Undeveloped Parcels. Parcels owned by Vistana or its Affiliates that have not been developed as of the Effective Date are listed on Exhibit B-2 (“Undeveloped Parcels”). Starwood hereby approves the Undeveloped Parcels and the Transferred Lodging Properties as sites for Licensed Vacation Ownership Properties; provided, however, that any New Properties developed on any such Undeveloped Parcel or at any such Transferred Lodging Property must be developed and operated in accordance with the terms and conditions of this Agreement, including, without limitation, Section 5.2 and the Standards and Policies related to construction and design for New Properties.
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Samples: License, Services, and Development Agreement (Starwood Hotel & Resorts Worldwide, Inc), Matters Agreement (Starwood Hotel & Resorts Worldwide, Inc), Services and Development Agreement (Vistana Signature Experiences, Inc.)
