Plain English Meaning
A simple checklist pilots use when copying an IFR clearance. Each letter reminds you of one piece of information ATC will give you, in the order they usually give it.
Full Definition
A memory aid used by IFR pilots to record and read back an ATC clearance in a standard order: Clearance limit (where the clearance ends, usually the destination airport), Route (the cleared route of flight), Altitude (initial assigned altitude and any expected altitude changes), Frequency (the departure controller frequency to contact after takeoff), and Transponder (the assigned code).