Note: Reimer relates to the licensing on VMs whereas Frank seems to have asked (and Jeff and Jason have answered) w.r.t. physical machines, if my understanding is correct.
And that makes a big difference:
- For a physical license, a processor counts as one for a chip license.
- For a VM license, each core counts as a separate processor, requiring an appropriate number of chip licenses.
As stated, that's my understanding:)