Item 1. Business.
The Trust is a bankruptcy-remote Delaware Business Trust. The Trust was formed solely for the purpose of acquiring from UAC Securitization Corporation (the "Seller"), a wholly-owned bankruptcy-remote subsidiary of Union Acceptance Corporation (the "Servicer"), certain installment loan and security agreements and installment sales contracts secured by new and used automobiles, light trucks and vans (the "Contracts"), and securitizing the Contracts through the issuance of asset-backed debt securities (the "Notes") pursuant to a Registration Statement on Form S-3 (File No. 333-42046). In addition, the Trust issued a certificate (the "Certificate") to the Seller representing the equity interest in the Trust.
Item 2.
Item 2. Properties.
Not applicable.
Item 3.
Item 3. Legal Proceedings.
There are no material pending legal proceedings involving the Trust or, with respect to any Notes or any other trust property, involving the Owner Trustee, the Seller or the Servicer.
Item 4.
Item 4. Submission of Matters to a Vote of Security Holders.
No matter was submitted to a vote of Noteholders during the fiscal year ended June 30, 2002 for any purpose.
PART II
Item 5.
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters.
There is no established public trading market for the Certificates.
As of July 23, 2002, UAC Securitization Corporation is the sole holder of the Certificates, which represent the equity interest in the Trust.
Item 6.
Item 6. Selected Financial Data.
Not applicable.
Item 7.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation.
Not applicable.
Item 7A.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
Not applicable.
Item 8.
Item 8. Financial Statements and Supplementary Data.
Not applicable.
Item 9.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
PART III
Item 10.
Item 10. Directors and Executive Officers.
Not applicable.
Item 11.
Item 11. Executive Compensation.
Not applicable.
Item 12.
Item 12. Security Ownership of Certain Beneficial Owners and Management.
The equity interest in the Trust is represented by the Certificates. As of July 23, 2002, UAC Securitization Corporation beneficially owns 100% of the Certificates. The Seller's address is 9240 Bonita Beach Road, Suite 1109-A, Bonita Springs, Florida 34135.
Item 13.
Item 13. Certain Relationships and Related Transactions.
Union Acceptance Corporation, as Servicer, and UAC Securitization Corporation, as Certificateholder, receive payments from the Trust in accordance with the terms of the Agreement and the Indenture related to the Trust.
PART IV
Item 14.
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
(a) The Exhibits required to be filed in response to Item 601 of Regulation S-K are listed in the Exhibit Index.
(b) Current Reports on Form 8-K were filed on October 2, 2001, December 26, 2001, January 22, 2002, February 20, 2002, March 22, 2002, April 22, 2002, May 20, 2002, and June 14, 2002.
Pursuant to the requirements of Section 13 or 15 (d) 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 Administrator of the UACSC 2001-C Owner Trust, for and on behalf of UACSC 2001-C Owner Trust.
UACSC 2001-C Owner Trust
By: Union Acceptance Corporation, as Administrator
Date: July 29, 2002 By: /s/ Ashley A. Vukovits ------------------------------------------- Ashley A. Vukovits Vice President
EXHIBIT INDEX
No. Description --- -----------
4.1 Trust and Servicing Agreement respecting the UACSC 2001-C Owner Trust (incorporated by reference to Exhibit 4.1 to Form 8-K filed on October 2, 2001).
4.2 Indenture respecting the UACSC 2001-C Owner Trust (incorporated by reference to Exhibit 4.2 to Form 8-K filed on October 2, 2001).
99.1 UACSC 2001-C Owner Trust Monthly Servicer Report for the Month Ended June 30, 2002.
99.2 The consolidated financial statements of MBIA, Inc. and its subsidiaries as of December 31, 2001 and December 31, 2000 and for each of the three years in the period ended December 31, 2001, included in the Annual Report on Form 10-K of MBIA, Inc. for the year ended December 31, 2001, which was filed by MBIA, Inc. with the SEC on March 29, 2002, are incorporated by reference.