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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 22, 2001
ACE SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF March 1, 2001, PROVIDING FOR THE ISSUANCE OF
ASSET BACKED PASS-THROUGH CERTIFICATES, SERIES 2001-NC1)
ACE Securities Corp.
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(Exact name of registrant as specified in its charter)
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Delaware 333-88101 56-2088493
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
6525 Morrison Boulevard, Suite 318
Charlotte, North Carolina 28211
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (704) 365-0569
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Item 5. Other Events
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Description of the Certificates and the Mortgage Pool
As of the date hereof, ACE Securities Corp. (the "Registrant") has
caused to be filed with the Securities and Exchange Commission (the
"Commission") pursuant to the Commission's Rule 424 a Prospectus Supplement to
its Prospectus, dated March 19, 2001, in connection with the Registrant's
issuance of a series of certificates, entitled ACE Securities Corp. Home Equity
Loan Trust, Series 2001-NC1, Asset Backed Pass-Through Certificates (the
"Certificates"), to be issued pursuant to a pooling and servicing agreement,
dated as of March 1, 2001, among the Registrant as depositor, Litton Loan
Servicing LP as servicer, U.S. Bank National Association as trustee and Bankers
Trust Company of California as trust administrator. The Certificates designated
as the Series 2001-NC1 Certificates will represent in the aggregate the entire
beneficial ownership interest in a trust fund (the "Trust Fund") consisting
primarily of a segregated pool (the "Mortgage Pool") of conventional, one- to
four-family, adjustable-rate first lien mortgage loans having original terms to
maturity up to 30 years (the "Mortgage Loans").
Computational Materials
Deutsche Banc Alex. Brown Inc. (the "Underwriter") has advised the
Registrant that it has furnished to certain prospective purchasers of
Certificates certain materials, herein referred to as "Computational Materials,"
in written form, which Computational Materials are in the nature of data tables
and term sheet information relating to the Mortgage Loans or other assets of the
Trust Fund, the structure of the Certificates and terms of certain classes of
Certificates, and the hypothetical characteristics and hypothetical performance
of certain classes of Certificates under certain assumptions and scenarios.
The Computational Materials have been provided by the Underwriter. The
information in the Computational Materials is preliminary and will be superseded
by the Prospectus Supplement relating to the Certificates and by any other
information subsequently filed with the Commission.
The Computational Materials were prepared by the Underwriter at the
request of certain prospective investors. The Computational Materials may be
based on information that differs from the information set forth in the
Prospectus Supplement.
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Item 7. Financial Statements and Exhibits
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(a) Not applicable
(b) Not applicable
(c) Exhibits
Exhibit No. Description
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99.1 Computational Materials (as defined in Item 5) that have been
provided by Deutsche Banc Alex. Brown Inc. to certain
prospective purchasers of ACE Securities Corp. Home Equity
Loan Trust, Series 2001-NC1, Asset Backed Pass-Through
Certificates, Series 2001-NC1.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: March 22, 2001
ACE SECURITIES CORP.
By: /s/ Douglas K. Johnson
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Name: Douglas K. Johnson
Title: President
By: /s/ Evelyn Echevarria
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Name: Evelyn Echevarria
Title: Vice President
Index to Exhibits
Sequentially
Exhibit No. Description Numbered Page
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99.1 Computational Materials (as defined in Item 5) P
that have been provided by Deutsche Banc Alex.
Brown Inc. to certain prospective purchasers of
ACE Securities Corp. Home Equity Loan Trust,
Series 2001-NC1, Asset Backed Pass-Through
Certificates.