TortoiseCVS - ksh: cvs: not found

While trying to checkout a project from CVS using the ssh protocol with TortouseCVS, I kept getting the following error message:"ksh: cvs: not found".

Setting the environment variables CVS_RSH and CVS_SERVER didn't help. Neither did making PATH changes to my profile on the server side. Then  I found the TortioseCVS setting dialog by right clicking on Windows Explorer as shown below:

Then I found the proper setting shown below in red.

and changed it, which in my case was: "/usr/local/bin/cvs".

This fixed my problem and I could finally checkout my project from cvs.