---

---

Exhibit 4.17

|Bank HaPoalim Ltd. |  | Date: August 7, 2003
|------------------ |  | --------------------

Dear sir,

re:Our undertaking of
March 11, 2003 (hereafter: the undertaking)

Further to our aforementioned
undertaking, and on the basis of what has been agreed between us, we are amending the
undertaking as follows:

| | (1) | Paragraph 1 of the undertaking shall be amended such that the amount that we
               shall be entitled to borrow from non-banking institutions that appears in the
               last line of the paragraph shall be $ 4,000,000 (four million US dollars)
               instead of $ 3,000,000 (three million US dollars).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | Paragraphs 3 (a) (1), (2) and (3) shall be cancelled and they shall be replaced
               by the following paragraphs:
| | --- | ---------------------------------------------------------------------------------------------------------------------------

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

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

| | 1. | In each of the quarters of 2003  not less than a sum of
          $ 7,000,000 (seven million US dollars) and not less than 7% of the whole
          balance sheet total.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2. | In 2004  not less than $ 9,500,000 (nine million and five
          hundred thousand US dollars) and not less than 10% of the whole balance sheet
          total.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | In 2005  not less than $ 15,500,000 (fifteen million and five
          hundred thousand US dollars) and not less than 16% of the whole balance sheet
          total.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (3) | Paragraph
3 (b) shall be amended such that the EBITDA for the year 2003 shall be           as
follows:
| | --- | ------------------------------------------------------------------------------------------------------

| | a. | The second quarter shall not be less than a sum of $ -2,000,000 (minus two
                    million US dollars) cumulatively for the first two quarters.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | The third quarter shall not be less than a cumulative negative amount of $
                    1,600,000 (minus one million, six hundred thousand US dollars).
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c. | The fourth quarter shall not be less than a cumulative negative amount (for all
                    four quarters) of $ -200,000 (minus two hundred thousand US dollars).
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



---

---

| | (4) | Except
for the aforesaid, there shall be no change whatsoever in the           undertaking.
| | --- | -------------------------------------------------------------------------------------------

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

|1. | Confirmation
of lawyer
|-- | ----------------------

I the undersigned, Neta Block, Adv., being the legal adviser of the company NUR Macroprinters Ltd., hereby
confirm that the authorized signatories of the company, Messrs. David Amirsigned 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. |  | 
|---------------------------------------------------------------------------- |  | 

2

---

---