Document:

EXHIBIT 10(ll)

                               FIFTH AMENDMENT TO
                           LOAN AND SECURITY AGREEMENT

      THIS FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "Amendment") is
entered into as of November 10, 2004, by and among Alpine Holdco Inc., a
Delaware corporation ("Parent"), Essex Electric Inc., a Delaware corporation
("Electric"; Parent and Electric are collectively, the "Borrowers" and each, a
"Borrower"), Wells Fargo Foothill, Inc., as agent ("Agent") for the Lenders
(defined below) and as a Lender, Congress Financial Corporation (Central), as
documentation agent for the Lenders ("Documentation Agent") and as a Lender, and
the undersigned Lenders.

      WHEREAS, Borrowers, Credit Party, Agent, Documentation Agent and certain
other financial institutions from time to time party thereto (the "Lenders") are
parties to that certain Loan and Security Agreement dated as of December 11,
2002 (as amended from time to time, the "Loan Agreement"); and

      WHEREAS, Borrowers, Agent and Lenders have agreed to amend the Loan
Agreement in certain respects, subject to the terms and conditions contained
herein.

      NOW THEREFORE, in consideration of the premises and mutual agreements
herein contained, the parties hereto agree as follows:

      1.  DEFINED TERMS. Unless otherwise defined herein, capitalized terms used
herein shall have the meanings ascribed to such terms in the Loan Agreement.

      2.  AMENDMENT TO LOAN AGREEMENT. Subject to the satisfaction of the
conditions set forth in Section 6 hereof, the Loan Agreement is amended in the
following respects:

      (a) The defined term "Collateral Reserve" set forth in Section 1.1 of the
Loan Agreement is amended and restated in its entirety, as follows:

          "Collateral Reserve" means an amount equal to $5,000,000. "

      (b) The defined term "EBITDA" set forth in Section 1.1 of the Loan
Agreement is amended and restated in its entirety, as follows:

          "EBITDA" means, with respect to any fiscal period, Parent's and its
      Subsidiaries' consolidated net earnings (or loss), minus extraordinary
      gains, plus, to the extent deducted in determining net earnings (or loss)
      for such period, (i) interest expense, (ii) income taxes, (iii)
      depreciation and amortization, (iv) management fees under the Management
      Agreements accrued but not paid due to the operation of the terms of this
      Agreement, (v) cash, nonrecurring charges incurred during the 2004 fiscal
      year in an aggregate amount not to exceed $5,500,000, and (vi) (A)
      non-cash, recurring year-end LIFO adjustments relating to the purchase of
      copper cathode and rod by Electric, and (B) non-cash, non-recurring
      adjustments made as a result of sales consummated in accordance with the
      provisions of this Agreement of (i) the Real Property and other assets
      comprising the facility of Electric located at 190 Polk Street, Orleans,
      Indiana and/or (ii) the Real Property and other assets comprising the
      facility of Electric located at 1620 East Malone Avenue, Sikeston,
      Missouri.

<PAGE>

      (c) The defined term "Interest Period" set forth in Section 1.1 of
the Loan Agreement is amended and restated in its entirety, as follows:

          "Interest Period" means, with respect to each LIBOR Rate Loan, a
      period commencing on the date of the making of such LIBOR Rate Loan and
      ending 1, 2, 3 or 6 months thereafter; provided, however, that (a) if any
      Interest Period would end on a day that is not a Business Day, such
      Interest Period shall be extended (subject to clauses (c)-(e) below) to
      the next succeeding Business Day, (b) interest shall accrue at the
      applicable rate based upon the LIBOR Rate from and including the first day
      of each Interest Period to, but excluding, the day on which any Interest
      Period expires, (c) any Interest Period that would end on a day that is
      not a Business Day shall be extended to the next succeeding Business Day
      unless such Business Day falls in another calendar month, in which case
      such Interest Period shall end on the next preceding Business Day, (d)
      with respect to an Interest Period that begins on the last Business Day of
      a calendar month (or on a day for which there is no numerically
      corresponding day in the calendar month at the end of such Interest
      Period), the Interest Period shall end on the last Business Day of the
      calendar month that is 1, 2, 3 or 6 months after the date on which the
      Interest Period began, as applicable, and (e) Borrowers (or Borrower
      Representative on behalf thereof) may not elect an Interest Period which
      will end after the Maturity Date.

      (d) The defined term "Permitted Dispositions" set forth in Section
1.1 of the Loan Agreement is amended and restated in its entirety, as follows:

          "PERMITTED DISPOSITIONS" means (a) sales or other dispositions by
      Parent or its Subsidiaries of Equipment that is substantially worn,
      damaged, outmoded or obsolete in the ordinary course of business, (b)
      sales by Parent or its Subsidiaries of Inventory to buyers in the ordinary
      course of business, (c) the use or transfer of money or Cash Equivalents
      by Parent or its Subsidiaries in a manner that is not prohibited by the
      terms of this Agreement or the other Loan Documents, (d) the sale or
      issuance by any Subsidiary of Parent of Stock to Parent or any other
      Subsidiary of Parent, so long as any such Stock is pledged in favor of
      Agent to secure the Obligations pursuant to an instrument reasonably
      acceptable to Agent, (e) at any time that no Event of Default exists, the
      sale or discounting, without recourse, of Accounts on an arms'-length
      basis in the ordinary course of business, consistent with past practice
      and not to exceed an aggregate amount of $50,000 in any month, (f) the
      transfer of assets by Parent or any of its Subsidiaries to any Operating
      Borrower, (g) the sublease of real or personal property that is leased
      (and not owned) by Parent or its Subsidiaries on commercially reasonable

                                       -2-
<PAGE>

      terms to the extent that such Person determines, in its reasonable
      business judgment, that such leased property is no longer useful in the
      conduct of the business of the Companies, (h) the sale or other
      disposition by an Operating Borrower on an arms'-length basis, for fair
      market value and in cash, of the Real Property (together with the
      improvements thereon but not including any Eligible Inventory or Eligible
      Accounts) and the Equipment (including, without limitation, any Eligible
      Fixed Asset Equipment located thereat)) comprising the facilities of
      Electric located at (i) 190 Polk Street, Orleans, Indiana and/or (ii) 1620
      East Malone Avenue, Sikeston, Missouri; provided, that if any such sale
      occurs at any time when Advances predicated upon availability described in
      sub-clause (x) of Section 2.1(a) are outstanding, the net proceeds of such
      sale or other disposition shall be used to repay the aggregate outstanding
      principal amount of such Advances together with any accrued and unpaid
      interest thereon, (i) the sub-license of intellectual property rights to a
      Stocking Agent by the applicable Operating Borrower in accordance with the
      agreement between such Operating Borrower and such Stocking Agent, and (j)
      so long as no Default or Event of Default then exists, a sale or
      disposition of other assets not used by and is not useful to any Company
      (but not including any Eligible Accounts, Eligible Inventory, Eligible
      Capex Equipment, Eligible Fixed Asset Equipment or Eligible Real
      Property), on an arms'-length basis and in an aggregate amount not to
      exceed $1,000,000 during the term of this Agreement.

      (e)  The defined term "Tangible Net Worth" set forth in Section 1.1 of
the Loan Agreement is amended and restated in its entirety, as follows:

            "TANGIBLE NET WORTH" means, as of any date of determination, the
      result of (a) the total stockholder's equity of Parent and its
      Subsidiaries, minus (b) the sum of (i) all Intangible Assets of Parent and
      its Subsidiaries, (ii) all of Parent's prepaid expenses, and (iii) all
      amounts due to Parent and its Subsidiaries from Affiliates, plus (c) to
      the extent that the same would otherwise reduce Tangible Net Worth,
      non-cash, recurring year-end LIFO adjustments relating to Electric's
      purchase of copper cathode and rod.

      (f)  The defined terms "Aggregate Capex Amount", "Capex Amount", "Capex
Appraisal Reduction", "Capex Availability", "Capex Reduction" and "Eligible
Capex Equipment" and all references thereto are hereby deleted from the Loan
Agreement in their entirety.

      (g)  Clause (i) of Section 2.1(a)(w) of the Loan Agreement is amended and
restated to be a reference to the amount "$30,000,000".

      (h) Clause (iii) of Section 2.1(a)(w) of the Loan Agreement is amended and
restated in its entirety, as follows:

      "(iii)  85% of the amount of credit availability created by clause (v)
above, plus"

                                       -3-
<PAGE>

      (i)  Clause (a) of Section 2.1 of the Loan Agreement is amended by (i)
deleting the reference to "plus" at the end of sub-clause (x)(ii) thereof and
inserting a reference to "minus" in substitution therefor, (ii) deleting in its
entirety the sub-clause (y) currently set forth therein, and (iii) by modifying
the reference to the sub-clause (z) currently set forth therein to be a
reference to sub-clause (y).

      (j)  The proviso set forth at the end of Section 2.1(a) of the Loan
Agreement is amended by (i) replacing the "and" at the end of sub-clause (C)
thereof and inserting a comma in substitution therefor (ii) amending and
restating sub-clause (D) thereof in its entirety, as follows, and (iii) adding a
new sub-clause (E) thereto, as follows:

            "(D)  Revolver Usage based upon availability described in clause (w)
      above and predicated on copper cathode and rod shall not exceed (1)
      $8,000,000 at any time during the period from January 1 through and
      including January 31 during any year, (2) $6,000,000, at any time during
      the period from February 1 through and including February 28 (or February
      29 as the case may be) during any year, (3) $3,000,000, at any time during
      the period from March 1, 2004 through and including October 31 during any
      year or (4) $10,000,000 at any time during the period from November 1
      through and including December 31 during any year, and (E) Revolver Usage
      based upon availability described in clause (w) above and predicated on
      finished goods with Stocking Agents shall not exceed $5,000,000 at any
      time."

      (k)  The last sentence of Section 2.1(b) of the Loan Agreement is amended
and restated in its entirety, as follows:

            "It is acknowledged and agreed by Borrowers that the reappraisals
      and examinations of Inventory described in clause (x) of the immediately
      preceding sentence will be conducted no less frequently than three times
      per each fiscal year of Borrowers and that the reappraisals of Equipment
      and Eligible Real Property described in clauses (y) and (z) of the
      immediately preceding sentence will be conducted no less frequently than
      annually. "

      (l)  Section 2.8 of the Loan Agreement is amended by deleting all
references to "2 Business Day" contained therein and inserting a reference to "1
Business Day" in substitution therefor.

      (m)  Section 6.3(c) of the Loan Agreement is amended and restated in its
entirety, as follows:

           "(c) (x) with respect to Parent's 2005 fiscal year, as soon as
      available, but in any event on or prior to October 31, 2004, (y) with
      respect to Parent's 2006 fiscal year, as soon as available, but in any
      event on or prior to October 31, 2005, and (z) with respect to each of
      Parent's fiscal years thereafter, as soon as available, but in any event
      within 30 days prior to the start of each such fiscal year,

                                       -4-
<PAGE>

            (i) copies of Companies' Projections, in form satisfactory to Agent,
      in its sole discretion, for the forthcoming three years, year by year, and
      for the forthcoming fiscal year, month by month, which Projections shall
      reflect management's good faith and reasonable estimates of future
      financial performance of Parent and its Subsidiaries for the period or
      periods set forth therein and will be based upon estimates and assumptions
      stated therein, all of which Parent shall believe to be reasonable and
      fair in light of conditions and facts known to management of the Parent as
      of the date of preparation thereof (it being understood that such
      Projections as they relate to future events are not to be viewed as
      representations or warranties that such events will occur, and that actual
      results may differ from projected results),"

      (n)  Section 7.21(a) of the Loan Agreement is amended and restated in its
entirety, as follows:

          "(i)  Minimum EBITDA. EBITDA, measured on a fiscal month-end basis,
      for each period set forth below, of not less than the required amount set
      forth in the column labeled "Minimum EBITDA" in the following table for
      the applicable period set forth opposite thereto:

<TABLE>
<CAPTION>

                                                                  Minimum
             Period                                                EBITDA
----------------------------------------                  ----------------------
<S>                                                       <C>

9 month period ending September 30, 2004                        $1,700,000

10 month period ending October 31, 2004                         $2,200,000

11 month period ending November 30, 2004                        $3,000,000

12 month period ending December 31, 2004                        $3,500,000

1 month period ending January 31, 2005                           ($649,000)

2 month period ending February 28, 2005                          ($846,000)

3 month period ending March 31, 2005                             ($903,000)

4 month period ending April 30, 2005                             ($400,000)

5 month period ending May 31, 2005                                ($96,000)

6 month period ending June 30, 2005                               $310,000

7 month period ending July 31, 2005                               $932,000

8 month period ending August 31, 2005                           $1,724,000

9 month period ending September 30, 2005                        $2,491,000

10 month period ending October 31, 2005                         $3,464,000

11 month period ending November 30, 2005                        $4,109,000

12 month period ending December 31, 2005                        $4,653,000

12 month period ending January 31, 2006
and the 12 month period ending on the last
day of each month thereafter                                    $5,000,000

</TABLE>

                                       -5-
<PAGE>

            (ii)Tangible Net Worth. As of any month end date, beginning with
            September 30, 2004, Tangible Net Worth of not less $15,500,000."

            (o) Section 7.21(c)(i) of the Loan Agreement is amended and restated
            in its entirety as follows:

                  "(i) Capital Expenditures. Capital expenditures in any period
            set forth below in excess of the amount set forth in the following
            table for the applicable period:

<TABLE>
<CAPTION>

             Period                                       Amount
-------------------------------------          --------------------------------
<S>                                             <C>

Fiscal year ending December 31, 2004                     $7,000,000
Fiscal year ending December 31, 2005                     $4,700,000
Fiscal year ending December 31, 2006
and each fiscal year thereafter                          $2,000,000

</TABLE>

      3. AMENDMENT FEE. Borrowers hereby agree to pay to Agent on the date
hereof, for pro rata distribution to the Lenders, an amendment fee of $200,000,
which fee shall be non-refundable and fully earned as of the date hereof. The
foregoing amendment fee is in addition to, and not in lieu of, all other fees
charged to Borrowers under the Loan Documents.

      4. RATIFICATION. This Amendment, subject to satisfaction of the conditions
provided below, shall constitute an amendment to the Loan Agreement and all of
the Loan Documents as appropriate to express the agreements contained herein. In
all other respects, the Loan Agreement and the Loan Documents shall remain
unchanged and in full force and effect in accordance with their original terms.

      5. COVENANT REGARDING 2006 FINANCIAL COVENANTS. Each party hereto
covenants and agrees that it will undertake to negotiate in good faith revisions
to the Minimum EBITDA covenant for the 2006 fiscal year and the Capital
Expenditures covenant for the 2006 fiscal year set forth in Section 7.21 of the
Loan Agreement on the basis of Companies' Projections for the 2006 fiscal year
that are delivered to Agent pursuant to Section 6.3(c) of the Loan Agreement and
approved by Required Lenders.

                                       -6-
<PAGE>

      6. CONDITIONS TO EFFECTIVENESS. This Amendment shall become effective as
of the date hereof and upon the satisfaction of the following conditions
precedent:

      (a) Each party hereto shall have executed and delivered this Amendment to
Agent;

      (b) Companies shall have delivered to Agent such documents, agreements and
instruments as may be requested or required by Agent in connection with this
Amendment, each in form and content acceptable to Agent;

      (c) No Default or Event of Default shall have occurred and be continuing
on the date hereof or as of the date of the effectiveness of this Amendment;

      (d) All proceedings taken in connection with the transactions contemplated
by this Amendment and all documents, instruments and other legal matters
incident thereto shall be satisfactory to Agent and its legal counsel; and

      (e) Each Lender shall have received the portion of the amendment fee
payable to such Lender on the date of this Agreement under Section 3 hereof.

      7. MISCELLANEOUS.

      (a) REPRESENTATIONS AND WARRANTIES. In order to induce Agent to enter into
this Amendment, each Company hereby warrants to Agent, as of the date hereof,
that the representations and warranties of Companies contained in the Loan
Agreement are true and correct as of the date hereof as if made on the date
hereof (other than those which, by their terms, specifically are made as of
certain dates prior to the date hereof). Borrowers and, by its acknowledgment
hereof, Alpine hereby represent and warrant that, pursuant to intercompany
arrangements between Alpine and Parent, all obligations to make any tax payments
owing in connection with Parent's sale of the stock of DNE Systems, Inc. (the
"DNE Sale") shall be solely obligations of Alpine and shall not be obligations
of Parent in any respect (it being agreed and understood that, for purposes of
the representation and warranty in this sentence, the amount of such obligations
of Alpine shall be capped at the amount of the proceeds of the DNE Sale received
by Alpine from Parent by way of distribution of such proceeds by Parent or
otherwise).

      (b) EXPENSES. Companies, jointly and severally, agree to pay on demand all
costs and expenses of Agent (including the reasonable fees and expenses of
outside counsel for Agent) in connection with the preparation, negotiation,
execution, delivery and administration of this Amendment and all other
instruments or documents provided for herein or delivered or to be delivered
hereunder or in connection herewith. In addition, Companies agree, jointly and
severally, to pay, and save Agent harmless from all liability for, any stamp or
other taxes which may be payable in connection with the execution or delivery of
this Amendment or the Loan Agreement, as amended hereby, and the execution and
delivery of any instruments or documents provided for herein or delivered or to
be delivered hereunder or in connection herewith. All obligations provided
herein shall survive any termination of this Amendment and the Loan Agreement as
amended hereby.

                                       -7-
<PAGE>

      (c) GOVERNING LAW. This Amendment shall be a contract made under and
governed by the internal laws of the State of Georgia.

      (d) COUNTERPARTS. This Amendment may be executed in any number of
counterparts, and by the parties hereto on the same or separate counterparts,
and each such counterpart, when executed and delivered, shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same Amendment.

      8. RELEASE.

      (a) In consideration of the agreements of Agent and Lenders contained
herein and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, each Company, on behalf of itself
and its successors, assigns, and other legal representatives, hereby absolutely,
unconditionally and irrevocably releases, remises and forever discharges Agent
and Lenders, and their successors and assigns, and their present and former
shareholders, affiliates, subsidiaries, divisions, predecessors, directors,
officers, attorneys, employees, agents and other representatives (Agent, each
Lender and all such other Persons being hereinafter referred to collectively as
the "Releasees" and individually as a "Releasee"), of and from all demands,
actions, causes of action, suits, covenants, contracts, controversies,
agreements, promises, sums of money, accounts, bills, reckonings, damages and
any and all other claims, counterclaims, defenses, rights of set-off, demands
and liabilities whatsoever (individually, a "Claim" and collectively, "Claims")
of every name and nature, known or unknown, suspected or unsuspected, both at
law and in equity, which such Company or any of its successors, assigns, or
other legal representatives may now or hereafter own, hold, have or claim to
have against the Releasees or any of them for, upon, or by reason of any
circumstance, action, cause or thing whatsoever which arises at any time on or
prior to the day and date of this Amendment, including, without limitation, for
or on account of, or in relation to, or in any way in connection with any of the
Loan Agreement, or any of the other Loan Documents or transactions thereunder or
related thereto.

      (b) Each Company understands, acknowledges and agrees that the release set
forth above may be pleaded as a full and complete defense and may be used as a
basis for an injunction against any action, suit or other proceeding which may
be instituted, prosecuted or attempted in breach of the provisions of such
release.

      (c) Each Company agrees that no fact, event, circumstance, evidence or
transaction which could now be asserted or which may hereafter be discovered
shall affect in any manner the final, absolute and unconditional nature of the
release set forth above.

                            [Signature pages follow]

                                      -8-
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized and delivered as
of the date first above written.

                                                BORROWERS:

                                                ALPINE HOLDCO INC.,
                                                a Delaware corporation

                                                By    /s/ David A. Owen
                                                   -----------------------------
                                                Title      V.P.Finance
                                                     ---------------------------

                                                ESSEX ELECTRIC INC.,
                                                a Delaware corporation

                                                By    /s/ David A. Owen
                                                  ------------------------------
                                                Title    S.V.P. Finance
                                                     ---------------------------

                                                AGENT:

                                                WELLS FARGO FOOTHILL, INC.,
                                                a California corporation

                                                By     /s/ Victor Barwig
                                                  ------------------------------
                                                Title     Senior V.P.
                                                     ---------------------------

                                                DOCUMENTATION AGENT:

                                                CONGRESS FINANCIAL CORPORATION
                                                (CENTRAL),
                                                an Illinois corporation

                                                By     /s/ Laura Wheeland
                                                  ------------------------------
                                                Title      Vice President
                                                     ---------------------------

<PAGE>

                                                LENDERS:

                                                WELLS FARGO FOOTHILL, INC.

                                                By     /s/ Victor Barwig
                                                  ------------------------------
                                                Title     Senior V.P.
                                                     ---------------------------

                                                STANDARD FEDERAL BANK NATIONAL
                                                ASSOCIATION

                                                By: LaSalle Business Credit,
                                                LLC, its Agent

                                                By     /s/ Patrick Aarons
                                                  ------------------------------
                                                Title   First Vice President
                                                     ---------------------------

                                                CONGRESS FINANCIAL CORPORATION
                                                (CENTRAL)

                                                By     /s/ Laura Wheeland
                                                  ------------------------------
                                                Title     Vice President
                                                     ---------------------------

Acknowledged and Agreed
for purposes of Section 7(a):

THE ALPINE GROUP, INC.,
a Delaware corporation

By    /s/ K. Mitchell Posner
  ---------------------------
Title   Senior V.P.
     ------------------------MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC.

                                November 8, 2004

Medialink Worldwide Incorporated
708 Third Avenue
New York, NY 10017
Attn:    Rich Kellner,
         Vice President,  Finance

         Re:      Fifth Modification  Letter to WCMA Loan and Security Agreement
                  No. 885-07G15 dated as of July 15, 1999 (the "Loan Agreement")
                  between  Merrill  Lynch  Business   Financial   Services  Inc.
                  ("MLBFS") and Medialink Worldwide Incorporated ("Customer")

Ladies and Gentlemen:

This  letter  refers to certain  agreements  between  MLBFS and  Customer,  with
respect to the following documents:

         (i)      The Loan  Agreement,  as amended by that certain  modification
                  letter dated as of April 8, 2002 from Jason Deegan to Customer
                  (the "First Modification  Letter"),  that certain modification
                  letter  dated as of  February  26,  2003 from Jason  Deegan to
                  Customer  (the  "Second  Modification  Letter"),  that certain
                  modification  letter  dated as of February 24, 2004 from Jason
                  Deegan to Customer (the "Third Modification Letter"), and that
                  certain  modification  letter  dated as of April 13, 2004 from
                  Jason Deegan to Customer (the "Fourth Modification Letter") as
                  thereafter amended from time to time (collectively,  the "Loan
                  Agreement");

         (ii)     that certain UNCONDITIONAL  GUARANTY dated as of July 26, 1999
                  given  in favor of MLBFS  by The  Delahaye  Group,  Inc.  (the
                  "Unconditional Guaranty"); and

         (iii)    all other agreements between MLBFS,  Customer,  the parties to
                  the  agreements  listed  above,  or any other party who at any
                  time has  guaranteed  or provided  collateral  for  Customer's
                  obligations  to  MLBFS in  connection  therewith  (the  "Other
                  Agreements").

For purposes of this letter, (a) the Loan Agreement,  the Unconditional Guaranty
and  the  Other  Agreements  will  collectively  be  referred  to as  the  "Loan
Documents",  and (b)  Customer and any party who at any time has  guaranteed  or
provided  collateral for Customer's  obligations to MLBFS will  collectively  be
referred  to as the  "Obligors".  Capitalized  terms used herein and not defined
herein shall have the meaning set forth in the Loan Documents.

<PAGE>
                                               Medialink Worldwide Incorporated
                                                               November 8, 2004
                                                                         Page 2

One or more Events of Default have  occurred and are  continuing  under the Loan
Documents (the "Existing Events of Default").  MLBFS hereby waives such Existing
Events of Default solely through and including the date hereof;  provided,  such
waivers shall not  constitute a future  waiver of compliance  with any mandatory
commitment reductions, any financial covenants or any other provisions under the
Loan Documents, as amended hereby.

Customer has requested that MLBFS agree to certain additional  amendments to the
Loan  Documents  and MLBFS has  agreed to do so,  subject to the  execution  and
delivery of this letter agreement by Customer, and its continued compliance with
the terms and  conditions of this letter  agreement  and the Loan  Agreement and
other Loan Documents, as modified herein.

Accordingly,  effective as of the Effective  Date (as defined  below),  the Loan
Documents are hereby amended as follows:

         (a)      The Loan Agreement is hereby  modified by deleting the defined
                  term "Applicable Margin" in Section 1(a)(xvii) in its entirety
                  and inserting the following in lieu thereof:

                  "Applicable Margin" shall mean 5.50%."

         (b)      The Loan Agreement is hereby  modified by deleting the defined
                  term "Cap Amount" in Section 1(a) in its entirety.

         (c)      The Loan  Agreement  is hereby  modified by amending  the term
                  "Maturity Date" contained in Section 1(a) to mean December 31,
                  2005 (subject to earlier termination  pursuant to the terms of
                  the Loan Agreement, as amended, including termination upon the
                  occurrence  and  during  the   continuance  of  any  Event  of
                  Default).

         (d)      The Loan  Agreement  is hereby  modified by amending  the term
                  "Maximum WCMA Line of Credit" in Section 1(a) to mean:

                           "Maximum  WCMA  Line of Credit  shall  mean an amount
                           equal to the lesser of: (A) $2,000,000, or (B) eighty
                           percent (80%) Customer's  Accounts and Chattel Paper,
                           as shown on its regular books and records  (excluding
                           Accounts over 90 days old, directly or indirectly due
                           from any person or entity not domiciled in the United
                           States, or from any shareholder,  officer or employee
                           of Customer or any affiliate thereof)."

<PAGE>
                                               Medialink Worldwide Incorporated
                                                               November 8, 2004
                                                                         Page 3

         (e)      The Loan  Agreement  is hereby  modified by deleting  Sections
                  6(g),  (h)  and  (i)  in  their  entirety  and  inserting  the
                  following in lieu thereof:

                  "(g) ACQUISITIONS. Except upon the prior written consent of
                  MLBFS, neither Customer nor any Business Guarantor shall cause
                  or permit to cause an Acquisition.

                  (h) [INTENTIONALLY DELETED]

                  (i) [INTENTIONALLY DELETED]."

         (f)      The Loan Agreement is hereby modified by deleting Section 6(j)
                  in its entirety, and inserting the following in lieu thereof:

                           "(j) MINIMUM  TANGIBLE NET WORTH.  The  "tangible net
                  worth" of  Customer,  consisting  of  Customer's  net worth as
                  shown on Customer's regular financial statements prepared in a
                  manner  consistent  with the terms  hereof,  but  excluding an
                  amount  equal  to:  (i)  any  assets   which  are   ordinarily
                  classified  as   "intangible"  in  accordance  with  generally
                  accepted  accounting  principles,  and (ii) any amounts now or
                  hereafter   directly  or  indirectly   owing  to  Customer  by
                  officers, shareholders or affiliates of Customer, shall at all
                  times exceed $9,500,000."

         (g)      The Loan Agreement is hereby modified by deleting Section 6(k)
                  in its entirety and inserting the following in lieu thereof:

         (iv)     "(k) BORROWED DEBT.  Except upon the prior written  consent of
                  MLBFS,  Customer  shall not  directly or  indirectly  incur or
                  permit to exist any debt of Customer for borrowed money or the
                  lease under a capital lease or deferred purchase price of real
                  or personal property (other than the Customer's  Variable Rate
                  Convertible  Debenture  due  November  9,  2009  ("Convertible
                  Debentures"),    which   Convertible   Debentures   shall   be
                  subordinated  to the debt owing from  Customer  to MLBFS under
                  the Loan  Agreement  pursuant to the terms of a  Subordination
                  Agreement  dated on or about the date hereof  among  Customer,
                  MLBFS and the other creditors named therein)."

         (a)      The Loan  Agreement  is hereby  modified by deleting the first
                  sentence of Section  6(n) in its entirety  and  inserting  the
                  following in lieu thereof:

                  "Customer's Capital  Expenditures shall not at any time exceed
                  $1,500,000 in the aggregate for the period  beginning  January
                  1, 2004 and ending on the Maturity Date."

<PAGE>
                                               Medialink Worldwide Incorporated
                                                               November 8, 2004
                                                                         Page 4

         (b)      The Loan Agreement is hereby modified by deleting Section 6(q)
                  in its entirety and inserting the following in lieu thereof:

                  "MINIMUM QUARTERLY EBITDA Customer shall not permit its EBITDA
                  (Customer's income before interest  (including payments in the
                  nature of interest under capital leases), taxes,  depreciation
                  and  amortization  with a TBD add-back  for any expensed  fees
                  related to the TTX  financing  capped at  $350,000) to be less
                  than the EBITDA set forth below for the corresponding calendar
                  quarter:

                  ----------------------------------------- --------------------
                              Calendar Quarter                Minimum EBITDA
                  ----------------------------------------- --------------------
                  End of third quarter 2004                 $   225,000
                  ----------------------------------------- --------------------
                  End of fourth quarter 2004                $   900,000
                  ----------------------------------------- --------------------
                  End of first quarter 2005                 - $    75,000
                  ----------------------------------------- --------------------
                  End of second quarter 2005                $   750,000
                  ----------------------------------------- --------------------
                  End of third quarter 2005                 $  500,000"
                  ----------------------------------------- --------------------

         (c)      The Loan  Agreement is hereby  modified by the addition of the
                  following new Section 6(u):

                  "MINIMUM  LIQUIDITY.  Customer  shall maintain at all times an
                  aggregate of cash and unencumbered marketable securities owned
                  and  controlled by Customer  (excluding  cash  securities  and
                  other financial  assets in any IRA, 401(k) or other retirement
                  account) in excess of $2,000,000 at all times."

         (d)      The Loan  Agreement is hereby  modified by the addition of the
                  following new Section 6(v):

                  "SUBORDINATED  DEBT. Customer shall subordinate or cause to be
                  subordinated to MLBFS Customer's indebtedness in an amount not
                  less  than  $5,000,000  pursuant  to  documentation  in a form
                  satisfactory to MLBFS in its sole discretion."

         (e)      The Loan  Agreement is hereby  modified by the addition of the
                  following new Section 6(w):

<PAGE>
                                               Medialink Worldwide Incorporated
                                                               November 8, 2004
                                                                         Page 5

                  "DISTRIBUTIONS TO SHAREHOLDERS. Except upon the prior written
                  consent of MLBFS, Customer shall not declare or pay, directly
                  or indirectly, any dividends or other distributions on any of
                  its shares of stock to Customer's shareholders in any fiscal
                  year."

         (f)      The Loan  Agreement is hereby  modified by the addition of the
                  following new Section 6(x):

                  "(x)  LOANS  AND  ADVANCES.  Notwithstanding  anything  to the
                  contrary contained herein:

                  (a) Except upon the prior written  consent of MLBFS,  Customer
                  shall  not make any  loans or  advances  to any of  Customer's
                  affiliates or other related parties;  provided,  that Customer
                  may  make  advances  in an  aggregate  amount  not  to  exceed
                  $540,000   at  any  time  to  Business   Wire/Medialink,   LLC
                  ("Newstream")  to  pay  Newstream's  general  payroll  in  the
                  ordinary course of business.

                  (b)  Customer   shall  not  make  loans,   advances  or  other
                  investments in TTX (US) LLC and/or TTX Limited in an aggregate
                  combined  basis in excess  of the  following  amounts  for the
                  following  periods  (which amounts are permitted to be paid by
                  Customer  so  long as no  Default  or  Event  of  Default  has
                  occurred or would result therefrom):

                  ---------------------------- ---------------------------------
                         Measurement Date        Maximum Permitted Amount
                  ---------------------------- ---------------------------------
                  March 31, 2005                        $8,000,000
                  ---------------------------- ---------------------------------
                  June 30, 2005                         $8,900,000
                  ---------------------------- ---------------------------------
                  September 30, 2005                    $9,750,000
                  ---------------------------- ---------------------------------
                  December 31, 2005                     $10,000,000"
                  ---------------------------- ---------------------------------

(g)               The Loan Agreement is hereby modified by deleting Section 7(l)
                  in its entirety and inserting the following in lieu thereof:

                  "ADDITIONAL GUARANTY. Not later than January 8, 2005, Customer
                  shall  cause  each of TTX (US) LLC to execute  and  deliver to
                  MLBFS an Unconditional Guaranty of the Obligations of Customer
                  limited to the U.S. Dollar equivalent of Five Million Euros on
                  the date demand for payment is made thereunder,  as determined
                  by MLBFS,  plus  interest  thereon until paid and all costs of
                  enforcement,  in such form and containing  such  conditions as
                  MLBFS  shall  reasonably   request,   together  with  evidence
                  satisfactory  to MLBFS as to the due  authority of such entity
                  to execute and deliver such  documents and be legally bound by
                  them,  and which may include,  among other  things,  certified
                  copies  of  each  such  entity's   organizational   documents,
                  resolutions  of  their  respective   boards  or  directors  or
                  managers, opinions of counsel and the like."

<PAGE>
                                               Medialink Worldwide Incorporated
                                                               November 8, 2004
                                                                         Page 6

Except as  expressly  set forth  herein,  this letter is not  intended to be and
shall  not be  construed  as a  waiver  or  amendment  of any of the  terms  and
provisions  of the Loan  Documents,  which terms and  provisions  remain in full
force and effect upon all of their terms and conditions.

By  their  execution  of  this  Letter  Agreement,   the  below-named  guarantor
("Guarantor")  hereby  consents  to the  foregoing  modifications  to  the  Loan
Documents,  and hereby  agrees that the  "Obligations"  under its  Unconditional
Guaranty and/or agreements  providing collateral shall extend to and include the
Obligations of Customer under the Loan Documents, as amended hereby.

Customer  and said  Guarantor  acknowledge,  warrant  and  agree,  as a  primary
inducement to MLBFS to enter into this Agreement,  that: (a) no Default or Event
of Default  (other than the  Existing  Events of Default)  has  occurred  and is
continuing  under the Loan Documents;  (b) each of the warranties of Customer in
the Loan  Documents  are true and  correct  as of the date  hereof  and shall be
deemed remade as of the date hereof;  (c) neither Customer nor Guarantor has any
claim  against  MLBFS or any of its  affiliates  arising out of or in connection
with the Loan Documents or any other matter whatsoever; and (d) neither Customer
nor Guarantor has any defense to payment of any amounts  owing,  or any right of
counterclaim for any reason under, the Loan Documents.

Provided that no Event of Default  (other than the Existing  Events of Default),
or event  which  with the  giving of notice,  passage  of time,  or both,  would
constitute an Event of Default, shall then have occurred and be continuing under
the terms of the Loan  Documents,  the  amendments and agreements in this Letter
Agreement will become  effective on the date (the "Effective  Date") upon which:
(a) Customer  and the  Guarantor  shall have  executed and returned to MLBFS the
duplicate  copy of this Letter  Agreement  enclosed  herewith;  (b) an office of
MLBFS shall have reviewed and approved this Letter Agreement as being consistent
in all respects with the original internal  authorization  hereof;  (c) Customer
shall have paid to MLBFS a principal  repayment in an amount sufficient to cause
the principal  amount of the  outstanding  Obligations  outstanding  on the date
hereof to be equal to or less than the Maximum  WCMA Line of Credit,  as amended
hereby;  (d) Customer shall have paid to MLBFS a modification  fee in the amount
of $15,000,  which amount Customer authorizes MLBFS to charge against Customer's
WCMA Account on the date hereof;  (e) Customer  shall have  delivered to MLBFS a
duly  executed  copy  of  the  Subordination   Agreement  with  respect  to  the
Convertible  Debentures;  and (f) Customer shall  reimburse MLBFS for all of its
reasonable costs and expenses, including reasonable attorneys' fees, incurred in
connection with the preparation and negotiation of this Amendment,  which amount
Customer authorizes MLBFS to charge against Customer's WCMA Account.

<PAGE>
                                               Medialink Worldwide Incorporated
                                                               November 8, 2004
                                                                         Page 7

Notwithstanding the foregoing, if Customer and the Guarantor do not execute and
return the duplicate copy of this Letter Agreement within five days from the
date hereof, or if for any other reason (other than the sole fault of MLBFS) the
Effective Date shall not occur within said five day period, then all of said
amendments and agreements will, at the sole option of MLBFS, be void.

Very truly yours,

MERRILL LYNCH BUSINESS
FINANCIAL SERVICES INC.

By: /s/ Patrick Lucas
   -----------------------------
         Vice President

Accepted and Agreed this 8th
day of  November, 2004.

MEDIALINK WORLDWIDE INCORPORATED

By: /s/ J. Graeme McWhirter
   -----------------------------
Printed Name:  J. Graeme McWhirter
Title: Executive Vice President

Approved and agreed to this 8th
day of November, 2004

THE DELAHAYE GROUP, INC.

By: /s/ J. Graeme McWhirter
   -----------------------------
Printed Name: J. Graeme McWhirter
Title: Executive Vice President

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