I believe it refers to a short period while both the exhaust and intake valves are open at the same time.
What is meant by this term? It's mentioned in the instructions when installing adjustable pushrods.
Since there is 720 degrees of rotation for a complete cylinder cycle, there are two Top Dead Centers for each complete cycle. One is at TDC of compression when the spark fires when both valves are fully closed. There is also another TDC at the end of the exhaust cycle. This is the overlap TDC when the exhaust valve closes while the intake valve is opening.
You would not want to adjust the push rods while on the TDC of valve overlap because the lifters would not be on the base circle of the cam.
So just do it the way I've always done it. Watch the intake close and rotate the motor to TDC, adjust that cylinder. Repeat for the other cylinder.