I experienced the same issue on a 2017.1.2 version and after deleting media cache from both premiere and media encoder, then deleting the preview files and auto save files as well, it worked, then after several exports failed again, repeated the process, sometimes it worked, sometimes the system freezes and I have to restart. I was working on a 4K project, running on Windows 7 'Ultimate' with a Nvidia Quadro K2000 and 16GB DDR3 RAM intel core i7 3.30 Working on Full HD projects is having no issues at all, it is just with 4K and I have nested sequences and applied effects including the 'transform' effect, tried turning off 'use composition shutter angle' as that causes trouble sometimes but it was not the reason behind that specific 'error'
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