We present the load-calculus, used to model dynamic loading, and prove it sound. The calculus extends the polymorphic λ-calculus with a load primitive that dynamically loads terms that are closed, with respect to values. The calculus is meant to approximate the process of dynamic loading in TAL/Load [4], a version of Typed Assembly Language [7] extending with dynamic linking. To model the key aspects of TAL, the calculus contains references and facilities for named types. Loadable programs may refer to named types defined by the running program, and may export new types to code loaded later. Our approach follows the framework initially outlined by Glew et. al [3]. This calculus has been implemented in the TALx86 [6] version of Typed Assembly Language, and is used to implement a full-featured dynamic linking library, DLpop [4].