There are several reasons why Adaptive Server cannot check out a license.
If a matching license does not exist, obtain a suitable license from SPDC or SMP, or adjust the Adaptive Server configuration.
If Adaptive Server cannot start because the grace period expired, examine the servername.properties file located in the ASE-15_0/sysam directory under your SYBASE directory for values. These values are stored in two lines that start with PE= and LT=. These lines are present only if the configuration is set.