This will happen if the bounce mode for Direct TDM tracks is set to Offline. In this case, the bounce mode setting for Direct TDM is taken into account although the bounce process is triggered in DAE. Thus, Logic tries to perform an offline bounce for DAE, which is not possible. DAE can only be bounced in realtime.
This issue is fixed in Logic Pro 7.1, in which DAE bounces no longer use the settings for DTDM.
To resolve this issue in Logic 7.0, switch the bounce setting for Direct TDM to Realtime before bouncing the DAE output. This setting has to be changed only once and is stored in the preferences. (If an output object for Direct TDM already exists in your environment, skip to step 4).
The Direct TDM Output object in the Environment window
The Bounce dialog with Bounce Mode set to Realtime
This document will be updated as more information becomes available.