A file that contains information about the amount of data your Splunk software installation or Splunk Cloud environment is entitled to index in a single day. This amount is sometimes referred to as the license entitlement. In Splunk Enterprise, an entitlement can include multiple licenses distributed across a larger deployment of Splunk Enterprise instances.
Splunk Enterprise licenses are available in two types: Enterprise and Free.
Splunk Light and Hunk manage license entitlement differently from Splunk Enterprise, but the concepts are the same.
For more information
In the Splunk Enterprise Installation Manual:
In the Splunk Enterprise Admin Manual:
In the Splunk Light Installation Manual:
In the Hunk User Manual: