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EXHIBIT 4.7

SUMMARY OF INDEMNIFICATION AGREEMENT FOR DIRECTORS AND SENIOR OFFICERS

     We granted an indemnification agreement to our directors and senior
officers, which was approved by our General Meeting on August 8, 2002. Pursuant
to the agreement, we undertook to indemnify our directors and senior officers
for a monetary obligation imposed on them in favor of a third party pursuant to
a judgment (including a judgment by way of settlement or by an arbitrator's
decision which was approved by a court) and for reasonable litigation expenses
(including lawyers' fees), imposed upon them in consequence of an act (defined
as including omissions and decisions) performed or to be performed by virtue of
their being directors or senior officers in the Bank or by virtue of any office
or function they fulfilled and/or will fulfill according to our request or in
our name within any company in which we hold and/or will hold shares and any
other entity and any business venture in which we invested and/or will invest,
on condition however that such activities are related to at least one of the
types of events detailed in the indemnity agreement, which include, among
others, the following events: offering of securities, implementing voting rights
and rights to appoint directors in a company in which we hold and/or will hold
shares and/or in another entity and/or in a business venture in which we
invested and/or will invest, realization of collateral granted to us, approval
of credit and other acts within the framework of permitted activities for banks
pursuant to the Banking Law (Licensing) 1981-5741, holding of assets in trust,
granting of underwriter's undertaking, a transaction of the Bank concerning any
assets for our account, giving any report or notice pursuant to the law, receipt
of licenses and permits, events related to employer-employee relations and the
failure to perform one or more of the above matters.

     The total and cumulative amount of indemnification that could be paid
pursuant to the above agreement shall not exceed 25% of our equity according to
our financial statements as of March 31, 2002, which stood at NIS 640,300,000,
meaning shall not exceed NIS 160,075,000, this amount being linked to the
Consumer Price Index published for the month of March 2002. The indemnification
pursuant to the indemnification agreement is subject to the provisions of the
Companies Law and to the various conditions detailed in the indemnification
agreement.

     It is noted that Amendment 3 to the Companies Law - 1999 (dated March 7,
2005) provides, inter alia, that an indemnification commitment (such as the
aforementioned indemnification agreement) has to be limited to events the board
of directors believes may actually occur at the time of providing the
indemnification commitment and to an amount or criterion the board of directors
deems as reasonable under the circumstances of the matter. The question of the
amendment applying to existing indemnification agreements and the interpretation
of the aforementioned restriction have not yet been addressed in court rulings
and therefore the effects of the amendment on the aforementioned indemnification
agreement are uncertain.EXHIBIT 4.8

SUMMARY OF KIBBUTZ DEBT AGREEMENT

Following the difficulties experienced by the kibbutzim in Israel and the
organizations affiliated with them during the 1980's, several agreements were
entered into between the years 1989-1999 in which the parties were the kibbutz
movements, the creditor-banks and the State of Israel.

The purpose of these agreements was to reorganize the debt of the kibbutzim and
the organizations affiliated with them and to conform it to their actual
repayment ability. The agreements include a detailed and complex apparatus to
handle these debts. Within this framework, it was established that the kibbutzim
which were defined as assisted kibbutzim (those requiring assistance) shall be
entitled to refunds of certain interest differentials for unpaid credit which
they were granted by the banks who were parties to the agreement, to a waiver of
part of these credits and to long-term rescheduling of the remainder.

The government financed 35% of the waivers and deposited funds with the banks to
serve as a source for the rescheduling. Kibbutzim that were defined as owners of
real estate having the potential for development, were required pursuant to
these agreements to assign their rights in the land in consideration for a
portion of the waivers that were approved for them.

See Note 4 to our financial statements in Item 17 of this annual report for
further details of the Kibbutz debt agreement.EXHIBIT 4.9

SUMMARY OF CREDIT TO THE ISRAEL ELECTRIC CORPORATION LTD.

     Pursuant to a series of agreements entered into at various times during the
1990's, we granted long-term credits to a certain governmental entity in a total
amount of approximately 1.5 billion U.S. dollars. These credits were granted
from deposits that were deposited with us by the State of Israel, in identical
amounts and having identical maturity dates as the credits. These credits are
fully guaranteed (principal and interest) by the State of Israel. The
outstanding balance of these credits as of December 31, 2005 was approximately
1.39 billion U.S. dollars, comprising approximately 83% of the total credit to
the public at that date.20-F

Exhibit 4.11  

Addendum No. 4

to Unprotected Tenancy Agreement dated March 6, 2000 

Made and entered
into on November 27, 2005  

			
	BETWEEN:	A.A. Barzilay Investments and Assets Ltd.	PCN 51/253032/0
	 	Kamim Investments and Assets Ltd.	PCN 51/273199/3

(Jointly and severally referred to hereinafter as the "Landlord") 

			
	AND:	NUR Macroprinters Ltd.	PCN 52003986/8

(Referred
to hereinafter as “NUR”) 

	WHEREAS  		The
Landlord and NUR executed a Tenancy Agreement on March 6, 2000 (hereinafter referred to
as the “Tenancy Agreement”; all terms in this Addendum shall have the
meaning ascribed to them in the Tenancy Agreement, unless expressly provided otherwise in
this Addendum) whereby NUR leased the building located in the Lod Industrial Area in its
entirety from the Landlord; and  

	WHEREAS  		On
September 20, 2004 Addendum No. 3 to the Tenancy Agreement was executed by the parties
whereby the Landlord leased an area on the second floor, storage rooms and 15 parking
spaces (hereinafter referred to as the “Second Floor Area”) directly to
an “Additional Tenant,” in such a manner that the “Leased Premises” as
defined in the Tenancy Agreement did not include the Second Floor Area; and  

	WHEREAS  		NUR
exercised the option granted to it in accordance with the Tenancy Agreement and extended
the lease period by an additional two and a half years commencing as of November 1, 2005
and ending April 30, 2008 (hereinafter referred to as the “First Option Period”);
and  

	WHEREAS  		During
the lease period which terminated on October 31, 2005, NUR paid Rental Payments in an
amount lower than its undertaking under the Tenancy Agreement, leaving a cumulative
balance of $447,750 + VAT (hereinafter referred to as the “Rental Payment Debt”);
and  

	WHEREAS  		NUR
requested that the Landlord grant it a reduction in the Rental Payments set forth in the
Tenancy Agreement with respect to the First Option Period, and NUR also requested that
the Rental Payment Debt accrued with respect to the Lease Period as defined in the
Tenancy Agreement be waived; and  

	WHEREAS  		The
parties wish to formalize  the terms and  conditions  relating to the extension of the
lease for the First Option Period,  

WHEREFORE, IT IS HEREBY AGREED, CONDITIONED AND WARRANTED 
BETWEEN THE PARTIES AS FOLLOWS: 

	1.  	The
provisions in the preamble to this Addendum constitute an integral part of           the
remaining terms thereof. 

	2.  	Definition
of Leased Premises  

	 	
It
is agreed that the definition of the Leased Premises in the Tenancy Agreement shall be the
area of the Leased Premises as defined in the Tenancy Agreement without the Second Floor
Area (hereinafter referred to as the “Reduced Leased Premises”). 

	3.  	Rental
Payments  

	 	
It
is agreed that the Tenant shall pay monthly Rental Payments with respect to the Reduced
Leased Premises during the First Option Period as follows: 

          	 	a. 	
               During the period between November 1, 2005 and September 30, 2007 – an
               amount in New Israeli Shekels equivalent to $44,000 (forty-four thousand US
               dollars) plus VAT, per month. 

               

          	 	b. 	
               During the period between October 1, 2007 and April 30, 2008 – an amount in
               New Israeli Shekels equivalent to $43,700 (forty-three thousand seven hundred US
               dollars) plus VAT [sic. per month]. 

               

	4.  	Waiver
of Rental Payment Debt against Exercise of Full First Option Period  

	 	
The
parties agree that in the event that the Tenant shall remain in the Leased Premises for
the entire duration of the First Option Period, and shall pay in full all of the Rental
Payments as set forth in Section 3 above for the entire First Option Period, then the
Landlord waives the Rental Payment Debt for the lease period until October 31, 2005, and
upon fulfillment of said conditions the Tenant shall be fully, finally and irrevocably
released from payment of the Rental Payment Debt to the Landlord. 

	5.  	Liquidated
Damages for Early Termination of the First Option Period  

	 	5.1	
The parties agree that the Tenant shall be entitled to shorten the lease period during the
First Option Period, provided that it shall give written notice to such effect to the
Landlord one year in advance, and subject to payment of fixed liquidated damages in the
amount of $14,925 (fourteen thousand nine hundred twenty-five United States dollars) plus
VAT for each month reduced from the First Option Period (hereinafter referred to as the
“Liquidated Damages”) (for clarification: in the event that the Tenant
shall vacate the Leased Premises within 13 months of the commencement of the First Option
Period, the Tenant shall pay the Landlord Liquidated Damages for the remaining 17 months
in the sum of $253,725 plus VAT).

	 	5.2	
The parties agree that the Liquidated Damages are reasonable in relation to the
circumstances in which the Tenant may terminate the lease prior to the end of the First
Option Period in accordance with the provisions of Section 5 above, and that in such
circumstances the Liquidated Damages shall be the entire and final remedy to which the
Landlord shall be entitled with respect to termination of the lease by the Tenant prior to
the end of the First Option Period.

	6.  	Clarification
regarding the Landlord’s Possessions in the Leased           Premises

	 	6.1	
It is clarified and agreed by the parties that in addition to the provisions of the
Tenancy Agreement and the fixtures in the building, and in order to avoid future disputes,
the following items in the Leased Premises belong to the Landlord:

               	 	a. 	
                    The partition walls located in the Leased Premises (including those that are not
                    fixed and are currently located in the Leased Premises), both fixed and
                    portable, and the various doors. 

                    

               	 	b. 	
                    All lighting systems, lights and chandeliers situated in the Leased Premises. 

                    

               	 	c. 	
                    The kitchen (with the exception of kitchen equipment such as the oven,
                    refrigerator, etc.) and the restroom. 

                    

               	 	d. 	
                    All air-conditioning systems, equipment, piping and all related items. 

                    

               	 	e. 	
                    The entrance lobby, including the elevation and entrance pillars. 

                    

               	 	f. 	
                    The garden, the plants, the planters, the fountain and the irrigation system. 

                    

               	 	g. 	
                    Electric connections, piping, fuses and GFI (Ground Fault Interrupter) 

                    

               	 	h. 	
                    The generator. 

                    

	 	6.2	
It is hereby clarified and agreed that the portable partition walls removed by Tenant from
the Leased Premises prior to the date of execution of this Addendum are the property of
the Tenant, and the Landlord has and shall have no claim, demand and/or action with
respect to these portable partition walls and it fully and irrevocably waives any claims,
demands and/or actions which it had or will have with respect to said portable walls.

	7.  	Bank
Guarantee  

	 	
It
is agreed that the bank guarantee deposited with the Landlord as of the date of execution
of this Addendum shall remain in its full amount throughout the entirety of the First
Option Period 

	8.  	Rescission
of the Second Option Period  

	 	
It
is agreed that the Landlord shall be entitled to rescind the Tenant’s option for a
Second Option Period, provided that it shall give the Tenant written notification to such
effect one year in advance. 

	9.  	Waiver
of Breach  

	 	
The
parties hereby agree that, in light of the prolonged negotiations preceding execution of
this Addendum, the use by the Tenant of the Leased Premises upon expiration of the Lease
Period shall not be deemed a breach of the provisions of Section 19 of the Tenancy
Agreement, and the Landlord hereby waives in a full, final and irrevocable manner such
breach prior to execution of this Addendum. 

	10.  	Miscellaneous  

	 	10.1 	All
other conditions of the Tenancy Agreement, as amended from time to time, shall remain in
force. 

	 	10.2	
Stamp tax, to the extent applicable to this Addendum, shall be payable by both parties in
equal shares.

WHEREFORE THE PARTIES
HAVE HERETOFORE SET THEIR HANDS : 

	A.A. Barzilay Investments & Assets Ltd.

Signature: /s/ Adi Barzilay
——————————————

Name: Adi Barzilay
Position: Director  	NUR Macroprinters Ltd.

Signature: /s/ Yuval Cohen
——————————————

Name: Yuval Cohen
Position: Chairman 

	Kamim Investments & Assets Ltd.

Signature:  /s/ Yosef Kaflawi
——————————————

Name: Yosef Kaflawi
Position: Director 	Signature:     /s/ David Amir
——————————————

Name: David Amir
Position: CEO

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