Document:

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                                                                  EXHIBIT 10.70

                               AMENDMENT NO. 1 TO
                         LIMITED FORBEARANCE AGREEMENT

     AMENDMENT NO. 1 dated as of January 29, 2001 (the "Amendment"), to Limited
Forbearance Agreement dated as of January 11, 2001 (the "Forbearance
Agreement") among THE KUSHNER-LOCKE COMPANY (the "Borrower"), its subsidiaries
(the "Guarantors", and together with the Borrower, the "Credit Parties"), the
Lenders party to the Credit Agreement defined below (the "Lenders") and THE
CHASE MANHATTAN BANK (formerly known as Chemical Bank), as Agent and as
Fronting Bank for the Lenders (the "Agent").

     The Borrower, the Guarantors, the Lenders and the Agent are parties to a
Credit, Security, Guaranty and Pledge Agreement, dated as of June 16, 1996, as
amended (the "Credit Agreement").

     As set forth in Section 1 of the Forbearance Agreement, Defaults and Events
of Default under the Credit Agreement have occurred and are continuing. In order
to allow the Borrower additional time to prepare for the proposed sale of its
film library and related accounts receivable and to explore various
restructuring options, the Borrower has requested that the Agent and the Lenders
amend the Forbearance Agreement to (i) extend the Lender's agreement to forebear
from applying collections in respect of the Credit Parties' receivables to
repayment of the Loans, (ii) release an additional portion of such collections
to fund operating expenses of the Credit Parties, and (iii) make certain other
modifications to the Forbearance Agreement.

     The Agent and the Lenders have agree to the foregoing requests, all on the
terms and subject to the conditions hereinafter set forth.

     Accordingly, the parties hereby agree as follows:

     1.  Defined Terms. All capitalized terms not otherwise defined herein are
used as defined in the Forbearance Agreement.

     2.  Amendments to Forbearance Agreement. Subject to the satisfactions of
the conditions precedent set forth in Section 3 hereof, the Forbearance
Agreement is hereby amended effective as of the Effective Date (as hereinafter
defined) as follows:

          (a) The reference to "January 31, 2001" as the Stated Expiration Date
set forth in Section 2 of the Forbearance Agreement is hereby amended to be
"February 28, 2001."

          (b) The Disbursement Schedule attached as Exhibit A to the
Forbearance Agreement is hereby replaced in its entirety with the Disbursement
Schedule attached as Exhibit A-1 to this Amendment.

          (c) The following Section 22 is hereby added to the Forbearance
Agreement:

              "22. Reporting Requirements. In addition to the reporting
              requirements set forth in the Credit Agreement (including without
              limitation Section 5.1 of the Credit Agreement), by 5:00 p.m.
              (California time) of each Friday of

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              each week, the Credit Parties agree to deliver to the Agent, a
              comparison by category of the actual amounts spent during the
              week then ended with the disbursement amount by category for such
              week set forth in the applicable Disbursement Schedule."

     3.  Conditions to Effectiveness. The provisions of Section 2 of this
Amendment shall not become effective unless and until the Agent shall have
received counterparts of this Agreement executed by each of the parties hereto.

     4.  Full Force and Effect. Except as expressly amended hereby, the
Forbearance Agreement shall continue in full force and effect in accordance with
the provisions thereof on the date hereof. As used in the Forbearance Agreement,
the terms "Agreement", "this Agreement", "herein", "hereafter", "hereto",
"hereof", and words of similar import shall, unless the context otherwise
requires, mean the Forbearance Agreement as amended by this Amendment.

     5.  APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     6.  Counterparts. This Amendment may be executed in two or more
counterparts, each of which shall constitute an original, but all of which when
taken together shall constitute but one instrument.

     7.  Headings. The headings of this Amendment are for the purposes of
reference only and shall not affect the construction of this Amendment.

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their duly authorized officers, all as of the date and year
first above written.

                                   BORROWER:

                                   THE KUSHNER-LOCKE COMPANY

                                   By: /s/ Peter Locke
                                      -----------------------------------
                                      Name:  Peter Locke
                                      Title: Co-Ceo

                                   GUARANTORS:

                                   KL PRODUCTIONS, INC.
                                   POST AND PRODUCTION SERVICES, INC.
                                   TWILIGHT ENTERTAINMENT, INC.
                                   KLF GUILD CO.
                                   KLTV DEVELOPMENT CO.
                                   KUSHNER-LOCKE INTERNATIONAL, INC.
                                   KL INTERACTIVE MEDIA, INC.
                                   DAYTON WAY PICTURES III, INC.

                                   By: /s/ Peter Locke
                                      -----------------------------------
                                      Name:  Peter Locke
                                      Title: Co-Ceo

                                   KLC/NEW CITY
                                   By its General Partner
                                   THE KUSHNER-LOCKE COMPANY

                                   By: /s/ Peter Locke
                                      -----------------------------------
                                      Name:  Peter Locke
                                      Title: Co-Ceo

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                                 LENDER:

Executed in                      THE CHASE MANHATTAN BANK (formerly
York, New York                   known as Chemical Bank), as Agent

                                 By:
                                    ---------------------------
                                    Name:
                                    Title:

                                 NIB CAPITAL BANK, N.V. (formerly
                                 known as De Nationale Investeringsbank N.V.)

                                 By:
                                    ---------------------------
                                    Name:
                                    Title:

                                 By:
                                    ---------------------------
                                    Name:
                                    Title:

                                 COMMERICA - BANK CALIFORNIA

                                 By:
                                    ---------------------------
                                    Name:
                                    Title:

                                 FAR EAST NATIONAL BANK

                                 By:
                                    ---------------------------
                                    Name:
                                    Title:<PAGE>   1
                                                                   Exhibit 4 (d)

                                    AMENDMENT dated as of July 19, 1996, to the
                        Credit Agreement dated as of March 1, 1995 (the
                        "Agreement"), among CLEVELAND-CLIFFS INC, an Ohio
                        corporation (the "Borrower"), the financial institutions
                        party to such Agreement (the "Banks") and THE CHASE
                        MANHATTAN BANK, a New York banking corporation, as agent
                        for the Banks (in such capacity, the "Agent").

                  The Borrower has requested that the Banks extend the maturity
of the credit facility provided for in the Agreement, and the Banks are willing
to extend their Commitments under the Agreement as provided herein. Accordingly,
in consideration of the mutual agreements herein contained and other good and
valuable consideration, the sufficiency and receipt of which are hereby
acknowledged, the parties hereto here agree as follows:

                  SECTION 1. DEFINITIONS. (a) Capitalized terms used and not
otherwise defined herein shall have the meanings assigned to them in the
Agreement (the Agreement, as amended by and together with this Amendment, and as
hereinafter amended, modified, extended or restated from time to time, being
called the "Amended Agreement").

                  (b) The definition of "Maturity Date" in Section 1.01 of the
Agreement is hereby amended, as of the Effective Date (as defined in Section 3
herein), to read in its entirety as follows:

                  "'MATURITY DATE' shall mean March 1, 2001."

                  SECTION 2. REPRESENTATIONS AND WARRANTIES. (a) The Borrower
hereby represents and warrants to each of the Banks, on and as of the date
hereof, and then again represents and warrants to each of the Banks on and as of
the Effective Date, that:

                           (i) This Amendment has been duly authorized, executed
                  and delivered by the Borrower, and each of this Amendment and
                  the Amended Agreement constitutes a legal, valid and binding
                  obligation of the Borrower, enforceable in accordance with its
                  terms.

                           (ii) The representations and warranties set forth in
                  Article III of the Amended Agreement are true and correct in
                  all material respects with the same

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                  effect as if made on and as of the date hereof and on and as
                  of the Effective Date, after giving effect to this Amendment.

                           (iii) No Event of Default or event which upon notice
                  of lapse of time or both would constitute an Event of Default
                  has occurred and is continuing.

                  (b) If any representation or warranty made by the Borrower
pursuant to the preceding paragraph (a) shall prove to have been incorrect in
any material respect when made, then an Event of Default shall be deemed to have
occurred under item (a) of Article VII of the Amended Agreement.

                  SECTION 3. CONDITIONS TO EFFECTIVENESS. This Agreement shall
become effective only upon satisfaction in full, on or prior to July 19, 1996,
of the following conditions precedent (such date, in the event that each of such
conditions has been satisfied, being herein called the "Effective Date"):

                  (a) The Agent shall have received duly executed counterparts
         of this Amendment which, when taken together, bear the authorized
         signatures of the Borrower, each of the Banks and the Agent.

                  (b) The Agent shall have received a certificate dated the
         Effective Date and signed by a Responsible Officer, confirming the
         representations and warranties set forth in paragraph (a) of Section 2
         above.

                  (c) The Agent shall have received such evidence of the
         authority of the Borrower to execute, deliver and perform this
         Amendment as the Agent or its counsel shall reasonably have requested.

                  SECTION 4. APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                  SECTION 5. COUNTERPARTS. This Amendment may be executed in any
number of counterparts, each of which shall constitute an original but all of
which when taken together shall constitute but one agreement. Counterparts of
this Amendment may be delivered via telecopy transmission with the same effect
as the delivery of a manually executed counterpart.

                  SECTION 6. EXPENSES. The Borrower shall pay all reasonable
out-of-pocket expenses incurred by the Agent in connection with the preparation,
execution and delivery of this Amendment, including but not limited to the
reasonable fees, charges and disbursements of Cravath, Swaine & Moore,

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counsel for the Agent.

                  SECTION 7. AGREEMENT. Except as specifically amended or
modified hereby, the Agreement shall continue in full force and effect in
accordance with the provisions thereof. As used therein, the terms "Agreement",
"herein", "hereunder", "hereinafter", "hereto", "hereof" and words of similar
import shall, unless the context otherwise requires, refer to the Amended
Agreement.

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their duly authorized officers, all as of the
date first above written.

                                  CLEVELAND-CLIFFS INC,

                                    by
                                           /s/ Cynthia B. Bezik
                                        ---------------------------------------
                                          Name:   Cynthia B. Bezik
                                          Title:  Vice President and
                                                  Treasurer

                                  THE CHASE MANHATTAN BANK,
                                  individually and as agent,

                                    by
                                           /s/ James H. Ramage
                                        ---------------------------------------
                                          Name:  James H. Ramage
                                          Title: Vice President

                                  NBD BANK,
                                    by
                                            /s/ Winifred S. Pinet
                                        ---------------------------------------

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                                  NATIONAL CITY BANK
                                    by
                                           /s/ David R. Evans
                                        ---------------------------------------

                                  PNC BANK, NATIONAL ASSOCIATION,

                                    by
                                           /s/  Mark Rutherford
                                        ---------------------------------------

                                  THE HUNTINGTON NATIONAL BANK,

                                    by
                                           /s/ Timothy M. Ward
                                        ---------------------------------------

                                  KEYBANK NATIONAL ASSOCIATION,

                                    by
                                           /s/ William J. Kysela
                                        ---------------------------------------

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