I'm not actually sure. I think there's a crypted license store with a really long filename (like the one in PMR's rearm thread) and it might be in there. Cert and other stuff is stored in tokens.dat
Yes i think Hazar 's right - when you install a new key, and/or activate it (if it's not SLP key), some licenses are created/modified inside tokens.dat (which is system licenses' store in fact), and they contain encrypted data.