The Admin help has the following:
The Enterprise Vault installation wizard prompts for the location of your ELS license file, and copies the file to the top-level Enterprise Vault folder (typically C:\Program Files\Enterprise Vault).
When the Enterprise Vault Admin service is started, it installs the licenses. During this process, it creates a new folder called Installed Licenses under the Enterprise Vault folder, and moves the license file into the folder. As this folder will contain all the ELS license files successfully installed by the Enterprise Vault Admin service, it provides a useful backup repository for all your Enterprise Vault licenses.
When the Admin service installs a license, it writes a license information report message to the event log.
You can continue Enterprise Vault installation without an ELS license file, but Enterprise Vault will operate in restricted, read-only mode until you obtain and install a new ELS license. So if you place the new license on the root of Enterprise Vault and restart the Admin service it will install it for you. I have done this on my lab box and it worked fine. The new license is now in my Installed License folder.
Cheers,
