Unable to render a video using Adobe Media Encoder

Sometimes, when rendering with Media Encoder, the rendering fails on a memory intensive frame. 

Here's what usually helps:

1. Switch your After Effects project's render engine to "Mercury Software Only."
2. Save the project and then add it to render queue.

 Here is how to do this:  

It seems that Media Encoder is trying to render your video with the graphic card, which does not have enough memory for a particular frame to render. Media Encoder uses your project's render engine setting, not the one displayed below the queue. Yes, not very intuitive.