================================================================================
UNITED STATES
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): November 29, 2004
ACE SECURITIES CORP.
(as depositor under the Pooling and Servicing Agreement,
dated as of November 1, 2004, providing for the issuance of
ACE Securities Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed
Pass-Through Certificates)
ACE SECURITIES CORP.
--------------------
(Exact name of registrant as specified in its charter)
================================================================================
Delaware 333-110039 56-2088493
- --------------------------------------------- ------------------------------- -------------------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer Identification
of Incorporation) Number)
6525 Morrison Blvd., Suite 318,
Charlotte, North Carolina 28211
- --------------------------------------------- -------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: 704-365-0569
================================================================================
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17
CFR 240.14a-12(b))
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item 2.01 COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS
Description of the Certificates and the Mortgage Pool
On November 29, 2004, a series of certificates, entitled ACE Securities
Corp. Home Equity Loan Trust, Series 2004-HE4, Asset-Backed Pass-Through
Certificates (the "Certificates"), were issued pursuant to a pooling and
servicing agreement, dated as of November 1, 2004 (the "Agreement"), attached
hereto as Exhibit 4.1, among ACE Securities Corp. as depositor (the
"Depositor"), Wells Fargo Bank, N.A. as master servicer and securities
administrator (the "Master Servicer and Securities Administrator"), Ocwen
Federal Bank FSB as a servicer (the "Servicer") and HSBC Bank USA, National
Association as trustee (the "Trustee"). The Certificates consist of eighteen
classes of certificates (collectively, the "Certificates"), designated as the
"Class A-1 Certificates", "Class A-2 Certificates", "Class M-1 Certificates",
"Class M-2 Certificates", "Class M-3 Certificates", "Class M-4 Certificates",
"Class M-5 Certificates", "Class M-6 Certificates", "Class M-7 Certificates",
"Class M-8 Certificates", "Class M-9 Certificates", "Class M-10 Certificates",
"Class M-11 Certificates", "Class B Certificates", "Class P Certificates",
"Class CE Certificates", "Class P Certificates" and "Class R Certificates". The
Certificates evidence in the aggregate the entire beneficial ownership interest
in a trust fund (the "Trust Fund"), consisting of a pool of mortgage loans (the
"Mortgage Pool'") of conventional, one- to four- family, adjustable rate and
fixed 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 approximately $1,360,344,000 as of
November 1, 2004 (the "Cut-off Date"). The Mortgage Loans were purchased
pursuant to the Mortgage Loan Purchase Agreement, dated November 29, 2004,
between DB Structured Products, Inc. as seller and the Depositor (the "Mortgage
Loan Purchase Agreement"). The Class A-1 Certificates, Class A-2 Certificates,
Class M-1 Certificates, Class M-2 Certificates, Class M-3 Certificates, Class
M-4 Certificates, Class M-5 Certificates, Class M-6 Certificates, Class M-7
Certificates, Class M-8 Certificates, Class M-9 Certificates, Class M-10
Certificates, Class M-11 Certificates were sold by Depositor pursuant to the
Amended and Restated Underwriting Agreement, dated June 24, 1999, as amended and
restated to and including July 8, 2002, between the Depositor and Deutsche Bank
Securities Inc.,
and the Terms Agreement, dated November 24, 2004 between
Depositor and Deutsche Bank Securities Inc. (collectively, the "Underwriting
Agreement").
The Certificates have the following initial Certificate Balances and
Pass-Through Rates:
================================================================================
INITIAL CERTIFICATE PASS-THROUGH
CLASS PRINCIPAL BALANCE(1) RATE(2)
- --------------------------------------------------------------------------------
A-1 $ 794,228,000 One-Month LIBOR + 0.330%
A-2 $ 318,150,000 One-Month LIBOR + 0.310%
M-1 $ 46,407,000 One-Month LIBOR + 0.600%
M-2 $ 42,944,000 One-Month LIBOR + 0.650%
M-3 $ 27,706,000 One-Month LIBOR + 0.700%
M-4 $ 24,242,000 One-Month LIBOR + 1.000%
M-5 $ 23,550,000 One-Month LIBOR + 1.100%
M-6 $ 20,087,000 One-Month LIBOR + 1.300%
M-7 $ 13,853,000 One-Month LIBOR + 1.700%
M-8 $ 13,853,000 One-Month LIBOR + 1.800%
M-9 $ 15,238,000 One-Month LIBOR + 3.100%
M-10 $ 6,926,000 One-Month LIBOR + 3.500%
M-11 $ 13,160,000 One-Month LIBOR + 3.500%
================================================================================
(1) Approximate.
(2) After the optional termination date, the margins applicable to the
Class A-1 and Class A-2 Certificates will increase by 100% and the
margins applicable to the Class M-1, Class M-2, Class M-3, Class M-4,
Class M-5, Class M-6, Class M-7, Class M-8, Class M-9, Class M-10 and
Class M-11 Certificates will increase by 50%.
The Certificates, other than the Class B, Class CE, Class P and Class R
Certificates, and the Mortgage Loans are more particularly described in the
Prospectus Supplement, dated November 24, 2004 (the "Prospectus Supplement"),
and the Prospectus, dated September 23, 2004, as previously filed with the
Securities and Exchange Commission pursuant to Rule 424(b). The Class B, Class
CE, Class P and the Class R Certificates 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.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Not applicable
(b) Not applicable
(c) Exhibits
- ------------------------------------------ --------------------------------------------------------------------------
EXHIBIT NO. DESCRIPTION
- ------------------------------------------ --------------------------------------------------------------------------
4.1 Pooling and Servicing Agreement, dated as of November 1, 2004, by and
among ACE Securities Corp., as Depositor, Wells Fargo Bank, N.A., as
Master Servicer and Securities Administrator, Ocwen Federal Bank FSB as
a Servicer and HSBC Bank USA, National Association, as Trustee relating
to the Series 2004-HE4 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: February 14, 2005
ACE SECURITIES CORP.
By: /s/ Douglas K. Johnson
----------------------
Name: Douglas K. Johnson
Title: President
By: /s/ Evelyn Echevarria
----------------------
Name: Evelyn Echevarria
Title: Vice President
INDEX TO EXHIBITS
Sequentially
Exhibit No. Description Numbered Page
----------- ----------- -------------
4.1 Pooling and Servicing Agreement, dated as of November 1, 7
2004, by and among ACE Securities Corp., as Depositor, Wells
Fargo Bank, N.A., as Master Servicer and Securities
Administrator, Ocwen Federal Bank FSB as a Servicer and HSBC
Bank USA, National Association, as Trustee relating to the
Series 2004-HE4 Certificates.
EXHIBIT 4.1