE),
 		min_answer: field("min_answer", "floor", "Price floor", PRICE),
 		max_answer: field("max_answer", "ceiling", "Price ceiling", PRICE),
 	}
@@ -398,36 +393,40 @@ const configOf = ({
 				max_answer: ceiling.arg,
 			}
 
+const withinBps = (value: number): boolean =>
+	value >= MIN_BPS && value <= MAX_BPS
+
 const oracleBounds = (fields: ParsedConfig): Condition[] => {
+	const freshness = fields.freshness_duration.arg
+	const cooldown = fields.cooldown_secs.arg
 	const floor = fields.min_answer.arg
 	const ceiling = fields.max_answer.arg
+	const bpsRange = `${formatPercent(MIN_BPS)} to ${formatPercent(MAX_BPS)}`
 	return [
 		bound(
-			"Freshness window > 0",
-			fields.freshness_duration.arg,
-			(value) => value > 0n,
-		),
-		bound(
-			"Freshness window ≤ 2^64−1 s",
-			fields.freshness_duration.arg,
-			(value) => value <= MAX_U64,
+			`Freshness window ≥ ${formatDuration(MIN_SECS)}`,
+			freshness,
+			(value) => value >= MIN_SECS,
 		),
 		bound(
-			"Cooldown ≤ 2^64−1 s",
-			fields.cooldown_secs.arg,
-			(value) => value <= MAX_U64,
+			`Freshness window ≤ ${formatDuration(MAX_FRESHNESS)}`,
+			freshness,
+			(value) => value <= MAX_FRESHNESS,
 		),
-		bound("Largest rise > 0", fields.max_up_bps.arg, (value) => value > 0),
 		bound(
-			"Largest rise ≤ 100%",
-			fields.max_up_bps.arg,
-			(value) => value <= MAX_BPS,
-		),
-		bound(
-			"Largest fall ≤ 100%",
-			fields.max_down_bps.arg,
-			(value) => value === null || value <= MAX_BPS,
+			`Cooldown ≥ ${formatDuration(MIN_SECS)}`,
+			cooldown,
+			(value) => value >= MIN_SECS,
 		),
+		{
+			label: "Cooldown ≤ freshness window",
+			met:
+				freshness === undefined || cooldown === undefined
+					? null
+					: cooldown <= freshness,
+		},
+		bound(`Largest rise ${bpsRange}`, fields.max_up_bps.arg, withinBps),
+		bound(`Largest fall ${bpsRange}`, fields.max_down_bps.arg, withinBps),
 		bound("Price floor > 0", floor, (value) => value > 0n),
 		{
 			label: "Price ceiling ≥ floor",
diff --git a/app/src/pages/cycle.test.ts b/app/src/pages/cycle.test.ts
index 1f8a70ff..cc7f5645 100644
--- a/app/src/pages/cycle.test.ts
+++ b/app/src/pages/cycle.test.ts
@@ -78,13 +78,13 @@ const oracle: CycleOracle = {
 	price: price(1n),
 	attestedAt: 1_700_050_000n,
 	expiresAt: 1_700_136_000n,
-	ripcord: false,
+	navPaused: false,
 	recorded: true,
 	limits: {
 		freshness: 86_400n,
 		cooldown: 3_600n,
 		maxUpBps: 500,
-		maxDownBps: null,
+		maxDownBps: 1_000,
 		min: price(1n) / 2n,
 		max: price(2n),
 	},
@@ -167,7 +167,7 @@ describe("toCycleRows", () => {
 		])
 		expect(groups.map((group) => group.rows.map((row) => row.label))).toEqual([
 			["Vault", "Notice period", "Sealed at", "Notice"],
-			["Ripcord"],
+			["NAV paused"],
 			["Committed", "Liquid reserve"],
 			["Activates at", "Delay", "Supply"],
 		])
@@ -258,11 +258,11 @@ describe("toCycleRows", () => {
 	it.each<[string, CycleOracle["state"], string]>([
 		["a valid price", "valid", "Valid"],
 		["a stale price", "stale", "Stale"],
-		["a raised ripcord", "paused", "Paused"],
+		["a paused NAV", "paused", "Paused"],
 	])("notes %s under the share price", (_name, state, expected) => {
 		const groups = toCycleRows(
 			ready({
-				oracle: { ...oracle, state, ripcord: state === "paused" },
+				oracle: { ...oracle, state, navPaused: state === "paused" },
 			}),
 		)
 
@@ -303,15 +303,15 @@ describe("toCycleRows", () => {
 		)
 	})
 
-	it("shows the ripcord, the share price and the oracle limits in app units", () => {
+	it("shows the NAV pause, the share price and the oracle limits in app units", () => {
 		const groups = toCycleRows(ready({}))
 
 		expect(tileOf(groups, "Price", "Share price")?.value).toBe("1.0000")
-		expect(valueOf(groups, "Price", "Ripcord")).toBe("Not raised")
+		expect(valueOf(groups, "Price", "NAV paused")).toBe("Not paused")
 		expect(valueOf(groups, "Price", "Cooldown")).toBe("1h")
 		expect(valueOf(groups, "Price", "Freshness window")).toBe("1d")
 		expect(valueOf(groups, "Price", "Largest rise")).toBe("5%")
-		expect(valueOf(groups, "Price", "Largest fall")).toBe("No limit")
+		expect(valueOf(groups, "Price", "Largest fall")).toBe("10%")
 		expect(valueOf(groups, "Price", "Price floor")).toBe("0.5000")
 	})
 
@@ -946,9 +946,6 @@ const attestOf = (
 		"attest",
 	)
 
-const withLimits = (limits: Partial<NonNullable<CycleOracle["limits"]>>) =>
-	({ ...oracle, limits: { ...oracle.limits!, ...limits } }) as CycleOracle
-
 describe("toCycleActions, attesting", () => {
 	it("offers the attestation only to the oracle attester, in the Price group", () => {
 		expect(
@@ -1070,47 +1067,27 @@ describe("toCycleActions, attesting", () => {
 		).toBe(false)
 	})
 
-	it("lets any fall through when the oracle sets no largest fall", () => {
-		expect(conditionsOf(attestOf("0.5"))["Within the allowed move"]).toBe(true)
-	})
-
-	it("caps a fall at the largest allowed when the oracle sets one", () => {
-		const limited = { oracle: withLimits({ maxDownBps: 1_000 }) }
-
-		expect(
-			conditionsOf(attestOf("0.9", limited))["Within the allowed move"],
-		).toBe(true)
+	it("caps a fall at the largest allowed, letting an equal move through", () => {
+		expect(conditionsOf(attestOf("0.9"))["Within the allowed move"]).toBe(true)
 		expect(
-			conditionsOf(attestOf("0.899999999999999999", limited))[
-				"Within the allowed move"
-			],
+			conditionsOf(attestOf("0.899999999999999999"))["Within the allowed move"],
 		).toBe(false)
 	})
 
-	it("shows the ceiling when a rise exceeds the cap and no fall cap exists", () => {
-		const move = attestOf("1.06")?.conditions.find(
-			(condition) => condition.label === "Within the allowed move",
-		)
-
-		expect(move).toEqual({
-			label: "Within the allowed move",
-			met: false,
-			detail: "≤ 1.0500",
-		})
-	})
-
-	it("shows the allowed range when both caps exist and the move exceeds one", () => {
-		const limited = { oracle: withLimits({ maxDownBps: 1_000 }) }
-		const move = attestOf("0.8", limited)?.conditions.find(
-			(condition) => condition.label === "Within the allowed move",
-		)
+	it.each(["1.06", "0.8"])(
+		"shows the allowed range when %s exceeds a cap",
+		(input) => {
+			const move = attestOf(input)?.conditions.find(
+				(condition) => condition.label === "Within the allowed move",
+			)
 
-		expect(move).toEqual({
-			label: "Within the allowed move",
-			met: false,
-			detail: "0.9000 – 1.0500",
-		})
-	})
+			expect(move).toEqual({
+				label: "Within the allowed move",
+				met: false,
+				detail: "0.9000 – 1.0500",
+			})
+		},
+	)
 
 	it("skips the cooldown and the move cap for the first attestation", () => {
 		const attest = attestOf("1.9", {
@@ -1131,13 +1108,13 @@ describe("toCycleActions, attesting", () => {
 		expect(attest?.enabled).toBe(true)
 	})
 
-	it("skips the cooldown and the move cap with the ripcord raised and no stored record", () => {
+	it("skips the cooldown and the move cap with the NAV paused and no stored record", () => {
 		const attest = attestOf("1.9", {
 			ledgerTime: oracle.attestedAt! - 1n,
 			oracle: {
 				...oracle,
 				state: "paused",
-				ripcord: true,
+				navPaused: true,
 				recorded: false,
 				price: null,
 				attestedAt: null,
@@ -1185,12 +1162,12 @@ describe("toCycleActions, attesting", () => {
 		expect(attest?.enabled).toBe(false)
 	})
 
-	it("notes a raised ripcord without making it a condition", () => {
+	it("notes a paused NAV without making it a condition", () => {
 		const attest = attestOf("1.04", {
-			oracle: { ...oracle, state: "paused", ripcord: true },
+			oracle: { ...oracle, state: "paused", navPaused: true },
 		})
 
-		expect(attest?.note).toBe("Ripcord raised — attesting does not lift it.")
+		expect(attest?.note).toBe("NAV paused — attesting does not unpause it.")
 		expect(Object.keys(conditionsOf(attest))).toHaveLength(3)
 		expect(attest?.enabled).toBe(true)
 	})
diff --git a/app/src/pages/cycle.ts b/app/src/pages/cycle.ts
index 6c6c1c2a..2da96102 100644
--- a/app/src/pages/cycle.ts
+++ b/app/src/pages/cycle.ts
@@ -67,7 +67,7 @@ const GROUP_LAYOUT: {
 	{
 		title: "Price",
 		tiles: ["Share price", "Attested", "Valid until"],
-		rows: ["Ripcord"],
+		rows: ["NAV paused"],
 		limits: [
 			"Freshness window",
 			"Cooldown",
@@ -250,13 +250,7 @@ export const oracleLimitRows = (limits: OracleLimits | null): FigureRow[] => [
 	row("Freshness window", limits && formatDuration(limits.freshness)),
 	row("Cooldown", limits && formatDuration(limits.cooldown)),
 	row("Largest rise", limits && formatPercent(limits.maxUpBps)),
-	row(
-		"Largest fall",
-		limits &&
-			(limits.maxDownBps === null
-				? "No limit"
-				: formatPercent(limits.maxDownBps)),
-	),
+	row("Largest fall", limits && formatPercent(limits.maxDownBps)),
 	row("Price floor", limits && formatPriceValue(limits.min)),
 	row("Price ceiling", limits && formatPriceValue(limits.max)),
 ]
@@ -281,12 +275,12 @@ function priceGroup(oracle: CycleOracle): CycleGroup {
 		],
 		rows: [
 			row(
-				"Ripcord",
-				oracle.ripcord === null
+				"NAV paused",
+				oracle.navPaused === null
 					? null
-					: oracle.ripcord
-						? "Raised"
-						: "Not raised",
+					: oracle.navPaused
+						? "Paused"
+						: "Not paused",
 			),
 		],
 		limits: oracleLimitRows(limits),
@@ -528,17 +522,14 @@ const withinAllowedMove = (
 	if (oracle.recorded === false) return { label, met: true }
 	if (limits === null || previous === null) return { label, met: false }
 	const ceiling = previous + capped(previous, limits.maxUpBps)
-	const floor =
-		limits.maxDownBps === null
-			? null
-			: previous - capped(previous, limits.maxDownBps)
-	const met = price <= ceiling && (floor === null || price >= floor)
+	const floor = previous - capped(previous, limits.maxDownBps)
+	const met = price >= floor && price <= ceiling
 	if (met) return { label, met }
 	const top = formatPriceValue(ceiling)
 	return {
 		label,
 		met,
-		detail: floor === null ? `≤ ${top}` : `${formatPriceValue(floor)} – ${top}`,
+		detail: `${formatPriceValue(floor)} – ${top}`,
 	}
 }
 
@@ -564,8 +555,8 @@ function toAttestAction(
 			price === null || freshness === null
 				? null
 				: `Records ${formatSignedPrice(price)} as the share price, valid for ${formatDuration(freshness)}.`,
-		...(oracle.ripcord === true
-			? { note: "Ripcord raised — attesting does not lift it." }
+		...(oracle.navPaused === true
+			? { note: "NAV paused — attesting does not unpause it." }
 			: {}),
 		field: {
 			label: "Share price",
diff --git a/app/src/pages/emergency.test.ts b/app/src/pages/emergency.test.ts
index 96708e99..795b97e1 100644
--- a/app/src/pages/emergency.test.ts
+++ b/app/src/pages/emergency.test.ts
@@ -84,8 +84,8 @@ describe("toEmergencyActions", () => {
 		expect(ids(calm, everyRole)).toEqual([
 			"pause-vault",
 			"unpause-vault",
-			"raise-ripcord",
-			"lower-ripcord",
+			"pause-nav",
+			"unpause-nav",
 			"clear-latest",
 			"pause-token",
 			"unpause-token",
@@ -95,32 +95,32 @@ describe("toEmergencyActions", () => {
 	it.each<[string, string[]]>([
 		["vault guardian", ["pause-vault"]],
 		["vault governance", ["unpause-vault"]],
-		["oracle guardian", ["raise-ripcord"]],
-		["oracle admin", ["raise-ripcord", "lower-ripcord", "clear-latest"]],
+		["oracle guardian", ["pause-nav"]],
+		["oracle admin", ["pause-nav", "unpause-nav", "clear-latest"]],
 		["share-token admin", ["pause-token", "unpause-token"]],
 	])("offers %s only what its guard permits", (role, expected) => {
 		expect(ids(calm, [grantOf(role)])).toEqual(expected)
 	})
 
-	it("raises through raise_ripcord for the oracle guardian and set_ripcord for the oracle admin", () => {
+	it("pauses through pause_nav for the oracle guardian and set_nav_paused for the oracle admin", () => {
 		expect(
-			actionOf(calm, [grantOf("oracle guardian")], "raise-ripcord"),
+			actionOf(calm, [grantOf("oracle guardian")], "pause-nav"),
 		).toMatchObject({ viaAdmin: false })
 		expect(
-			actionOf(calm, [grantOf("oracle admin")], "raise-ripcord"),
+			actionOf(calm, [grantOf("oracle admin")], "pause-nav"),
 		).toMatchObject({ viaAdmin: true })
-		expect(actionOf(calm, everyRole, "raise-ripcord")).toMatchObject({
+		expect(actionOf(calm, everyRole, "pause-nav")).toMatchObject({
 			viaAdmin: false,
 		})
 	})
 
-	it("raises through the oracle admin when the guardian grant needs more signatures", () => {
+	it("pauses through the oracle admin when the guardian grant needs more signatures", () => {
 		const grants = [
 			grantOf("oracle guardian", { standing: { needs: 2 } }),
 			grantOf("oracle admin"),
 		]
 
-		expect(actionOf(calm, grants, "raise-ripcord")).toMatchObject({
+		expect(actionOf(calm, grants, "pause-nav")).toMatchObject({
 			viaAdmin: true,
 			enabled: true,
 		})
@@ -134,13 +134,13 @@ describe("toEmergencyActions", () => {
 
 		expect(enabled).toEqual([
 			"pause-vault",
-			"raise-ripcord",
-			"lower-ripcord",
+			"pause-nav",
+			"unpause-nav",
 			"pause-token",
 		])
 	})
 
-	it("enables unpausing, lowering and clearing once everything is paused", () => {
+	it("enables unpausing the vault, unpausing the NAV and clearing once everything is paused", () => {
 		const actions = toEmergencyActions(alarmed, everyRole, wallet)
 		const enabled = actions
 			.filter((action) => action.enabled)
@@ -148,8 +148,8 @@ describe("toEmergencyActions", () => {
 
 		expect(enabled).toEqual([
 			"unpause-vault",
-			"raise-ripcord",
-			"lower-ripcord",
+			"pause-nav",
+			"unpause-nav",
 			"clear-latest",
 			"unpause-token",
 		])
@@ -163,9 +163,9 @@ describe("toEmergencyActions", () => {
 			{ label: "Vault is paused", met: false },
 		])
 		expect(actionOf(calm, everyRole, "clear-latest").conditions).toEqual([
-			{ label: "Ripcord raised", met: false },
+			{ label: "NAV paused", met: false },
 		])
-		expect(actionOf(calm, everyRole, "lower-ripcord").conditions).toEqual([])
+		expect(actionOf(calm, everyRole, "unpause-nav").conditions).toEqual([])
 		expect(actionOf(alarmed, everyRole, "unpause-token").conditions).toEqual([
 			{ label: "Share token is paused", met: true },
 		])
@@ -185,13 +185,13 @@ describe("toEmergencyActions", () => {
 		expect(actions.every((action) => action.enabled)).toBe(true)
 	})
 
-	it("keeps raising the ripcord available once raised, noting it already is", () => {
-		const raise = actionOf(alarmed, everyRole, "raise-ripcord")
+	it("keeps pausing the NAV available once paused, noting it already is", () => {
+		const pause = actionOf(alarmed, everyRole, "pause-nav")
 
-		expect(raise.enabled).toBe(true)
-		expect(raise.conditions).toEqual([])
-		expect(raise.note).toBe("Ripcord already raised.")
-		expect(actionOf(calm, everyRole, "raise-ripcord").note).toBeUndefined()
+		expect(pause.enabled).toBe(true)
+		expect(pause.conditions).toEqual([])
+		expect(pause.note).toBe("NAV already paused.")
+		expect(actionOf(calm, everyRole, "pause-nav").note).toBeUndefined()
 	})
 
 	it("says what each action blocks and what stays open", () => {
@@ -204,8 +204,8 @@ describe("toEmergencyActions", () => {
 		expect(actionOf(alarmed, everyRole, "unpause-token").outcome).toBe(
 			"Resumes holder transfers and returns of escrowed shares.",
 		)
-		expect(actionOf(calm, everyRole, "raise-ripcord").outcome).toBe(
-			"Stops pricing: no epoch can be fulfilled until it is lowered. Attesting stays open.",
+		expect(actionOf(calm, everyRole, "pause-nav").outcome).toBe(
+			"Stops pricing: no epoch can be fulfilled until it is unpaused. Attesting stays open.",
 		)
 	})
 
@@ -220,8 +220,8 @@ describe("toEmergencyActions", () => {
 		expect(tones).toEqual({
 			"pause-vault": "danger",
 			"unpause-vault": undefined,
-			"raise-ripcord": "danger",
-			"lower-ripcord": undefined,
+			"pause-nav": "danger",
+			"unpause-nav": undefined,
 			"clear-latest": "danger",
 			"pause-token": "danger",
 			"unpause-token": undefined,
@@ -252,26 +252,26 @@ describe("toEmergencyTiles", () => {
 		])
 	})
 
-	it("states each contract's current pause and the ripcord", () => {
+	it("states each contract's current pause and the NAV pause", () => {
 		expect(toEmergencyTiles(calm)).toEqual([
 			{ label: "Vault", value: "Open" },
 			{ label: "Share token", value: "Open" },
-			{ label: "Oracle", value: "Valid", note: "Ripcord not raised" },
+			{ label: "Oracle", value: "Valid", note: "NAV not paused" },
 		])
 		expect(toEmergencyTiles(alarmed)).toEqual([
 			{ label: "Vault", value: "Paused" },
 			{ label: "Share token", value: "Paused" },
-			{ label: "Oracle", value: "Paused", note: "Ripcord raised" },
+			{ label: "Oracle", value: "Paused", note: "NAV paused" },
 		])
 	})
 
-	it("shows a stale oracle as stale with the ripcord down, and an unreadable state as unknown", () => {
+	it("shows a stale oracle as stale with the NAV not paused, and an unreadable state as unknown", () => {
 		expect(
 			toEmergencyTiles({ vault: "unreadable", token: "open", oracle: "stale" }),
 		).toEqual([
 			{ label: "Vault", value: null },
 			{ label: "Share token", value: "Open" },
-			{ label: "Oracle", value: "Stale", note: "Ripcord not raised" },
+			{ label: "Oracle", value: "Stale", note: "NAV not paused" },
 		])
 		expect(toEmergencyTiles({ ...calm, oracle: "unreadable" })[2]).toEqual({
 			label: "Oracle",
diff --git a/app/src/pages/emergency.ts b/app/src/pages/emergency.ts
index fa225e43..13cb005a 100644
--- a/app/src/pages/emergency.ts
+++ b/app/src/pages/emergency.ts
@@ -20,13 +20,13 @@ export type EmergencyState = {
 type PlainId =
 	| "pause-vault"
 	| "unpause-vault"
-	| "lower-ripcord"
+	| "unpause-nav"
 	| "clear-latest"
 	| "pause-token"
 	| "unpause-token"
 
 export type EmergencyAction = RailAction &
-	({ id: PlainId } | { id: "raise-ripcord"; viaAdmin: boolean })
+	({ id: PlainId } | { id: "pause-nav"; viaAdmin: boolean })
 
 const PAUSE_LABELS = { open: "Open", paused: "Paused" } as const
 
@@ -48,8 +48,8 @@ const pauseIs = (
 	met: isKnown(state) ? state === wanted : null,
 })
 
-const ripcordRaised = (oracle: OracleStatus): Condition => ({
-	label: "Ripcord raised",
+const navPaused = (oracle: OracleStatus): Condition => ({
+	label: "NAV paused",
 	met: isKnown(oracle) ? oracle === "paused" : null,
 })
 
@@ -75,8 +75,8 @@ const oracleAdminSpecs = (
 	oracle: OracleStatus,
 ): [Spec<PlainId>, Spec<PlainId>] => [
 	{
-		id: "lower-ripcord",
-		label: "Lower the ripcord",
+		id: "unpause-nav",
+		label: "Unpause the NAV",
 		conditions: [],
 		outcome:
 			"Resumes pricing: epochs can be fulfilled again while the price is valid.",
@@ -84,9 +84,9 @@ const oracleAdminSpecs = (
 	{
 		id: "clear-latest",
 		label: "Clear the latest price",
-		conditions: [ripcordRaised(oracle)],
+		conditions: [navPaused(oracle)],
 		outcome:
-			"Removes the recorded price, so the next attestation is not limited by its distance from the last. Pricing stays stopped until the ripcord is lowered.",
+			"Removes the recorded price, so the next attestation is not limited by its distance from the last. Pricing stays stopped until the NAV is unpaused.",
 		danger: true,
 	},
 ]
@@ -108,7 +108,7 @@ const tokenSpecs = (token: PauseState): [Spec<PlainId>, Spec<PlainId>] => [
 	},
 ]
 
-const raiseGrant = (
+const pauseGrant = (
 	guardian: Grant | undefined,
 	admin: Grant | undefined,
 ): Grant | undefined => {
@@ -117,13 +117,13 @@ const raiseGrant = (
 	return guardian ?? admin
 }
 
-const raiseSpec = (oracle: OracleStatus): Spec<"raise-ripcord"> => ({
-	id: "raise-ripcord",
-	label: "Raise the ripcord",
+const pauseSpec = (oracle: OracleStatus): Spec<"pause-nav"> => ({
+	id: "pause-nav",
+	label: "Pause the NAV",
 	conditions: [],
 	outcome:
-		"Stops pricing: no epoch can be fulfilled until it is lowered. Attesting stays open.",
-	...(oracle === "paused" ? { note: "Ripcord already raised." } : {}),
+		"Stops pricing: no epoch can be fulfilled until it is unpaused. Attesting stays open.",
+	...(oracle === "paused" ? { note: "NAV already paused." } : {}),
 	danger: true,
 })
 
@@ -135,24 +135,24 @@ export function toEmergencyActions(
 	if (grants.length === 0) return []
 	const held = (role: string) => grantFor(grants, role, wallet)
 	const [pauseVault, unpauseVault] = vaultSpecs(state.vault)
-	const [lower, clear] = oracleAdminSpecs(state.oracle)
+	const [unpause, clear] = oracleAdminSpecs(state.oracle)
 	const [pauseToken, unpauseToken] = tokenSpecs(state.token)
 	const oracleAdmin = held(ROLES.oracleAdmin)
 	const tokenAdmin = held(ROLES.tokenAdmin)
-	const raiser = raiseGrant(held(ROLES.oracleGuardian), oracleAdmin)
+	const pauser = pauseGrant(held(ROLES.oracleGuardian), oracleAdmin)
 
 	const actions: EmergencyAction[] = []
 	const guardian = held(ROLES.vaultGuardian)
 	if (guardian !== undefined) actions.push(toAction(pauseVault, guardian))
 	const governance = held(ROLES.governance)
 	if (governance !== undefined) actions.push(toAction(unpauseVault, governance))
-	if (raiser !== undefined)
+	if (pauser !== undefined)
 		actions.push({
-			...toAction(raiseSpec(state.oracle), raiser),
-			viaAdmin: raiser.role === ROLES.oracleAdmin,
+			...toAction(pauseSpec(state.oracle), pauser),
+			viaAdmin: pauser.role === ROLES.oracleAdmin,
 		})
 	if (oracleAdmin !== undefined)
-		actions.push(toAction(lower, oracleAdmin), toAction(clear, oracleAdmin))
+		actions.push(toAction(unpause, oracleAdmin), toAction(clear, oracleAdmin))
 	if (tokenAdmin !== undefined)
 		actions.push(
 			toAction(pauseToken, tokenAdmin),
@@ -173,7 +173,7 @@ const oracleTile = (oracle: OracleStatus): Metric => {
 	return {
 		label,
 		value: ORACLE_LABELS[oracle],
-		note: oracle === "paused" ? "Ripcord raised" : "Ripcord not raised",
+		note: oracle === "paused" ? "NAV paused" : "NAV not paused",
 	}
 }
 
diff --git a/app/src/pages/sign.test.ts b/app/src/pages/sign.test.ts
index 4eb9915f..761c62f8 100644
--- a/app/src/pages/sign.test.ts
+++ b/app/src/pages/sign.test.ts
@@ -96,19 +96,55 @@ describe("describePending", () => {
 		})
 	})
 
-	it("maps the ripcord flag to raise or lower", () => {
-		const raise = describePending(
-			pending(addresses.oracle, "set_ripcord", [true, account]),
+	it("maps the paused flag to pause or unpause", () => {
+		const pause = describePending(
+			pending(addresses.oracle, "set_nav_paused", [true, account]),
 			addresses,
 		)
-		const lower = describePending(
-			pending(addresses.oracle, "set_ripcord", [false, account]),
+		const unpause = describePending(
+			pending(addresses.oracle, "set_nav_paused", [false, account]),
 			addresses,
 		)
 
-		expect(raise.action).toBe("raise-ripcord")
-		expect(lower.action).toBe("lower-ripcord")
-		expect(lower.label).toBe("Lower the ripcord")
+		expect(pause.action).toBe("pause-nav")
+		expect(pause.label).toBe("Pause the NAV")
+		expect(unpause.action).toBe("unpause-nav")
+		expect(unpause.label).toBe("Unpause the NAV")
+	})
+
+	it("describes the guardian's pause_nav as pausing the NAV", () => {
+		expect(
+			describePending(
+				pending(addresses.oracle, "pause_nav", [account]),
+				addresses,
+			),
+		).toMatchObject({ action: "pause-nav", label: "Pause the NAV", args: [] })
+	})
+
+	it("shows every oracle limit of set_config, the largest fall as a percent", () => {
+		const { args } = describePending(
+			pending(addresses.oracle, "set_config", [
+				{
+					freshness_duration: 86_400n,
+					cooldown_secs: 3_600n,
+					max_up_bps: 500,
+					max_down_bps: 250,
+					min_answer: 500_000_000_000_000_000n,
+					max_answer: 2_000_000_000_000_000_000n,
+				},
+				account,
+			]),
+			addresses,
+		)
+
+		expect(args).toEqual([
+			{ label: "Freshness window", value: "1d" },
+			{ label: "Cooldown", value: "1h" },
+			{ label: "Largest rise", value: "5%" },
+			{ label: "Largest fall", value: "2.5%" },
+			{ label: "Price floor", value: "0.50" },
+			{ label: "Price ceiling", value: "2.00" },
+		])
 	})
 
 	it("formats an attestation price and expiry", () => {
diff --git a/app/src/pages/sign.ts b/app/src/pages/sign.ts
index 29e31904..5c5e1210 100644
--- a/app/src/pages/sign.ts
+++ b/app/src/pages/sign.ts
@@ -182,22 +182,16 @@ const oracleLimits = (config: Record<string, unknown>): SignArg[] => [
 	duration("Freshness window", config.freshness_duration),
 	duration("Cooldown", config.cooldown_secs),
 	{ label: "Largest rise", value: formatPercent(count(config.max_up_bps)) },
-	{
-		label: "Largest fall",
-		value:
-			config.max_down_bps === null
-				? "No limit"
-				: formatPercent(count(config.max_down_bps)),
-	},
+	{ label: "Largest fall", value: formatPercent(count(config.max_down_bps)) },
 	price("Price floor", config.min_answer),
 	price("Price ceiling", config.max_answer),
 ]
 
 const ORACLE: Record<string, Decoder> = {
 	...governed("oracle"),
-	raise_ripcord: only("raise-ripcord"),
-	set_ripcord: ([paused]) => ({
-		action: flag(paused) ? "raise-ripcord" : "lower-ripcord",
+	pause_nav: only("pause-nav"),
+	set_nav_paused: ([paused]) => ({
+		action: flag(paused) ? "pause-nav" : "unpause-nav",
 		args: [],
 	}),
 	clear_latest: only("clear-latest"),
@@ -445,8 +439,8 @@ type ModalHandlers = { onClose: () => void; onRetry: () => void }
 const EMERGENCY_ACTIONS: ReadonlySet<string> = new Set<EmergencyModalAction>([
 	"pause-vault",
 	"unpause-vault",
-	"raise-ripcord",
-	"lower-ripcord",
+	"pause-nav",
+	"unpause-nav",
 	"clear-latest",
 	"pause-token",
 	"unpause-token",