In loading program into memory, what is the difference between load-time dynamic linking and run-time dynamic linking?

For load-time dynamic linking: Load module to be loaded is read into memory. Any reference to a target external module causes that module to be loaded and the references are updated to a relative address from the start base address of the application module.

With run-time dynamic loading: Some of the linking is postponed until actual reference during execution. Then the correct module is loaded and linked.