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Exhibit 4.21

Date: February 18, 2004

AmendingLetter to the Supplement
to the General Terms for Opening a Credit Account in Foreign Currency and Israeli Currency
dated February 11, 2002, and the Amending Appendix, dated March 12, 2003, to the
Supplement to the aforesaid Terms of
Management

Further to the General Terms for
Opening a Credit Account in Foreign Currency and Israel Currency dated June 13, 2000, and
further to the Supplement to the General Terms for Opening a Credit Account in Foreign
Currency and Israeli Currency dated February 11, 2002, and the Amending Letter dated March
24, 2002 (hereafter: the Supplement to the Terms of Management) and further to
the Amending Appendix to the Supplement to the General Terms for Opening a Credit
Account in Foreign Currency and Israeli Currency dated February 11, 2002 which was
signed by us on March 12, 2003 (hereafter: the Amending Appendix) and the
additional amending letter dated July 30, 2003 (the Additional Amending
Letter), we declare that in the Supplement to the Terms of Management and in the
Amending Appendix and in the Additional Amending Letter the following changes shall apply:

The terms in this document shall have
the same meaning as they have in the Supplement to the Terms of Management, in the
Amending Appendix and in the Additional Amending Letter.

|1. | In
paragraph 4 of the Amending Agreement the following changes shall apply:
|-- | ---------------------------------------------------------------------------

| | The
line beginning with the words: At every time in 2004 shall be replaced with
the line: In 2004, at the end of every quarter, no less than the following: first
quarter  $ 500,000, second quarter  $ 700,000, third
quarter  $ 1,000,000, fourth quarter  $ 1,300,000.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Paragraph
5 of the Amending Appendix shall be amended as follows:
|-- | -----------------------------------------------------------------

| | a. | The
line beginning with the words In 2004 shall be deleted and it           shall
be replaced by: In 2004, the cumulative EBITDA in each quarter shall           not
be less than the following amounts: first quarter            $ 800,000,
second quarter  $ 1,800,000, third           quarter  $ 3,600,000,
fourth quarter           $ 6,000,000.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | In
the paragraph beginning with the words: In addition to the aforesaid           the
company undertakes, the existing table shall be cancelled and the
          following table shall replace it:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|On date   | 31.03.04 | 31.06.04 | 30.09.04 | 30.12.04 | 31.03.05 | 30.06.05 | 30.09.05
|--------- | -------- | -------- | -------- | -------- | -------- | -------- | --------
|The ratio | 1 : 58   | 1 : 52   | 1 : 42   | 1 : 32   | 1 : 11.5 | 1 : 11   | 1 : 11  

| | c. | In
the paragraph beginning with the words: The company also           undertakes the
existing table shall be cancelled and the following           table shall replace it:
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|Year      | 2004  | 2005   
|--------- | ----- | -------
|The ratio | 1 : 8 | 1 : 4.5

|3. | Paragraph
5.3 of the Supplement to the Terms of Management shall be deleted.
|-- | ----------------------------------------------------------------------------

|4. | In
paragraph 6 of the Amending Appendix 6 shall be written instead
                    of 9.
|-- | ------------------------------------------------------------------------------------------------

|5. | In
the other Terms of Management and the Supplement to the Terms of Management
                    and the Amending Appendix there shall be no change.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------



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|6. | This
document shall come into effect when we sign the accompanying document
                    concerning the liability for commission for this letter.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------

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

|We agree to the aforesaid:
Bank Leumi le Israel Ltd. |  | 
|------------------------------------------------------------------ |  | 

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