Index: branches/RC/core/units/images/image_tag_processor.php
===================================================================
diff -u -r10832 -r11404
--- branches/RC/core/units/images/image_tag_processor.php	(.../image_tag_processor.php)	(revision 10832)
+++ branches/RC/core/units/images/image_tag_processor.php	(.../image_tag_processor.php)	(revision 11404)
@@ -205,7 +205,7 @@
 				/* @var $image_helper ImageHelper */
 
 				$src_image = FULL_PATH.$object->GetDBField('ThumbPath');
-				return $image_helper->ResizeImage($src_image, $max_width, $max_height);
+				return file_exists($src_image)? $image_helper->ResizeImage($src_image, $max_width, $max_height) : $this->_getDefaultImage($params);
 			}
 		}
 
@@ -232,19 +232,26 @@
 			}
 		}
 
-		$default_image = $this->SelectParam($params, 'default_image,DefaultImage');
-
-		if ($ret && $ret != $base_url) {
+		if ($ret && $ret != $base_url && file_exists($ret)) {
 			// image name and it's not just folder name
 			return $ret;
 		}
-		elseif ($default_image) {
-			// show default image, use different base urls for admin and front-end
-			$sub_folder = $this->Application->IsAdmin() ? rtrim(IMAGES_PATH, '/') : THEMES_PATH;
-			return $base_url . $sub_folder . '/' . $default_image;
+
+		// return Default Image or false if NOT specified
+		return $this->_getDefaultImage($params);
+	}
+
+	function _getDefaultImage($params)
+	{
+		if (!$default_image = $this->SelectParam($params, 'default_image,DefaultImage')) {
+			return false;
 		}
 
-		return false;
+		// show default image, use different base urls for admin and front-end
+		$base_url = rtrim($this->Application->BaseURL(), '/');
+		$sub_folder = $this->Application->IsAdmin() ? rtrim(IMAGES_PATH, '/') : THEMES_PATH;
+
+		return $base_url . $sub_folder . '/' . $default_image;
 	}
 
 	function getFullPath($path)