Plain English Meaning
The slowest speed at which a twin-engine airplane can keep flying safely, and climb, if one engine quits. Below this speed, losing an engine becomes very dangerous because the pilot may not be able to control the airplane or stay in the air.
Full Definition
In a multiengine airplane, the minimum speed at which the pilot can safely maintain directional control and a positive rate of climb following the failure of one engine, with the remaining engine at takeoff power and the airplane in the appropriate configuration. It is the speed below which an engine failure may make safe continued flight impossible, and is typically established by the manufacturer above the airplane's minimum control speed ().