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Event ID: 17 Source: AutomaticUpdates

Level
Description
Installation Ready: The following updates are downloaded and ready for installation. To install the updates, an administrator should log on to this computer and Windows will prompt with further instructions.
<list of updates>.
Comments
 
From a newsgroup post: "Only an admin user will see the Windows Update icon in the system tray. Depending on the options you have selected the install will happen automatically at a predetermined time, does not matter who is logged in (or even if no one is logged in)".

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