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.
A sponge is covered with tiny pores, called ostia, which lead internally to a system of canals and eventually out to one or more larger holes, called oscula. Within the canals of the sponge, chambers are lined with specialized cells called choanocytes, or collar cells.