Before the plain English rule, a prospectus drafter would simply incorporate vast tracts of the indenture into the prospectus. That solution may no longer be viable. Despite this, many prospectuses still incorporate goodly chunks of the indenture without any explanation, concise or otherwise. Inevitably the description of the bonds in the indenture will differ from the description in the prospectus.
Most lawyers view the indenture as the key document.
The following summary describes certain terms of the bonds and is qualified in its entirety by reference to the indenture. We urge you to read the indenture because it, and not this description, define your rights as a holder of the bonds. The prospectus gives investors rights that the indenture can't undo. The Securities Act tells me so. The indenture is, after all, a legally binding agreement that describes how the bonds work, including the minute details of the actions the trustee must take for the bondholders to realize the benefits of their investment.