From the
License Agreement:
Quote:
Subject to the terms and conditions of this Agreement, vBulletin Solutions grants to you a limited, non-exclusive, worldwide license to install, download and use a single instance of the Software on a single website server ("License") through a single installation. Each License may run one instance of the Software on one domain. Any modification of the Software intended to circumvent the foregoing is prohibited and will result in revocation of the License.
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This means that you are not allowed to use the software to create multiple boards using a single license, regardless of the URL.