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.
The flow of water is inwards through pores in the outer walls of the sponge and then out through the chimney-like osculum. Differences in water flow at the top of this osculum and the bottom of the sponge also helps with the flow of water.