Per Certificate Entitlement definition
Per Certificate Entitlement means the per Certificate entitlement to the underlying Precious Metal specified in the Final Terms (the "Initial Per Certificate Entitlement") which is thereafter reduced by the Reduction Percentage.
Per Certificate Entitlement means (i) in respect of each Series of Certificates that are not Currency Hedged Certificates, the Initial Per Certificate Entitlement specified in the Final Terms to the Underlying Precious Metal which is thereafter reduced by the Reduction Percentage and (ii) in respect of each Series of Currency Hedged Certificates on a Business Day, (a) the Per Certificate Entitlement in respect of the immediately preceding Business Day (or, where there is no such prior Per Certificate Entitlement, the Initial Per Certificate Entitlement specified in the Final Terms to the Underlying Precious Metal), plus (b) (x) the FX Gain/Loss Per Certificate for that Business Day divided by (y) the Metal Reference Price for that Business Day plus, where the FX Gain/Loss Per Certificate for that Business Day is positive, the Metal Transaction Cost for that Business Day and, where the FX Gain/Loss Per Certificate for that Business Day is negative, minus the Metal Transaction Cost for that Business Day, and (c) which is thereafter reduced by the Reduction Percentage;