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Licensing Server 2012r2 using a XenCenter VM

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We are thinking of using a XenCenter has our Hyper-Visor and wanting to use Server 2012r2.

How does the Licensing work and how many VM's can I technically create?

I know 2012r2 comes with a Key for the OS for the host and key for 2 vm's. Since I will be using XenCenter does that mean I can use all the licenses and create 3 VM's?


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