What is the altered search path (LOAD_WITH_ALTERED_SEARCH_PATH) in LoadLibraryEx()

I finally found the explanation, but it was in a page linked to by the LoadLibraryEx() docs - Dynamic-Link Library Search Order.

Note that the standard search strategy and the alternate search strategy specified by LoadLibraryEx with LOAD_WITH_ALTERED_SEARCH_PATH differ in just one way: The standard search begins in the calling application's directory, and the alternate search begins in the directory of the executable module that LoadLibraryEx is loading.

So standard begins in the *.exe's directory, while the altered begins in the *.dll's directory.