TestComplete project variables in Azure Devops Master Repo - ByRef or ByVal?

I have automation scripts in a TestComplete project that performs almost identical processing for two separate institutions. There are a few minor differences that I handle using If logic (i.e

If Bank = A then

set a variable to one value and

do this

else

set a variable to a different value and

do that

). When developing/testing on my local workstation i can only only work with one institution at a time so there's no conflict about the value of the variables in my example above. but, if my automation is processing both institutions simultaneously on two different VM's that are accessing the same master repository are both VM's working with their own local copy of the variable (ByVal) or are they both referencing the value in the Master repo (ByRef)? if the former, that's great. if the latter, I can foresee conflicts. I would assume ByVal but just wanted someone to confirm it for me. i've searched the smartbear help documentation and haven't found anything specific. 

thanks!