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I have a Page/Panel that takes two arguments, a required string (which I use as a content type), and an optional taxonomy term. (The path being configured to be "content_list/%content_type/!term").
If I don't provide the term I get the following warning:
- Notice: Trying to get property of non-object in ctools_term_breadcrumb() (line 145 of ~/public_html/sites/all/modules/ctools/plugins/arguments/term.inc).