EXHIBIT 10.ii.(k)

PROMISSORY DEMAND NOTE

|U.S. $65,000,000.00 | June 26, 1998    
|------------------- | -----------------
|                    | Chicago, Illinois



FOR VALUE RECEIVED, IMC-AGRICO COMPANY ("Borrower") promises to pay to the order of IMC GLOBAL INC. ("IMC") on demand at the principal office of IMC at 2100 Sanders Road, Northbrook, IL 60062-6146, or at such other place as the holder of this Note may from time to time designate in writing, the principal sum of up to U.S. Sixty Five Million and no/100 dollars (U.S. $65,000,000.00) or, if less, the amount advanced by IMC to the Borrower under this Note together with interest on the principal amount of this Note from time to time outstanding at the rates and in the manner specified hereinbelow. All payments on this Note shall be made in lawful money of the United States and in immediately available and freely transferable funds at the place of payment and shall be paid no later than 2:00 p.m. (Chicago time) on the date when due, without set-off or deduction of any kind. The purpose of this loan is to refinance the obligations of the Borrower and its subsidiary, IMC-Agrico Receivables Company, L.L.C. ("Receivables LLC"), under that certain Transfer and Administration Agreement, dated as of June 27, 1997, as amended, between the Borrower, Receivables LLC, and Enterprise Funding Corporation.

IMC shall record on its books or records the principal amount of each advance made, all payments of and interest and the principal balances from time to time outstanding. IMC's books and records and with respect to the principal amount due and the amount of interest payable thereon shall be deemed correct absent manifest error.

Interest shall be computed on the basis of a year of 360 (or 365 or 366, as the case may be) days and actual days elapsed at a per annum rate equal to (i) the LIBOR Rate for the Interest Reset Date next preceding the applicable Interest Payment Date plus(ii) the Applicable Margin, or at such other rate as prescribed by statute. For purposes of this Note:

"Applicable Margin" means the then applicable "Facility Fee Rate" plusthe then applicable "Euro-Dollar Margin", in each case, as defined in that certain Five-Year Credit Agreement, dated as of December 15, 1997, among IMC, the financial institutions parties thereto (collectively, the "Banks"), and Morgan Guaranty Trust Company of New York, as Administrative Agent, Royal Bank of Canada, as Documentation Agent, and The Chase Manhattan Bank and NationsBank, N.A., as Co-Syndication Agents (as the same may be amended, restated, supplemented or modified from time to time, the "Credit Agreement").

"Interest Reset Date" shall mean December 22, 1997, and thereafter the first day of each January, April, July and October, commencing with April 1, 1998.

"LIBOR Rate" shall mean the rate per annum as determined by IMC (rounded upwards, if necessary, to the nearest 1/16th of one percent) based on the rates at which U.S. Dollar deposits for a period closest in approximation to ninety (90) days are displayed on page "LIBOR-USD FIX 3 MONTH" screen of the Bloomburg L.P. service or such other page as may replace the LIBOR- USD FIX 3 MONTH page on that service for the purpose of displaying the London interbank offered rates of major banks as of 11:00 a.m. (London time) two (2) business days prior to the first day of such interest period (it being understood that if at least two (2) such rates appear on such page, the rate of interest will be the arithmetic mean of such displayed rates); provided that in the event no such rate is shown, the LIBOR Rate shall be the rate per annum (rounded upwards, if necessary, to the nearest 1/16th of one percent) based on the rates at which U.S. Dollar deposits for a period closest in approximation to such interest period are displayed on page "LIBOR" of the Reuters Monitor Money Rates Service or such other page as may replace the LIBOR page on that service for the purpose of displaying London interbank offered rates of major banks as of 11:00 a.m. (London time) two (2) Business Days prior to the first day of such interest period (it being understood that if at least two (2) such rates appear on such page, the rate will be the arithmetic mean of such displayed rates); provided further that in the event fewer than two (2) such rates are displayed, or if no such rate is relevant, the rate shall be the arithmetic mean of the rates quoted by major banks in New York City, selected by IMC, at approximately 11:00 am. (New York City time) on the first day of such interest period to leading European banks for U.S. Dollar deposits for a period closely approximating such interest period.

Accrued interest shall be payable quarterly on the last day of December, March, June and September and at majority, commencing with the first of such dates to occur after the date hereof, or as the parties hereto may otherwise agree (each such date, an "Interest Payment Date"). The Borrower shall, on demand, pay interest (calculated on the basis of a 360-day year for the actual number of days elapsed) on any overdue principle and on any other amounts overdue hereunder for each day from the date of payment thereon was due to the date of actual payment, at a rate per annum equal to the lesser of (i) the maximum permissible amount under applicable state and federal usury laws and (ii) 2% above the interest rate applicable to such amounts immediately prior to the date such overdue amount became due.

Should any payment of principal or interest become due and payable on any day other than a business day (business day being any day not a Saturday, Sunday or legal holiday in Chicago, Illinois), the maturity thereof shall be extended to the next succeeding business day and interest shall continue to accrue at the applicable rate until such payment is made. The Borrower hereby expressly waives presentment, demand, protest or notice of any kind with respect to this Note.

The Borrower represents and warrants that the obligation of the Borrower to pay principal, interest and all other sums payable under this Note ranks (and so long as any such obligation remains outstanding hereunder, will continue to rank) at least pari-passu in all respects with all other unsecured and unsubordinated loans, debts, guaranties and other obligations incurred, created, assumed or guaranteed by the Borrower.

The indebtedness evidenced hereby may be prepaid in whole or in part at any time and from time to time without premium or penalty.

The failure of IMCto exercise any of its rights, powers or remedies hereunder in any instance shall not constitute a waiver thereof in that or any other instance and no single or partial exercise by IMC of any right, power or remedy shall preclude other or further exercise thereof or any exercise of any other rights, powers or remedies.

This Note shall be governed and construed inaccordance with the laws of the State of Illinois.

IMC-AGRICO COMPANY 
By: IMC-Agrico MP, Inc., a Delaware corporation, 
its managing general partner

By: /s/ J. Bradford James 
Name: J. Bradford James 
Title: Vice President IMC-Agrico MP, Inc.







Schedule to 
Promissory Demand Note Dated June 26, 1998

IMC-AGRICO COMPANY 
to 
IMC GLOBAL INC.





Date
Amount of 
Loan
Amount of Principal 
Paid
Interest 
Rate
Maturity 
Date
Unpaid 
Principal 
Balance
Initial