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.
To understand how frost forms, imagine a sponge in a bowl of water. Held under for a long enough time, the sponge traps water in its web-like structure until it is saturated. When you take the sponge out of the water and squeeze, the volume of the sponge decreases, and water is released.