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Licenses covering ver 12 and ver 14

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I didn't deal with the purchasing angle on this so I'm not sure on what those details are.  I think we repurchased licenses when we were mostly ver 12.  ver 14 was out so we go that but continuing with ver 12 was still ok.

If I have two SEP licenses, does a ver 14 license cover machines that still have ver 12 on them?  I see one says ver 12.  The other says ver 14.  The times they expire are different.  If all licenses are made ver 14, does that matter if some machines are still on ver 12?

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