Generic Binding and Override Control

Binding – Enables connection/binding between V-Ray and the corresponding base application material.

Color – Enables color binding. Changing the V-Ray material color changes the corresponding base application material color and vice versa.

Opacity – Enables refraction/opacity binding. Changing the SketchUp material opacity, however, does not change the V-Ray material. Instead, it disables the Opacity binding.

Texture Mode – Enables texture binding. Changing the V-Ray material texture changes the corresponding base application material texture and vice versa. 

Auto – By default binds the Diffuse texture to the base app material.
Texture Helper – Allows the use of a helper texture as a base application material map. The same helper is used if the binded texture is a procedural map. This is useful if every time you have to set texture placement for a map that can't be displayed accurately in the base app. 
Custom – Allows the use of a custom texture as base application material map. Disabling this parameter allows changing the base app material texture without affecting the V-Ray material. 
Bake – In this mode complex texture networks are baked to a single image used as a viewport preview. Differences between the rendered result and the viewport preview may occur due to the fact that only the texture confined within the 0 to 1 UV square is baked. This affects most procedural patterns and textures with custom UV placement configuration. Raytraced and Tri-planar textures are not supported.

Texture – Selected textures are displayed in the viewport. Keep in mind that procedural textures are not displayed. Note that the viewport texture will not affect the way the material is rendered in V-Ray. It is mainly used for preview purposes.