1
FOR CALIFORNIA RESIDENTS
EQUIPMENT LEASING CORPORATION OF AMERICA
SUPPLEMENT DATED FEBRUARY 4, 1997 TO
PROSPECTUS DATED JANUARY 31, 1997
This Supplement will further update and amend the Prospectus dated January
31, 1997 (the "Prospectus") regarding the offer and sale to California
residents of $45,200,000 in principal amount of certain Demand and Fixed Rate
Certificates (the "Debentures") described therein.
The following suitability requirements apply for all purchases of Demand
and Fixed Rate Certificates by California residents:
a) Purchasers of Certificates shall have a minimum annual income of
$75,000 and a net worth at least equal to $75,000 in excess of their home, home
furnishings and automobiles, or, regardless of their annual income, they must
possess a net worth of $150,000 in excess of their home, home furnishings and
automobiles.
b) No purchase shall exceed 10% of an investor's net worth.
Each California resident purchasing securities offered hereby will be
deemed to represent by such purchase that it comes within one of the
aforementioned categories, that it will not sell or otherwise transfer any of
such securities to a Califormia resident unless the transferee comes within one
of the aforementioned categories and that it will advise the transferee of this
condition, which transferee, by becoming such, will be deemed to be bound by
the same restrictions upon resale.
No other changes have been made to the Prospectus dated January 31, 1997.
2
FOR NEW YORK RESIDENTS
EQUIPMENT LEASING CORPORATION OF AMERICA
SUPPLEMENT DATED FEBRUARY 4, 1997 TO
PROSPECTUS DATED JANUARY 31, 1997
This Supplement will further update and amend the Prospectus dated January
31, 1997 (the "Prospectus") regarding the offer and sale to New York residents
of $45,200,000 in principal amount of certain Demand and Fixed Rate
Certificates (the "Certificates") described therein.
The following suitability requirements apply for all purchases of Demand
and Fixed Rate Certificates by New York residents:
a)Purchasers of certificates of $5,000 or more in the aggregate shall have
a minimum annual income of $30,000 and a net worth at least equal to
$20,000 in excess of their investment, home, home furnishings and
automobiles, or, regardless of their annual income, possess a net worth of
$75,000 in excess of their home, home furnishings and automobiles;
b)Purchasers of certificates of $2,500 or more in the aggregate shall have
a minimum annual income of $20,000 and a net worth at least equal to
$20,000 in excess of their investment, home, home furnishings and
automobiles, or, regardless of their annual income, possess a net worth of
$50,000 in excess of their home, home furnishings and automobiles; and
c)No accounts may be accepted where safety of principal and interest is the
purchaser's primary investment objective.
Purchasers of these Certificates have the option of receiving interest
earned monthly or electing to have interest on their Certificates reinvested
and compounded monthly (that is, interest at the original rate shall be
computed monthly on the new account; i.e. principal plus previously accrued and
unpaid interest.) Reinvested interest will be an unsecured obligation of the
Company, and will be subject to the same risks as the Certificates. See "RISK
FACTORS." The Company intends to apply the retained and accrued interest to
the normal operations of its business, which is the purchase of general
commercial and industrial equipment which is to be leased to the Company's
customers. See "DESCRIPTION OF SECURITIES; Certificates - Option to Receive
Compound Interest" on page 39 of the Prospectus and "USE OF PROCEEDS" on page
13 of the Prospectus.
No other changes have been made to the Prospectus dated January 31, 1997.
3
FOR OKLAHOMA RESIDENTS
EQUIPMENT LEASING CORPORATION OF AMERICA
SUPPLEMENT DATED FEBRUARY 4, 1997 TO
PROSPECTUS DATED JANUARY 31, 1997
This Supplement will further update and amend the Prospectus dated January
31, 1997 (the "Prospectus") regarding the offer and sale to Oklahoma residents
of $200,000 in principal amount of certain Demand and Fixed Rate Certificates
(the "Debentures") described therein.
The following suitability requirements apply for all purchases of Demand
and Fixed Rate Certificates by Oklahoma residents:
a) Purchasers of certificates shall have a minimum annual income of
$50,000 and a net worth at least equal to $50,000 in excess of their home, home
furnishings and automobiles, or, regardless of their annual income, they must
possess a net worth of $150,000 in excess of their home, home furnishings and
automobiles.
b) No purchase shall exceed 10% of an investor's net worth.
Each Oklahoma resident purchasing securities offered hereby will be deemed
to represent by such purchase that it comes within one of the aforementioned
categories, that it will not sell or otherwise transfer any of such securities
to an Oklahoma resident unless the transferee comes within one of the
aforementioned categories and that it will advise the transferee of this
condition, which transferee, by becoming such, will be deemed to be bound by
the same restrictions upon resale.
No other changes have been made to the Prospectus dated January 31, 1997.
4
FOR IOWA RESIDENTS
EQUIPMENT LEASING CORPORATION OF AMERICA
SUPPLEMENT DATED FEBRUARY 4, 1997 TO
PROSPECTUS DATED JANUARY 31, 1997
This Supplement will further update and amend the Prospectus dated January
31, 1997 (the "Prospectus") regarding the offer and sale to Iowa residents of
$100,000 in principal amount of certain Demand and Fixed Rate Certificates (the
"Debentures") described herein.
The following suitability requirements apply for all purchases of
Debentures by Iowa residents:
Purchasers of Debentures shall have a minimum annual income as reflected on
their federal income tax return for the current and most recently completed
calendar year of $75,000 and a net worth at least equal to $150,000 exclusive
of their home, home furnishings and automobiles, or, regardless of their annual
income, they must possess a net worth of $450,000 exclusive of their home, home
furnishings and automobiles.
Each Iowa resident purchasing securities offered hereby will be deemed to
represent by such purchase that it comes within one of the aforementioned
categories, that it will not sell or otherwise transfer any of such securities
to a Iowa resident unless the transferee comes within one of the aforementioned
categories and that it will advise the transferee of this condition, which
transferee, by becoming such, will be deemed to be bound by the same
restrictions upon resale.
No other changes have been made to the Prospectus dated January 31, 1997.
5
FOR INDIANA RESIDENTS
EQUIPMENT LEASING CORPORATION OF AMERICA
SUPPLEMENT DATED FEBRUARY 4, 1997 TO
PROSPECTUS DATED JANUARY 31, 1997
This Supplement will further update and amend the Prospectus dated January
31, 1997 (the "Prospectus") regarding the offer and sale to Indiana residents
of $1,000,000 in principal amount of certain Demand and Fixed Rate Certificates
(the "Debentures") described herein.
The following suitability requirements apply for all purchases of
Debentures by Indiana residents:
Purchasers of Debentures shall have a minimum annual income of $45,000
and an net worth at least equal to $45,000 in excess of their home, furnishings
and automobiles, or, regardless of their annual income, they must possess a net
worth of $150,000 in excess of their home, furnishings and automobiles.
Each Indiana resident purchasing securities offered hereby will be deemed
to represent by such purchase that it meets one of the aforementioned
categories, that it will not sell or otherwise transfer any of such securities
to a Indiana resident unless the transferee comes within one of the
aforementioned categories and that it will advise the transferee of this
condition, which transferee, by becoming such, will be deemed to be bound by
the same restrictions upon resale.
Reference is also made to Risk Factor #7 on page 10 of the Prospectus as
regards the potential conflict of interest in purchases of equipment from third
parties (other than from Walnut.) Any such purchase from unrelated third
parties will be originated by Walnut and sold to ELCOA in the ordinary course
of business, unless the cost to be incurred by ELCOA in regards to such
purchase will not exceed Walnut's cost of lease origination.
No other changes have been made to the Prospectus dated January 31, 1997.
6
FOR NEW_JERSEY RESIDENTS
EQUIPMENT LEASING CORPORATION OF AMERICA
SUPPLEMENT DATED FEBRUARY 4, 1997 TO
PROSPECTUS DATED JANUARY 31, 1997
This Supplement will further update and amend the Prospectus dated January
31, 1997 (the "Prospectus") regarding the offer and sale to New Jersey
residents of $45,200,000 in principal amount of certain Demand and Fixed Rate
Certificates (the "Debentures") described herein.
The following suitability requirements apply for all purchases of
Debentures by New Jersey residents:
a) Purchasers of debentures shall have a minimum annual income of $50,000
and a net worth at least equal to $50,000 in excess of their home, home
furnishings and automobiles, or, regardless of their annual income, they must
possess a net worth of $100,000 in excess of their home, home furnishings and
automobiles.
b) No purchase shall exceed 10% of an investor's net worth.
Each New Jersey resident purchasing securities offered hereby will be
deemed to represent by such purchase that it comes within one of the
aforementioned categories, that it will not sell or otherwise transfer any of
such securities to a New Jersey resident unless the transferee comes within one
of the aforementioned categories and that it will advise the transferee of this
condition, which transferee, by becoming such, will be deemed to be bound by
the same restrictions upon resale.
THESE ARE SPECULATIVE SECURITIES. POTENTIAL INVESTORS IN THE DEBENTURES
SHOULD CAREFULLY CONSIDER THE CONTEMPLATED INVESTMENT, INCLUDING PARENT
CORPORATION'S ABILITY TO CONTINUE AS A GOING CONCERN AS MORE FULLY DISCLOSED IN
THE PROSPECTUS. SEE "RISK FACTORS".
No other changes have been made to the Prospectus dated January 31, 1997.