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A token is kind of like a hall pass in school. It says where the user can go, and what they can do.
For example if the security permissions says Joe has access rights to "Joe's folder" and modify rights on "Joe's file" then when Joe signs on, he gets a token that will let him go to that folder and change that file.
If the permissions get changed while Joe is signed on, he will not be bound by that change, because the token still has the original privelege. Back to the hall pass scenario, if Joe is given a note by his teacher to go to the library to get a book then Joe leaves the room, and the teacher decides to write another hall pass to the restroom, Joe doesn't have the right to go to the restroom, because the note he has in his hand doesn't say that.
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