The Template Persistent Cache initialization failed for Application Pool

Problem:

Log Name: Application
Source: Active Server Pages
Event ID: 5
Level: Error
Description: Error: The Template Persistent Cache initialization failed for Application Pool ‘My Classic ASP App’ because of the following error: Could not create a Disk Cache Sub-directory for the Application Pool. The data may have additional error codes.

Solution:

Step 1:
%windir%\system32\inetsrv\appcmd list config -section:system.webServer/asp
Step 2:
Go to location ASP Compiled Templates is under C:\inetpub\temp.
Step 3:
Grant network service full control of the folder.

Source:

1. http://www.mcbsys.com/blog/2010/07/template-persistent-cache-error-with-classic-asp-under-iis-7/