CLR Common Language Runtime Execution model.

Compilation and Execution of a .NET Application When you compile a .NET application, it is not compiled to binary machine code; rather, it is converted to IL. This is the form that your deployed application takes—one or more assemblies consisting of executable files and DLL files in IL form. At least one of these assemblies will contain an executable file that has been designated as the entry point for the application.

When execution of your program begins, the first assembly is loaded into memory. At this point, the common language runtime examines the assembly manifest and determines the requirements to run the program. 

Common Language Runtime(CLR) for Dot Net

Features

The common language runtime manages memory, thread execution, code execution, code safety verification, compilation, and other system services. These features are intrinsic to the managed code that runs on the common language runtime.

With regards to security, managed components are awarded varying degrees of trust, depending on a number of factors that include their origin (such as the Internet, enterprise network, or local computer). This means that a managed component might or might not be able to perform file-access operations, registry-access operations,