Incremental MFN Carveout definition
Incremental MFN Carveout means, on any date, an aggregate amount equal to (a) the greater of (x) $50,000,000 and (y) 25% of TTM Consolidated EBITDA, minus (b) the aggregate principal amount of Incremental Term Loans, Incremental Equivalent Debt and Permitted Ratio Debt, in each case, to which the Incremental MFN Carveout has previously been applied.