FIND SVP INC
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>11
<FILENAME>c27833_ex10-9.txt
<TEXT>

                                                                    EXHIBIT 10.9

                               SECURITY AGREEMENT

      THIS SECURITY AGREEMENT ("AGREEMENT") dated April 1, 2003, is made and
entered into on the terms and conditions hereinafter set forth, by and between
FIND/SVP, INC., a New York corporation ("BORROWER"), and PETRA MEZZANINE FUND,
L.P., a Delaware limited partnership ("LENDER").

                                    RECITALS:

      1. Pursuant to a Loan Agreement of even date herewith, by and between
Lender and Borrower (together with any and all amendments, modifications,
supplements, extensions, renewals, substitutions and/or replacements thereof,
herein referred to as the "LOAN AGREEMENT"; capitalized terms used but not
otherwise defined herein shall have the same meanings as in the Loan Agreement),
Lender has agreed to make a term loan in the original principal amount of Three
Million and No/100ths Dollars ($3,000,000.00) (the "LOAN") to Borrower.

      2. The Loan is evidenced by a Promissory Note of even date with the Loan
Agreement, in the Loan amount, made and executed by Borrower, payable to the
order of Lender (together with any and all amendments, modifications,
supplements, extensions, renewals, substitutions and/or replacements thereof,
herein referred to as the "NOTE").

      3. As a condition to the making of the Loan, Lender has required that
Borrower grant to Lender a security interest in certain collateral more
particularly described below, which Borrower has agreed to do as hereinafter set
forth.

                                   AGREEMENTS:

      NOW, THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

      1. GRANT OF SECURITY INTEREST. Borrower hereby grants to Lender a security
interest in the following described property and any and all proceeds and
products thereof and accessions thereto (collectively the "COLLATERAL"):

            (a) EQUIPMENT. All equipment of Borrower of any kind and
      description, whether now owned or hereafter acquired and wherever located,
      together with all parts, accessories and attachments and all replacements
      thereof and additions thereto;

            (b) INVENTORY, ACCOUNTS, CONTRACT RIGHTS, CHATTEL PAPER AND GENERAL
      INTANGIBLES. All of Borrower's inventory, whether held for lease or sale,
      or furnished or to be furnished under contracts of service, and any
      agreements for lease of same and

<PAGE>

      rentals therefrom, and all of Borrower's accounts, accounts receivable,
      contract rights, chattel paper and general intangibles, whether now in
      existence or owned or hereafter arising or acquired, entered into or
      created, and wherever located;

            (c) INVESTMENT PROPERTY. All of Borrower's investment property,
      whether now in existence or owned or hereafter arising or acquired,
      entered into or created, and wherever located;

            (d) TRADEMARKS, ETC. All trademarks and service marks now held or
      hereafter acquired by Borrower, both those that are registered with the
      United States Patent and Trademark Office and any unregistered marks used
      by Borrower in the United States, and trade dress, including logos and
      designs, in connection with which any such marks are used, together with
      all registrations regarding such marks and the rights to renewals thereof,
      and the goodwill of the business of Borrower symbolized by such marks;

            (e) COPYRIGHTS. All copyrights now held or hereafter acquired by
      Borrower and any applications for U.S. copyrights hereafter made by
      Borrower; and

            (f) PROPRIETARY INFORMATION, COMPUTER DATA, ETC. All proprietary
      information and trade secrets of Borrower with respect to Borrower's
      business and all of Borrower's computer programs and the information
      contained therein and all intellectual property rights with respect
      thereto.

      2. SECURED INDEBTEDNESS. This Agreement secures the full and prompt
payment and performance of (a) the indebtedness and other obligations of
Borrower to Lender pursuant to the Loan Agreement, the Note and the other Loan
Documents, (b) any and all other indebtedness and other obligations of Borrower
to Lender, direct or contingent (including but not limited to obligations
incurred as indorser, guarantor or surety), however evidenced or denominated,
and however and whenever incurred, including but not limited to indebtedness
incurred pursuant to any present or future commitment of Lender to Borrower, and
(c) all future advances made by Lender for taxes, levies, insurance and
preservation of the Collateral and all attorney's fees, court costs and expenses
of whatever kind incident to the collection of any of said indebtedness or other
obligations and the enforcement and protection of the security interest created
hereby.

      3. REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF BORROWER. Borrower
represents, warrants and agrees as follows:

            (a) The location of Borrower's chief executive office and other
      places of business, and the locations of all tangible Collateral and of
      all records concerning the Collateral, are identified on attached SCHEDULE
      3(a). Except as set forth on SCHEDULE 3(a), during the five (5) years
      preceding the date of this Agreement, Borrower has not had any other place
      of business or location of assets. Borrower will promptly notify Lender,
      in writing, of any new place or places of business and of any change in
      the location of the Collateral or any records pertaining thereto.


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<PAGE>

            (b) Borrower is the owner of the Collateral free and clear of any
      Liens other than Permitted Liens. Borrower will defend the Collateral
      against the claims and demands of all persons other than those in respect
      of Permitted Liens.

            (c) Borrower will at all times keep the Collateral insured against
      all reasonably insurable hazards in amounts equal to the full insurable
      value of the Collateral. Such insurance shall be in such companies as are
      reasonably acceptable to Lender, with provisions reasonably satisfactory
      to Lender for payment of all losses thereunder to Lender as its interests
      appear. If required by Lender, Borrower shall deposit the policies (or
      duplicate originals of such policies) with Lender. Any money received by
      Lender under said policies may be applied to the payment of any
      indebtedness or obligation secured hereby, if then due and payable; or at
      Lender's option may be delivered by Lender to Borrower for the purpose of
      repairing or restoring the Collateral. Upon an Event of Default, Borrower
      shall assign to Lender all right to receive proceeds of insurance not
      exceeding the amounts secured hereby, shall direct any insurer to pay all
      proceeds directly to Lender, and shall appoint Lender Borrower's attorney
      in fact to endorse any draft or check made payable to Borrower in order to
      collect the benefits of such insurance. If Borrower fails to keep the
      Collateral insured as required by Lender, Lender shall have the right to
      obtain such insurance at Borrower's expense and add the cost thereof to
      the other amounts secured hereby.

            (d) Borrower shall, and shall cause each of its Subsidiaries to, at
      their sole cost and expense, execute and deliver to Lender all such
      further documents, instruments and agreements and perform all such other
      acts that reasonably may be required in the opinion of Lender to enable
      Lender to exercise and enforce its rights as the secured party under this
      Agreement and the other Security Documents and to carry out the provisions
      or effectuate the purposes of this Agreement and the other Security
      Documents. To the extent permitted by applicable law, Borrower hereby
      authorizes Lender to file financing statements and continuation statements
      with respect to the security interests granted or assigned under this
      Agreement and the other Security Documents, to execute such financing
      statements and continuation statements on behalf of the Borrower and its
      Subsidiaries and to do all other things it deems appropriate to perfect
      and continue perfection of the security interests created hereby and to
      protect the Collateral. Lender shall furnish to Borrower copies of all
      such financing statements and continuation statements filed by Lender
      pursuant to this SUBSECTION 3(d).

      4. SPECIAL AGREEMENTS WITH RESPECT TO TANGIBLE COLLATERAL. Borrower
additionally agrees and warrants as follows:

            (a) Borrower will not permit any of the Collateral to be removed
      from the location(s) specified herein, except for temporary periods in the
      normal and customary use thereof, without the prior written consent of
      Lender, and will permit Lender to inspect the Collateral at any time
      which, in the absence of a Default or an Event of Default, shall be during
      normal business hours upon reasonable prior written notice.


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<PAGE>

            (b) If any of the Collateral is equipment or goods of a type
      normally used in more than one jurisdiction (regardless of whether
      actually so used), Borrower will contemporaneously with the execution and
      delivery of this Agreement furnish to Lender a list of the jurisdictions
      wherein such equipment or goods are or will be used, and hereafter will
      notify Lender promptly in writing (1) of any other jurisdictions in which
      such equipment or goods are so used, and (2) of any change in the location
      of Borrower's chief executive office.

            (c) Except as permitted by the Loan Agreement, Borrower will not
      sell, exchange, lease or otherwise dispose of any of the Collateral or any
      interest therein without the prior written consent of Lender.

            (d) Borrower will keep the Collateral in good condition and repair
      (reasonable wear and tear excepted) and will pay and discharge all taxes,
      levies and other impositions levied thereon as well as the cost of repairs
      to or maintenance of same, and will not permit anything to be done that
      may impair the value of any of the Collateral in any material respect. If
      Borrower fails to pay such sums, Lender may do so for Borrower's account
      and add the amount thereof to the other amounts secured hereby.

            (e) Prior to the occurrence of an Event of Default, Borrower shall
      be entitled to possession of the Collateral and to use the same in any
      lawful manner, provided that such use does not cause excessive wear and
      tear to the Collateral, cause it to decline in value at an excessive rate,
      or violate the terms of any policy of insurance thereon.

            (f) Borrower will not allow the Collateral to be attached to real
      estate in such manner as to become a fixture or a part of any real estate,
      except to the extent currently attached to real estate as of the date
      hereof.

      5. SPECIAL AGREEMENTS WITH RESPECT TO INTANGIBLE AND CERTAIN TANGIBLE
COLLATERAL. Borrower additionally warrants and agrees as follows:

            (a) Prior to the occurrence of an Event of Default, Borrower shall
      have the right to process and sell Borrower's inventory in the regular
      course of business. Lender's security interest hereunder shall attach to
      all proceeds of all sales or other dispositions of the Collateral. If at
      any time any such proceeds shall be represented by any instruments,
      chattel paper or documents of title, then such instruments, chattel paper
      or documents of title shall be promptly delivered to Lender and subject to
      the security interest granted hereby. If at any time any of Borrower's
      inventory is represented by any document of title, such document of title
      will be delivered promptly to Lender and subject to the security interest
      granted hereby.

            (b) By the execution of this Agreement, Lender shall not be
      obligated to do or perform any of the acts or things provided in any
      contracts covered hereby that are to be done or performed by Borrower, but
      upon the occurrence and during the continuance of an Event of Default,
      Lender may, at its election, perform some or all of the obligations
      provided in said contracts to be performed by Borrower, and if Lender
      incurs any liability


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<PAGE>

      or expenses by reason thereof, the same shall be payable by Borrower upon
      demand and shall also be secured by this Agreement.

            (c) Upon the occurrence and during the continuance of an Event of
      Default, Lender shall have the right to notify the account debtors
      obligated on any or all of Borrower's accounts to make payment thereof
      directly to Lender, and to take control of all proceeds of any such
      accounts. Until such time as Lender elects to exercise such right by
      notice to Borrower, Borrower is authorized, as agent of the Lender, to
      collect and enforce said accounts.

      6. PROTECTION OF COLLATERAL. Except for Permitted Liens, Borrower will not
permit any liens or security interests other than those created by this
Agreement to attach to any of the Collateral, nor permit any of the Collateral
to be levied upon under any legal process, nor permit anything to be done that
may impair the security intended to be afforded by this Agreement, nor permit
any tangible Collateral to become attached to or commingled with other goods
without the prior written consent of Lender.

      7. INSPECTION AND VERIFICATION OF COLLATERAL. Lender shall have the right,
at any time, by its own auditors, accountants or other agents, to examine or
audit any of the books and records of Borrower, or the Collateral (which, in the
absence of a Default or an Event of Default, shall be during normal business
hours), all of which will be made available upon prior written request. Such
auditors, accountants or other representatives of Lender will be permitted to
make any verification of the existence of the Collateral or accuracy of the
records that Lender deems reasonably necessary or proper. Any reasonable
expenses incurred by Lender in making such examination, inspection, verification
or audit shall be paid by Borrower promptly on demand and shall be secured by
the security interest granted hereby, provided that if no Event of Default has
occurred or is continuing, Borrower's obligation to pay such expenses shall be
limited to two inspections per calendar year.

      8. DEFAULT AND REMEDIES. Upon the occurrence of an Event of Default,
Lender may proceed to exercise any and all rights and remedies provided by the
New York Uniform Commercial Code or other applicable law, as well as all other
rights and remedies possessed by Lender, all of which shall be cumulative. Upon
the occurrence of an Event of Default, and upon demand by Lender, Borrower shall
assemble the Collateral and make it available to Lender at a place reasonably
convenient to Lender and Borrower. Any notice of sale, lease or other intended
disposition of the Collateral by Lender sent to Borrower at the address set
forth in the Loan Agreement, or at such other address of Borrower as may be
shown on Lender's records, at least ten (10) days prior to such action, shall
constitute reasonable notice to Borrower.

      Lender may waive any default before or after the same has been declared
without impairing its right to declare a subsequent default hereunder, this
right being a continuing one.

      9. POWER OF ATTORNEY. Borrower hereby constitutes the Lender or its
designee, as Borrower's attorney-in-fact with power, upon the occurrence and
during the continuance of an Event of Default, to endorse Borrower's name upon
any notes, acceptances, checks, drafts, money orders or other evidences of
payment or Collateral that may come into either its or the


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<PAGE>

Lender's possession; to sign the name of Borrower on any invoice or bill of
lading relating to any of the accounts receivable, drafts against customers,
assignments and verifications of accounts receivable and notices to customers;
to send verifications of accounts receivable; to notify the Post Office
authorities to change the address for delivery of mail addressed to Borrower to
such address as the Lender may designate; to execute any of the documents
referred to in subsection 3(d) hereof in order to perfect and/or maintain the
security interests and liens granted herein by Borrower to the Lender; and to do
all other acts and things necessary to carry out this Security Agreement. All
acts of said attorney or designee are hereby ratified and approved, and said
attorney or designee shall not be liable for any acts of commission or omission
(other than acts of gross negligence or willful misconduct), nor for any error
of judgment or mistake of fact or law. This power, being coupled with an
interest, is irrevocable until all of the indebtedness and other obligations
secured hereby have been fully paid or performed.

      10. NOTICES. Any and all notices, elections or demands permitted or
required to be made under this Agreement shall be given as provided in the Loan
Agreement.

      11. SEVERABILITY. If any provision(s) of this Agreement or the application
thereof to any person or circumstance shall be invalid or unenforceable to any
extent, the remainder of this Agreement and the application of such provisions
to other persons or circumstances shall not be affected thereby and shall be
enforced to the greatest extent permitted by law.

      12. BINDING EFFECT. This Agreement shall inure to the benefit of Lender's
successors and assigns and shall bind Borrower's heirs, representatives,
successors and assigns. If Borrower is composed of more than one Person, their
obligations hereunder shall be joint and several.

      13. TERMINATION STATEMENT. Borrower agrees that, notwithstanding the
payment in full of all indebtedness secured hereby and whether or not there is
any outstanding obligation of Lender to make future advances, Lender shall not
be required to send Borrower a termination statement with respect to any
financing statement filed to perfect Lender's security interest(s) in any of the
Collateral, unless and until Borrower shall have made written demand therefor.
Upon receipt of proper written demand, Lender may at its option, in lieu of
sending a termination statement to Borrower, cause said termination statement to
be filed with the appropriate filing officer(s).

      14. GOVERNING LAW. This Agreement shall be construed and enforced under
the law of the State of Tennessee.

      15. GENERAL CONSTRUCTION. All terms used but not otherwise defined herein
that are defined or used in Article 9 of the New York Uniform Commercial Code
shall have the respective meanings assigned to them in such Article. As used in
this Agreement, the masculine, feminine and neuter genders and the plural and
singular numbers shall be deemed to include the others in all cases in which
they would so apply. "Includes" and "including" are not limiting, and shall be
deemed to be followed by "without limitation" regardless of whether such words
or words of like import in fact follow same. The word "or" is not intended and
shall not be construed to be exclusive.


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      IN WITNESS WHEREOF, the parties hereto have executed this Agreement, or
have caused this Agreement to be executed by their duly authorized officers or
other representatives, as of the date first above written.

                                    BORROWER:

                                    FIND/SVP, INC.

                                    By: /s/ David Walke
                                        --------------------------------------
                                        Title: Chief Executive Officer


                                    LENDER:

                                    PETRA MEZZANINE FUND, L.P.

                                    By: Petra Partners, LLC, its general partner

                                        By: /s/ Joseph D. O'Brien III
                                            ------------------------------------
                                            Joseph D. O'Brien III,
                                            Managing Member




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