Exhibit 10.14

Date: March 11, 2003

Messrs. Bank Hapoalim Ltd.

Dear Sirs,

# Re: Undertaking

As we received and/or about to
receive credits and other banking services from you and as we signed and/or will sign
undertakings and guarantees to secure the debts and obligations of other entities to you;

Therefore, we hereby undertake to you
that as long as we do not repay our debts and liabilities to you, the following will
apply:

|1. | The total of our short-term credit from banks (including discounts in an amount
          not exceeding $ 10,000,000 (ten million US dollars), guarantees and balance
          sheet and off balance sheet liabilities) will not exceed $ 19,000,000 (nineteen
          million US dollars) of which the said short-term credit to be provided to us or
          to our subsidiaries by banks abroad will not exceed $ 1,600,000 (one million six
          hundred US dollars). It is hereby clarified that we will be entitled to borrow
          additional credit to the aforementioned amount up to an amount of $ 3,000,000
          (three million US dollars) not from banks.
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|2. | On the repayment by us of any credit from any of the banks, we will repay to you
          at the same time credit that you provided us in an amount equal to the ratio
          between the amount paid to that bank and the total liabilities to that bank
          multiplied by the total debts and liabilities to you.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | At any time whatsoever and as long as we have not repaid the above credit to
          you, we will maintain the financial ratios detailed below as appear in our
          financial statements for each quarter:
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| | a. | Tangible
shareholders equity 
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| | 1. | In
each of the quarters of 2003  will not be less than the amount of
                    $20,000,000 (twenty million US dollars) and not less than 20% of the
total                     balance sheet.
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| | 2. | In
2004  not less than $ 22,000,000 (twenty two million US dollars) and
                    not less than 24% of the total balance sheet.
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| | 3. | In
2005  not less than $ 27,000,000 (twenty seven million US dollars) and
                    not less than 27% of the total balance sheet.
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| | For
this purpose, tangible shareholders equity means  total issued and paid-up
share capital plus capital reserves and retained earnings less non-tangible assets (such
as goodwill, copyrights, etc.). Should we raise capital in any way whatsoever, the above
ratios will be amended in such a way that the amount of the capital raised will be added
to the amount of tangible shareholders equity.
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| | b. | The
EBITDA will not be less than the following: In 2003  ($ 400,000) (a negative
amount) for the first quarter, for the second quarter an aggregate amount of $ 200,000,
for the third quarter an aggregate amount of $ 1,300,000, for the fourth quarter an
aggregate amount of $ 3,400,000 in 2003.In
2004  $ 7,000,000.In 2005  $ 10,000,000.
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| | c. | Total
short-term credit provided to us by you and by third parties will not
               exceed 70% of our total receivables for a period of up to 180 days, less
               provisions.
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| | d. | The
cash balances will not be less at the end of each quarter than an amount of
               $9,000,000 (nine million US dollars).
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| | e. | We
will provide you quarterly and annual financial statements in the form and at
               the times as required by laws imposed on us, including according to the
               provisions of the securities laws prevailing in the United States of
America.
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| | Moreover,
we will provide you, within 45 days from the end of every quarter, a detailed reports of
our debts and liabilities to banks, the balance of cash on hand, the balance of
inventories according to the different types, the balance and age of our receivables and
total sales, and within 14 days from the end of every month a report that details the
total of our debts and liabilities to banks and the cash balances for the past month.
These
reports will be forwarded to you for every company separately, i.e. for us and for each of
our subsidiaries.
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| | The
terms mentioned above will be interpreted according to generally accepted accounting
principles.
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| | 4. | All
the collateral and undertakings that we and/or our subsidiaries created in           your
favor will serve to secure the repayment of our debts and liabilities to           you.
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| | 5. | We
will issue you an option for the acquisition of 140,000 of our shares at an
          exercise price of $ 0.34 (34 cents) per share. The options and registration
          rights for the shares, resulting from the conversion of the options, will be
          arranged in a registration of rights agreement in the form identical to the
          previous registration rights agreement.
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| | 6. | We
know that if we violate our above undertakings, you will be entitled to use           all
means against us that you deem appropriate, including demanding immediate
          repayment of all our debts and liabilities to you, and this in addition to any
          other remedy and/or relief you are entitled to in accordance with the various
          documents that we signed and/or will sign in your favor.
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| | 7. | These
undertakings are irrevocable and we will not be entitled to cancel and/or
          change them without receiving your prior written consent.
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| | 8. | The
aforesaid will not derogate, but add, to the other undertakings to you in
          accordance with the various documents that we signed and/or will sign in your
          favor.
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| | Yours sincerely,


      ( -- )                    ( -- )
  ___________________
  Nur Macroprinters Ltd.
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