; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) a corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by another entity (referred to in this subparagraph as a covered entity ), or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the covered entity, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) a person whose business is operated under a lease or operating agreement by another entity, or person substantially all of whose property is operated under an operating agreement with that other entity; or (D) an entity that operates the business or substantially all of the property of another entity under a lease or operating agreement. (2) Control person The term control person — (A) means a person that directly or indirectly owns, controls, or holds— (i) the power to vote more than 20 percent of any class of voting securities of a covered firm; or (ii) any lesser percentage of any class of voting securities of a covered firm that is sufficient to give the ability to direct the actions of the covered firm; and (B) does not include a person that— (i) holds the voting interests of a covered firm solely— (I) in a fiduciary or agency capacity without sole discretionary power to vote the securities; or (II) to secure a debt, if the person has not exercised the power to vote; or (ii) (I) is a limited partner with respect to a person described in subparagraph (A) that is a partnership; and (II) does not participate in the direction of the management or policy of the covered firm. (3) Corporation The term corporation means— (A) a joint-stock company