The error message "Licensing issue: System is not licensed." means that CML/device does not have a valid license. This can happen if the device has expired licenses, or if it does not have any licenses at all. The error code 400 means that the request was malformed. This could be because the request was not properly formatted, or because it contained invalid data.
I would cancel the reservation and grab a new one, if this happens again the engineering team at Cisco will need to check if the licensing server is reachable.
Hope this helps.
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