Binding time - when does system determine the actual physical addresses
referenced by an application.

When program is written.
Actual address hardcoded in program and honored by system.

When program is translated.
When compiler replaces a symbol with a physical address, usually in 
a small single module program.

When program is linked but before loaded.
All modules are linked and executable designed for a specific address.

When program is loaded.
When code placed in a block of memory.

When a base register sed for addressing is loaded.
Code designed to be relative its beginning.  An additional register
indicates the true starting location of code.

When the instruction containing the address is executed.
DLLs on current systems.