************** Exception Text
**************
System.IO.FileLoadException: Could not load
file or assembly 'EntityFramework, Version=5.0.0.0, Culture=neutral,
PublicKeyToken=b77a5c561934e089' or one of its dependencies. Access is
denied.
File name: 'EntityFramework,
Version=5.0.0.0, Culture=neutral,
PublicKeyToken=b77a5c561934e089'
I wasted absolutely unreasonable time looking in a wrong direction: EntityFramework version conflicting with .NET Framework version and so on. While a solution was on the surface: the impersonated user to be given Read & Execute access to the application directory.