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                                                                     EXHIBIT 4.1

                         CONSENT OF INDEPENDENT AUDITORS

         We consent to the reference to our firm under the caption
"Experts-Independent Auditors" and to the use of our report dated April 1,
2003 in the Amendment No. 1 to the Registration Statement (File No. 333-103982)
and related Prospectus of Claymore Securities Defined Portfolios, Series 146.

                                                      /s/ GRANT THORNTON LLP
                                                          GRANT THORNTON LLP

Chicago, Illinois
April 1, 2003<Page>

                                                                    EXHIBIT 10.7

[LETTERHEAD OF HOLLEY PERFORMANCE PRODUCTS, INC.]

Jeffrey G. King
President and CEO

August 14, 2002

Mr. James D. Wiggins
1930 Oak Knoll Drive
Lake Forest, IL 60045

Dear Jim:

     On behalf of the Board of Directors (the "Board") of Holley Performance
Products, Inc. ("Holley" or the "Company"), I am pleased to extend to you this
offer of employment on the following terms and conditions:

     TITLE. Chairman and Chief Executive Officer reporting to the Board and
member of the Board and of the Executive Committee of the Board.

     SALARY. Your compensation will be $335,000 per annum payable in bimonthly
installments, subject to annual review by the Compensation Committee of the
Board.

     SEVERANCE. To the extent that your employment with the Company is
involuntarily terminated, other than for "Cause" (as defined), the Company will
continue to pay your base salary for one year, payable in bimonthly
installments.

     BONUS. You will participate in the annual management incentive plan (the
"Bonus Plan") approved by the Compensation Committee. Your target annual bonus
will be equal to 70% of base salary, subject to the performance targets and
other provisions of the Bonus Plan.

     COMMON STOCK PURCHASE. We understand that you wish to purchase up to
$500,000 of the Company's common stock and that you will purchase such stock
within 60 days of the date of this letter.

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     COMMON STOCK OPTIONS. The Company will grant to you options to purchase
shares equal to approximately 5% of the Company's common stock on a
fully-diluted basis (excluding options or warrants granted in connection with
any financing). Options granted either (i) will be exercisable at the Company's
current estimated share price of $0.95 and will vest in three equal installments
based on the achievement of reasonable EBITDA and debt reduction targets to be
negotiated in connection with the implementation of a new stock option program
(the "2002 Option Plan") or (ii) will be exercisable at the original share cost
of $1.50 and will vest in three equal annual installments. The Company will
consider granting additional options in excess of 5% at a later date and
depending on the performance of the Company. All options will have a maximum
exercise period of ten years from the date of the initial grant, and will be
subject to accelerated vesting in the event of a sale of the Company or an
Initial Public Offering of the Company's common stock. To the extent that your
employment is involuntarily terminated without "Cause" (as defined), you would
be entitled to exercise your vested options during some limited time period,
while your unvested options would be canceled.

     BENEFITS. The Company will provide you with a benefits package which will
include (i) medical insurance; (ii) life insurance, (iii) 4 weeks paid vacation
per year; (iv) a car allowance of $1,500 per month; (v) payment of initiation
fees and ongoing dues related to your membership in a business or country club
of your choice; (vi) participation in the Company's 401(k) plan; and (vii) a
SERP which will conform to the IRS model, be funded in a "rabbi trust", with a
matching provision.

     LOCATION. You will maintain a full-time office and secretary at the
Company's headquarters in Bowling Green, K.Y. However, you may spend up to 2
days per week working out of an office in the Chicago area. (Time spent at other
Holley operations, meeting with the Company's customers, etc, shall be treated
as time in the Company's headquarters.) The Company will reimburse you for all
reasonable costs of temporary housing in Bowling Green, or another nearby
community of your choice, and, to the extent such reimbursement is treated as
taxable income to you, will provide you with a "gross-up" for related taxes. In
addition, the Company will reimburse you for the costs of relocation from Denver
to Chicago and will increase its Relocation Payment allowance by an amount equal
to 50% of the amount by which your cost basis in your Denver house exceeds the
actual sale price, up to a maximum increase of $85,000.

     EMPLOYMENT DATE. Your target employment date will be August 15, 2002.

     INDEMNIFICATION. Holley will indemnify you for any claims made by Tomkins
plc or its affiliates in connection with your non-competition agreement with
Gates Group resulting from your role as Chairman and Chief Executive Officer of
Holley.

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     Please note that your employment with Holley and the terms of this letter
are subject to an affirmative vote of the Company's Board. If you are in
agreement with the contents of this letter, please execute both copies in the
space provided below and return one copy to me, retaining the other copy for
your files. If you have any questions or comments, please do not hesitate to
contact me.

Sincerely,

Christopher Lacovara
Member, Compensation Committee

cc: James A. Kohlberg
    Evan Wildstein

Agreed and accepted:

/s/ James D. Wiggins                                         August 16, 2002
--------------------                                     -----------------------
James D. Wiggins                                         Date<Page>

                                                                    EXHIBIT 10.8

[LETTERHEAD OF HOLLEY PERFORMANCE PRODUCTS, INC.]

July 19, 2002

Mr. Russell W. Ford
6101 Annadale Drive
Fort Worth, TX 76132

Dear Russ,

     On behalf of the over 1,300 employees at Holley, I am pleased to extend the
following job offer to you for the position of Vice President and Chief
Operating Officer (COO) reporting directly to me. In this role, you will have
direct responsibility for each of our manufacturing and distribution operations,
and will provide direct leadership for system-wide supply chain management. You
will be the leader of our lean transformation initiatives and will be directly
responsible for product and process design optimization. You will also be
responsible, in partnership with our CFO, for our asset
utilization/rationalization program.

     Key deliverables, which you will be responsible for include:

     (1)  Providing leadership for our Target 12 Program - A reduction program
          that must reduce our manufacturing cost basis by $12 million by
          year-end 2003.
     (2)  Championing our 20-03 Program - A joint effort with our CFO to reduce
          the total cash investment in our business by $20 million by year-end
          2003.
     (3)  Improved quality operating system performance as measured by both
          internal and external PPM rates and our total warranty expense.
     (4)  Improved service level performance as measured by dollars shipped
          versus dollars ordered within customer defined cycle times. Our target
          is a minimum service level of 95%.
     (5)  Improved Inventory utilization as measured by a combination of
          absolute inventory investment reduction (captured in our 20-30
          program) and targeted turnover rate improvements.

     I believe that we have enormous potential at Holley to grow and improve our
business, and I am confident that you have the correct skill set and leadership
traite that will enable you to make a significant contribution at Holley and
through this contribution, significantly increase our enterprise value. Details
of your employment will be as follows:

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Mr. Ford
July 19, 2002
Page 2

     SALARY: Your base salary will be $240,000,00 per year. You will be paid
twice per month on approximately the fifteenth and the thirtieth of each month.

     STARTING DATE: August 12, 2002

     INCENTIVE COMPENSATION: You will be eligible to participate in Holley's
Senior Management Incentive Compensation program with a target bonus pay out of
50% of your base salary. You will earn an Incentive bonus pay out based on your
performance as measured by our total operating margin improvement and cash flow
generation. For 2002, you will be eligible for a pro-rated incentive
compensation pay out based on targets that you and I will develop and precent to
our Board of Directors Compensation Committee for their approval. Holley will
guarantee a pro-rated pay out for 2002, which based on an August 1, 2002 start
date, will be $50,000.00. Payment will be made after we have submitted audited
year-end financial statements to our Board of Directors and our Compensation
Committee approves this pay out. In general, this will occur in late March each
year. In order to be eligible to receive any earned Incentive Compensation
payment, you must be an active employee in good standing on the date of payment.

     VEHICLE: As the Chief Operating Officer, Holley will provide you with a
vehicle and pay all operating, maintenance, and insurance costs. You will be
responsible for recording personal miles and will pay taxes on these miles. You
may select any vehicle up to a monthly total lease cost of $700.00/month. If you
select a vehicle that has a greater lease value than $700.00/month, you will be
responsible for reimbursing the company any amount over this limit.

     INCENTIVE STOCK AWARDS: You will be granted incentive stock options
totaling 2.5% of all shares outstanding. These shares will vest based on our
company's performance over the next three years (2000-2005) based on enterprise
value targets agreed upon by our Board of Directors. You will vest at 1/3 per
year for each year we achieve our targeted enterprise value.

I will forward a formal Incentive Stock Option Agreement to you shortly after
your start date.

     SEVERANCE PAYMENTS RESULTING FROM A CHANGE OF CONTROL: In the event that
your employment with the Company is involuntarily terminated as a result of a
change of control, or in the event of a change of control you are not offered a
similar position with the Company, the Company shall pay to you a severance
benefit equal to:

     (1)  Six (6) months salary, to be paid in monthly installments (at your
          then effective base salary rate), and
     (2)  Continuation of any applicable employee benefits for such six month
          time period.

     For purposes hereof, a "Change of Control" shall mean the acquisition of a
majority or more of the outstanding units of the Company by any person or
"group" (as the term is used in Regulation 13D under the Securities Exchange Act
of 1934) other than the Stockholders of the Company as of August 12, 2002, and
their respective affiliates.

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Mr. Ford
July 19, 2002
Page 3

     FRINGE BENEFITS: As a Senior Executive, you will be eligible for our full
range of benefits including:

  -  401(k) Retirement Savings Plan
  -  Retirement Plan For Salaried Employees (which may be frozen or eliminated
     in the future)
  -  Group Medical (Medical, Dental, and Prescription Drugs)
  -  Cellular telephone
  -  Laptop computer

     VACATION: As a Senior Executive, you will be eligible for three (3) weeks
of paid vacation in 2003, and a prorated paid vacation period of six (6) days
for 2002.

     RELOCATION: The following relocation benefits will apply to your move:

     1. You will be reimbursed (grossed up for taxes) for the real estate
commission and other normal selling expenses directly associated with selling
your primary residence.

     2. You will be reimbursed (grossed up for taxes) for customary home
purchase expenses such as attorney fees, closing costs, as well as other normal
and reasonable fees associated with the purchase of a home within 12 months of
your start date. Holley will not reimburse any real estate commission fees
associated with buying a home.

     3. Movement of your household goods will be paid by the Company and
coordinated through the Human Resources Department in order to avoid tax
exposure to you.

     4. When you have established a residence in the Bowling Green area (or the
area of your choice), you will be paid a miscellaneous allowance of $35,000 (not
grossed up for taxes). This allowance is to cover the multitude of incidental
items associated with a move such as phone hookups, deposits, car licensing
fees, taxes, etc.

     5. You will be reimbursed for the cost of two house hunting trips for you
and your family, plus a reasonable period of temporary living expenses
(including trips home) for yourself, prior to your move to Bowling Green.
Temporary living expenses are limited to a period that will reasonably enable
you to complete your relocation. Generally, that period of time is targeted to
be 30 days following commencement of your employment. We will review your
relocation situation as it progresses to provide for a reasonable period for
payment or temporary living expenses.

     With respect to the foregoing relocation benefits, if you fail to report
for employment or it following commencement of employment you voluntarily
terminate employment or your employment is terminated for the commission of acts
of moral turpitude, you agree to reimburse Holley Performance Products for 100%
of such expenses which have been paid to you, or for which Holley is
responsible, if such termination of employment occurs within twelve months
following commencement of employment, and at a rate of 50% thereof if such
termination of employment occurs within twenty-four months following
commencement of employment.

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Mr. Ford
July 19, 2002
Page 4

     This offer is contingent upon your successful completion of our normal
employment physical examination, which includes a drug and alcohol screening.
This exam should be arranged through your own family physician or through a
local "Urgent Care" type facility. I have included the necessary paperwork for
this examination as an attachment to this document.

     We look forward to working with you toward a successful future. Your
acceptance of this offer of employment will be evidenced by your signing and
returning the enclosed copy of this letter. If you have any particular questions
regarding this offer or the enclosed information, please do not hesitate to
contact me at 270/745-9507.

Sincerely,

/s/ Jeffrey G. King

Jeffrey G. King
President and CEO

JGK/dv

Accepted:  /s/ Russell W. Ford               Date: 7/23/02
          ---------------------
             Russell W. Ford

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