2.5 Variable References and #%top
id  | 
Refers to a module-level or local binding, when id is not bound as a transformer (see Expansion). At run-time, the reference evaluates to the value in the location associated with the binding.
When the expander encounters an id that is not bound by a module-level or local binding, it converts the expression to (#%top . id) giving #%top the lexical context of the id; typically, that context refers to #%top. See also Expansion Steps.
Examples:  | 
> (define x 10)  | 
> x  | 
10  | 
> (let ([x 5]) x)  | 
5  | 
> ((lambda (x) x) 2)  | 
2  | 
(#%top . id)  | 
Refers to a top-level definition that could bind id, even if id has a local binding in its context. Such references are disallowed anywhere within a module form. See also Expansion Steps for information on how the expander introduces #%top identifiers.
Examples:  | 
> (define x 12)  | 
12  |