The Template Persistent Cache Initialization failed

Couple of days back one of the applications that i work with was not responding on our local server. This application is a combination of web and windows and includes calling asp pages and servlets too. So the application not responding issue was not a new one and i knew what to look for when i started trouble shooting. 

I have gone through all the touch points where the error possibly could be which included making sure all services that are required are running, going through the logs to see if there is an error logged which will hint the trouble, checking IIS app pool settings etc. After all these i was still not able to see what the problem is as all the check points were OK, no issues found. Then i peeped into the event viewer of the server hoping it would give me some clue and what i observed was when i try to run the application on the client, an unhandled exception from w3p.exe was shown on the server and in the event viewer i could see below error message 

I was not even sure at this point, if it is related to the problem i was having. i anyways went ahead and googled it to see what the problem could be. I came across a post in stack overflow which mention this issue could be because of lack of permissions on temp asp folder. It gave a list of commands to run and check and i did the same. Below is the command that i ran on the server

appcmd list config -section:system.webserver/asp which would give the temp asp folder path on the server and i went to the said path and checked the permissions on the temp folder. It is supposed to have access to Network Service group which i did not. Set that security up and restarted IIS and boom my problem was resolved. Now i have added another check point to my application trouble shooting steps.