Backup Database is terminated Abnormally Failed

Hi All,

My Database backup is not working in SQL 2014 RTM version. It works fine on SQL Server 2008 R2. 

All databases are in Simple recovery model. Not sure what might be the issue. I'm admin for SQL instance and on the box. 

DECLARE @BackupFile1varchar(max)

SET @BackupFile1='E:\MSSQL\Bak\DailyBackups\MSDB\MSDB1_'+REPLACE(REPLACE(REPLACE(CONVERT(varchar,GETDATE(), 112),'-',''),':',''),' ','')+'.BAK'

BACKUPDATABASE MSDB TO 

DISK= @BackupFile1

WITHNOFORMAT, NOINIT,  NAME =N'MSDB-Full Database Backup',

SKIP,NOREWIND, NOUNLOAD,COMPRESSION,MAXTRANSFERSIZE= 4194304,  STATS= 10

Error:

Msg 3013, Level 16, State 1, Line 25

BACKUP DATABASE is terminating abnormally.