Registration Statement No. 333-141008 - ------------------------------------------------------------------------------------------------------------------------------------ ACE Securities Corp. Deutsche Bank [LOGO] Home Equity Loan Trust, Series 2007-ASAP2 TERM SHEET - ------------------------------------------------------------------------------------------------------------------------------------ The following material is "ABS informational and computational material" used in reliance on Rule 167 under the Securities Act of 1933, as amended. The information in this term sheet is preliminary and is subject to completion or change. - ------------------------------------------------------------------------------------------------------------------------------------ TERM SHEET SUPPLEMENT - ------------------------------------------------------------------------------------------------------------------------------------ ACE Securities Corp. - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ $555,678,000 (Approximate) - ------------------------------------------------------------------------------------------------------------------------------------ Home Equity Loan Trust Series 2007-ASAP2 - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ ACE Securities Corp. (Depositor) ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASAP2 (Issuing Entity) - ------------------------------------------------------------------------------------------------------------------------------------ Deutsche Bank [LOGO] May 17, 2007 - ------------------------------------------------------------------------------------------------------------------------------------ The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling DBSI's trading desk at 212-250-7730. This term sheet is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement. The information in this term sheet is preliminary and is subject to completion or change. The information in this term sheet, if conveyed prior to the time of your commitment to purchase, supersedes information contained in any prior similar term sheet relating to these securities. THIS TERM SHEET IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. The information in this term sheet may be based on preliminary assumptions about the pool assets and the structure. Any such assumptions are subject to change 1
- ------------------------------------------------------------------------------------------------------------------------------------ ACE Securities Corp. Deutsche Bank [LOGO] Home Equity Loan Trust, Series 2007-ASAP2 - ------------------------------------------------------------------------------------------------------------------------------------ The analysis in this report is based on information provided by ACE Securities Corp. (the "Depositor") and is ABS informational and computational material used in reliance on Securities Act Rule 167 (230.167). Investors are urged to read the base prospectus and the prospectus supplement and other relevant documents filed or to be filed with the Securities and Exchange Commission because they contain important information. Such documents may be obtained without charge at the Securities and Exchange Commission's website. The Commission file number for the related registration statement is 333-141008. Once available, the base prospectus and prospectus supplement may be obtained without charge by contacting Deutsche Bank Securities, Inc.'s ("DBSI") trading desk at (212) 250-7730. This term sheet is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement (collectively, the "Prospectus"). The information in this term sheet is preliminary and is subject to completion or change. The information in this term sheet, if conveyed prior to the time of your commitment to purchase, supersedes information contained in any prior similar term sheet relating to these securities. This term sheet is not an offer to sell or a solicitation of an offer to buy these securities in any state where such offer, solicitation or sale is not permitted. You should consult your own counsel, accountant, and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. The attached information contains certain tables and other statistical analyses (the "Computational Materials") which have been prepared by DBSI in reliance upon information furnished by the Depositor. Numerous assumptions were used in preparing the Computational Materials that may or may not be reflected herein. As such, no assurance can be given as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. These Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment assumptions, and changes in such prepayment assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments on the underlying assets will occur at rates slower or faster than the rates shown in the attached Computational Materials. Furthermore, unless otherwise provided, the Computational Materials assume no losses on the underlying assets and no interest shortfalls. The specific characteristics of the securities may differ from those shown in the Computational Materials by a permitted variance of +/- 5% prior to issuance. Neither DBSI nor any of its affiliates makes any representation or warranty as to the actual rate or timing of payments on any of the underlying assets or the payments or yield on the securities. An investor or potential investor in the certificates (and each employee, representative, or other agent of such person or entity) may disclose to any and all persons, without limitation, the tax treatment and tax structure of the transaction (as defined in United States Treasury Regulation Section 1.6011-4) and all related materials of any kind, including opinions or other tax analyses, that are provided to such person or entity. However, such person or entity may not disclose any other information relating to this transaction unless such information is related to such tax treatment and tax structure. THIS INFORMATION IS FURNISHED TO YOU SOLELY BY DBSI AND NOT BY THE ISSUER OF THE SECURITIES OR ANY OF ITS AFFILIATES. DBSI IS ACTING AS UNDERWRITER AND NOT ACTING AS AGENT FOR THE ISSUER IN CONNECTION WITH THE PROPOSED TRANSACTION. - ------------------------------------------------------------------------------------------------------------------------------------ The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling DBSI's trading desk at 212-250-7730. This term sheet is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement. The information in this term sheet is preliminary and is subject to completion or change. The information in this term sheet, if conveyed prior to the time of your commitment to purchase, supersedes information contained in any prior similar term sheet relating to these securities. THIS TERM SHEET IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. The information in this term sheet may be based on preliminary assumptions about the pool assets and the structure. Any such assumptions are subject to change 2
- ------------------------------------------------------------------------------------------------------------------------------------ ACE Securities Corp. Deutsche Bank [LOGO] Home Equity Loan Trust, Series 2007-ASAP2 - ------------------------------------------------------------------------------------------------------------------------------------ TERM SHEET SUPPLEMENT DATED May 17, 2007 ACE Securities Corp. Home Equity Loan Trust, Series 2007-ASAP2 $555,678,000 (Approximate) All dollar amounts and percentages contained herein are subject to a permitted variance of +/- 5% - ------------------------------------------------------------------------------------------------------------------------------------ Structure Overview - ----------------------------------------------------------------------------------------------------------------------------------- To 10% Optional Termination Class Approximate Initial CE %* Targeted CE % On/After Expected Ratings Size ($) Step Down Date* S / M Offered Certificates: A-1 $196,819,000 } AAA / Aaa A-2A $121,892,000 } AAA / Aaa A-2B $38,458,000 } 24.95% 49.90% AAA / Aaa A-2C $47,807,000 } AAA / Aaa A-2D $34,705,000 } AAA / Aaa M-1 $23,141,000 21.00% 42.00% AA+ / Aa1 M-2 $21,676,000 17.30% 34.60% AA+ / Aa2 M-3 $12,889,000 15.10% 30.20% AA / Aa3 M-4 $11,131,000 13.20% 26.40% AA / A1 M-5 $10,545,000 11.40% 22.80% AA- / A2 M-6 $9,666,000 9.75% 19.50% AA- / A3 M-7 $9,666,000 8.10% 16.20% A+ / Baa1 M-8 $9,081,000 6.55% 13.10% A- / Baa2 M-9 $8,202,000 5.15% 10.30% BBB+ / Baa3 ------------------------- Total Offered $555,678,000 * Approximate - ------------------------------------------------------------------------------------------------------------------------------------ Transaction Overview - ------------------------------------------------------------------------------------------------------------------------------------ Delinquency Test: The determination on any Distribution Date that the percentage obtained by dividing (x) the principal amount of (1) Mortgage Loans delinquent 60 days or more, (2) Mortgage Loans in foreclosure, (3) REO Properties and (4) Mortgage Loans discharged due to bankruptcy by (y) the aggregate principal balance of the Mortgage Loans, in each case, as of the last day of the previous calendar month, exceeds 32.00% of the Credit Enhancement Percentage of the Class A Certificates. - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling DBSI's trading desk at 212-250-7730. This term sheet is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement. The information in this term sheet is preliminary and is subject to completion or change. The information in this term sheet, if conveyed prior to the time of your commitment to purchase, supersedes information contained in any prior similar term sheet relating to these securities. THIS TERM SHEET IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. The information in this term sheet may be based on preliminary assumptions about the pool assets and the structure. Any such assumptions are subject to change 3
- ------------------------------------------------------------------------------------------------------------------------------------ ACE Securities Corp. Deutsche Bank [LOGO] Home Equity Loan Trust, Series 2007-ASAP2 - ------------------------------------------------------------------------------------------------------------------------------------ FOR ADDITIONAL INFORMATION PLEASE CALL: --------------------------------------- - ----------------------------------------------------------------------------------------- Deutsche Bank Securities - ----------------------------------------------------------------------------------------- Whole Loan Trading ------------------ Michael Commaroto 212-250-3114 Paul Mangione 212-250-5786 ABS Banking ----------- Sue Valenti 212-250-3455 Ernest Calabrese 212-250-5859 Patrick Lachanski 212-250-2259 ABS Structuring --------------- Bill Yeung 212-250-6893 Chris Sudol 212-250-0507 ABS Collateral -------------- Reta Chandra 212-250-2729 Jhoana Pajarillo 212-250-8387 - ----------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------- Standard & Poor's Rating Service - ----------------------------------------------------------------------------------------- Mark Goldenberg 212-438-1641 Mike Dougherty 212-438-6891 - ----------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------- Moody's Investors Service, Inc. - ----------------------------------------------------------------------------------------- Karen Ramallo 212-553-0370 Rachel Peng 212-553-3831 - ----------------------------------------------------------------------------------------- - ------------------------------------------------------------------------------------------------------------------------------------ The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling DBSI's trading desk at 212-250-7730. This term sheet is not required to contain all information that is required to be included in the base prospectus and the prospectus supplement. The information in this term sheet is preliminary and is subject to completion or change. The information in this term sheet, if conveyed prior to the time of your commitment to purchase, supersedes information contained in any prior similar term sheet relating to these securities. THIS TERM SHEET IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. The information in this term sheet may be based on preliminary assumptions about the pool assets and the structure. Any such assumptions are subject to change 4