With both implicit and explicit linking, Windows first searches for "known DLLs", such as Kernel32.dll and User32.dll. Windows then searches for the DLLs in the following sequence:
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The directory where the executable module for the current process is located.
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The current directory.
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The Windows system directory. The GetSystemDirectory function retrieves the path of this directory.
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The Windows directory. The GetWindowsDirectory function retrieves the path of this directory.
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The directories listed in the PATH environment variable.
Note
The LIBPATH environment variable is not used.