Standby Agreement. An agreement between the issuer of a security and its underwriters stating that the underwriters are responsible for any unsold portion of the issue. That is, the underwriters agree to buy the remainder of a new issue if they are unable to place its entirety with investors.
A sponge has water flow in through the pores. The water contains the food and oxygen the sponge needs. Respiration. A sponge takes in water through its pores and in more advanced forms, with canals that move the water to all throughout the sponge.
Much of the body structure of the sponge is dedicated to moving water through the body so it can filter out food, absorb dissolved oxygen, and eliminate wastes.</p>\n<figure id=\fig-ch15_02_01\ class=\ \><figcaption>Sponges are members of the phylum Porifera, which contains the simplest animals.