Yeah, what Johan said. basically, it is like a scope that can be changed. When you query a value from the 3ds Max scene database, you can specify the context, e.g. the time along the timeline at which the parameter should be evaluated.
In the SDK, this can be seen when a Time value is passed - which does not have to be the current time:
void SampleProCtrl::GetValue(TimeValue t, void *ptr, Interval &valid, GetSetMethod method)
from
http://docs.autodesk.com/3DSMAX/15/ENU/3ds-Max-SDK-Programmer-Guide/index.html?url=files/GUID-A39314EC-15B4-4919-BB1B-318FFDC05DD8.htm,topicNumber=d30e4570
Martin
Martin