The required assembly 'Microsoft.Dynamics.Framework.Tools.ApplicationExplorer.dll' does not exists.

I was applying the latest Platform update to one of our internal server when I got this error.

Error:

"The required assembly 'Microsoft.Dynamics.Framework.Tools.ApplicationExplorer.dll' does not exists."

Solution:

To solve this error, just copied the dll file to the location where it popped up and that's it. Now, run the step again and the issue is resolved. 

(Hint: you can search this dll file in that drive where VS is installed).