Error at startup of Toad with PVCS configuration: "Failed to initialize VCS provider: PVCS Int (4222938)

Customer has PVCS version 8.1.4.0 installed on his machine. He has configured Toad 10.6.1 with PVCS Source Control and the following error occurs at startup of Toad. 

“Failed to initialize VCS provider: PVCS Interface not installed.”

Toad 10.6.0 and previous versions do not have this issue.

When Toad 10.6.1 does not detect a PVCS provider installed on the machine and Toad is configured with PVCS via Toad Options | Source Control | “Merant Version Manager (PVCS) version 6.6 and later”, then this error occurs.

WORKAROUND:
None