Backups failing for server with Error, "Insufficient system resources exist to complete the requested service" (4038227)

Backups are failing for server and review of AppAssure agent logs (C:\AppRecoveryPM.log) reveals the following error:

ERROR 2015-02-19T03:18:19 [28] - Replay.Agent.Implementation.Transfer.TransferDataChannel (RemoteEndPoint=xxx.xxx.xxx.xxx:62484) Sending of volume data at byte offset 0xb9e06000, byte length 0x100000 failed
System.AggregateException: One or more errors occurred. ---> Replay.Common.Contracts.Win32Api.Win32ApiFailedException: I/O operation - Insufficient system resources exist to complete the requested service at Replay.Common.Implementation.Win32Api.NativeIOReader.EndTransmitFile(IAsyncResult asyncResult) at Replay.Common.Implementation.Win32Api.NativeIOReader.<>c__DisplayClass4.b__3(IAsyncResult ar) --- End of inner exception stack trace --- at System.Threading.Tasks.Task.Wait(Int32 millisecondsTimeout, CancellationToken cancellationToken) at System.Threading.Tasks.Task.Wait() at Replay.Agent.Implementation.Transfer.TransferDataChannel.SendRawData(INativeIOReader volume, UInt64 byteOffset, UInt64 byteLength) at Replay.Agent.Implementation.Transfer.TransferDataChannel.SendData(INativeIOReader volume, UInt64 byteOffset, UInt64 byteLength, UInt64 volumeSize) at Replay.Agent.Implementation.Transfer.TransferDataChannel.SendVolumeDataResponse(INativeIOReader volume, UInt64 byteOffset, UInt64 byteLength, UInt64 volumeSize) ---> (Inner Exception #0) Replay.Common.Contracts.Win32Api.Win32ApiFailedException: I/O operation - Insufficient system resources exist to complete the requested service at Replay.Common.Implementation.Win32Api.NativeIOReader.EndTransmitFile(IAsyncResult asyncResult) at Replay.Common.Implementation.Win32Api.NativeIOReader.<>c__DisplayClass4.b__3(IAsyncResult ar)<---

Restarting server should resolve the issue short term but deeper investigation of memory, pagefile settings, and drivers for storage and network adapaters should be done to permanently resolve the issue.