Pledged Equity Value definition
Pledged Equity Value means, in respect of any Direct Foreign Subsidiary as of any date, an amount equal to (a) (i)the amount determined by multiplying (A) the Consolidated EBITDA of such Direct Foreign Subsidiary for the period of four consecutive fiscal quarters most recently ended on or prior to such date, by (B) 4, minus (ii) the Foreign Subsidiary Debt in respect of such Direct Foreign Subsidiary as of such date, multiplied by (b) the percentage that (i) the outstanding Equity Interests in such Direct Foreign Subsidiary included in the Eligible Collateral as of such date represents of (ii) the total outstanding Equity Interests in such Direct Foreign Subsidiary.