diff --git a/pkg/apis/flowcontrol/bootstrap/default.go b/pkg/apis/flowcontrol/bootstrap/default.go
index 61d5ba3c7..b12f4c274 100644
--- a/pkg/apis/flowcontrol/bootstrap/default.go
+++ b/pkg/apis/flowcontrol/bootstrap/default.go
@@ -95,7 +95,7 @@ var (
 		flowcontrol.PriorityLevelConfigurationSpec{
 			Type: flowcontrol.PriorityLevelEnablementLimited,
 			Limited: &flowcontrol.LimitedPriorityLevelConfiguration{
-				AssuredConcurrencyShares: 5,
+				NominalConcurrencyShares: 5,
 				LimitResponse: flowcontrol.LimitResponse{
 					Type: flowcontrol.LimitResponseTypeReject,
 				},
@@ -167,7 +167,7 @@ var (
 		flowcontrol.PriorityLevelConfigurationSpec{
 			Type: flowcontrol.PriorityLevelEnablementLimited,
 			Limited: &flowcontrol.LimitedPriorityLevelConfiguration{
-				AssuredConcurrencyShares: 30,
+				NominalConcurrencyShares: 30,
 				LimitResponse: flowcontrol.LimitResponse{
 					Type: flowcontrol.LimitResponseTypeQueue,
 					Queuing: &flowcontrol.QueuingConfiguration{
@@ -183,7 +183,7 @@ var (
 		flowcontrol.PriorityLevelConfigurationSpec{
 			Type: flowcontrol.PriorityLevelEnablementLimited,
 			Limited: &flowcontrol.LimitedPriorityLevelConfiguration{
-				AssuredConcurrencyShares: 40,
+				NominalConcurrencyShares: 40,
 				LimitResponse: flowcontrol.LimitResponse{
 					Type: flowcontrol.LimitResponseTypeQueue,
 					Queuing: &flowcontrol.QueuingConfiguration{
@@ -200,7 +200,7 @@ var (
 		flowcontrol.PriorityLevelConfigurationSpec{
 			Type: flowcontrol.PriorityLevelEnablementLimited,
 			Limited: &flowcontrol.LimitedPriorityLevelConfiguration{
-				AssuredConcurrencyShares: 10,
+				NominalConcurrencyShares: 10,
 				LimitResponse: flowcontrol.LimitResponse{
 					Type: flowcontrol.LimitResponseTypeQueue,
 					Queuing: &flowcontrol.QueuingConfiguration{
@@ -217,7 +217,7 @@ var (
 		flowcontrol.PriorityLevelConfigurationSpec{
 			Type: flowcontrol.PriorityLevelEnablementLimited,
 			Limited: &flowcontrol.LimitedPriorityLevelConfiguration{
-				AssuredConcurrencyShares: 40,
+				NominalConcurrencyShares: 40,
 				LimitResponse: flowcontrol.LimitResponse{
 					Type: flowcontrol.LimitResponseTypeQueue,
 					Queuing: &flowcontrol.QueuingConfiguration{
@@ -234,7 +234,7 @@ var (
 		flowcontrol.PriorityLevelConfigurationSpec{
 			Type: flowcontrol.PriorityLevelEnablementLimited,
 			Limited: &flowcontrol.LimitedPriorityLevelConfiguration{
-				AssuredConcurrencyShares: 100,
+				NominalConcurrencyShares: 100,
 				LimitResponse: flowcontrol.LimitResponse{
 					Type: flowcontrol.LimitResponseTypeQueue,
 					Queuing: &flowcontrol.QueuingConfiguration{
@@ -251,7 +251,7 @@ var (
 		flowcontrol.PriorityLevelConfigurationSpec{
 			Type: flowcontrol.PriorityLevelEnablementLimited,
 			Limited: &flowcontrol.LimitedPriorityLevelConfiguration{
-				AssuredConcurrencyShares: 20,
+				NominalConcurrencyShares: 20,
 				LimitResponse: flowcontrol.LimitResponse{
 					Type: flowcontrol.LimitResponseTypeQueue,
 					Queuing: &flowcontrol.QueuingConfiguration{
diff --git a/pkg/server/filters/priority-and-fairness_test.go b/pkg/server/filters/priority-and-fairness_test.go
index 83a4216bb..b6f0818c7 100644
--- a/pkg/server/filters/priority-and-fairness_test.go
+++ b/pkg/server/filters/priority-and-fairness_test.go
@@ -1268,7 +1268,7 @@ func newConfiguration(fsName, plName, user string, concurrency int32, queueLengt
 		Spec: flowcontrol.PriorityLevelConfigurationSpec{
 			Type: flowcontrol.PriorityLevelEnablementLimited,
 			Limited: &flowcontrol.LimitedPriorityLevelConfiguration{
-				AssuredConcurrencyShares: concurrency,
+				NominalConcurrencyShares: concurrency,
 				LimitResponse: flowcontrol.LimitResponse{
 					Type:    responseType,
 					Queuing: qcfg,
diff --git a/pkg/util/flowcontrol/apf_controller.go b/pkg/util/flowcontrol/apf_controller.go
index ffd2b4006..5ce1b9516 100644
--- a/pkg/util/flowcontrol/apf_controller.go
+++ b/pkg/util/flowcontrol/apf_controller.go
@@ -545,7 +545,7 @@ func (meal *cfgMeal) digestNewPLsLocked(newPLs []*flowcontrol.PriorityLevelConfi
 			state.quiescing = false
 		}
 		if state.pl.Spec.Limited != nil {
-			meal.shareSum += float64(state.pl.Spec.Limited.AssuredConcurrencyShares)
+			meal.shareSum += float64(state.pl.Spec.Limited.NominalConcurrencyShares)
 		}
 		meal.haveExemptPL = meal.haveExemptPL || pl.Name == flowcontrol.PriorityLevelConfigurationNameExempt
 		meal.haveCatchAllPL = meal.haveCatchAllPL || pl.Name == flowcontrol.PriorityLevelConfigurationNameCatchAll
@@ -648,7 +648,7 @@ func (meal *cfgMeal) processOldPLsLocked() {
 			// priority level continues to get a concurrency
 			// allocation determined by all the share values in the
 			// regular way.
-			meal.shareSum += float64(plState.pl.Spec.Limited.AssuredConcurrencyShares)
+			meal.shareSum += float64(plState.pl.Spec.Limited.NominalConcurrencyShares)
 		}
 		meal.haveExemptPL = meal.haveExemptPL || plName == flowcontrol.PriorityLevelConfigurationNameExempt
 		meal.haveCatchAllPL = meal.haveCatchAllPL || plName == flowcontrol.PriorityLevelConfigurationNameCatchAll
@@ -669,7 +669,7 @@ func (meal *cfgMeal) finishQueueSetReconfigsLocked() {
 		// The use of math.Ceil here means that the results might sum
 		// to a little more than serverConcurrencyLimit but the
 		// difference will be negligible.
-		concurrencyLimit := int(math.Ceil(float64(meal.cfgCtlr.serverConcurrencyLimit) * float64(plState.pl.Spec.Limited.AssuredConcurrencyShares) / meal.shareSum))
+		concurrencyLimit := int(math.Ceil(float64(meal.cfgCtlr.serverConcurrencyLimit) * float64(plState.pl.Spec.Limited.NominalConcurrencyShares) / meal.shareSum))
 		metrics.UpdateSharedConcurrencyLimit(plName, concurrencyLimit)
 		meal.maxExecutingRequests += concurrencyLimit
 		var waitLimit int
@@ -679,9 +679,9 @@ func (meal *cfgMeal) finishQueueSetReconfigsLocked() {
 		meal.maxWaitingRequests += waitLimit
 
 		if plState.queues == nil {
-			klog.V(5).Infof("Introducing queues for priority level %q: config=%s, concurrencyLimit=%d, quiescing=%v (shares=%v, shareSum=%v)", plName, fcfmt.Fmt(plState.pl.Spec), concurrencyLimit, plState.quiescing, plState.pl.Spec.Limited.AssuredConcurrencyShares, meal.shareSum)
+			klog.V(5).Infof("Introducing queues for priority level %q: config=%s, concurrencyLimit=%d, quiescing=%v (shares=%v, shareSum=%v)", plName, fcfmt.Fmt(plState.pl.Spec), concurrencyLimit, plState.quiescing, plState.pl.Spec.Limited.NominalConcurrencyShares, meal.shareSum)
 		} else {
-			klog.V(5).Infof("Retaining queues for priority level %q: config=%s, concurrencyLimit=%d, quiescing=%v, numPending=%d (shares=%v, shareSum=%v)", plName, fcfmt.Fmt(plState.pl.Spec), concurrencyLimit, plState.quiescing, plState.numPending, plState.pl.Spec.Limited.AssuredConcurrencyShares, meal.shareSum)
+			klog.V(5).Infof("Retaining queues for priority level %q: config=%s, concurrencyLimit=%d, quiescing=%v, numPending=%d (shares=%v, shareSum=%v)", plName, fcfmt.Fmt(plState.pl.Spec), concurrencyLimit, plState.quiescing, plState.numPending, plState.pl.Spec.Limited.NominalConcurrencyShares, meal.shareSum)
 		}
 		plState.queues = plState.qsCompleter.Complete(fq.DispatchingConfig{ConcurrencyLimit: concurrencyLimit})
 	}
@@ -781,7 +781,7 @@ func (meal *cfgMeal) imaginePL(proto *flowcontrol.PriorityLevelConfiguration, re
 		execSeatsObs:  execSeatsObs,
 	}
 	if proto.Spec.Limited != nil {
-		meal.shareSum += float64(proto.Spec.Limited.AssuredConcurrencyShares)
+		meal.shareSum += float64(proto.Spec.Limited.NominalConcurrencyShares)
 	}
 }
 
diff --git a/pkg/util/flowcontrol/controller_test.go b/pkg/util/flowcontrol/controller_test.go
index 7cbfe7e28..a2601e0df 100644
--- a/pkg/util/flowcontrol/controller_test.go
+++ b/pkg/util/flowcontrol/controller_test.go
@@ -363,7 +363,7 @@ func TestAPFControllerWithGracefulShutdown(t *testing.T) {
 		Spec: flowcontrol.PriorityLevelConfigurationSpec{
 			Type: flowcontrol.PriorityLevelEnablementLimited,
 			Limited: &flowcontrol.LimitedPriorityLevelConfiguration{
-				AssuredConcurrencyShares: 10,
+				NominalConcurrencyShares: 10,
 				LimitResponse: flowcontrol.LimitResponse{
 					Type: flowcontrol.LimitResponseTypeReject,
 				},
diff --git a/pkg/util/flowcontrol/format/formatting.go b/pkg/util/flowcontrol/format/formatting.go
index 1425825ad..494442373 100644
--- a/pkg/util/flowcontrol/format/formatting.go
+++ b/pkg/util/flowcontrol/format/formatting.go
@@ -113,7 +113,7 @@ func FmtPriorityLevelConfigurationSpec(plSpec *flowcontrol.PriorityLevelConfigur
 func BufferPriorityLevelConfigurationSpec(buf *bytes.Buffer, plSpec *flowcontrol.PriorityLevelConfigurationSpec) {
 	buf.WriteString(fmt.Sprintf("flowcontrolv1beta3.PriorityLevelConfigurationSpec{Type: %#v", plSpec.Type))
 	if plSpec.Limited != nil {
-		buf.WriteString(fmt.Sprintf(", Limited: &flowcontrol.LimitedPriorityLevelConfiguration{AssuredConcurrencyShares:%d, LimitResponse:flowcontrol.LimitResponse{Type:%#v", plSpec.Limited.AssuredConcurrencyShares, plSpec.Limited.LimitResponse.Type))
+		buf.WriteString(fmt.Sprintf(", Limited: &flowcontrol.LimitedPriorityLevelConfiguration{NominalConcurrencyShares:%d, LimitResponse:flowcontrol.LimitResponse{Type:%#v", plSpec.Limited.NominalConcurrencyShares, plSpec.Limited.LimitResponse.Type))
 		if plSpec.Limited.LimitResponse.Queuing != nil {
 			buf.WriteString(fmt.Sprintf(", Queuing:&%#+v", *plSpec.Limited.LimitResponse.Queuing))
 		}
diff --git a/pkg/util/flowcontrol/gen_test.go b/pkg/util/flowcontrol/gen_test.go
index f6dd29118..d7a221bf4 100644
--- a/pkg/util/flowcontrol/gen_test.go
+++ b/pkg/util/flowcontrol/gen_test.go
@@ -45,7 +45,7 @@ func genPL(rng *rand.Rand, name string) *flowcontrol.PriorityLevelConfiguration
 		Spec: flowcontrol.PriorityLevelConfigurationSpec{
 			Type: flowcontrol.PriorityLevelEnablementLimited,
 			Limited: &flowcontrol.LimitedPriorityLevelConfiguration{
-				AssuredConcurrencyShares: rng.Int31n(100) + 1,
+				NominalConcurrencyShares: rng.Int31n(100) + 1,
 				LimitResponse: flowcontrol.LimitResponse{
 					Type: flowcontrol.LimitResponseTypeReject}}}}
 	if rng.Float32() < 0.95 {