EX-10.38
Phoenix Energy One, LLC
JUNIOR LIEN INTERCREDITOR AGREEMENT
Among
PHOENIX ENERGY ONE, LLC,
as Company,
PHOENIX OPERATING LLC,
as the Borrower,
the other Grantors party hereto,
FORTRESS CREDIT CORP.,
as First Lien Collateral Agent,
ODYSSEY TRANSFER AND TRUST COMPANY,
as the Notes Collateral Agent and the Notes Indenture Trustee
dated as of [_], 2026
JUNIOR LIEN INTERCREDITOR AGREEMENT dated as of [_], 2026 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”), PHOENIX ENERGY ONE, LLC, a Delaware limited liability company (the “Company”), PHOENIX OPERATING LLC, a Delaware limited liability company (the “Borrower”), the other Grantors from time to time party hereto, FORTRESS CREDIT CORP., in its capacity as collateral agent for the First Lien Secured Parties under the First Lien Intercreditor Agreement (in such capacity, together with any successor collateral agent and permitted assignees, the “First Lien Collateral Agent”), and ODYSSEY TRANSFER AND TRUST COMPANY, in its capacity as collateral agent for the Notes Secured Parties
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