(this "Agreement") is made and entered into as of the 22nd day of October, 1996, by and between A.P.S., INC. a Delaware corporation ("Seller"), which term shall include Seller's successors and assigns wherever the context hereof so requires or admits, and THE PARTS SOURCE, INC., ...
whether located at the Company's address set forth herein or elsewhere, and all proceeds thereof (the "Collateral"), to secure performance of all obligations of the Company to Hydro arising out of the preceding subparagraph, which security interest shall be prior to all other security interests...