Error: "Tried initializing facilities before licensing was setup" when launching or starting Toad (83662)

Had installed the Trial edition but the license had expired and was given a new trial key. I used the new key and it was accepted OK, however, when I launched again I got the following error:

System.Exception
Tried initializing facilities before licensing was setup
Stack Trace:
at Quest.Toad.Util.FacilityFactory.CheckInit()
at Quest.Toad.Util.FacilityFactory.GetFacilities(String facilityPath)
at Quest.Toad.Db.Provider.GetProviders()
at Quest.Toad.ConnectionManager.ConnectionHierarchy.RootNodeInitialization(ConnGroupNode node)
at Quest.Toad.ConnectionManager.ConnectionHierarchy..ctor()
at Quest.Toad.ConnectionManager.ConnectionHierarchy.get_Instance()
at Quest.Toad.StartupForm.LoadAssemblies()

Toad for DB2 v 5.0 got error when either case:

1. productlicenses.xml contains trial key

2. license.key contains Quest Central for DB2 license key.

NOTE: Fully exit Toad before doing the following.

For Windows XP:

1) Go to: “C:\Documents and Settings\<User ID>\Local Settings\Application Data\{08439167-4CA5-48E9-A810-A3A7C0B80B06} ” and rename the ProductLicenses.xml file to ProductLicenses_OLD.xml. If you don’t see this file, please continue below.

2) Go to: “C:\Documents and Settings\<User ID>\Local Settings\Application Data\Quest Software\Toad for DB2 5.0” rename the license.key file to license_OLD.key

3) Start Toad, enter your Commercial Key or Extended Trial Key when asked.

4) Re-test if issue will be resolved.

For Windows 7:

1) Go to: “C:\Users\All Users\AppData\08439167-4CA5-48E9-A810-A3A7C0B80B06}

2) Rename the ProductLicenses.xml file to ProductLicenses_OLD.xml

(Note: If you don’t see this file, please continue below.)

3) Go to: “C:\Users\<your_user>\AppData\Quest Software\Toad for DB2 5.0\” rename the license.key file to license_OLD.key

4) Start Toad, enter your Commercial Key or Extended Trial Key when asked

5) Re-test if issue will be resolved

If the license key you are using is a Quest Central for DB2 license key, please contact your Sales Rep or sales@quest.com. Toad for DB2 5.0 no longer accepts Quest Central for DB2 keys. You will need to swap it out for a Toad for DB2 key.