FastCompression for database: <Database_name> Initialization not allowed...Last full backup is not a valid LiteSpeed backup located in a FastCompression-managed folder (4240129)

After we had moved the storage directory location of our backups, the next backup attempt returned the error below:

This error can also happen after a failover if that secondary machine (which has now become the primary) is configured to write/store the backups  to a different directory than the original primary had been doing before the failover.

FastCompression for database: <Database_name> Initialization not allowed. No full backup information returned from msdb Selecting differential backup FastCompression for database: <Database_name> Initialization not allowed. Last full backup is not a valid LiteSpeed backup located in a FastCompression-managed folder Selecting differential backup: Monday explicity excluded from full backups