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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): March 30, 2005
ACE SECURITIES CORP.
(as depositor under the Pooling and Servicing Agreement,
dated as of March 1, 2005, providing for the issuance of
ACE Securities Corp. Home Equity Loan Trust, Series 2005-SN1, Asset-Backed
Pass-Through Certificates)
ACE SECURITIES CORP.
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(Exact name of registrant as specified in its charter)
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Delaware 333-119047 56-2088493
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(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification Number)
6525 Morrison Blvd., 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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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 March 30, 2005, a series of certificates, entitled ACE
Securities Corp. Home Equity Loan Trust, Series 2005-SN1, Asset-Backed
Pass-Through Certificates (the "Certificates"), were issued pursuant to a
pooling and servicing agreement, dated as of March 1, 2005 (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 and HSBC Bank USA, National Association as
trustee (the "Trustee"). The Certificates consist of nine 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 CE-1
Certificates", "Class CE-2 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, fixed rate, first lien
and second lien mortgage loans having original terms to maturity up to 44 years
(the "Mortgage Loans"). The Mortgage Pool consists of Mortgage Loans having an
aggregate principal balance of approximately $165,210,000 as of March 1, 2005
(the "Cut-off Date"). The Mortgage Loans were purchased pursuant to the Mortgage
Loan Purchase Agreement, dated March 30, 2005, 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 and Class M-4 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
March 24, 2005 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
CLASS PRINCIPAL BALANCE(1) PASS-THROUGH RATE
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A-1........................ $ 97,031,000 4.25%(2)
A-2........................ $ 58,680,000 5.13%(2)(3)
M-1........................ $ 4,543,000 5.52%(2)(3)
M-2........................ $ 2,478,000 5.77%(2)(3)
M-3........................ $ 1,239,000 6.00%(2)(3)
M-4........................ $ 1,239,000 6.00%(2)(3)
(1) Approximate.
(2) The pass-through rate for each class of Offered Certificates will be subject
to the applicable Net WAC Pass-Through Rate as described in this prospectus
supplement under "Description of the Certificates-Pass-Through Rates."
(3) After the optional termination date, the pass-through rate applicable to the
Class A-2, Class M-1, Class M-2, Class M-3 and Class M-4 Certificates will
increase by 0.50%.
The Certificates, other than the Class CE-1, Class CE-2 and
Class R Certificates, and the Mortgage Loans are more particularly described in
the Prospectus Supplement, dated March 24, 2005 (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 CE-1,
Class CE-2 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
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EXHIBIT NO. DESCRIPTION
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4.1 Pooling and Servicing Agreement, dated as of March
1, 2005, 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 2005-SN1 Certificates.
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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: April 6, 2005
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 7
of March 1, 2005, x 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 2005-SN1 Certificates.
EXHIBIT 4.1