Definition
LAND AND HOLD SHORT OPERATIONS
Operations that include simultaneous takeoffs and landings and/or simultaneous landings when a landing aircraft is able and is instructed by the controller to hold short of an intersecting runway or taxiway, a predetermined point, or an approach/departure flightpath. Pilots are expected to promptly inform the controller if the hold short clearance cannot be accepted.
Source: FAA Pilot/Controller Glossary (verbatim from the Federal Aviation Regulations).