Common use of REVALUATION EVENT Clause in Contracts

REVALUATION EVENT. Revaluation Event" shall mean any of the following occurrences: (a) the contribution of money or other property (other than a DE MINIMIS amount) by a new or existing Member to the capital of Palace as consideration for the issuance of an Interest and/or increase in Percentage Interest; (b) the distribution of money or other property (other than a DE MINIMIS amount) by Palace to a retiring or continuing Member as consideration for an Interest and/or decrease in Percentage Interest; or the termination of Palace for federal income tax purposes under section 70(b)(1)(B) of the Code.