Common use of Definitions Clause in Contracts

Definitions. Wherever used in this Agreement (including the Preamble and Schedules), unless stated otherwise or the context otherwise requires, the terms defined in the Preamble have the respective meanings given to them therein, the terms defined in the Standard Terms and Conditions have the respective meanings given to them therein and the following terms have the following meanings: "Borrower's Authorised Representative" means the Minister of Finance of the Borrower. "Fiscal Year" means the Borrower's fiscal year commencing on 1 January and ending on 31 December of each year. “Project Annual Work Plan” means an annual plan of works on the selected sections of the roads to be financed from the proceeds of the Loan in the forthcoming year, which shall set forth: (i) the road sections to be financed; (ii) the detailed description of the civil works to be undertaken; and (iii) the updated cost estimates for the works to be performed on the selected road sections, which plan shall be in form and substance satisfactory to the Bank and as such plan may be amended from time to time with the prior written consent of the Bank. “Project Implementation Unit” or “PIU” means the project implementation unit referred to in Section 2.03 of the Project Agreement. “Project Steering Committee” means a committee to be established by the Borrower in accordance with Section 3.01(f). “Road Safety Audit” means the audit of the construction designs of each road section to be financed with the proceeds of the Loan, in line with the principles of the EU Road Safety Directive.