ASRC definition
Examples of ASRC in a sentence
The State and ASRC will each separately administer this lease with respect to its own undivided interests.
If both lessors elect to acquire title to the machinery, equipment, tools, and materials not removed by lessee, they shall share ownership thereof in proportion to the respective State percentage and ASRC percentage in the oil, gas, and associated substances in and under the land on which the machinery, equipment, tools, and materials are situated.
The lessee shall permit the State or its agents, and ASRC or its agents to examine these books and records at all reasonable times.
Likewise, ASRC's approval of a cooperative or unit agreement or of any change in any such agreement shall be effective with respect only to the undivided interests owned by ASRC in the oil, gas, or associated substances in the leased area or part of the leased area included in or affected by that agreement.
The person executing this lease on behalf of the lessee shall be the authorized representative of the lessee for the purposes of administering this lease, The State, ASRC, or the lessee may change the designation of its authorized representative or the address to which notices to that representative are to be sent by a notice given in accordance with Paragraph 25 below.
As more fully provided in subparagraph 4(e) of this lease, either the State or ASRC may from time to time direct or approve in writing suspension of production or other operations under this lease insofar as to the undivided interests in the oil, gas, and associated substances in and under the leased area of the lessor granting the suspension approval.
Upon request, the lessee shall furnish the State and ASRC, or either of them, with copies of and extracts from any such reports and records.
ASRC may condition its approval of any such proposed cooperative or unit agreement in such manner as ASRC deems necessary to protect its interests, including, without limitation, requiring its further consent to any changes in the application for State approval or in the proposed cooperative or unit agreement.
If only one of the State or ASRC directs or approves in writing a suspension of all operations on or production from the leased area, that suspension direction or approval shall be effective with respect only to the undivided interests of that one lessor; it shall not have the effect of suspending the lessee's obligation to the other lessor.
At the time a proposed plan of operations is submitted for review and approval by the State, five copies must also be provided to ASRC solely for its information.