Multiple assembled modules, each with an RLD and an ESD:
  <module START loc><segment 1>!<seg 2 loc><segment 2>! . . .
  <seg n loc><segment n>!@<module RLD>@<module ESD><EOF>

BEGIN
  get load-point from operating system
  module-addr = load-point

  WHILE there is a module to load
    BEGIN
      /* Input the module text */
      input start-loc for the module    /* the START statement value; i.e., */
      seg-loc = start-loc               /* the assembly time module load point  */
      WHILE not at module RLD (@)
        BEGIN
          addr = module-addr + (seg-loc - start-loc)
          input seg-code   /* bring in the next block of object code */
          WHILE seg-code <> "!"
             BEGIN
               store seg-code at addr
               addr = addr + length(seg-code)
               input seg-code   /* bring in the next block of object code */
             END {while}
          input seg-loc from module   /* assembly time load point for next segment */
        END {while}

      /* Process the module's relocation dictionary */
      FOR loc IN module-RLD
        BEGIN
          adjusted-addr = (loc - start-loc) + module-addr
          ADD (module-addr - start-loc) to memory addr
                 given by adjusted-addr
          store adjusted-addr in global-RLD
        END {for}
      /* Adjust the module's external symbol dictionary addresses */
      /* to reflect the module starting point */
      FOR symbol/loc IN module-ESD
        BEGIN   /* both EXTDEF and EXTREF parts */
          adjusted-addr = (loc - start-loc) + module-addr
          store symbol/adjusted-addr in global-ESD
        END {for}
      module-addr = addr
      /* An alternative: reset module-addr via the operating system */
    END {while}

  /* Process the global external symbol dictionary */
  FOR symbol/addr IN global-EXTREF
    BEGIN
      search global-EXTDEF for symbol
      IF found
        ADD EXTDEF symbol value to memory location given by addr
             and delete this entry from global-EXTREF
        append addr to global-RLD
        /* or leave in global-EXTREF to permit a later link-edit */
        /* to include a new version of the referenced submodule */
      ENDIF
      /* if a symbol is not found, it remains as an entry in the */
      /* EXTREF part of the final linked module's ESD (to permit */
      /* later link editing of this module with others) */
    END {for}
END  /* The initial load point, together with the linked code and */
     /* the adjusted dictionaries make a new, linkable module   */