diff --git a/packages/governance/src/contractGovernance/typedParamManager.js b/packages/governance/src/contractGovernance/typedParamManager.js
index cc6f82e732c..ecd80d844f4 100644
--- a/packages/governance/src/contractGovernance/typedParamManager.js
+++ b/packages/governance/src/contractGovernance/typedParamManager.js
@@ -141,6 +141,7 @@ harden(makeParamManagerSync);
  * @param {ZCF<GovernanceTerms<M>>} zcf
  * @param {I} invitations invitation objects, which must come from privateArgs
  * @param {M} paramTypesMap
+ * @param {object} [overrides]
  * @returns {TypedParamManager<M & {[K in keyof I]: 'invitation'}>}
  */
 export const makeParamManagerFromTerms = (
@@ -148,17 +149,23 @@ export const makeParamManagerFromTerms = (
   zcf,
   invitations,
   paramTypesMap,
+  overrides,
 ) => {
+  if (overrides) {
+    console.log('TPM ', { overrides });
+  }
+
   const { governedParams } = zcf.getTerms();
-  /** @type {Array<[Keyword, SyncSpecTuple | AsyncSpecTuple]>} */
+  /** @type {Array<[Keyword, (SyncSpecTuple | AsyncSpecTuple)]>} */
   const makerSpecEntries = Object.entries(paramTypesMap).map(
-    ([paramKey, paramType]) => [
-      paramKey,
-      /** @type {SyncSpecTuple} */ ([
-        paramType,
-        governedParams[paramKey].value,
-      ]),
-    ],
+    ([paramKey, paramType]) => {
+      const value =
+        overrides && overrides[paramKey]
+          ? overrides[paramKey]
+          : governedParams[paramKey].value;
+
+      return [paramKey, /** @type {SyncSpecTuple} */ ([paramType, value])];
+    },
   );
   // Every governed contract has an Electorate param that starts as `initialPoserInvitation` private arg
   for (const [name, invitation] of Object.entries(invitations)) {
diff --git a/packages/governance/test/unitTests/typedParamManager.test.js b/packages/governance/test/unitTests/typedParamManager.test.js
index a4ef53487db..fcc4255bdbb 100644
--- a/packages/governance/test/unitTests/typedParamManager.test.js
+++ b/packages/governance/test/unitTests/typedParamManager.test.js
@@ -361,3 +361,27 @@ test('Unknown', async t => {
   await paramManager.updateParams({ Surprise: ['gift', 'party'] });
   t.deepEqual(paramManager.getSurprise(), ['gift', 'party']);
 });
+
+test('makeParamManagerFromTerms overrides', async t => {
+  const terms = harden({
+    governedParams: {
+      Mmr: { type: 'nat', value: makeRatio(150n, drachmaKit.brand) },
+    },
+  });
+  const issuerKeywordRecord = harden({
+    Ignore: drachmaKit.issuer,
+  });
+  const { zcf } = await setupZCFTest(issuerKeywordRecord, terms);
+
+  const paramManager = await makeParamManagerFromTerms(
+    makeStoredPublisherKit(),
+    // @ts-expect-error missing governance terms
+    zcf,
+    { Electorate: zcf.makeInvitation(() => null, 'mock poser invitation') },
+    {
+      Mmr: 'ratio',
+    },
+    { Mmr: makeRatio(100n, drachmaKit.brand) },
+  );
+  t.deepEqual(paramManager.getMmr().numerator.value, 100n);
+});
diff --git a/packages/inter-protocol/src/proposals/upgrade-vaults.js b/packages/inter-protocol/src/proposals/upgrade-vaults.js
index 7c8547bf2c6..2a92ebd6515 100644
--- a/packages/inter-protocol/src/proposals/upgrade-vaults.js
+++ b/packages/inter-protocol/src/proposals/upgrade-vaults.js
@@ -85,6 +85,32 @@ export const upgradeVaults = async (powers, { options }) => {
     }
   }
 
+  const readCurrentDirectorParams = async () => {
+    const { publicFacet: directorPF } = kit;
+
+    await null;
+
+    const subscription = E(directorPF).getElectorateSubscription();
+    const notifier = makeNotifierFromAsyncIterable(subscription);
+    let { value, updateCount } = await notifier.getUpdateSince(0n);
+    // @ts-expect-error It's an amount.
+    while (AmountMath.isEmpty(value.current.MinInitialDebt.value)) {
+      ({ value, updateCount } = await notifier.getUpdateSince(updateCount));
+      trace(
+        `minInitialDebt was empty, retried`,
+        value.current.MinInitialDebt.value,
+      );
+    }
+
+    return harden({
+      MinInitialDebt: value.current.MinInitialDebt.value,
+      ReferencedUI: value.current.ReferencedUI.value,
+      RecordingPeriod: value.current.RecordingPeriod.value,
+      ChargingPeriod: value.current.ChargingPeriod.value,
+    });
+  };
+  const directorParamOverrides = await readCurrentDirectorParams();
+
   const readManagerParams = async () => {
     const { publicFacet: directorPF } = kit;
 
@@ -99,9 +125,17 @@ export const upgradeVaults = async (powers, { options }) => {
       const notifier = makeNotifierFromAsyncIterable(subscription);
       let { value, updateCount } = await notifier.getUpdateSince(0n);
       // @ts-expect-error It's an amount.
-      while (AmountMath.isEmpty(value.current.DebtLimit.value)) {
+      if (AmountMath.isEmpty(value.current.DebtLimit.value)) {
+        // The parameters might have been empty at start, and the notifier might
+        // give the first state before the current state.
+        trace(`debtLimit was empty, retrying`, value.current.DebtLimit.value);
         ({ value, updateCount } = await notifier.getUpdateSince(updateCount));
-        trace(`debtLimit was empty, retried`, value.current.DebtLimit.value);
+
+        // @ts-expect-error It's an amount.
+        if (AmountMath.isEmpty(value.current.DebtLimit.value)) {
+          trace('debtLimit was empty after retrying');
+          throw Error('🚨Governed parameters empty after retry, Giving up');
+        }
       }
       trace(kwd, 'params at', updateCount, 'are', value.current);
       params[kwd] = harden({
@@ -138,6 +172,7 @@ export const upgradeVaults = async (powers, { options }) => {
       initialPoserInvitation: poserInvitation,
       initialShortfallInvitation: shortfallInvitation,
       managerParams: managerParamValues,
+      directorParamOverrides,
     });
 
     const upgradeResult = await E(kit.adminFacet).upgradeContract(
diff --git a/packages/inter-protocol/src/vaultFactory/vaultFactory.js b/packages/inter-protocol/src/vaultFactory/vaultFactory.js
index 595fdc84e20..b2d27dca2f6 100644
--- a/packages/inter-protocol/src/vaultFactory/vaultFactory.js
+++ b/packages/inter-protocol/src/vaultFactory/vaultFactory.js
@@ -74,6 +74,7 @@ harden(meta);
  *     string,
  *     import('./params.js').VaultManagerParamOverrides
  *   >;
+ *   directorParamOverrides: [object];
  * }} privateArgs
  * @param {import('@agoric/swingset-liveslots').Baggage} baggage
  */
@@ -86,6 +87,7 @@ export const start = async (zcf, privateArgs, baggage) => {
     storageNode,
     auctioneerInstance,
     managerParams,
+    directorParamOverrides,
   } = privateArgs;
 
   trace('awaiting debtMint');
@@ -117,7 +119,6 @@ export const start = async (zcf, privateArgs, baggage) => {
     marshaller,
   );
   /** a powerful object; can modify the invitation */
-  trace('awaiting makeParamManagerFromTerms');
   const vaultDirectorParamManager = await makeParamManagerFromTerms(
     {
       publisher: governanceSubscriptionKit.publication,
@@ -129,6 +130,7 @@ export const start = async (zcf, privateArgs, baggage) => {
       [SHORTFALL_INVITATION_KEY]: initialShortfallInvitation,
     },
     vaultDirectorParamTypes,
+    directorParamOverrides,
   );
 
   const director = provideDirector(