A level bust, also known as an altitude deviation, occurs when an aircraft fails to fly at the level for which it has been cleared. A level bust is defined by EUROCONTROL [1] as: "Any unauthorised vertical deviation of more than 300 feet from an ATC flight clearance."
This may take one of three different forms:
Source: [2]
Level bust awareness e-learning toolkit Archived 2010-02-26 at the Wayback Machine