Consent Solicitation

What Does Consent Solicitation Mean?
A solicitation by one party to the stakeholders of a particular security for the consent of a material change.

Investopedia explains Consent Solicitation
Should the majority of stakeholders provide valid consent prior to the consent expiry date, the issuer may then follow through with the proposed amendments.

This is commonly used to change various provisions within an indenture. Bondholders who have consented to the amendments may also receive a consent payment.