Through a process called delivery versus payment, the book-entry
system provides for the electronic, integrated settlement of securities transfers and corresponding funds transfers.
These arrangements involve two types of specialized financial intermediaries, collectively termed clearing organizations: (1) clearinghouses, which perform multilateral netting of purchase and sales contracts and in many cases provide trade comparison services, and (2) depositories, which immobilize or dematerialize securities and in many cases integrate a book-entry
securities transfer system with a money transfer system.
The warrants may be exercised (i) upon delivery of the warrant certificate on or prior to the expiration date to the offices of the Warrant Agent or pursuant to the procedure for book-entry
transfer into the warrant agent's account at The Depositary Trust Company, with the form of "Election to Purchase" on the reverse side of the warrant certificate completed and executed as indicated, or (ii) upon delivery of a completed and duly executed Notice of Guaranteed Delivery on or prior to the expiration date to the offices of the warrant agent, in each case accompanied by payment of the full exercise price (by certified or official bank check payable to the order of the warrant agent) for the number of warrants being exercised.
The additional shares will be delivered in uncertificated book-entry
form by AFGeIUs stock transfer agent after the close of business on December 15, 2006.
Payment of capital debentures held in book-entry
form will be effected at the time of redemption by the Federal Reserve Bank or branch thereof maintaining the book-entry
accounts with respect to such capital debentures.
Moreover, the Federal Reserve handles about half of large-value funds transfers and all book-entry
securities transfers of U.
also handles applications such as Federal Reserve Book-Entry
, compliance, advising, corporate customer payment entry and reporting.
9 million on-line transfers of Treasury book-entry
The Preferred Securities are held only in book-entry
form through The Depository Trust Company (DTC).
Until April 28, book-entry
transfer and administrative changes reflecting trading in these securities were the responsibility of Japan Securities Settlement & Custody, Inc.
The Company anticipates that the additional shares resulting from the split will be issued in book-entry
form on Friday, March 31, 2006.
GSE Systems stock is being issued as uncertificated shares registered in book-entry
form through the direct registration system.