Is this still true with a "no fault" license? I would think it may be, since the license, including the part about being a no fault license, lies on the License Master, so if the IDX node couldn't communicate with it, it would still eventually give up the ghost and prevent you from searching.
For whatever reason, or SD/LM has connectivity issues from time to time, and it will show up in the splunkd.log file. It never lasts more than a few hours, and we do get messages in the web console about it, but up till now it hasn't stopped our searches.
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