The Z-Clip planes parameters allow you to "clip" or hide from the render view certain parts of your object while still having them influence the lighting in the scene. When this parameter is active, two planes are attached to the camera, a blue plane representing the near plane of the camera - anything geometry before this plane will be made invisible in the render, and a red plane representing the far plane of the camera - anything beyond this plane will be made invisible in the render.
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The distance of the Z-clip near/far planes to the camera is specificed in meters. This feature is available in Maxwell Studio and most of the plug-ins.