From exploritorium.com: The SERENDIP IV instrument can analyze 168 million channels simultaneously! The frequencies around 1420 MHz are especially interesting to look at because of their proximity to the "water hole." Also, because of the importance of this part of the spectrum to radio astronomy, by international agreement no one is allowed to produce any broadcasts between 1420 MHz and 1427 MHz. Because of this ban, it's an especially quiet part of the spectrum.
RE: "Water Hole", From Wikipedia: The term was coined by Bernard Oliver. The combination of hydrogen and hydroxyl yields water (the "water" part of the name); the "hole" part refers to the sudden drop in radio noise within this band.