%let %put variables - what it does to your sas program

I'm new in SAS. I'd like to know what the lines below do. Couldn't figure out what it does to the program because I didn't encounter any of the defined variables in the succeeding parts after declaration.

%let cutofftime  =%sysfunc(time());
%let currdt      = %sysfunc(putn(&cutofftime.,time5.)) ; 
%put &cutofftime. &currdt.;