diff --git a/preserves.md b/preserves.md
index 9d57045..61d46ed 100644
--- a/preserves.md
+++ b/preserves.md
@@ -555,11 +555,10 @@ Applications *SHOULD* prefer the known-length format for encoding
 
 ### Placeholders.
 
-Any given protocol using Preserves may define an interpretation for
-numbered *placeholders* in the binary syntax, mapping each
-*placeholder number* `n` to a specific `Value`. For example, a
-placeholder number may be assigned for a frequently-used `Record`
-label.
+Applications may define an interpretation for numbered *placeholders*
+in the binary syntax, mapping each *placeholder number* `n` to a
+specific `Value`. For example, a placeholder number may be assigned
+for a frequently-used `Record` label.
 
 A `Value` `v` for which placeholder number `n` has been assigned may
 be tersely encoded as