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The only place I have ever heard t minus being used is in the launch of a rocket. As the previous answer says it refers to the time before launch. After launch they switch to T plus.
It really refers to points on their schedule. You might here them say its T minus 12 minutes and counting.... meaning they are proceeding toward launch. You might also hear them say its T minus 10 minutes and holding. That means they have completed all the tasks that need to be completed at ten minutes before launch. But for some reason, they have stopped doing things on the schedule. Maybe a sensor that is checked at T-minus 10 minutes says the fuel tank is empty and it should be full... so they are holding the clock until they figure out whats wrong or fix whats wrong.... so sometimes it can be T minus 10 minutes for hours or days.
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- Thanks for being so thorough!