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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
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(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 2. Acquisition or Disposition of Assets
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Description of the Certificates and the Mortgage Pools
On March 22, 2001, a single series of certificates, entitled
Asset Backed Pass- Through Certificates, Series 2001-NC1 (the "Certificates"),
were issued pursuant to a pooling and servicing agreement, dated as of March 1,
2001 (the "Agreement"), attached hereto as Exhibit 4.1, among ACE Securities
Corp. as depositor (the "Depositor"), Litton Loan Servicing LP as servicer (the
"Servicer"), U.S. Bank National Association as trustee (the "Trustee") and
Bankers Trust Company of California as trust administrator (the "Trust
Administrator"). The Certificates consist of ten classes of certificates
(collectively, the "Certificates"), designated as the "Class A-1 Certificates,"
the "Class A-2 Certificates," the "Class M-1 Certificates," the "Class M-2
Certificates," the "Class B Certificates," the "Class X Certificates" the "Class
N Certificates," the "Class R Certificates and the "Class R-III Certificates."
The Certificates evidence 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"). The Mortgage Pool consists of Mortgage Loans
having an aggregate principal balance of $166,593,502 as of March 1, 2001 (the
"Cut-off Date"). The Mortgage Loans were purchased pursuant to the Mortgage Loan
Purchase Agreement, dated March 19, 2001 (the "Mortgage Loan Purchase
Agreement") among the Depositor, NC Capital Corporation and Deutsche Bank AG New
York Branch. The Class A-1 Certificates, the Class A-2 Certificates, the Class
A-IO Certificates, the Class M-1 Certificates, the Class M-2 Certificates and
the Class B Certificates were sold by the Depositor to Deutsche Banc Alex. Brown
Inc. (the "Underwriter"), pursuant to an Underwriting Agreement, dated March 19,
2001 between the Depositor and the Underwriter.
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The Certificates have the following initial Certificate
Balances and Pass-Through Rates:
Initial Certificate
Class Principal Balance Pass-Through Rate
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A-1 $101,622,000.00 Variable
A-2 $ 37,483,000.00 Variable
M-1 $ 13,327,000.00 Variable
M-2 $ 5,830,000.00 Variable
B $ 3,331,000.00 Variable
X $ 14,000,000.00 10.00%
N $ 5,000,501.67 Variable
R 100% Percentage Interest N/A
R-III 100% Percentage Interest N/A
The Certificates, other than the Class X Certificates, the
Class N Certificates, the Class R Certificates and the Class R-III Certificates,
and the Mortgage Loans are more particularly described in the Prospectus, dated
March 19, 2001, and the Prospectus Supplement, dated March 19, 2001, as
previously filed with the Securities and Exchange Commission pursuant to Rule
424(b). The Class X, Class N, Class R and Class R-III have not been and will not
be publicly offered by the Depositor. Capitalized terms used but not otherwise
defined herein shall have the meanings assigned to them 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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4.1 Pooling and Servicing Agreement,
dated as of March 1, 2001, by and
among ACE Securities Corp. as
Depositor, Litton Loan Servicing LP
as Servicer, U.S. Bank National
Association as Trustee and Bankers
Trust Company of California as Trust
Administrator, relating to the
Series 2001- NC1 Certificates.
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
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Sequentially
Exhibit No. Description Numbered Page
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4.1 Pooling and Servicing Agreement, dated as of 7
March 1, 2001, by and among ACE Securities
Corp. as Depositor, Litton Loan Servicing LP as
Servicer, U.S. Bank National Association as
Trustee and Bankers Trust Company of
California as Trust Administrator, relating to the
Series 2001-NC1 Certificates.