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Exhibit 4.20

Date: February 18, 2004

Bank HaPoalim Ltd.

Dear Sir / Madam,

re:Undertaking

Whereas: we have received
and/or we are about to receive from you credit and other banking services and we have also
signed and/or will sign undertakings and guarantees as collateral for debts and
liabilities of other bodies to you:

And whereas:among our other
liabilities to you we have signed a credit framework letter dated February 10, 2002, and
also letters of undertaking signed March 11, 2003, and August 7, 2003 (hereafter:
the letters of undertaking);

And whereas: we are applying
to you with a request to amend the letters of undertaking as set out below;

Wherefore we hereby undertake to you
that as long as we do not repay to you our debts and liabilities to you the following
shall apply:

|1. | Paragraph 2 (a) (2) of the letter of undertaking dated August 7, 2003, shall be
          cancelled and it shall be replaced by the following:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------

| | At
every time whatsoever and as long as we have not repaid to you the aforesaid credit, we
will maintain the following financial ratios, as shall appear in our financial statements
for each quarter:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a. | Tangible
net worth 
| | -- | --------------------

| |                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | ------------------------------------------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 1.     
       
2.     
       
3.     
4. | In the first  quarter  of  2004--  not less than a sum of $ 500,000  (five  hundred  thousand  US
dollars).
In the second  quarter  of 2004-- not less than a sum of $ 700,000  (seven  hundred  thousand  US
dollars).
In the third quarter of 2004-- not less than a sum of $ 1,000,000 (one million US dollars).
In the  fourth  quarter  of 2004--  not less than a sum of $  1,300,000  (one  million  and three
hundred thousand US dollars).

|2. | Paragraph 3 of the letter of undertaking of August 7, 2003, shall be amended so
          that the EBITDA for 2004 shall be as follows:
|-- | ---------------------------------------------------------------------------------------------------------------------------------------

| |                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | ------------------------------------------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | a.     
b.     
       
c.     
       
d. | The first quarter shall not be less than an amount of $ 800,000 (eight hundred thousand US dollars).
The second  quarter  shall not be less than a cumulative  amount of  $ 1,800,000  (one million and eight
hundred thousand US dollars).
The third  quarter  shall not be less than a cumulative  amount of  $ 3,600,000  (three  million and six
hundred thousand US dollars).
The fourth quarter shall not be less than a cumulative amount of $ 6,000,000 (six million US dollars).

|3. | Paragraph
3(c) of the letter of undertaking dated March 11, 2003, shall be cancelled.
|-- | -------------------------------------------------------------------------------------

|4. | Paragraph
3(d) of the letter of undertaking dated August 7, 2003, shall be amended as follows:
|-- | ----------------------------------------------------------------------------------------------

| | "Our
cash balance  shall not be less, at the end of each quarter,  than an amount of  $
6,000,000  (six million        US dollars)."
| | ------------------------------------------------------------------------------------------------------------------------------------



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|5. | Paragraph
e(2) of our letter concerning the credit framework dated February 2, 2002, shall be
cancelled.
|-- | --------------------------------------------------------------------------------------------------------

|6. | Except
for the aforesaid, there shall be no change whatsoever in the letters of undertaking.
|-- | --------------------------------------------------------------------------------------------

| | Sincerely,
NUR Macroprinters Ltd. | 
| | ----------------------------------------------- | 

Confirmation of lawyer

I the undersigned,
Doron Faibish, Adv., being the legal adviser of
the company NUR Macroprinters Ltd., hereby confirm that the authorized signatories of the
company, Messrs. David Amir and David Zeleman signed the above
document and I recognize their signature, and their signature binds the company.

| | 
Advocate | 
| | ----------------------- | 

|We the undersigned agree to the aforesaid:
Bank HaPoalim Ltd. |  | 
|--------------------------------------------------------------------------- |  | 

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