That's great a way to describe it, but from my understanding I would put a caveat to when you say you can only send one letter of intent per cycle. There's no official rule limiting you to only sending one per cycle. It's more that you should only send one letter of intent to one school at a time. However, in the scenario that you get rejected from the school you sent the letter of intent to, you're able to send another one somewhere else as long as it's after your receive rejection from the first school. It's just dishonest and unfair to other applicants to bind yourself to multiple schools at once, but as long as you avoid that scenario you're chilling. Also, someone correct me if that's wrong!