Document:

Filed by Bowne Pure Compliance

Exhibit 10.1

SETTLEMENT AGREEMENT AND MUTUAL RELEASE

THIS SETTLEMENT AGREEMENT AND MUTUAL RELEASE (the “Agreement”) is entered into as of
June 24, 2008, by and between IMAGE ENTERTAINMENT, INC. (“Image”), on the one hand, and CT1
HOLDINGS, LLC (“CT1”); CAPITOL FILMS US, LLC (“Capitol”); THINKFILM, LLC
(“ThinkFilm”); BTP ACQUISITION COMPANY, LLC (“BTP”); IEAC, INC. (“Merger Sub”);
R2D2, LLC (“R2D2”); and DAVID BERGSTEIN (collectively, the “CT1 Parties”), on the
other hand. The parties to this Agreement will collectively be referred to as the
“Parties.”

R E C I T A L S:

On March 29, 2007, Image entered into an Agreement and Plan of Merger with BTP and Merger Sub
pursuant to which BTP would acquire all of the shares of Image common stock.

Also on March 29, 2007, Image entered into a Guarantee Agreement (the “Guarantee”)
with CT1 and R2D2, pursuant to which CT1 and R2D2 guaranteed the prompt payment to Image of a
“Business Interruption Fee” of $4.2 million if and when payable under the merger agreement.

On June 27, 2007, Image entered into an Amended and Restated Agreement and Plan of Merger with
BTP and Merger Sub (the “Merger Agreement”), pursuant to which BTP would acquire a majority
of the shares of Image. The Merger Agreement again provided that BTP would pay to Image a “Business
Interruption Fee” of $4.2 million, upon termination of the Merger Agreement under certain
circumstances. The Guarantee, by its terms, applied to the amended and restated Merger Agreement.

On December 7, 2007, in connection with an extension of the closing date for the merger, BTP
agreed to deposit (and later did deposit) $2 million into a trust account held by Manatt, Phelps &
Phillips, LLP (“Manatt”) for the benefit of Image, to cover a portion of the Business
Interruption Fee.

Also as of December 7, 2007, Image and CT1 entered into an Output Distribution Agreement (the
“Output Agreement”) respecting certain distribution rights to the programming of ThinkFilm
and Capitol Films.

On December 14, 2007, Image and CT1 amended the Output Agreement to add * and
* to such agreement.

 

	 	 	 
	*	 	This material has been omitted pursuant to a request
for confidential treatment and filed separately with the Securities and
Exchange Commission.

 

1

 

On January 14, 2008, in connection with a further extension of the closing date for the
merger, BTP agreed to deposit (and later did deposit) an additional $1 million into the trust
account held by Manatt for the benefit of Image, to cover an additional portion of the Business
Interruption Fee. The total $3 million deposited by BTP into the trust account held by Manatt for
the benefit of Image (the “Escrowed Monies”) are currently still being held by Manatt.

On January 24, 2008, Image filed a lawsuit in the Los Angeles Superior Court (case number LASC
BC 384278) for breach of contract and declaratory relief against CT1; BTP; Capitol; and ThinkFilm,
arising out of an alleged anticipatory breach of the Original Output Agreement (the “LASC
Action”).

On January 25, 2008 CT1 purported to terminate the Original Output Agreement.

At various times, Image and BTP gave notice of the termination the Merger Agreement.

On February 6, 2008, Image filed a Demand for Arbitration in front of JAMS against CT1
Holdings, LLC, Capitol Films, LLC, and ThinkFilm for declaratory relief and breach of contract
seeking, among other relief, a judicial declaration that the Original Output Agreement remains in
full force and effect. On February 20, 2008, Image filed an Amended Demand for Arbitration in front
of JAMS, alleging additional claims and adding David Bergstein as a party respondent. The Demand
for Arbitration and Amended Demand for Arbitration shall collectively be referred to as the
“JAMS Action.”

As of February 7, 2008, Image and CT1 entered into an Interim Distribution Agreement (as
subsequently amended to extend the expiry date, the “Interim Agreement”) with respect to
the distribution by Image of certain ThinkFilm and Capitol Films’ programming.

On February 11, 2008, Image filed a lawsuit in the Court of Chancery of the State of Delaware,
C.A. No. 3536-VCN, entitled Image Entertainment, Inc. v. BTP Acquisition Company, et al., alleging
breach of the Merger Agreement as against BTP and Merger Sub and breach of the Guarantee as against
CT1 and R2D2 (the “Delaware Action”).

On or about March 17, 2008, CT1, Capitol, Think and BTP filed a cross-complaint against Image
in the LASC Action.

On March 28, 2008, BTP, Merger Sub and CT1 filed counterclaims against Image in the Delaware
Action.

On June 4, 2008, the Court in the LASC Action granted Image’s motion to compel arbitration of
the LASC Action.

 

2

 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, The
Parties agree as follows:

TERMS OF AGREEMENT

1. Merger Termination; Output Distribution Agreement Novation.

1.1 The termination of the Merger Agreement (“Merger Termination”) is hereby
acknowledged, the Merger Agreement shall be null and void and there shall be no liability or
obligation on the part of any of the Parties thereto or their respective representatives.

1.2 The Output Agreement and Interim Agreement are being amended by the parties concurrently
herewith (the “Distribution Agreement Novation”) which shall govern the terms of
distribution by Image under the Output Agreement and Interim Agreement.

1.3 The parties hereby understand, acknowledge and agree that the stand-alone agreements for
the programs: *, *, *, *, * and * (which shall shortly be executed between the Parties)
shall remain in full force and effect in accordance with their respective terms and are not subject
to or covered by this Agreement.

2. Merger Termination Payment. As a full and final settlement of the Parties’ disputes with respect
to the Merger Agreement and the Merger Termination, subject to the execution of this Agreement by
all Parties, the Parties jointly authorize and direct the release of the Escrowed Monies as
follows: Two million dollars ($2,000,000) payable to Image (the “Image Retained Funds”) and
the balance of one million dollars ($1,000,000), plus all accrued interest on the Escrowed Monies
(the “BTP Funds”) to BTP. The Parties further agree that Image and BTP will execute, and
deliver to Manatt, Joint Instructions in the form attached hereto as Exhibit 1. In the event that
further instructions to Manatt are deemed required and are unsigned by either Image or BTP, a
fully-executed copy of this Agreement, signed by all Parties, shall be deemed sufficient binding
authorization to Manatt to release the Escrow Monies in the manner set forth herein.

3. Dismissal.

Immediately following the execution of this Agreement by each Party and the release of the
Escrowed Monies as indicated above, the Parties shall cause to be filed Requests for Dismissals of
the LASC Action, the Delaware Action and JAMS Action (including all cross-complaints and/or
counterclaims), in proper form for each tribunal and as mutually approved by counsel for all
Parties, such dismissals being effected with prejudice. The Parties shall effect such actions
without delay.

 

	 	 	 
	*	 	This material has been omitted pursuant to a request
for confidential treatment and filed separately with the Securities and
Exchange Commission.

 

3

 

3. Mutual Releases.

Except as to the rights and obligations created by this Agreement, and in consideration of the
terms and provisions of this Agreement and the promises referenced herein, Image, on the one hand,
and the CT1 Parties, on the other, shall and hereby do forever relieve, release and discharge each
other and, without limitation, their respective present, former and future representatives,
including without limitation, predecessors, successors, affiliates, members, managers, partners,
officers, directors, shareholders, attorneys, parent and subsidiary corporations and entities, the
officers, directors, employees, agents, and shareholders of each of them, and each of them, from
any and all claims, cross-claims, counterclaims, demands, debts, liabilities, obligations,
promises, acts, agreements, costs, offsets, expenses, damages, actions and causes of action of
whatever kind or nature, whether known or unknown, suspected or unsuspected which exist, or have
existed at any time up to and including the date hereof, including, without limitation, any claims
arising out of or in connection with the Merger Agreement, the Merger Termination, the Guarantee,
the Support Agreements, the Original Output Agreement, the Interim Agreement and all claims alleged
in the LASC Action, the Delaware Action and JAMS Action, or which could have been asserted as
cross-claims or counterclaims in those actions.

The Parties acknowledge that they may hereafter discover facts different from or in addition
to those which they now know or believe to be true with respect to any release herein made, and
agree that every release herein made is now and will remain effective notwithstanding such
different or additional facts or the discovery thereof. The Parties hereto expressly waive and
relinquish any and all rights and benefits conferred upon them by the provisions of section 1542 of
the California Civil Code, which are as follows:

“A general release does not extend to claims which the creditor does not know or
suspect to exist in his or her favor at the time of executing the release, which
if known by him or her must have materially affected his or her settlement with
the debtor.”

The Parties acknowledge that the foregoing waiver of the provisions of section 1542 of the
California Civil Code, and any similar or comparable law of any other state, is part of the
consideration hereunder. The Parties expressly consent that the mutual general releases set forth
herein shall be given full force and effect in accordance with each and all of their express terms
and provisions, including those terms and provisions relating to unknown and unsuspected Claims,
demands and causes of action, if any, to the same effect as those terms and provisions relating to
any other Claims, demands and causes of action hereinabove specified.

 

4

 

Notwithstanding the foregoing, nothing contained herein is intended to release any Party to
this Agreement (or any other person) from any rights and obligations that may exist with respect to
the Distribution Agreement Novation between the Parties or their affiliates, or any stand-alone or
single-purpose distribution or license agreement entered into between Image and CT1 or any
affiliate of CT1 in connection with a particular film or title including, but not limited to,
*, *, *, *, *
and * (which shall shortly be executed between the Parties).

4. Status of Claims.

The Parties each represent and warrant that the claims released under Section 4 of this
Agreement have not in any way been assigned, transferred, hypothecated or otherwise encumbered, and
that they are the sole and absolute owners of such claims. The Parties agree to indemnify each
other from any loss or damage caused by any breach of warranty set forth in this paragraph.

This Agreement and the releases contained herein are and shall remain valid, regardless of any
claim or controversy which may arise with respect to or under the Distribution Agreement Novation.

5. Miscellaneous.

5.1. No Admission of Liability or Fault. The Parties hereto expressly understand and
agree that this Agreement is a good faith compromise and settlement of disputed claims, and that
neither Party is hereby admitting any wrongdoing or liability.

5.2. Headings and Interpretations. The titles and headings of the various paragraphs
of this Agreement are intended solely for convenience of reference and are not intended to define,
limit, extend, explain, modify or place any construction on any of the provisions of this
Agreement. No provision in this Agreement is to be interpreted for or against any Party because
that Party or its legal representative drafted such provision.

5.3. Entire Agreement/Amendments. This Agreement supersedes all prior agreements and
understandings between the Parties hereto, except as provided herein. Each of the Parties hereto
acknowledges to each of the other Parties that no other Party or any agent or attorney of any Party
has made any promise, representation or warranty whatsoever, express or implied, written or oral,
not contained herein concerning the subject matter hereof to induce it to execute this Agreement,
and each of the Parties hereto acknowledges that it has not executed this Agreement in reliance on
any promise, representation or warranty not expressly contained herein. No person has any authority to make any representation or promise on behalf of any Party that is not set
forth herein. This Agreement may be modified only by a written instrument duly executed by each of
the Parties hereto.

 

	 	 	 
	*	 	This material has been omitted pursuant to a request
for confidential treatment and filed separately with the Securities and
Exchange Commission.

 

5

 

5.4. Attorneys’ Fees. Each Party shall each bear its own attorneys’ fees and costs
arising out of or in connection with the LASC Action, the Delaware Action, the JAMS Action and this
Agreement.

5.5. Assignment. This Agreement, including without limitation the mutual releases
herein, shall inure to the benefit of and be binding on the Parties and their respective
successors, heirs, legal representatives and assigns.

5.6. Severability. The fact that a covenant, condition or other provision herein
contained may be held to be invalid, void or illegal by a court of competent jurisdiction will not
automatically render this Agreement, in its entirety, invalid, void, or illegal.

5.7. Waiver. No breach of any provision hereof can be waived except in writing by the
Party against whom enforcement of the waiver is sought. Waiver of one breach of any provision
hereof shall not be deemed to be a waiver of any other breach of the same or any other provision
hereof.

5.8. Counterparts. This Agreement may be executed in counterparts. When each Party has
signed and delivered such counterpart to the other Party, each counterpart shall be deemed an
original, and, when taken together with other signed counterparts, shall constitute on Agreement
which shall be binding upon and effective as to all of the Parties. No counterpart shall be
effective until all Parties hereto have executed and exchanged an executed counterpart hereof. A
signature will be deemed binding and the Party bound upon receipt of a fax copy of the signature
page.

5.9. Dispute Resolution. In the event of any dispute regarding the interpretation,
performance or enforcement of this Agreement, the parties agree to submit the dispute for
arbitration in Los Angeles, California in accordance with the Comprehensive Arbitration Rules and
Procedures (“Rules”) of JAMS. The arbitrator shall be bound to apply California substantive
law. The provisions of Section 1283.05 of the California Code of Civil Procedure authorizing the
taking of depositions and obtaining discovery are incorporated herein by this reference and shall
be applicable to any such arbitration; provided, however, that each party shall be entitled to
take a minimum of three (3) depositions in addition to whatever other discovery the parties may
agree upon or the arbitrator may order. The arbitrator shall have no authority to change, extend,
modify or suspend any of the terms of this Agreement. The parties may seek, from a court of
competent

 

6

 

jurisdiction, provisional remedies or injunctive relief in support of their respective rights and
remedies hereunder without waiving any right to arbitration. However, the merits of any action that
involves such provisional remedies or injunctive relief, including, without limitation, the terms
of any permanent injunction, shall be determined by arbitration under this paragraph. The parties
shall equally pay and bear the costs of the arbitrator and such arbitration, and each party shall
otherwise bear its own attorneys’ fees, unless the arbitrator, in his or her discretion, orders
otherwise. The determination of the arbitrator shall be final and conclusive upon the parties
hereto and may be enforced in any court of competent jurisdiction.

5.10. Governing Law. This Agreement will be construed and interpreted in accordance
with the laws of California applicable to contracts made and fully performed in California. THE
PARTIES SHALL NOT RAISE, AND HEREBY WAIVE, ANY DEFENSES BASED UPON VENUE, INCONVENIENCE OF THE
FORUM, LACK OF PERSONAL JURISDICTION, OR SUFFICIENCY OF SERVICE OR PROCESS IN ANY SUCH ACTION OR
SUIT.

5.11. Joint Press Release; Public Filings. The Parties shall cooperate in the
preparation and dissemination of a joint press release, if any, approved as to form both by Image
and the CT1 Parties, relating to the settlement of all pending lawsuits between the parties;
provided, that the Parties acknowledge that Image has public company reporting obligations which it
must timely effect. The Parties intend that Image not file this Agreement as an exhibit with its
public filings, but if such filing is deemed legally required by Image, Image shall file this
Agreement under a request for confidential treatment, in form reasonably acceptable to the CT1
Parties.

5.12. Confidentiality. The parties agree to treat confidentially and shall refrain
from disclosing the terms and conditions of this Agreement and any other information furnished
hereunder except to the extent a party is requested or required (by oral question or request for
information or documents in legal proceedings, interrogatories, subpoena, civil investigative
demand, SEC, government regulatory requirement, audit or similar process) to disclose such terms,
conditions or information, in which case the party receiving such request or demand shall promptly
notify the other party so that such other party may seek an appropriate protective order and/or
waive compliance with this provision.

5.13. Effective Date. This Agreement shall become effective upon execution of this
Agreement by all of the Parties.

 

7

 

IN WITNESS WHEREOF, the Parties hereby execute this Agreement as of the date hereof.

Image Entertainment, Inc.

	 	 	 
	/s/ DAVID BORSHELL
 

By: David Borshell

	 	 
	Its: President
	 	 
	 
	 	 
	BTP Acquisition Company LLC
	 	 
	 
	 	 
	/s/ DAVID BERGSTEIN
 

By: David Bergstein

	 	 
	Its: Manager
	 	 
	 
	 	 
	CT1 Holdings LLC
	 	 
	 
	 	 
	/s/ DAVID BERGSTEIN
 

By: David Bergstein

	 	 
	Its: Manager
	 	 
	 
	 	 
	Thinkfilm LLC
	 	 
	 
	 	 
	/s/ DAVID BERGSTEIN
 

By: David Bergstein

	 	 
	Its: Manager
	 	 
	 
	 	 
	Capitol Film US, LLC
	 	 
	 
	 	 
	/s/ DAVID BERGSTEIN
 

By: David Bergstein

	 	 
	Its: Manager
	 	 
	 
	 	 
	R2D2, LLC
	 	 
	 
	 	 
	/s/ DAVID BERGSTEIN
	 	 
	 

	 	 
	By: David Bergstein
	 	 
	Its: Manager
	 	 

 

8

 

	 	 	 
	IEAC, Inc.
	 	 
	 
	 	 
	/s/ DAVID BERGSTEIN
 

By: David Bergstein
Its: President

	 	 
	 
	 	 
	/s/ DAVID BERGSTEIN
 

David Bergstein

	 	 

 

9Filed by Bowne Pure Compliance

Exhibit 10.25(a)

FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”), dated as of
April 28, 2008, is entered into between WACHOVIA CAPITAL FINANCE CORPORATION (WESTERN), a
California corporation, as Agent and Lender (in such capacities, “Lender”), IMAGE
ENTERTAINMENT, INC., a Delaware corporation (“Borrower”), EGAMI MEDIA, INC., a Delaware
corporation (“Egami”), IMAGE ENTERTAINMENT (UK), INC., a Delaware corporation (“Image
(UK)”) and HOME VISION ENTERTAINMENT, INC., a Delaware corporation (“HVE” and together
with Egami and Image (UK), collectively, “Guarantors”).

RECITALS

A. Borrower, Guarantors and Lender have previously entered into that certain Loan and Security
Agreement dated May 4, 2007 (the “Loan Agreement”), pursuant to which Lender has made
certain loans and financial accommodations available to Borrower. Terms used herein without
definition shall have the meanings ascribed to them in the Loan Agreement.

B. Borrower, Guarantors and Lender now wish to amend the Loan Agreement on the terms and
conditions set forth herein.

C. Borrower and Guarantors are entering into this Amendment with the understanding and
agreement that, except as specifically provided herein, none of Lender’s rights or remedies as set
forth in the Loan Agreement is being waived or modified by the terms of this Amendment.

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein contained,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows:

1. Amendments to Loan Agreement.

(a) The definition of “Applicable Margin” in Section 1.7 of the Loan Agreement is hereby
amended and restated to read in its entirety as follows:

“1.7 ‘Applicable Margin’ shall mean, at any time, with respect to any
Prime Rate Loan or Eurodollar Rate Loan, the applicable rate per annum set
forth below under the caption “Prime Spread” or “Eurodollar Spread”, as the
case may be, based upon the EBITDA of Parent and its Subsidiaries during the
twelve (12) months ending on the most recent determination date:

 

 

 

	 	 	 	 	 
	 	 	Prime	 	Eurodollar
	EBITDA	 	Spread	 	Spread
	Category 1

3 $2,000,000
	 	0.5%
	 	2.25%
	Category 2

< $2,000,000

but

3 $1,000,000
	 	0.5%
	 	2.50%
	Category 3

< $1,000,000
	 	0.75%
	 	2.75%

For purposes of the foregoing, (a) the Applicable Margin shall be
determined as of the end of each fiscal quarter of Parent based upon the
annual or monthly financial statements (for periods ending on the last day
of a fiscal quarter or year) delivered pursuant to Section 9.6(a), and (b)
each change in the Applicable Margin resulting from the EBITDA of Parent and
its Subsidiaries shall be effective during the period commencing on and
including the first day of the month immediately following the date of
delivery to the Agent of such financial statements indicating such change
and ending on the date immediately preceding the effective date of the next
such change, provided that the EBITDA shall be deemed to be
in Category 3 at the option of the Agent or at the request of the Required
Lenders if the Parent fails to deliver the annual or monthly financial
statements required to be delivered by it pursuant to Section 9.6(a) hereof,
during the period from the expiration of the time for delivery thereof until
such financial statements are delivered. If any such financial statements
overstate the EBITDA, and if as a result of such overstatement, the interest
and fees charged hereunder are less than what would have been charged had
such financial statements accurately stated the EBITDA, then Borrowers shall
be responsible for the difference between the interest and fees charged as
result of such overstatement and what would have been charged had such
financial statements accurately stated the EBITDA, and shall pay the amount
of such difference to the Agent upon its demand therefor.”

(b) The definition of “Revolving Loan Limit” in Section 1.7 of the Loan Agreement is hereby
amended and restated to read in its entirety as follows:

“1.92 ‘Revolving Loan Limit’ shall mean, as to each Borrower, at any time,
the amount equal to $20,000,000 minus the then outstanding principal amount
of the Revolving Loans and Letters of Credit provided to the other
Borrowers.”

(c) Section 9.17 of the Loan Agreement is hereby amended and restated to read in its entirety
as follows:

 

2

 

“9.17 Fixed Charge Coverage Ratio. During each of the periods set
forth below, Borrowers shall maintain a Fixed Charge Coverage Ratio of no
less than the ratio set forth opposite such period; provided that if
(a) such required ratio is less than 1.00 to one and Borrowers had Excess
Availability hereunder equal to or greater than $3,500,000 at all times
during the thirty (30) days preceding the date on which the financial
statements for the last day of such period are furnished to Agent pursuant
to Section 9.6(a)(i) hereof, or (b) such required ratio is equal to or
greater than 1.00 to one and Borrowers had Excess Availability hereunder
equal to or greater than $2,500,000 at all times during those thirty (30)
days, then the foregoing covenant will not be tested for the applicable
period:

	 	 	 
	Periods	 	Ratios
	 
	 	 
	Each 3 month period ending on or after March 31, 2008 but on
or before August 30, 2008

	 	0.00 to one
	 
	 	 
	Each 3 month period ending on or after September 30, 2008 but
on or before November 30, 2008

	 	0.50 to one
	 
	 	 
	Each 3 month period ending on or after December 31, 2008 but
on or before February 28, 2009

	 	1.00 to one
	 
	 	 
	Each 6 month period ending on or after March 31, 2009 but on
or before May 31, 2009

	 	1.00 to one
	 
	 	 
	Each 6 month period ending on or after June 30, 2009

	 	1.10 to one”

2. Effectiveness of this Amendment. Lender must have received the following items
before this Amendment is effective.

(a) Amendment. This Amendment, fully executed in a sufficient number of counterparts
for distribution to all parties.

(b) Representations and Warranties. The representations and warranties set forth
herein and in the Loan Agreement must be true and correct.

(c) Other Required Documentation. All other documents and legal matters in connection
with the transactions contemplated by this Amendment shall have been delivered or executed or
recorded and shall be in form and substance satisfactory to Lender.

3. Representations and Warranties. Borrower and Guarantors represent and warrant as
follows:

 

3

 

(a) Authority. Each of Borrower and Guarantors has the requisite corporate power and
authority to execute and deliver this Amendment, and to perform its obligations hereunder and under
the Financing Agreements (as amended or modified hereby) to which it is a
party. The execution, delivery and performance by Borrower and Guarantors of this Amendment
have been duly approved by all necessary corporate action and no other corporate proceedings are
necessary to consummate such transactions.

(b) Enforceability. This Amendment has been duly executed and delivered by Borrower
and Guarantors. This Amendment and each Financing Agreement (as amended or modified hereby) is the
legal, valid and binding obligation of Borrower and Guarantors, enforceable against them in
accordance with its terms, and is in full force and effect.

(c) Representations and Warranties. The representations and warranties contained in
each Financing Agreement (other than any such representations or warranties that, by their terms,
are specifically made as of a date other than the date hereof) are correct on and as of the date
hereof as though made on and as of the date hereof.

(d) Due Execution. The execution, delivery and performance of this Amendment are
within the power of Borrower and Guarantors, have been duly authorized by all necessary corporate
action, have received all necessary governmental approval, if any, and do not contravene any law or
any contractual restrictions binding on Borrower or any Guarantor.

(e) No Default. No event has occurred and is continuing that constitutes an Event of
Default.

4. Choice of Law. The validity of this Amendment, its construction, interpretation
and enforcement, the rights of the parties hereunder, shall be determined under, governed by, and
construed in accordance with the internal laws of the State of California governing contracts only
to be performed in that State.

5. Counterparts. This Amendment may be executed in any number of counterparts and by
different parties and separate counterparts, each of which when so executed and delivered, shall be
deemed an original, and all of which, when taken together, shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Amendment by
telefacsimile shall be effective as delivery of a manually executed counterpart of this Amendment.

6. Reference to and Effect on the Financing Agreements.

(a) Upon and after the effectiveness of this Amendment, each reference in the Loan Agreement
to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Loan Agreement,
and each reference in the other Financing Agreements to “the Loan Agreement”, “thereof” or words of
like import referring to the Loan Agreement, shall mean and be a reference to the Loan Agreement as
modified and amended hereby.

(b) Except as specifically amended above, the Loan Agreement and all other Financing
Agreements, are and shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations
of Borrower and Guarantors to Lender.

 

4

 

(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of Lender under any of the
Financing Agreements, nor constitute a waiver of any provision of any of the Financing Agreements.

(d) To the extent that any terms and conditions in any of the Financing Agreements shall
contradict or be in conflict with any terms or conditions of the Loan Agreement, after giving
effect to this Amendment, such terms and conditions are hereby deemed modified or amended
accordingly to reflect the terms and conditions of the Loan Agreement as modified or amended
hereby.

7. Estoppel. To induce Lender to enter into this Amendment and to continue to make
advances to Borrower under the Loan Agreement, Borrower and Guarantors hereby acknowledge and agree
that, as of the date hereof, there exists no right of offset, defense, counterclaim or objection in
favor of Borrower or any Guarantor as against Lender with respect to the Obligations.

8. Integration. This Amendment, together with the other Financing Agreements,
incorporates all negotiations of the parties hereto with respect to the subject matter hereof and
is the final expression and agreement of the parties hereto with respect to the subject matter
hereof.

9. Severability. In case any provision in this Amendment shall be invalid, illegal or
unenforceable, such provision shall be severable from the remainder of this Amendment and the
validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

 

5

 

IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first above
written.

	 	 	 	 	 
	 	IMAGE ENTERTAINMENT, INC.

 	 
	 	By:  	/s/ JEFF M. FRAMER
 	 
	 	 	Name:  	Jeff M. Framer 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	EGAMI MEDIA, INC.

 	 
	 	By:  	/s/ JEFF M. FRAMER
 	 
	 	 	Name:  	Jeff M. Framer 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	IMAGE ENTERTAINMENT (UK), INC.

 	 
	 	By:  	/s/ JEFF M. FRAMER
 	 
	 	 	Name:  	Jeff M. Framer 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	HOME VISION ENTERTAINMENT, INC.

 	 
	 	By:  	/s/ JEFF M. FRAMER
 	 
	 	 	Name:  	Jeff M. Framer 	 
	 	 	Title:  	Chief Financial Officer 	 
	 
	 	WACHOVIA CAPITAL FINANCE CORPORATION (WESTERN),

as Agent and Lender

 	 
	 	By:  	/s/ GARY WHITAKER
 	 
	 	 	Gary Whitaker, Director 	 
	 	 	 	 
	 

 

6

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