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This only tells how to add the license. I had trouble ASSIGNING the license, after upgrading from 5.5.  We have a small datacenter with 3 hosts and one cluster... so...

Here is how I finally figured it out, thanks to a lucky guess:

From Home, Go to Global Inventory Lists. Then select vCenter Servers. Then select your vCenter server. Then, the Assign License option finally appeared (I could not find this option in the Administration, Licenses page).