The title is rather self-explanatory. The study involves multiple centers to obtain a sufficient cohort size. It is a prospective study meaning an ongoing effort of data production/collection (rather than a retrospective where data is already present) and an observational study, meaning there is no intervention. Generally, it involves the comparison of existing methods of treatment (or estimating risk factors, etc) for a given disease/disorder with defined endpoints/measures of success to compare these different method. Some examples are:
It refers to an epidemiologic study. You can choose the groups of individuals (cohorts) from more than 2 centers (multiple centers) on the bases of factors that you want to investigate. Then, you follow up the cohorts over a period of time (prospective) to find out the incidence rates of the outcomes. As Emmadi points out observational study means there is no intervention, you just observe the outcomes.