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"RTO" = rejected takeoff. Gotta be able to stop if you have an emergency prior to V1.
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Thanks. So if it's after V1 you have to proceed with the takeoff?
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V1 is the takeoff decision speed. Basically, if a large multi-engine aircraft loses and engine before the aircraft reaches V1, the takeoff will be aborted.
If and engine fails AFTER V1, the takeoff will be continued, because there most likely will not be enough runway remaining to stop the aircraft.
It gets a whole lot more complicated than that, and these numbers vary greatly depending on the weight of the aircraft, airport conditions and (for 121 operators), individual runways at individual airports.