"ERROR: [4975-24-88-80070005]Unable to create folder 'Sent Items'" (4294124)

Migrator for Notes to Exchange (MNE) ) fails with errors similar to the following:

 09:39:25 ERROR: [4975-24-88-80070005]Unable to create folder 'Sent Items'
 09:39:25 CreateFolder:
 09:39:25 [80070005] Access is denied.
 09:39:25 Error: You do not have sufficient permission to perform this operation on this object.  See the folder contact or your system administrator.
 09:39:25 Component: Microsoft Exchange Information Store
 09:39:25 Low level error: 80070005
 09:39:25 Context: 00000508

AND

13:29:16 ERROR: [4953-23-15-00000000]Unable to open target address book container 'User's Contacts'
13:29:16 Try limit exceeded.