The transistor acts as a closed switch (short circuit). Both junctions are forward-biased, and maximum current flows from the collector to the emitter. A small voltage drop (

Beyond generation, transistors refine the "quality" of pulses:

VCE(sat)cap V sub cap C cap E open paren s a t close paren end-sub ), typically 0.05V to 0.2V, remains across the terminals.