Plain English Meaning
A training exercise where the pilot of a multiengine airplane simulates losing one engine and slows down enough to feel the airplane start to lose directional control, then recovers right at the first sign of trouble. The point is to recognize the warning signs early, not to push the airplane to its limit.
Full Definition
A required multiengine training maneuver in which the airplane is configured and slowed with one engine simulated inoperative until the pilot recognizes the onset of loss of directional control, and then recovers. It is intended to demonstrate the handling characteristics and warning signs that occur as airspeed approaches Vmc (the minimum control speed with the inoperative), not to actually or fly below that .