That is, a writtenclause in the bond indenture that says, if a control change occurs (i.e. merger, acquisition or LBO) then bondholders have the right to put their bonds back to the company at a predetermined price when a sale of substantially all the assets occurs.
In Spain all professional players have a "buy-out clause" written into their contracts and can move without their club's agreement, though in practice the player's new club pays that sum.