Regulated Subsidiary

Regulated Subsidiary. Shall mean any Subsidiary for which federal, state, provincial, local or other governmental approval would be required for such Subsidiary to grant a security interest in its assets, issue any evidence of indebtedness or assume any obligation or liability as guarantor with respect to any obligation or liability of any other Person.

Regulated Subsidiary. Means any Subsidiary registered or regulated as a broker or dealer with or by the SEC, FINRA, FSA, CFTC or any other applicable governmental authority, whether domestic or foreign.