FORM OF PROMISSORY NOTE]Promissory Note • December 18th, 2006 • Sparta Commercial Services, Inc. • Finance services
FOR VALUE RECEIVED, Sparta Commercial Services, Inc., a Nevada corporation (“Borrower”), hereby promises to pay to _________________________________ (the “Holder”), without demand, the sum of $___________ on the forty-fifth (45th) calendar day from the date hereof (the “Maturity Date”), together with simple interest at the rate of 10% per annum. Whenever any payment to be made hereunder falls due on a Saturday, Sunday or business holiday in New York, New York, such payment may be made on the next succeeding business day and such extension of time will, in such case, be included in computing interest, if any, in connection with such payment.
