If you have downloaded and installed MG-Picker Studio for evaluation purposes, in the installation folder, you can check out MGPicker_Program/Terms/EULA_English.txt for EULA.
http://mgland.com/qa/en/?qa=20/where-to-find-the-eula-file Here is how node-locked and floating license work (Applies to both MGTools and MG-Picker Studio):
http://mgland.com/qa/en/?qa=7/how-node-locked-license-works
http://mgland.com/qa/en/?qa=9/how-the-floating-license-works