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The converter user guide says the following about OEM licenses:
NOTE You cannot move original equipment manufacturer (OEM) licenses between physical machines. The
license is attached to the server when you purchase it from the OEM and cannot be reassigned. You can only
reassign retail and volume licenses to new physical servers. If you migrate an OEM Windows image, you must
have a Windows Server Enterprise or Datacenter Edition license to run multiple virtual machines.
So, I'm OK because I won't be moving it to another physical server, only using it as a virtual server in case of a disaster situation?
I know I've run into issues before running a OEM version of Windows XP (I think it was XP not windows 7) in a virtual environment. It saw the change in hardware it was running on and that it was no longer on Dell equipment.