 Context sensitivity is (potential) variability in content due purely to changes in the context of utterance without a change in the convention of word usage. Thus, ‘I am hungry’ varies in content speaker to speaker because ‘I’ is context sensitive and shifts reference depending on who utters it. ‘I’, however, is not massively ambiguous – if anything, the mystery of context sensitive terms has been how they could have a single meaning with multiple reference. ‘Bank’ is ambiguous, not (at least, not obviously) context sensitive. Of course, knowledge of context may well help disambiguate an ambiguous utterance. Nonetheless, ambiguity is not characterized by interaction with (extra- linguistic) context but is a property of the meanings of the terms.