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February 18, 2017 at 10:21 pm #56587
Nothing– really. As long as you are ok with doing the Pro updates manually on your live site.
If you first test out updates in your dev environment (recommended for any plugin , theme, change..) then it is fine to activate it there if you prefer.
Without the license you can’t get automatic updates or notifications of updates to Pro (you can subscribe to the updates forum topic for Pro for a notification). But you can manually update. And the red box will nag you to enter your license key.