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This video tutorial guides users on extracting a c2v file as the first step in a key update procedure, such as upgrading software between different versions. The process involves sending the extracted file to the software provider, receiving an upgrade file, and installing the new version on the same computer hosting the license. This applies not just to Builder versions but also to other programs like Adapt PTR and ABI. The key steps are extracting the file, upgrading it, and downloading/installing the new version to the computer hosting the license.