EXHIBIT 4.7 ----------- AMENDMENT NO. 1 TO SECURITY AGREEMENT This AMENDMENT NO. 1 (this "Amendment") is made as of April 3, 2003 by and between SMARTSERV ONLINE, INC., a Delaware corporation ("Debtor"), and Global Capital Funding Group, L.P., a...

                                                                     EXHIBIT 4.7
                                                                     -----------

                      AMENDMENT NO. 1 TO SECURITY AGREEMENT

         This AMENDMENT NO. 1 (this "Amendment") is made as of April 3, 2003 by
and between SMARTSERV ONLINE, INC., a Delaware corporation ("Debtor"), and
Global Capital Funding Group, L.P., a Delaware limited partnership ("Secured
Party").

         WHEREAS, Debtor and Secured Party entered into a Security Agreement
dated as of February 14, 2003 (the "Security Agreement"), pursuant to which
Secured Party was granted a security interest in certain of the Debtor's
property (the "Collateral") which secures that certain Convertible Debenture
dated as of February 14, 2003 in the amended Principal Amount of One Million One
Hundred Thousand Dollars ($1,100,000) made by Debtor and issued to Secured Party
(the "Convertible Debenture"),

         WHEREAS, Debtor and Secured Party, pursuant to that certain Amendment
Number 1 to Convertible Debenture dated of even date herewith, have agreed to
increase the principal amount of the Convertible Debenture from $1,000,000 to
$1,100,000;

         WHEREAS, Debtor and Secured Party desire to amend this Security
Agreement to provide for a security interest in the Collateral to secure the
Debenture.

         NOW THEREFORE, in consideration of the foregoing, and intending to be
legally bound hereby, Debtor and Secured Party hereby agree as follows:

         1. The Security Agreement shall be amended so that the term "Note"
shall be defined as "Note - means that certain 10% Convertible Debenture dated
as of February 14, 2003, in the amended principal amount of $1,100,000, made and
executed by Debtor and issued to Secured Party, and all amendments and
supplements thereto, restatements thereof and renewals, extensions,
restructurings and refinancings thereof."

         2. All other terms and provisions of the Security Agreement shall
remain in full force and effect and unchanged by this Amendment.

         Duly executed and delivered by the parties on the date first written
above.

                           SMARTSERV ONLINE, INC.


                           By:    /s/ Xxxxxx X. Xxxxxx
                                  --------------------
                           Name:  Xxxxxx X. Xxxxxx
                           Title: Senior Vice President and
                                  Chief Financial Officer


                           GLOBAL CAPITAL FUNDING GROUP, L.P.
                           By its General Partner, Global Capital
                           Management Services, Inc.


                           By:    /s/ Xxxxx X. Xxxxxx
                           Name:  Xxxxx X. Xxxxxx
                           Title: President