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Exhibit 4.22

Date: February 22, 2004

Israel Discount Bank Ltd.

Dear Sir,

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 letters of undertaking dated July 30, 2003, and
September 18, 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 3.I.2 of the letter of undertaking dated July 30, 2003, shall be
          cancelled and it shall be replaced by the following:
|-- | -----------------------------------------------------------------------------------------------------------------------------------------

| | 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).
| | ---------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | For
this purpose, tangible net worth means  net work from the audited
financial statements less intangible property (including: deferred expenses, goodwill,
patents, copyrights, etc.).
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Paragraph 3.II of the letter of undertaking of July 30, 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.III of the letter of undertaking dated July 30, 2003, shall be
          cancelled, and it shall be replaced by the following:
|-- | ------------------------------------------------------------------------------------------------------------------------------------------

| | The
ratio between the cumulative EBITDA and the total of debts and liabilities to the banking
institutions and other financial institutions (including abroad) together with current
maturities for debts and liabilities and together with the bank debt of the NUR Europe
subsidiaries shall be:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|As of date | 31.03.04 | 30.06.04 | 30.09.04 | 31.12.04
|---------- | -------- | -------- | -------- | --------
|The ratio  | 1 : 58   | 1 : 26   | 1: 13    | 1: 8    

|4. | Paragraph
3.IV of the letter of undertaking dated July 30, 2003, shall be           cancelled.
|-- | ----------------------------------------------------------------------------------------------

|5. | Paragraph
3.V of the letter of undertaking dated July 30, 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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|6. | Until March 31, 2004, we shall raise capital in a total amount of at least
          $ 3,000,000 (three million US dollars), from an investor group, by issuing
          shares.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | We have signed similar financial terms also with Bank HaPoalim and Bank Leumi, a
          copy of which has been delivered to you.
|-- | -----------------------------------------------------------------------------------------------------------------------------------

|10. | On the occasion of signing this document, and as a condition for it coming into
          force, we will pay you a commission for the undertaking and preparing documents
          in a sum of $ 7,500 (seven thousand and five hundred US dollars) and this
          shall be in addition to the commissions involved in managing the account and
          carrying out transactions.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11. | 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 before me and their signature binds the company.

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

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

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