Final answer:
When a module is loaded into a running Python script for the first time, the module's code is executed and its objects become available for use in the script.
Step-by-step explanation:
When a module is loaded into a running Python script for the first time, the interpreter locates the module file by searching the directories in the sys.path list. It then compiles the module into bytecode and executes it. During this process, the module's code is executed and any global variables, functions, classes, or other objects defined in the module become available for use in the script.