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.
Place the plastic blocks and other non absorbant materials in the water and see what happens. Sponges are made of loose fibers with lots of space between them. The holes between the sponge fibers absorb the water, and so the sponge material swells up with water. This stops the water coming out of the sponge when you lift it out of the water. When you squeeze the sponge you are forcing the water out of the holes in the sponge.