<PAGE>
                                                                 Exhibit 10.10



                                 PROMISSORY NOTE
                         (Single Payment-Demand or Time)
                           (Variable Rate of Interest)

$30,000,000.00                                            New York, May 23, 2006

         On May 30, 2009, for value received, the undersigned promises to pay to
ISRAEL DISCOUNT BANK OF NEW YORK (hereinafter called the "Bank") or order, at
its 511 Fifth Avenue Office, New York, NY, the principal amount of THIRTY
MILLION DOLLARS ($30,000,000.00), in the lawful money of the United States (the
"Loan"). The undersigned shall also pay accrued interest on the outstanding
principal amount of the Loan at an interest rate per annum equal at all times
during each Interest Period (as defined below) to 2% above the thirty (30),
sixty (60), ninety (90) or one hundred and eighty (180) LIBOR (as defined below)
(the "Interest Rate"), as selected by any Borrower and such interest shall be
payable as follows: (a) on November 23, 2006; and (b) semi-annually thereafter
on the last day of each Interest Period.

         Interest shall be calculated on the basis of a 360-day year and actual
number of days elapsed. In no event shall the interest rate exceed the maximum
rate permitted by applicable law. Any change in the Interest Rate shall be
effective as of the first day of each Interest Period.

         All payments hereunder shall be payable in immediately available funds
in lawful money of the United States. Any extension of time for the payment of
principal of this Note resulting from the due date falling on a Saturday, Sunday
or legal holiday shall be included in the computation of interest. The
undersigned authorizes the Bank to charge any of the undersigned's accounts for
payments of principal or interest. Any payment of principal or interest payable
hereunder which is not paid when due, shall bear interest from the date due
until paid in full at a rate per annum equal to two percent (2%) above the
interest rate in effect with respect thereto.

         The undersigned may prepay this Note in whole or in part at any time,
upon three (3) days prior written notice to the Bank of such prepayment,
provided that such prepayment is made on the last day of an Interest Period.

         The term "Liabilities" shall include this Note and all other
indebtedness, obligations and liabilities of any kind of the undersigned to the
Bank and also to others to the extent of their participations granted to or
interests therein created or acquired for them by the Bank, now or hereafter
existing, arising directly between the undersigned and the Bank or acquired
outright, conditionally or as collateral security from another by the Bank,
absolute or contingent, joint and/or several, secured or unsecured, due or not
due, contractual or tortious, liquidated or unliquidated, arising by operation
of law or otherwise, or direct or indirect, including liabilities to the Bank of
the undersigned as a member of any partnership, syndicate, association or other
group, and whether incurred by the undersigned as principal, surety, indorser,
guarantor, accommodation party or otherwise.

         As security for this Note and all other Liabilities of the undersigned
to the Bank, the undersigned and any endorser of this Note hereby give(s) the
Bank a continuing lien and/or right of set-off upon any and all deposit balances
now or hereafter maintained with the Bank, any and all securities and other
property of the undersigned and any endorser and the proceeds thereof now or


                                       1

<PAGE>

hereafter coming into the possession or control of the Bank, hereby authorizing
the Bank, upon the occurrence and continuance Event of Default (as defined
below) , without prior notice, to appropriate and apply such deposits or the
proceeds of the sale of such securities or other property to any such
Liabilities, although contingent and although unmatured, it being understood
that the Bank shall be under no obligation to effect any such appropriation and
application.

         The undersigned represents and warrants that: (1) (a) if a partnership
or limited liability company, (i) it is a partnership or limited liability
company duly organized and validly existing under the laws of the state of its
organization and is duly qualified to do business and is in good standing in
every state where the failure to qualify would materially and adversely affect
the financial condition of the undersigned, and (ii) the execution, issuance and
delivery of this Note by the undersigned are within its powers and have been
duly authorized by all necessary action, and this Note is valid, binding and
enforceable in accordance with its terms, and is not in violation of law or of
the terms of the undersigned's partnership agreement or Articles of Organization
(or equivalent publicly filed document) and Operating Agreement and does not
result in the breach of or constitute a default under any indenture, agreement
or undertaking to which the undersigned is a party or by which it or its
property may be bound or affected; or (b) if a corporation, (x) it is a
corporation duly organized and validly existing under the laws of the state of
its incorporation and is duly qualified to do business and is in good standing
in every state where the failure to qualify would materially and adversely
affect the financial condition of the undersigned, and (y) the execution,
issuance and delivery of this Note by the undersigned are within its corporate
powers and have been duly authorized by all necessary corporate action, and this
Note is valid, binding and enforceable in accordance with its terms, and is not
in violation of law or of the terms of the undersigned's Certificate of
Incorporation or By-Laws and does not result in the breach of or constitute a
default under any indenture, agreement or undertaking to which the undersigned
is a party or by which it or its property may be bound or affected; (2) no Event
of Default has occurred and no event has occurred which with the giving of
notice or the lapse of time or both would constitute an Event of Default; and
(3) the undersigned shall not use any part of the proceeds of the Loan to
purchase or carry any margin stock within the meaning of Regulation U of the
Board of Governors of the Federal Reserve System or to extend credit to others
for the purpose of purchasing or carrying any margin stock.

         Upon the occurrence of any of the following specified events of default
(each an "Event of Default"): (l) default by the undersigned in making any
payment of principal when due, (2) default by the undersign in making any
payments of interest, or any other amount payable under this Note within five
days after any such interest, or other amount payable becomes due; or (3) any
guarantor or other person liable upon or for any of the Liabilities or security
(each hereinafter called an "other liable party"), shall die, become insolvent
(however such insolvency may be evidenced), is generally not paying its debts as
such debt becomes due, or make a general assignment for the benefit of
creditors; or (4) default by the undersigned in the due payment of any other
indebtedness for borrowed money in excess of $10,000,000 to a party, including
the Bank or in the observance when due or performance of any covenant or
condition contained in any agreement or instrument evidencing, securing, or
relating to any such indebtedness which in the reasonable opinion of Bank
materially affects the credit worthiness of the undersigned or the undersigned's
ability to repay its indebtedness to the Bank, and continuance of any such
default for a period sufficient to cause the acceleration of the maturity
thereof; or (5) default in the observance or performance of any other agreement
of the undersigned set forth herein and continuance of any such default for
thirty (30) days


                                       2
<PAGE>

after notice thereof to the undersigned; or (6) any material representation or
warranty made by the undersigned or any liable party herein, or in any
certificate furnished by the undersigned or other liable party herein, pursuant
to the provisions hereof, proves untrue in any material respect when made; (7)
the undersigned becomes insolvent or bankrupt, is generally not paying its debts
as they become due, or makes an assignment for the benefit of creditors, or a
trustee or receiver is appointed for the undersigned or for the greater part of
the properties of the undersigned with the consent of the undersigned, or if
appointed without the consent of the undersigned, such Trustee or Receiver is
not discharged within thirty (30) days, or bankruptcy, reorganization,
liquidation or similar proceedings are instituted by or against the undersigned
under the laws of any jurisdiction, and if instituted against the undersigned
are consented to by it or remain undismissed for thirty (30) days, or a writ or
warrant of attachment or similar process shall be issued against a substantial
part of the property of the undersigned and shall not be released or bonded
within thirty (30) days after levy; or (8) the undersigned shall be dissolved or
be a party to any merger or consolidation without the prior written consent of
the Bank; or (9) the undersigned or any other liable party conceals, removes or
permits to be concealed or removed any part of the undersigned's property with
intent to hinder, delay, or defraud any of its creditors; or (10) the making or
suffering by the undersigned or any other liable party of a transfer of any
property, which is fraudulent under the law of any applicable jurisdiction;
THEN, in any such event, and at any time thereafter, unless and to the extent
that the Bank shall otherwise elect, if any Event of Default shall then be
continuing, the principal and the accrued interest in respect of this Note shall
become immediately due and payable, without presentment, demand, protest or
other notice of any kind, all of which are expressly waived by the undersigned.

         As used herein the following terms shall have the following meanings:

         "Bank" shall be deemed to include the Bank, its successors and assigns
and any holder hereof.

         "Business Day" means a day other than a Saturday, Sunday or other day
on which commercial banks in New York City are authorized or required by law to
close and shall also exclude any day on which banks are not open for dealings in
Dollar deposits on the London Interbank Market.

         "Interest Period" means:

         (a) initially, the period commencing on the date the Loan is made and
ending thirty (30), sixty (60), ninety (90) or one hundred and eighty (180) days
thereafter as selected by Borrower; and

         (b) each Interest Period thereafter shall commence on the day
immediately following the expiration of the preceding Interest Period for such
Loan and shall end thirty (30), sixty (60), ninety (90) or one hundred and
eighty (180) days thereafter, as selected by any Borrower, by irrevocable
written notice to the Bank before 12:00 p.m., New York time, not less than two
(2) Business Days prior to the last day of the then current Interest Period.



                                       3
<PAGE>

         (c) provided, however, that all of the foregoing provisions relating to
Interest Periods are subject to the following:

                  (i) if any Interest Period pertaining to the Loan would
                  otherwise end on a day which is not a Business Day, the
                  Interest Period shall be extended to the next succeeding
                  Business Day unless the result of such extension would be to
                  carry such Interest Period into another calendar month, in
                  which event such Interest Period shall end on the immediately
                  preceding Business Day; and

                  (ii) if any Borrower shall fail to give notice as provided in
                  clause (b) above, then the Bank has the option, in its sole
                  discretion, to choose on behalf of the Borrower an Interest
                  Period; and

                  (iii) any Interest Period that begins on the last Business Day
                  of a calendar month (or on a day for which there is no
                  numerically corresponding day in the calendar month at the end
                  of such Interest Period) shall end on the last Business Day of
                  a calendar month.

         "LIBOR" shall mean with respect to the Interest Period pertaining to
the Advance, the rate per annum as quoted on telerate page 3750 at 11:00 a.m.
London time two (2) Business Day prior to the beginning of such Interest Period.

         "Prime Rate" shall mean a fluctuating rate per annum equal to the rate
of interest publicly announced by the Bank at its principal office from time to
time as its Prime Rate. Any change in the Prime Rate shall be effective on the
date such change is announced by the Bank.

         "undersigned" shall mean if this Note is signed by more than one party,
unless otherwise stated herein, shall mean the "undersigned and each of them"
and each undertaking herein contained shall be their joint and several
undertaking. The Bank may proceed against one or more of the undersigned at one
time or from time to time as it elects in its sole and absolute discretion.

         In the event that the Bank shall have reasonably determined (which
determination shall be conclusive and binding upon the undersigned) that, by
reason of circumstances affecting the London Interbank Market, adequate and
reasonable means do not exist for ascertaining LIBOR for any requested Interest
Period beyond the expiration of the then current Interest Period with respect
thereto, the Bank shall forthwith give notice of such determination, confirmed
in writing, to the undersigned. If such notice is given, any outstanding Loan
shall be converted, on the last day of the then current Interest Period with
respect thereto, to a Loan bearing interest based on the Prime Rate (as defined
above). Such notice shall be withdrawn by the Bank when the Bank shall determine
that adequate and reasonable means exist for ascertaining LIBOR.

         Notwithstanding anything to the contrary contained elsewhere in this
Note, if any change after the date hereof in law, rule, regulation, guideline or
order or in the interpretation thereof by any governmental authority charged
with the administration thereof, shall make it unlawful for the Bank to make or
maintain any Loan based upon LIBOR, then, by written notice to the undersigned,
the Bank may require that such Loan be converted to a Loan based on the Prime
Rate, whereupon such Loan shall be automatically converted as of the date of
such notice to the undersigned.


                                       4
<PAGE>

         In the event that any change in applicable law or regulation, or in the
interpretation thereof by any governmental authority charged with the
administration thereof, shall impose on or deem applicable to the Bank any
reserve requirements against this Note or impose upon the Bank any other costs
or assessments, the Bank deems material (the "Additional Costs"), the
undersigned shall pay to the Bank, on demand (which demand shall be in writing
and which will set forth a calculation of such Additional Costs), an amount
sufficient to compensate the Bank for the Additional Cost resulting from the
maintenance or imposition of such reserves, costs or assessments. The
calculation of amount of the Additional Costs shall absent manifest error be
presumed correct.

         THE UNDERSIGNED IN ANY LITIGATION (WHETHER OR NOT ARISING OUT OF OR
RELATING TO THIS NOTE OR ANY OTHER OBLIGATIONS OR LIABILITY OF THE UNDERSIGNED
TO THE BANK) IN WHICH THE BANK AND THE UNDERSIGNED SHALL BE ADVERSE PARTIES,
WAIVES TRIAL BY JURY AND THE RIGHT TO INTERPOSE ANY DEFENSE, SET-OFF OR
COUNTERCLAIM OF ANY NATURE OR DESCRIPTION. THE UNDERSIGNED AGREES TO PAY ON
DEMAND ALL OF THE BANK'S REASONABLE OUT OF POCKET COSTS AND EXPENSES, INCLUDING
REASONABLE COUNSEL FEES, IN CONNECTION WITH COLLECTION OF ANY AMOUNTS DUE TO THE
BANK AND ENFORCEMENT OF ITS RIGHTS UNDER THIS NOTE.

         The undersigned acknowledges that this Note is an instrument for the
payment of money only within the meaning of Section 3213 of the New York Civil
Practice Law & Rules.

         The undersigned agrees that any action, proceeding or claim against it
arising out of, or relating in any way to, this Note may be brought and enforced
in the courts of the State of New York, and hereby irrevocably submits to such
jurisdiction, which jurisdiction shall be non-exclusive. With respect to any
such action, proceeding or claim, the undersigned consents to accept service of
process and any legal summons to be served upon the undersigned and consents
that same may be served by mailing a copy thereof to the undersigned at the last
known address of undersigned appearing on the records of the Bank. Such mailing
shall be deemed personal service and shall be legal and binding upon the
undersigned in any such action or claim.

         No modification or waiver of any provision of this Note and no consent
by the Bank to any departure therefrom by the undersigned shall be effective
unless such modification or waiver shall be in writing and signed by a duly
authorized officer of the Bank, and the same shall then be effective only for
the period and on the conditions and for the specific instances specified in
such writing. No failure or delay by the Bank in exercising any right, power or
privilege hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any rights, power or privilege.

         In the event any one or more of the provisions in this Note should be
invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions contained herein shall not in any way
be affected or impaired thereby.


                                       5
<PAGE>


         This Note and the provisions hereof are to be binding upon the assigns
or successors of the undersigned; and they are to be construed according to and
governed by the laws of the State of New York.

                                    DELEK FINANCE, INC.



                                    By: /s/ Ezra Uzi Yemin
                                        -----------------------------------
                                    Name: Ezra Uzi Yemin
                                    Title: President and Chief Executive Officer



                                    By: /s/ John P. Colling, Jr.
                                        -----------------------------------
                                    Name: John P. Colling, Jr.
                                    Title: Treasurer












                                       6