Clicking the Licensing tab in your BackupBuddy settings will take you to your iThemes Licensing page, also found by going to Settings > iThemes Licensing in your dashboard.
This is a list of iThemes products you have already licensed on your site. If you wish to remove the license, check the box for that product and then enter your iThemes username and password.
This is the products you have yet to license on your site. To license them, select the items you'd like to license and then enter your iThemes username and password.
Quick Release Updates - Enabling this feature allows quick releases to be available to the automatic update system. Using this option is only recommended if support has requested that you enable it in order to receive a quick release. You should disable this option at a later time after confirming that the quick release solves the issue for you.