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The color that matches that of Kermits skin tone
(Main color of the "Kermitism" Government) - Found also on Urban Dictionary
Comrade, I like your shirt, its like kermit green colored
A really ugly and tasteless shade of green.
or
A term that is used to define something (mostly a choice of color or decor) as gross and overwhelming.
Elmo: Oh wow, look at that fancy car! I want one of those in Kermit the Frog Green!
Ezruh: Elmo, you have no taste. Everything looks hideous in Kermit the Frog Green, anyone with a brain in their skull could understand that.
Elmo: Oh be quiet.