Error: Get configuration error x80770004 (4223026)

Error: Get configuration error x80770004 when backing up or restoring using LiteSpeed
LiteSpeed verbose log may also contain messages similar to:
Warning: The maxtransfer size has been correct from: 1048576 to 65536 in order to satisfy the contiguous memory available in the SQLServer process.
OR
LiteSpeed 2005 has automatically corrected the thread count to 2. This will allow a backup operation to continue.
OR
In the SQL Server error log:
BackupVirtualDeviceSet::Initialize: EndConfiguration failure on backup device 'VDI_78E40140-FFEF-4FFC-A16D-45241414077F_0'. Operating system error 0x80070008(Not enough storage is available to process this command.).