Gate with Hysteresis™. Essentially, there are separate thresholds for causing the gate to open and close. If the signal exceeds the Open Threshold, the gate is opened. Then, the gate will only close once the signal goes below the Close Threshold. Note that the Open threshold should always be higher than the Close Threshold.
The other controls includ Attack which controls the attack of the gate envelope, release which controls the Release of the gate envelope, Depth which controls how much the gate attenuates the signal, and Sidechain? which controls whether or not to use a sidechain input. Dtct Atk and Dtct Rel are used to control how fast the gate will be triggered in response to the signal. In general it is usually desirable to keep Dtct Atk low and Dtct Rel a bit longer.
To get a better idea of what thresholds to set, what the state of the gate is, and set the audio sidechain source, open the grid and look for the labeled white controls.
Essentially the stock Gate device but with hystersis (meaning you control the opening and closing thresholds separately). See the description of the preset for more details on the controls.