Glossary Term: Level 1 Credit Default

At the end of the Level 1 Credit Default Cure Period, if the Credit Cover Percentage (as determined by the ECVAA in relation to each Settlement Period) was greater than 75% in relation to every Settlement Period in the Level 1 Credit Default Cure Period, then subject to an authorisation notice being in force in relation to that Trading Party (or if later, with effect from such notice being given):(a) the Trading Party shall be in “Level 1 Credit Default”; (b) the ECVAA shall (as soon as reasonably practicable following the expiry of the Level 1 Default Cure Period) notify the Trading Party that it is in Level 1 Credit Default and post on the BMRS or the BSC Website a Level 1 Credit Default statement in relation to the Trading Party; has the meaning given to that term in Section M3.2.6;

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