THE FILE DOES NOT EXIST OR ACCESS IS DENIED.
WORD CANNOT UPDATE THE LINK TO (FILENAME).
 
Word cannot update the link because either the
file does not exist, it has been moved to another
directory since the link was made, or Word cannot
open it.
 
■ Verify that the file is located in the path
  indicated by the link.
■ Confirm that the file has not been damaged. If
  the file is damaged, recopy it or use your
  backup copy.