PMI Defaults

PMI Defaults. Means (i) the Company's failure to comply with certain financial covenants under the terms of the PMI Note Purchase Agreement related to: (a) the Company's debt service coverage ratio and (b) the Company's interest coverage ratio; and (ii) the Existing Covenant Defaults, to the extent that the same are not cured or waived in accordance with Section 7.1(iii) of the PMI Note Purchase Agreement.