1. Navigate to C:\ProgramData\Dell\Recovery Manager for Exchange
2. Rename Productlicenses.dlv to Productlicenses.old
3. Close and reopen Recovery Manager for Exchange console
4. It wil now say no license is installed
5. Install the new .asc license file.
Note: You may also have to disable User Account Control (UAC) on the machine running Recovery Manager for Exchange to be able to apply it.