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${CCES} path variable not working for CrossCore SHARC Loader initialization file

I have created a new project based on the ThreeCore_SC589 example project.  It's basically the same as the example project with files organized a bit differently in the project folders and all the relative paths adjusted to be correct.  I've also renamed the individual projects.  I have not made any changes to the source files yet - they are all identical to the example project source files.

Part of getting this project to build was:  I had to remove the ${CCES} path variable in the CrossCore SHARC Loader initialization file pathname definition,  and use the full filesystem pathname:

    

Note that I have CCES installed in the default location on drive C,  and that the ${CCES} path variable seems to be correct in the project settings:

    

However if I try to use the CCES path variable in the CrossCore SHARC Loader initialization file pathname definition,  after clickly Apply button CCES complains with this error pop-up:

    

The error text makes me believe CCES simply can't find the file - or in other words - the ${CCES} path variable isn't working.

Is there a way to fix this behavior so that I can use the ${CCES} variable for this setting?

Thanks!