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Exhibit 4.19

July 30, 2003

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 signed and/or
we will sign undertakings and guarantees as collateral for debts and liabilities of other
bodies to you;

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

|1. | The total of all our short-term credit at banks (including discounts, guarantees
          and balance-sheet and non-balance-sheet liabilities) shall not exceed
          $ 19,000,000 (nineteen million US dollars) of which short-term credit as
          aforesaid which shall be given to us or to our subsidiaries by banks abroad
          shall not exceed $ 1,600,000 (one million and six hundred thousand US
          dollars) and also discounts that shall not exceed $ 10,000,000 (ten million
          dollars). It is hereby clarified that we shall be entitled to borrow 
          not from banks  additional credit in excess of the aforesaid amount
          up to an amount of $ 4,000,000 (four million US dollars).
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Upon repayment by us of any credit at any of the banks, we will repay to you
          simultaneously credit which you made available to us in an amount equal to the
          ratio between the amount that is paid to that bank and the amount of all our
          debts to that pay, multiplied by the total of all our debts and liabilities to
          you.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | At all times and as long as we have not repaid you the aforesaid credit we will
          maintain the financial ratios set out below as shall appear in our financial
          statements for each quarter:
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | I. | Tangible
net worth 
| | -- | --------------------

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

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

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

| | For
this purpose, tangible net worth means  net worth from the audited
financial statements less deferred expenses, goodwill, patents, copyrights, etc., debtors
who are principal shareholders and/or affiliated companies, guarantees given as
collateral for the debts of principal shareholders and/or affiliated companies.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | If
we raise capital in any way, the aforesaid ratios shall be amended such that the amount
of capital raised shall be added to the amount of the tangible net worth.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | II. | The
EBITDA shall not be less than the following:
| | --- | ------------------------------------------------

| | January
to June 2003  $ -2,000,000 (minus two million US dollars).
| | -------------------------------------------------------------------

| | Januaryto
September 2003  $ -1,600,000 (minus one million and six hundred thousand US
dollars).
| | ------------------------------------------------------------------------------------------------

| | January
to December 2003  $ -200,000 (minus two hundred thousand US dollars). In 2004 the
EBITDA in each quarter shall not be less than a sum of $ 1,750,000 (one million and
seven hundred and fifty thousand US dollars).
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In2005
the EBITDA in each quarter shall not be less than a sum of $ 2,500,000 (two and a
half million US dollars).
| | ------------------------------------------------------------------------------------------------------------------



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| | III. | The
ratio between all the long-term (more than 12 months) debts and liabilities
                    of the company to the banking system and other financial institutions
(including                     abroad) together with the current maturities for the
long-term debts and                     liabilities and the annual EBITDA shall not
exceed 1:3.9 in 2004 and shall not                     exceed 1:2.3 in 2005.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | IV. | The
total of all the short-term credit that will be made available to us by you
                    and by third parties shall not exceed 70% of the total of all of our
debtors for                     a period of up to 180 days, less provisions.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | V. | The
balance of our cash shall not be less, at the end of each quarter, than an
                    amount of $ 9,000,000 (nine million US dollars).
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------

| | VI. | We
will submit to you quarterly and annual financial statements in the format
                    and on the dates as required by the provisions of the law to which we
are                     subject, including under the provisions of the securities laws in
force in the                     United States of America.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | We
shall also submit to you within 45 days of the end of each quarter a report giving
details of our debts and liabilities to banks, the cash balance in the cash account, the
balance of inventory according to type, the balance of debtors according to amount and
the total of all sales, and also within 14 days of the end of each month a report giving
details of the total of all our debts and liabilities to banks and the cash balance in
the previous month. These reports shall be issued to you for each company separately,
i.e., for us and for each of our subsidiaries.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
aforesaid terms shall be interpreted in accordance with accepted accounting rules.
| | --------------------------------------------------------------------------------------

|4. | All the collateral and/or guarantees that the company gave or will give to the
          bank and/or which were given and/or will be given to us by a third party for the
          company shall be used also as collateral for credit.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Without
derogating from the aforesaid, the floating charge that the company made in your favor
shall also serve as collateral for the credit.
| | ---------------------------------------------------------------------------------------------------------------------------------------------

| | We
will give you, no later than September 30, 2003, an undertaking of each of the companies
NUR Asia Pacific Ltd, NUR Media Solution S.A., NUR Europe S.A. and NUR America, according
to which each of the companies shall give undertakings to the bank for various liabilities
concerning its assets, its property and its rights, and inter alia it shall
undertakes not to create a charge of any kind on its assets, property and right or any
part thereof, without the prior written consent of the bank. The language of the aforesaid
letter of undertaking is attached as Appendix A. In addition, the company shall produce,
by the aforesaid date, a resolution of the company from each of the subsidiaries to sign
the aforesaid letter of undertaking. The company shall also produce, until the aforesaid
date, a confirmation of a lawyer, who shall declare that he knows the law applicable in
the country where the relevant subsidiary was incorporated, with regard to the validity of
the aforesaid undertakings and the aforesaid resolutions under the law applying in the
country where the subsidiary was incorporated.
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| | The
company undertakes that until no later than September 30, 2003, the subsidiary NUR America
shall sign a perpetual guarantee for an unlimited amount in favor of the bank, as
collateral for all the debts and liabilities of the company to the bank, including a
signature on a company resolution confirmed by a lawyer for signing a guarantee as
aforesaid, all of which on terms and in the form that shall be required by the bank and to
its satisfaction.
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|5. | Until September 30 2003 we will issue to you an option to buy 27,000 shares of
          ours at an exercise price of $ 0.60 (60 cents) per share. The option and
          the rights of registration for the shares, which shall arise from the conversion
          of the options, shall be regulated in a registration rights agreement, a copy of
          which has been given to us by you.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | We know that if we breach the aforesaid undertakings, you shall be entitled to
          adopt against us all the measures that you deem fit, including demanding the
          immediate repayment of all our debts and liabilities to you, and this shall be
          in addition to any other remedy and/or relief to which you are entitled under
          the various documents that we have signed and/or we will sign in your favor.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|7. | These undertakings of ours are irrevocable and we shall not be entitled to
          cancel them and/or to change them without receiving your prior written consent
          thereto.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | The aforesaid is not intended to derogate from, but to add to, our other
          undertakings to you under various documents that we have signed and/or that we
          shall sign in your favor.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | On the occasion of signing this document and as a condition for it coming into
          effect, the company shall pay a commission for the undertaking and preparation
          of documents in an amount of $ 10,000 (ten thousand US dollars), and this
          shall be in addition to the commissions involved in the management of its
          accounts and carrying out transactions.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

Confirmation of lawyer

I the undersigned,
Simon Jafa, Adv., being the legal adviser of
the company NUR Macroprinters Ltd., hereby confirm that the authorized signatories of the
company, Messrs. David Amir and Hillel
Kremer signed the above
document in my presence, and their signature binds the company.

| | 
Signature and Stamp | 
| | ---------------------------------- | 

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

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