With the Waves Update Plan, you are allowed to obtain the new version of the same software you have already purchased. In other words, when you buy a version 4 bundle, then buy a version 5 WUP, you will get authorization for version 4 and version 5. Simply updating using the WUP does not erase old authorizations. Please keep in mind that if you have an old version that uses a hard disk authorization, you will first need to transfer this to an iLok authorization prior to using your WUP.