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Event ID: 4 Source: l2nd

HP NC373i: The network link is down. Check to make sure the network cable is properly connected.
See the comments for event id 4 from B57NT4.
I have a DELL 1950 with both NICs Teamed. This error occurred after the server disabled my team for no recorded reason. It re-enabled the Team a second later and showed traffic, but to the outside network the server was effectively down until I disabled/enabled the NIC.
In my case, the "Broadcom BCM5708C Netextreme II Gig" NIC is a Dual Interface Card. After deactivating the secondary interface, the warning was gone.

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