You killed the activity not the application,So it picks up the application context.And hence it is not null.
A similar example
A broadcast in fact has access to context but broadcast is not an activity.This is because of the same fact that it has the context provided by the application.
Update
For the last question in your first comment here's an answer : Few applications are cached by the system and this can be seen in the settings > Applications > cached processes(ice cream sandwich) . As said at sometime it may be cached and hence even after killing the only activity might not actually kill the application context.
i hope it helps you.