The following terms, when used in this division (relating to Use of Asphalt), shall have the following meanings, unless the context clearly indicates otherwise. Additional definitions for terms used in this division are found in §115.10 of this title (relating to Definitions), §101.1 of this title (relating to Definitions), and §3.2 of this title (relating to Definitions).(1) Asphalt emulsion or emulsified asphalt--An emulsion consisting of a continuous and discontinuous phase, composed principally of a semisolid or liquid asphaltic base, water, and an emulsifying agent.(2) Conventional cutback asphalt--Any cutback asphalt which does not meet the definition of an exempt cutback asphalt.(3) Cutback asphalt--Any asphaltic cement which has been liquified by blending with petroleum solvents (diluents).(4) Exempt cutback asphalt--Any cutback asphalt which, when tested in accordance with American Society of Testing Materials Test Method D 402, "Distillation of Cutback Asphalt Products," as published in the 1997 edition of the Annual Book of ASTM Standards, shows the distillate fraction recovered up to 260 degrees Celsius (500 degrees Fahrenheit) to be less than 5.0% by volume of the total distillate recovered up to a temperature of 316 degrees Celsius (680 degrees Fahrenheit).