KB Article: http://support.microsoft.com/kb/187614
If an unlicensed client connects to a Terminal Server for the first time, the Terminal Server issues the client a temporary Terminal Server Client Access License (CAL) token. After the user has logged into the session, the Terminal Server instructs the License Server to mark the issued temporary Terminal Server CAL token as being validated. The next time the client connects, an attempt is made to upgrade the validated temporary Terminal Server CAL token to a full Terminal Server CAL token. If no license tokens are available, the temporary Terminal Server CAL token will continue to function for 90 days. The license is stored in the client's registry.
Thirty-two bit RDP clients store their license under the key HKEY_LOCAL_MACHINESoftwareMicrosoftMSLicensing.