If you cancel your Creative Cloud membership, any applications you have downloaded will be deactivated, but not uninstalled from you computer. You will not be able to use them again until you either resubscribe to CC, or purchase a serial number for the individual products.
For example, if you had downloaded Photoshop CS6 from Creative Cloud and then cancelled your CC subscription, Photoshop would remain on your computer but you would not be able to use it. You could then purchase Photoshop under a regular individual license, and reactivate the already-installed application using the serial number linked to the regular license.
I hope this cleared up your question, feel free to follow up on any further confusion.
It doesn't. I have cs5.5. Normally there is an grade discount for version updates. if I use cloud and
Ayer convert to a traditional license, do I have to buy a full license or would an upgrade be available given I owned a traditional license or based on the duration of cloud subscription?
Didn't mention you already had CS5.5.
There is no link between Cloud membership (duration or anything else) and owning/upgrading traditional licenses.
You have the normal upgrade option going from CS5.5 to CS6.
Deactivate the Cloud apps.
Then upgrade as you normally would (paying the upgrade price not the full price) from CS5.5 traditional to CS6 traditional (as if you had never joined the Cloud).
Europe, Middle East and Africa