What is this Maximum bit rate for a .mp4 format file whose bit rate mode is Constant?

Media information displayed for MP4 (Using MediaInfo Tool)

ID : 1
Format : AVC
Format/Info : Advanced Video Codec
Format profile : [email protected]
Format settings, CABAC : No
Format settings, ReFrames : 1 frame
Codec ID : avc1
Codec ID/Info : Advanced Video Coding
Bit rate mode : Constant
Bit rate : 1 500 Kbps
Maximum bit rate : 3 961 Kbps
Display aspect ratio : 4:3
Frame rate mode : Constant
Frame rate : 29.970 fps
Color space : YUV
Chroma subsampling : 4:2:0
Bit depth : 8 bits
Scan type : Progressive
Bits/(Pixel*Frame) : 0.163

In this case where the bit rate mode is set to Variable, is the Bit rate field where the value is displayed as 309 is its average bit rate?

Media information displayed for M4V (Using MediaInfo Tool)

ID : 1
Format : AVC
Format/Info : Advanced Video Codec
Format profile : [email protected]
Format settings, CABAC : No
Format settings, ReFrames : 1 frame
Codec ID : avc1
Codec ID/Info : Advanced Video Coding
Bit rate mode : Variable
Bit rate : 309 Kbps
Display aspect ratio : 16:9
Frame rate mode : Variable
Frame rate : 23.976 fps
Minimum frame rate : 23.810 fps
Maximum frame rate : 24.390 fps
Color space : YUV
Chroma subsampling : 4:2:0
Bit depth : 8 bits
Scan type : Progressive
Bits/(Pixel*Frame) : 0.229
Writing library : x264 core 120