Document:

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                                                                   Exhibit 10.47

                               SECURITY AGREEMENT

     This Agreement, dated as of February 24, 2003, is between Geerlings & Wade,
Inc., a Massachusetts corporation (the "Company"), and John M. Connors, Jr.,
James C. Curvey, John J. Remondi, Gordon Romer and Robert L. Webb (each a
"Lender", and collectively the "Lenders"). The parties agree as follows:

1.   Security.

     1.1. Grant of Collateral. As security for the payment and performance of
the Credit Obligations described in Section 1 of the Credit Agreement (the
"Secured Obligations"), the Company hereby creates a security interest in favor
of the Lenders and the holders from time to time of the Secured Obligations in
all of the Company's right, title and interest in and to (but none of its
obligations or liabilities with respect to) the items and types of present and
future property described below in this Section 1.1, whether now owned or
hereafter acquired:

     Accounts receivable, contract rights, documents, instruments, general
     intangibles, inventory, goods, equipment, patents, copyrights, trademarks,
     domain names, goodwill, investment property, stock or other evidences of
     ownership, chattel paper, instruments, leases, commercial tort claims,
     cash, cash equivalents, deposit accounts, books, records, insurance
     proceeds, dividends, all other property, assets and items of value and
     proceeds and products of the foregoing (all of the above being included in
     the term "Collateral").

     1.2. Perfection of Collateral. Upon the Lenders' reasonable request from
time to time, the Company will, and hereby authorizes the Lenders on the
Company's behalf to, execute and deliver, and file and record in the proper
filing and recording places, all such instruments, including Uniform Commercial
Code financing statements, control statements, collateral assignments of
copyrights, trademarks, patents, cash agency agreements, documents providing for
direct collection of accounts receivable, mortgages or deeds of trust and
notations on certificates of title, and take all such other action, as the
Lenders deem reasonably necessary for perfecting or otherwise confirming to them
their security interest in the Collateral.

     1.3. No Liens or Dispositions. All Collateral shall be free and clear of
any liens and restrictions on the transfer thereof, including contractual
provisions which prohibit the assignment of rights under contracts, except for
nonconsensual liens imposed by law and liens and restrictions on transfer
approved by the Lenders in writing. Except with the Lenders' consent, the
Company will not sell, lease or otherwise dispose of any of the Collateral or
modify or terminate any contracts or contractual rights included in the
Collateral, except in each case in the ordinary course of business, consistent
with past practice and on arm's length terms.

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2.   Right to Realize upon Collateral. Except to the extent prohibited by
applicable law that cannot be waived, this Section shall govern the Lenders'
rights to realize upon the Collateral. The provisions of this Section are in
addition to any rights and remedies available at law or in equity.

     2.1. Assembly of Collateral; Receiver. The Company shall, upon the Lenders'
request, assemble the Collateral and otherwise make it available to the Lenders.
The Lenders may have a receiver appointed for all or any portion of the
Company's assets or business which constitutes the Collateral in order to
manage, protect, preserve, sell and otherwise dispose of all or any portion of
the Collateral.

     2.2. Waiver. To the extent it may lawfully do so, the Company waives and
relinquishes the benefit and advantage of, and covenants not to assert against
the Lenders, any valuation, stay, appraisement, extension, redemption or similar
laws now or hereafter existing which, but for this provision, might be
applicable to the sale of any Collateral made under the judgment, order or
decree of any court, or privately under the power of sale conferred by this
Agreement, or otherwise.

     2.3. Foreclosure Sale. All or any part of the Collateral may be sold for
cash or other value in any number of lots at public or private sale, without
demand, advertisement or notice; provided, however, that unless the Collateral
to be sold threatens to decline speedily in value or is of a type customarily
sold on a recognized market, the Lenders shall give the Company 10 days' prior
written notice of the time and place of any public sale, or the time after which
a private sale may be made, which notice each of the Company and the Lenders
agree to be reasonable. At any sale or sales of Collateral, the Lenders or any
of their assigns may bid for and purchase all or any part of the property and
rights so sold and may use all or any portion of the Secured Obligations owed to
the Lenders as payment for the property or rights so purchased, all without
further accountability to the Company, except for the proceeds of such sale or
sales pursuant to Section 2.4(c).

     2.4. Application of Proceeds. The proceeds of all sales and collections in
respect of any Collateral or other assets of the Company, all funds collected
from the Company and any cash contained in the Collateral, the application of
which is not otherwise specifically provided for herein, shall be applied as
follows:

            (a) First, to the payment of the costs and expenses of such sales
     and collections, the reasonable expenses of the Lenders and the reasonable
     fees and expenses of the Lenders' counsel;

            (b) Second, any surplus then remaining to the payment of the Secured
     Obligations in such order and manner as the Lenders may in their reasonable
     discretion determine; and

            (c) Third, any surplus then remaining shall be paid to the Company,
     subject, however, to the rights of the holder of any then existing lien for
     which the Lenders have received a proper demand for proceeds prior to
     making such payment to the Company.

                                       -2-

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3.   Custody of Collateral. Except as provided by applicable law that cannot be
waived, the Lenders will have no duty as to the custody and protection of the
Collateral, the collection of any part thereof or of any income thereon or the
preservation or exercise of any rights pertaining thereto, including rights
against prior parties, except for the use of reasonable care in the custody and
physical preservation of any Collateral in its possession.

4.   Reimbursement of Expenses. The Company shall promptly pay on demand all
reasonable expenses of the Lenders (including reasonable attorney fees and
expenses) in connection with the preparation of this Agreement, operations
hereunder and enforcement and collection hereof, whether before or after
bankruptcy or similar proceedings (and whether or not allowed as a claim
therein).

5.   General. This Agreement shall bind and inure to the benefit of the parties
hereto and their respective successors and assigns; provided, however, that the
Company may not assign its rights or obligations hereunder. Notices shall be
furnished in writing to each party at its address appearing in Section 11 of the
Credit Agreement or as it may otherwise direct in writing actually received by
the other party. The invalidity or unenforceability of any provision hereof
shall not affect the validity or enforceability of any other provision hereof,
and any invalid or unenforceable provision shall be modified so as to be
enforceable to the maximum extent of its validity or enforceability. The
headings in this Agreement are for convenience of reference only and shall not
limit, alter or otherwise affect the meaning hereof. This Agreement constitutes
the entire understanding of the parties with respect to the subject matter
hereof and supersedes all prior and current understandings and agreements,
whether written or oral. This Agreement and all actions in connection herewith
shall be governed by and construed in accordance with the laws (other than the
conflict of laws rules) of the Commonwealth of Massachusetts, except as may be
required by the Uniform Commercial Code of other jurisdictions with respect to
matters involving the perfection of the Lender's lien on the Collateral located
in such other jurisdictions.

     Terms defined in the Credit Agreement and not otherwise defined herein
are used herein with the meanings so defined. This Agreement may be executed in
two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

                                      -3-

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     Each of the undersigned has caused this Agreement to be executed and
delivered by its duly authorized officer as an agreement under seal as of the
date first written above.

                                          THE COMPANY:

                                          GEERLINGS & WADE, INC.

                                          By /s/ Huib E. Geerlings
                                             -----------------------------------
                                             Name:  Huib E. Geerlings
                                             Title: Chief Executive Officer

                                          THE LENDERS:

                                          /s/ John M. Connors, Jr.
                                          --------------------------------------
                                          John M. Connors, Jr.

                                          /s/ James C. Curvey
                                          --------------------------------------
                                          James C. Curvey

                                          /s/ John J. Remondi
                                          --------------------------------------
                                          John J. Remondi

                                          /s/ Gordon Romer
                                          --------------------------------------
                                          Gordon Romer

                                          /s/ Robert L. Webb
                                          --------------------------------------
                                          Robert L. Webb

                                       -4-<PAGE>
                                                                   Exhibit 10.48

                                WARRANT AGREEMENT

       THIS AGREEMENT (the "Agreement") is made as of the 24th day of February,
2003, among Geerlings & Wade, Inc., a Massachusetts corporation (the "Company"),
and the parties listed on Exhibit A hereto as warrantholders (each a
"Warrantholder" and collectively, the "Warrantholders").

       WHEREAS, the Company entered into a certain Credit Agreement dated
February 24, 2003 with the Warrantholders pursuant to which the Warrantholders
have committed to provide a revolving credit facility to the Company (as from
time to time amended and in effect, the "Credit Agreement").

       WHEREAS, in accordance with the Credit Agreement, the Company is
obligated to issue to each lender participating in such credit facility warrants
exercisable for the Company's common stock, $0.01 par value per share (the
"Common Stock"), and the Warrantholders constitute all of such lenders.

       NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is acknowledged, the parties agree as follows:

       1.     ISSUANCE OF WARRANTS. Subject to the terms of this Agreement, in
consideration of the Warrantholders becoming party to the Credit Agreement, the
Company agrees to issue to each of the Warrantholders a warrant to purchase the
number of shares of Common Stock set forth opposite such Warrantholder's name on
Exhibit A hereto, each such Warrant to be in the form attached hereto as Exhibit
B (each a "Warrant", and collectively, the "Warrants"). The shares of Common
Stock issuable upon exercise of the Warrant are referred to herein as the
"Warrant Shares". The issuance of the Warrants shall take place simultaneously
with the closing being held this day under the Credit Agreement. The Company
will comply with all applicable provisions of federal and state securities laws
in connection with the issuance of the Warrant Shares.

       2.     REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby
represents and warrants to each of the Warrantholders as follows:

              2.1. Organization; Corporate Power. The Company is a corporation
       duly organized, validly existing and in good standing under the laws of
       the Commonwealth of Massachusetts. The Company has the corporate power
       and authority to execute and deliver this Agreement and the Warrants, and
       to perform its obligations hereunder and thereunder.

              2.2. Authorization, etc. All corporate action on the part of the
       Company necessary for the authorization, execution, delivery and
       performance of this Agreement by the Company and the performance of the
       Company's obligations hereunder, including

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       the issuance and delivery of the Warrants and the reservation of the
       Warrant Shares issuable upon exercise of the Warrants has been taken.
       This Agreement and the Warrants, when executed and delivered by the
       Company, shall constitute legal, valid and binding obligations of the
       Company enforceable in accordance with their terms, except as such
       enforceability may be limited by applicable bankruptcy, insolvency,
       reorganization, moratorium or other similar laws and general principles
       of equity (regardless of whether considered in a proceeding at law or in
       equity). The Warrant Shares, when issued in compliance with the
       provisions of this Agreement and the Warrants, will be duly authorized,
       validly issued, fully paid and nonassessable and free of any liens or
       encumbrances; provided, however, that the Warrant Shares may be subject
       to restrictions on transfer under state and/or federal securities laws.

              2.3.   Capitalization. On the date hereof, the authorized capital
       stock of the Company consists solely of 10,000,000 shares of Common
       Stock, par value $0.01 per share, and 1,000,000 shares of preferred
       stock, par value $0.01 per share (the "Preferred Stock"), of which
       3,879,450 shares of Common Stock and zero shares of Preferred Stock are
       issued and outstanding, and all such outstanding shares are duly
       authorized, validly issued, fully paid and nonassessable and have been or
       will have been offered, issued and sold in compliance with applicable
       federal and state securities laws.

              2.4.   Compliance with Laws, Other Instruments, etc. The
       execution, delivery and performance by the Company of this Agreement and
       the Warrants will not (a) contravene, result in any breach of, or
       constitute a default under, the corporate charter or by-laws of the
       Company or any of its subsidiaries or any material agreement or
       instrument to which the Company or any of its subsidiaries is bound or by
       which the Company or any of its subsidiaries or any of their respective
       properties may be bound or affected, (b) conflict with or result in a
       breach of any of the terms, conditions or provisions of any order,
       judgment, decree, or ruling of any court, arbitrator or governmental
       authority applicable to the Company or any of its subsidiaries or (c)
       violate any provision of any statute or other rule or regulation of any
       governmental authority applicable to the Company or any of its
       subsidiaries. The Company will comply with all applicable provisions of
       federal and stated securities laws in connection with the issuance of the
       Warrants and the Warrant Shares.

       3.     REPRESENTATIONS AND WARRANTIES OF THE WARRANTHOLDERS.

              3.1. Investment Intent. Each Warrantholder represents that it is
       acquiring its Warrant and Warrant Shares (collectively, the "Securities")
       for its own account and not with a view to the distribution thereof,
       provided that the disposition of such Warrantholder's property shall at
       all times be within such Warrantholder's control. Each Warrantholder
       understands that the Securities have not been registered under the
       Securities Act of 1933, as amended (the "Securities Act"), and may be
       transferred only in compliance with the Securities Act and all other
       applicable securities laws, or pursuant to exemptions therefrom.

                                       -2-

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              3.2.   Information and Sophistication. Each Warrantholder
       acknowledges that it has received all the information it has requested
       from the Company and considers necessary or appropriate for deciding
       whether to acquire the Warrants. Each Warrantholder represents that it
       has had an opportunity to ask questions and receive answers from the
       Company regarding the terms and conditions of the issuance of the
       Warrants. Each Warrantholder further represents that it has such
       knowledge and experience in financial and business matters that it is
       capable of evaluating the merits and risks of this investment.

              3.3.   Restricted Securities; Limitation on Disposition. Each
       Warrantholder understands that the Securities it is receiving are
       considered restricted securities under applicable federal and state
       securities laws and are thus subject to restrictions on transfer as
       further described in the Stockholders Agreement. Each Warrantholder
       understands that certificates evidencing the Securities may bear the
       following legend and/or any legend imposed or required pursuant to
       applicable state securities laws:

              "[THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OR
              CONVERSION OF THIS WARRANT]/[THESE SHARES] HAVE NOT BEEN
              REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
              APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED, SOLD
              OR OTHERWISE DISPOSED OF EXCEPT IN COMPLIANCE WITH THE
              REGISTRATION PROVISIONS OF SUCH ACT AND LAWS OR PURSUANT TO AN
              EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND LAWS."

       4.     REPORTING REQUIREMENTS. The Company shall deliver to each holder
of Warrants the following financial information, provided that any delivery
requirement set forth in this section shall be deemed satisfied if such delivery
is made to the holder of a Warrant in its capacity as a party to the Credit
Agreement in accordance with the requirements of Section 6.4 of the Credit
Agreement:

              4.1.   The annual financial reports specified in section 6.5.1 of
       the Credit Agreement as in effect on the date hereof;

              4.2.   The quarterly financial reports specified in section 6.5.2
       of the Credit Agreement as in effect on the date hereof;

              4.3.   The monthly calculations specified in section 6.5.3 of the
       Credit Agreement as in effect on the date hereof; and

              4.4.   All other information specified in sections 6.5.4 and 6.5.5
       of the Credit Agreement as in effect on the date hereof, as and when
       required to be delivered pursuant to such sections.

The requirements of this Section 4 shall not be affected by any amendment,
modification or termination of the Credit Agreement.

                                       -3-

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       5.     RULE 144 REPORTING. The Company covenants that it will file the
reports required to be filed by it under the Securities Act and the Securities
Exchange Act of 1934, as amended (the "Exchange Act") and the rules and
regulations adopted by the Securities and Exchange Commission (the "SEC")
thereunder (or, if it is not required to file such reports, it will, upon the
request of any Warrantholder, make publicly available other information so long
as necessary to permit sales pursuant to Rule 144 under the Securities Act), and
it will take such further action as any Warrantholder may reasonably request,
all to the extent required from time to time to enable such Warrantholder to
sell his Warrant Shares without registration under the Securities Act within the
limitation of the exemptions provided by (a) Rule 144 under the Securities Act,
as such Rule may be amended from time to time, or (b) any similar rule or
regulation hereafter adopted by the SEC. Upon the request of any Warrantholder,
the Company will deliver to such holder a written statement as to whether it has
complied with such information and filing requirements.

       6.     PIGGYBACK REGISTRATION. If the Company proposes to register any
shares of Common Stock pursuant to an effective registration statement under the
Securities Act for sale to the public, for its own account and/or for the
account of any stockholder for sale in a public offering of common stock for
cash (a "Public Offering") on a form that would permit registration of Warrant
Shares, the Company will give notice to all Warrantholders of its intention to
do so. Any such holder may, by written request delivered to the Company within
20 days after such notice, request that all or a specified part of the Warrant
Shares (a) held by such holder or (b) issuable to such holder upon exercise of
Warrants held by such holder be included in such registration. The Company
thereupon will use its reasonable efforts to cause to be included in such
registration under the Securities Act all Warrant Shares which the Company has
been so requested to register by such holders, to the extent required to permit
the disposition (in accordance with the methods to be used by the Company or
other holders of shares of common stock in such Public Offering) of the Warrant
Shares to be so registered. The Company will pay all expenses associated with
such registration of Warrant Shares including, without limitation, all
registration and filing fees, listing fees, all fees and expenses of complying
with securities or blue sky laws, all printing expenses, fees and disbursements
of counsel for the Company and its independent public accountants and fees and
disbursements of one counsel for the Warrantholders, but excluding underwriting
discounts, selling commissions, applicable transfer taxes, if any, and fees of
more than one counsel for the Warrantholders.

       7.     GENERAL.

              7.1.   Binding Effect; Assignment. The provisions of this
       Agreement shall be binding upon and inure to the benefit of the parties
       and their respective successors, permitted transferees and assigns,
       heirs, administrators and legal representatives. The Company may not
       assign its rights or obligations hereunder. No Warrantholder may assign
       any portion of its rights, obligations or liabilities under this
       Agreement, except to an affiliate or any other Warrantholder, without the
       prior written consent of the Company, which consent shall not be
       unreasonably withheld or delayed.

              7.2.   Amendment; Waiver. No amendment, modification or waiver of
       any provision of this Agreement shall be effective unless in writing and
       approved by the

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         Company and the holders of at least a majority of the aggregate number
         of Warrant Shares (on an as-exercised basis).

              7.3.   Governing Law. This Agreement shall be governed by and
       construed in accordance with the laws (other than the conflict of laws
       rules) of The Commonwealth of Massachusetts.

              7.4.   Credit Document; Counterparts. This Agreement is a Credit
       Document (as defined in the Credit Agreement) and may be executed in two
       or more counterparts, each of which shall be deemed an original, but all
       of which together shall constitute one and same instrument.

               [The remainder of this page is intentionally blank]

                                       -5-

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       The parties have duly executed this Agreement as of the date first
written above.

                                        THE COMPANY:
                                        -----------

                                        GEERLINGS & WADE, INC.

                                        By /s/ Huib E. Geerlings
                                          ----------------------------------
                                          Name: Huib E. Geerlings
                                          Title: Chief Executive Officer

                                        THE WARRANTHOLDERS:
                                        ------------------

                                        /s/ John M. Connors, Jr.
                                        --------------------------------
                                        John M. Connors, Jr.

                                        /s/ James C. Curvey
                                        --------------------------------
                                        James C. Curvey

                                        /s/ John J. Remondi
                                        --------------------------------
                                        John J. Remondi

                                        /s/ Gordon Romer
                                        --------------------------------
                                        Gordon Romer

                                        /s/ Robert L. Webb
                                        --------------------------------
                                        Robert L. Webb

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