Source : Free On-Line Dictionary of Computing

dynamic link
     
         A pointer from an {activation record} to the
        {activation record} for the {scope} from which the current
        scope was called at {run time}.  This is used in a {statically
        scoped} language to restore the {environment pointer} on exit
        from a scope.  To access a {non-local variable} in a
        {dynamically scoped} language, dynamic links are followed
        until a binding for the given variable name is found.
     
        (1995-03-07)