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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 AND EXCHANGE ACT OF 1934
Date of Report: August 13, 1999
(Date of earliest event reported)
ACE Securities Corp.
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(Exact Name of Registrant as Specified in its Charter)
Delaware 333-56213 56-2088493
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
6525 Morrison Boulevard
Suite 318
Charlotte, North Carolina 28211
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (704) 365-0569
No Change
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
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Reference is hereby made to the Registrant's Registration Statement on
Form S-3 (File No. 333-56213) pursuant to which the Registrant registered
issuances of ACE Securities Corp. asset backed securities, issuable in various
series, for sale in accordance with the provisions of the Securities Act of
1933, as amended (the "Act"). Reference is also hereby made to the Prospectus
dated July 26, 1999, and the related Prospectus Supplement, dated August 6,
1999 (collectively, the "Prospectus"), which were previously filed with the
Commission pursuant to Rule 424(b)(5), relating to the publicly offered ACE
Securities Corp. Home Loan Trust Asset Backed Notes, Series 1999-A, consisting
of the Class A Asset Backed Notes (the "Publicly Offered Securities").
Capitalized terms used but not defined herein have the meanings assigned to
such terms in the Prospectus.
The Publicly Offered Securities were sold to Deutsche Bank Securities Inc
(the "Underwriter") pursuant to the terms of an underwriting agreement dated
July 24, 1999, (the "Underwriting Agreement") among ACE Securities Corp.,
German American Capital Corporation and Deutsche Bank Securities Inc., as
Underwriter, as supplemented by a terms agreement dated August 6, 1999 (the
"Underwriting Terms Agreement"), among ACE Securities Corp., German American
Capital Corporation and Deutsche Bank Securities Inc., as Underwriter. A copy
of the Underwriting Agreement was previously filed with the Commission as
Exhibit 1.1 to a Current Report on Form 8-K dated June 24, 1999. A copy of the
Underwriting Terms Agreement is filed herewith as Exhibit 1.1.
The Publicly Offered Securities were issued pursuant to an Indenture
dated as of August 1, 1999 (the "Indenture") between ACE Securities Corp. Home
Loan Trust 1999-A (the "Issuer" or the "Trust") and First Union National Bank,
as Indenture Trustee (the "Indenture Trustee"). A copy of the Indenture is
filed herewith as Exhibit 4.1.
The Publicly Offered Securities are secured by the assets of the Trust
pursuant to the Indenture. The assets of the Trust primarily include a pool of
home loans (the "Home Loans") consisting of loans which are secured by
mortgages, deeds of trust or other similar security instruments. The Home
Loans consist of loans for which the related proceeds were used to finance (i)
property improvements, (ii) debt consolidation, or (iii) a combination of
property improvements, cash-out or other consumer purposes.
Payments of principal and interest due on the Notes are guaranteed by
MBIA Insurance Corporation ("MBIA") pursuant to an Insurance Agreement dated
as of August 1, 1999 (the "Insurance Agreement") among MBIA, as Insurer, GACC,
as Seller, GMAC Mortgage Corporation, as Servicer, ACE Securities Corp., as
Depositor, and First Union National Bank, as Indenture Trustee.
The Home Loans were sold by German American Capital Corporation to the
Registrant pursuant to the terms of a Home Loan Sale Agreement dated as of
August 1, 1999 (the "Home Loan Sale Agreement") and were simultaneously sold
by the Registrant to the Trust pursuant to the Sale and Servicing Agreement
(defined below).
The Home Loans will be serviced by GMAC Mortgage Corporation, pursuant to
the terms of a Sale and Servicing Agreement dated as of August 1, 1999 (the
"Sale and Servicing Agreement") among ACE Securities Corp. Home Loan Trust
1999-A, as Issuer, ACE Securities Corp. as Depositor, GMAC Mortgage
Corporation, as Servicer, and First Union National Bank, as Indenture Trustee.
A copy of the Sale and Servicing Agreement is filed herewith as Exhibit 10.1.
The Home Loan Pool consists of 14,072 Home Loans having a Pool Principal
Balance as of the August 1, 1999 Cut-Off Date of approximately $437,721,096.
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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1.1* Underwriting Agreement
1.2 Underwriting Terms Agreement
1.3 Indenture
1.4 Insurance Agreement
10.1 Sale and Servicing Agreement
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* Incorporated by reference to the Registrant's Current Report on Form 8-K
dated June 24, 1999, filed with the Securities and Exchange Commission on
July 13, 1999 (File No. 333-56213).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned hereunto duly authorized.
ACE SECURITIES CORP.
By: /s/ Elizabeth Eldridge
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Name: Elizabeth Eldridge
Title: Vice President
Dated: August 26, 1999
EXHIBIT INDEX
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Exhibit No. Description Page No.
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1.1* Underwriting Agreement
1.2 Underwriting Terms Agreement
4.1 Indenture
4.2 Insurance Agreement
10.1 Sale and Servicing Agreement
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* Incorporated by reference to the Registrant's Current Report on Form 8-K
dated June 24, 1999, filed with the Securities and Exchange Commission on
July 13, 1999 (File No. 333-56213).