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This excerpt taken from the RICK 8-K filed May 14, 2008. Earnest
Money . Contemporaneously
with the execution of this Agreement, Purchaser shall deliver to Republic Title
of Texas, Inc., Attention: Mel Morgan, 2626 Howell, 10th Floor,
Dallas, Texas 75204 (the "Title Company"), the
amount of One Hundred Thousand Dollars ($100,000.00) (the "Initial Earnest
Money") in cash or immediately available funds. The Initial
Earnest Money is fully refundable until the later of June 10, 2008 or ten (10)
days after the approval of RCI Entertainment’s application for a sexually
oriented business license by the City of Dallas and the transfer of all other
permits utilized to operate Platinum Club II, (but in no event later than August
31, 2008) after which date it becomes non-refundable but will continue to be
held by the Title Company and shall be credited against the Purchase Price at
Closing.
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