BTE Adjusted Assets definition
BTE Adjusted Assets means, with respect to BTE as of the last day of any fiscal quarter, the sum of (a) the net book value of the property, plant and equipment of BTE (giving effect to all depreciation and to obsolescence and other applicable reserves or write-offs and all impairment charges taken by Level 3 or any Subsidiary attributable to assets of BTE, regardless of whether reflected on the books of BTE) plus (b) the aggregate amount of BTE's balances of cash and marketable securities in the form of Permitted Investments, in each case to the extent that such net book value (as so reduced) or balances would be reflected on the balance sheet of BTE that would be used in the preparation of a combined balance sheet of Level 3 and the Subsidiaries as of such date in accordance with GAAP.