Highfield Resources (ASX:HFR) agreed that last remaining lenders under its senior secured project finance facility would exit the facility and the facility was terminated, according to a Thursday Australian bourse filing.

The remaining lenders were ING, HSBC, and Caja Rural de Navarra.

Highfield had requested the deferral or cancellation of certain commitment fees payable under the facility and the termination was "the only viable solution in these circumstances to ensure no more commitment fees are accrued," per the filing.

It also entered into a standstill agreement with EMR Capital GP III. Under the agreement EMR agreed that until the earlier of Oct. 31, or such time as Highfield fails to comply with the certain conditions or commits a further event of default under the terms of certain notes, it will not enforce, take any enforcement action or instruct enforcement of any security interest which the noteholders hold over Highfield as a result of the its failure to redeem its notes on maturity.

Convertible notes issued by Highfield to Potash (Muga) Investment and EMR Capital, in its capacity as general partner of EMR Capital Resources Fund III, as well as others matured in August.