Glossary Term: Credit Cover Error
The Credit Cover Percentage determined (in the application of paragraph 3) for a Trading Party in respect of any Settlement Period was incorrect, and as a result (in relation to that or any earlier Settlement Period) a level 1 default notice was given to them.
BSC defined definition
If an Imbalance Party’s Credit Cover Percentage is incorrectly determined and as a result a level 1 default notice was given to the Imbalance Party and/or the Imbalance Party was in Credit Default, the Imbalance Party shall be entitled to be paid compensation (“Credit Cover Error Compensation”) subject to and in accordance with the further provisions of this paragraph 4.