Plain English Meaning
A specific radio channel set aside for emergencies. Military aircraft and rescue services constantly listen on it, so a pilot in serious trouble can transmit on this frequency and expect someone to hear and respond.
Full Definition
243.0 megahertz (MHz) is the international military aeronautical emergency radio frequency, monitored by military aircraft, search and rescue services, and air traffic control facilities for distress and urgency communications. It is the UHF counterpart to the civilian VHF emergency frequency 121.5 MHz, and is sometimes called the military 'guard' frequency.