that varies based on whether you are a steam user or a ms store user but its in the root MSFS folder (on mine - steam version - its: C:\Users<username>\AppData\Roaming\Microsoft Flight Simulator)
look for your community folder if you know where it is, and go two levels up.
Same here in the UK
@cello2017 @c2h5cl there is still about 2 hours to go. The release is expected at 15:00 UTC (zulu time) this is 16:00 UK time. Note it may get delayed if there is an issue.
Relax, let it happen.
15.00 Zulu update
Hi all
I have found it helps to reboot my router before starting the download. I guess that prioritises that connection.
This might be specific to your router, and may be a fault with your router. In normal situations rebooting a router will actually slow things down momentaily, as it has to rebuild routing tables, caches, etc.
For this reason I cannot recommend to the general public this tip, though i understand it may work for you in your situation.
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@SenseiLeNoir great list.
I have an additional piece of advice for those with Navigraph subscription that you might want to add to your OP.
If you remove the Navigraph folders that are present in your community folder (e.g. by renaming the community folder) this can cause problems with the nav data in the sim. The preferred approach is to use the Navigraph Navdata Center to REMOVE the Navigraph data you may have installed:
Once the sim has updated and you are comfortable, you can add back the Navigraph data, again using the Navigraph Data Center by clicking the Install options that will now be available.
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@gordongreig i was not aware of that (I am a navigraph sub, but dont use the in game panel), and i will link to your post form my main one.
Can you slightly edit your post, as think your advise applies under certain circumstances, such as game panel, or under certian situations (mine definately does NOT have any navigraph folders in community)
@mdapol you can stop people who want to make a scene, and no my guide will not stop them. However, in my experience, a lot of people are not doing it on purpose, and are not PC savvy enough to understand why thigns may happen, and unfortunately react badly. at least if I am able to help some, i am happy.
To clarify - context.xml is a ārenameā then rename again to context.xml after the update, its not one of those files MSFS recreates on start up if you rename it to put it aside?
TG
No need to rename it back, MSFS recreates this file during startup based on the content that actually exists. I only suggested to rename it, in case somethign goes wrongā¦ i actually delete it 
Thanks for the friendly tips! Another one would be to check your custom path (if you installed on something other than the default) when updating to make sure itās set correctly. That will usually save a headache.
And yes, Sim Update 5 for PC comes out at the same time. Cheers!
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No need to rename.
https://forums.flightsimulator.com/t/friendly-reminder-regarding-the-update/425844/8
Whilst its true there is no need to rename, i woudl not suggest to delete it by default, jsut in case there is something that the user needsā¦ better to rename than loosing the file altogether. just prudent.
No need to reame. Trust me 
Itās actually CONTENT.XML, not context. 
But yes, I also recommend deleting that file as it contains info for all third party scenery etc that have been loaded into the sim previously. So even if you deleted them from Community, the entries are still in that file as it doesnāt ācleanā itself. The sim DOES add new stuff to it though and in the case of the file being deleted, it simply regenerates the new one. So if you want a ācleanā install, instead of going through a day worth of downloading the whole sim, just delete this file and empty your community folder. Itās much more time-efficient.
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oops! sorry I am a little dyslexic, as you can see from my typos! but yes its content.xml.
RE deleting versus renamignā¦ yes I normally delete too, but, i suggest to rename, only in case someone needs it for historical reasons, or requested by a support teamā¦ better to have it rather than someone later shouting at me for suggesting to delete it! (You know how it sometimes cna get here!)
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c:\Users\YourUserName\AppData\Local\Packages\Microsoft.FlightSimulator_8wekyb3d8bbwe\LocalCache
Source https://forums.flightsimulator.com/t/friendly-reminder-regarding-the-update/425844/8
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Do we have to backup our controls configuration?