Common use of Returning Licensee Reservation Deposit and Rate Lock eligibility Clause in Contracts

Returning Licensee Reservation Deposit and Rate Lock eligibility. i) A returning Licensee must apply for this License, and provide a Reservation Deposit of $100 when the application is submitted to University. The application and License is not complete until the Reservation Deposit is received and application/License is complete, executed and submitted. Failure to remit correct payment could result in the delayed processing of or loss of Licensee’s Licensed Space. A returning Licensee’s Licensed Space is subject to the prevailing rate and University’s verification of student’s ability to meet eligibility requirements. ii) The Reservation Deposit will be applied to fees after the add/drop date. iii) To be eligible for the “Rate Lock pricing” for this License Period a Returning Licensee must have reserved a space by completing an application during Reservation Days (usually in February of the academic year) during the previous License Period and deposited the Reservation Deposit of $100 at that time with the University through the Licensee’s student portal account. The Rate Lock rates and rules are set forth at xxxxx://xxxxx.xxx/housing/rate-lock. The returning Licensee will lose their guaranteed Rate Lock price for this academic year if he or she failed to reserve a space on campus during the Reservation Days. Failure to renew during Reservation Days could also result in denial of a license. Dining Plan fees for returning Licensees are not included in the Rate Lock pricing and will be provided at the current year pricing.