Thanks for buying the plug-in. "No iLok" means you don't need a physical ilok dongle (which costs money), but you still need an iLok account as well as the iLok License Manager software. Both are free and the software only takes a few minutes to install. We don't mean to be misleading with this phrasing!
1. Go to Ilok.com to create an account (free)
2. Download and install the iLok License Manager (free)
3. Once we deposit the UltraReverb license to your account, login to the iLok License Manager and activate the license on your computer.