diff --git a/protocol/0095-HVMR-high_volume_maker_rebate.md b/protocol/0095-HVMR-high_volume_maker_rebate.md
index 71e2703b1..cdd68ef8d 100644
--- a/protocol/0095-HVMR-high_volume_maker_rebate.md
+++ b/protocol/0095-HVMR-high_volume_maker_rebate.md
@@ -127,5 +127,5 @@ Any APIs which report a party's rebate factor should adhere to this cap and retu
 1. If the `buyback_fee_factor` and `treasury_fee_factor` are both increased through a batch proposal in the middle of an epoch such that a party's `additional_rebate_factor` is greater than (`buyback_fee_factor` + `treasury_fee_factor`), their `effective_additional_rebate_factor` should be set to the new maximum (`buyback_fee_factor` + `treasury_fee_factor`). (<a name="0095-HVMR-032" href="#0095-HVMR-032">0095-HVMR-032</a>).
 
 1. If the `buyback_fee_factor` is reduced through a proposal in the middle of an epoch such that a party's `additional_rebate_factor` is less than (`buyback_fee_factor` + `treasury_fee_factor`), their `effective_additional_rebate_factor` should be set to their current `additional_rebate_factor`. (<a name="0095-HVMR-033" href="#0095-HVMR-033">0095-HVMR-033</a>).
-1. If the `treasury_fee_factor` is reduced through a proposal in the middle of an epoch such that a party's `additional_rebate_factor` is greater than (`buyback_fee_factor` + `treasury_fee_factor`), their `effective_additional_rebate_factor` should be set to their current `additional_rebate_factor`. (<a name="0095-HVMR-034" href="#0095-HVMR-034">0095-HVMR-034</a>).
-1. If the `buyback_fee_factor` and `treasury_fee_factor` are both reduced through a batch proposal in the middle of an epoch such that a party's current `additional_rebate_factor` is greater than (`buyback_fee_factor` + `treasury_fee_factor`), their `effective_additional_rebate_factor` should be set to their current `additional_rebate_factor`. (<a name="0095-HVMR-035" href="#0095-HVMR-035">0095-HVMR-035</a>).
+1. If the `treasury_fee_factor` is reduced through a proposal in the middle of an epoch such that a party's `additional_rebate_factor` is less than (`buyback_fee_factor` + `treasury_fee_factor`), their `effective_additional_rebate_factor` should be set to their current `additional_rebate_factor`. (<a name="0095-HVMR-034" href="#0095-HVMR-034">0095-HVMR-034</a>).
+1. If the `buyback_fee_factor` and `treasury_fee_factor` are both reduced through a batch proposal in the middle of an epoch such that a party's current `additional_rebate_factor` is less than (`buyback_fee_factor` + `treasury_fee_factor`), their `effective_additional_rebate_factor` should be set to their current `additional_rebate_factor`. (<a name="0095-HVMR-035" href="#0095-HVMR-035">0095-HVMR-035</a>).