Document:

MORTGAGE LOAN PURCHASE AGREEMENT

     THIS MORTGAGE LOAN PURCHASE AGREEMENT dated as of March 30,
2004 by and between FIRST TENNESSEE BANK NATIONAL ASSOCIATION
(the "Seller"), and FIRST HORIZON ASSET SECURITIES INC., a
Delaware corporation (the "Purchaser").

     WHEREAS, the Seller owns certain Mortgage Loans (as
hereinafter defined) which Mortgage Loans are more particularly
listed and described in Schedule A attached hereto and made a
part hereof.

     WHEREAS, the Seller and the Purchaser wish to set forth the
terms pursuant to which the Mortgage Loans, excluding the
servicing rights thereto, are to be sold by the Seller to the
Purchaser.

     WHEREAS, First Tennessee Mortgage Services, Inc. ("FTMSI")
owns the servicing rights to the Mortgage Loans pursuant to the
Servicing Rights Transfer and Subservicing Agreement (as
hereinafter defined).

     WHEREAS, the Seller has engaged FTMSI to service the
mortgage Loans pursuant to the Servicing Agreement (as
hereinafter defined).

     NOW, THEREFORE, in consideration of the foregoing, other
good and valuable consideration, and the mutual terms and
covenants contained herein, the parties hereto agree as follows:

                            ARTICLE I
                           Definitions
                           -----------

     AGREEMENT:  This Mortgage Loan Purchase Agreement, as the
same may be amended, supplemented or otherwise modified from time
to time in accordance with the terms hereof.

     CLOSING DATE:  March 30, 2004.

     COOPERATIVE CORPORATION:  The entity that holds title (fee
or an acceptable leasehold estate) to the real property and
improvements constituting the Cooperative Property and which
governs the Cooperative Property, which Cooperative Corporation
must qualify as a Cooperative Housing Corporation under Section
216 of the Code.

     COOP SHARES:  Shares issued by a Cooperative Corporation.

     COOPERATIVE LOAN:  Any Mortgage Loan secured by Coop Shares
and a Proprietary Lease.

                               -1-

<PAGE>

     COOPERATIVE PROPERTY:  The real property and improvements
owned by the Cooperative Corporation, including the allocation of
individual dwelling units to the holders of the Coop Shares of
the Cooperative Corporation.

     COOPERATIVE UNIT:  A single family dwelling located in a
Cooperative Property.

     CUSTODIAN:  LaSalle Bank National Association, a national
banking association, and its successors and assigns, as custodian
under the Custodial Agreement dated as of March 30, 2004 by and
among The Bank of New York, as trustee, First Horizon Home Loan
Corporation, as master servicer, and the Custodian.

     CUT-OFF DATE:  March 1, 2004.

     DELAY DELIVERY MORTGAGE LOANS:  The Mortgage Loans for which
all or a portion of a related Mortgage File is not delivered to
the Trustee or to the Custodian on its behalf on the Closing
Date. The number of Delay Delivery Mortgage Loans shall not
exceed 25% of the aggregate number of Mortgage Loans as of the
Closing Date.

     FHHLC:  First Horizon Home Loan Corporation, a Kansas
corporation, in its capacity as the seller of the Mortgage Loans
pursuant to MLPA I.

     GAAP:  Generally applied accounting principals as in effect
from time to time in the United States of America.

     MLPA I:  The mortgage loan purchase agreement, dated as of
March 30, 2004, between First Horizon Home Loan Corporation, as
seller, and First Tennessee Bank National Association, as
purchaser, as related to the transfer, sale and conveyance of the
Mortgage Loans.

     MORTGAGE:  The mortgage, deed of trust or other instrument
creating a first lien on the property securing a Mortgage Note.

     MORTGAGE FILE:  The mortgage documents listed in Section 3.1
pertaining to a particular Mortgage Loan and any additional
documents required to be added to the Mortgage File pursuant to
this Agreement.

     MORTGAGE LOANS:  The mortgage loans transferred, sold and
conveyed by the Seller to the Purchaser, pursuant to this
Agreement.

     MORTGAGE NOTE:  The original executed note or other evidence
of  indebtedness evidencing the indebtedness of a Mortgagor under
a Mortgage Loan.

     MORTGAGED PROPERTY:  The underlying property securing a
Mortgage Loan, which, with respect to a Cooperative Loan, is the
related Coop Shares and Proprietary Lease.

     MORTGAGOR:  The obligor(s) on a Mortgage Note.

     PROPRIETARY LEASE:  With respect to any Cooperative Unit, a
lease or occupancy agreement between a Cooperative Corporation
and a holder of related Coop Shares.

     PURCHASE PRICE:  $286,492,716.80.

     PURCHASER:  First Horizon Asset Securities Inc., a Delaware
corporation, in its capacity as purchaser of the Mortgage Loans
from the Seller pursuant to this Agreement.

                               -2-

<PAGE>

     RECOGNITION AGREEMENT:  With respect to any Cooperative
Loan, an agreement between the Cooperative Corporation and the
originator of such Mortgage Loan which establishes the rights of
such originator in the Cooperative Property.

     SECURITY AGREEMENT: The security agreement with respect to a
Cooperative Loan.

     SELLER:  First Tennessee Bank National Association, and its
successors and assigns, in its capacity as seller of the Mortgage
Loans pursuant to this Agreement.

     SERVICING AGREEMENT:  The servicing agreement, dated as of
November 26, 2002 by and between First Tennessee Bank National
Association and its assigns, as owner, and First Tennessee
Mortgage Services, Inc., as servicer.

     SERVICING RIGHTS TRANSFER AND SUBSERVICING AGREEMENT:  The
servicing rights transfer and subservicing agreement, dated as of
November 26, 2002 by and between First Horizon Home Loan
Corporation, as transferor and subservicer, and First Tennessee
Mortgage Services, Inc., as transferee and servicer.

     TRUSTEE:  The Bank of New York and its successors and, if a
successor trustee is appointed hereunder, such successor.

                           ARTICLE II
                        Purchase and Sale
                        -----------------

     Section 2.1    PURCHASE PRICE.  In consideration for the
payment to it of the Purchase Price on the Closing Date, pursuant
to written instructions delivered by the Seller to the Purchaser
on the Closing Date, the Seller does hereby transfer, sell and
convey to the Purchaser on the Closing Date, but with effect from
the Cut-off Date, without recourse, (i) all right, title and
interest of the Seller in the Mortgage Loans, excluding the
servicing rights thereto, and all property securing such Mortgage
Loans, including all interest and principal received or
receivable by the Seller with respect to the Mortgage Loans on or
after the Cut-off Date and all interest and principal payments on
the Mortgage Loans received on or prior to the Cut-off Date in
respect of installments of interest and principal due thereafter,
but not including payments of principal and interest due and
payable on the Mortgage Loans on or before the Cut-off Date, (ii)
all of the Seller's rights as Purchaser under MLPA I including,
without limitation, the rights of the Seller to require FHHLC to
cure breaches of representations and warranties with respect to
the Mortgage Loans as provided thereunder, (iii) all right, title
and interest of the Seller in, to and under the Servicing
Agreement, and (iv) all proceeds from the foregoing.  Items (i)
through (iv) in the preceding sentence are herein referred to
collectively as "Mortgage Assets."

     Section 2.2    TIMING.  The sale of the Mortgage Assets
hereunder shall take place on the Closing Date.

                           ARTICLE III
                     Conveyance and Delivery
                     -----------------------

     Section 3.1    DELIVERY OF MORTGAGE FILES.  In connection
with the transfer and assignment set forth in Section 2.1 above,
the Seller has delivered or caused to be delivered to

                               -3-

<PAGE>

the Trustee or to the Custodian on its behalf (or, in the case of
the Delay Delivery Mortgage Loans, will deliver or cause to be
delivered to the Trustee or to the Custodian on its behalf within
thirty (30) days following the Closing Date) the following
documents or instruments with respect to each Mortgage Loan so
assigned (collectively, the "Mortgage Files"):

     (a)       (1)  the original Mortgage Note endorsed by manual
          or facsimile signature in blank in the following form:
          "Pay to the order of ________________, without
          recourse," with all intervening endorsements showing a
          complete chain of endorsement from the originator to
          the Person endorsing the Mortgage Note (each such
          endorsement being sufficient to transfer all right,
          title and interest of the party so endorsing, as
          noteholder or assignee thereof, in and to that Mortgage
          Note); or

               (2)  with respect to any Lost Mortgage Note, a
          lost note affidavit from the Seller stating that the
          original Mortgage Note was lost or destroyed, together
          with a copy of such Mortgage Note;

     (b)  except as provided below, the original recorded
          Mortgage or a copy of such Mortgage certified by the
          Seller as being a true and complete copy of the
          Mortgage;

     (c)  a duly executed assignment of the Mortgage in blank
          (which may be included in a blanket assignment or
          assignments), together with, except as provided below,
          all interim recorded assignments of such mortgage (each
          such assignment, when duly and validly completed, to be
          in recordable form and sufficient to effect the
          assignment of and transfer to the assignee thereof,
          under the Mortgage to which the assignment relates);
          provided that, if the related Mortgage has not been
          returned from the applicable public recording office,
          such assignment of the Mortgage may exclude the
          information to be provided by the recording office;

     (d)  the original or copies of each assumption,
          modification, written assurance or substitution
          agreement, if any;

     (e)  either the original or duplicate original title policy
          (including all riders thereto) with respect to the
          related Mortgaged Property, if available, provided that
          the title policy (including all riders thereto) will be
          delivered as soon as it becomes available, and if the
          title policy is not available, and to the extent
          required pursuant to the second paragraph below or
          otherwise in connection with the rating of the
          Certificates, a written commitment or interim binder or
          preliminary report of the title issued by the title
          insurance or escrow company with respect to the
          Mortgaged Property, and

     (f)  in the case of a Cooperative Loan, the originals of the
          following documents or instruments:

               (1)  The Coop Shares, together with a stock power
          in blank;

               (2)  The executed Security Agreement;

                               -4-

<PAGE>

               (3)  The executed Proprietary Lease;

               (4)  The executed Recognition Agreement;

               (5)  The executed UCC-1 financing statement with
          evidence of  recording thereon which have been filed in
          all places required to perfect the Seller's interest in
          the Coop Shares and the Proprietary Lease; and

               (6)  Executed UCC-3 financing statements or other
          appropriate UCC financing statements required by state
          law, evidencing a complete and unbroken line from the
          mortgagee to the Trustee with evidence of recording
          thereon (or in a form suitable for recordation).

                           ARTICLE IV
                 Representations and Warranties
                 ------------------------------

     Section 4.1    REPRESENTATIONS AND WARRANTIES OF THE SELLER.

          (a)  The Seller hereby represents and warrants to the
     Purchaser, as of the date of execution and delivery hereof,
     that:

               (1)  The Seller is duly organized as a national
          banking association and is validly existing under the
          laws of the United States of America and is duly
          authorized and qualified to transact any and all
          business contemplated by this Agreement to be conducted
          by the Seller in any state in which a Mortgaged
          Property is located or is otherwise not required under
          applicable law to effect such qualification and, in any
          event, is in compliance with the doing business laws of
          any such state, to the extent necessary to ensure its
          ability to enforce each Mortgage Loan and to perform
          any of its other obligations under this Agreement in
          accordance with the terms thereof.

               (2)  The Seller has the requisite power and
          authority to sell each Mortgage Loan, and to execute,
          deliver and perform, and to enter into and consummate
          the transactions contemplated by this Agreement and has
          duly authorized by all necessary action on the part of
          the Seller the execution, delivery and performance of
          this Agreement; and this Agreement, assuming the due
          authorization, execution and delivery thereof by the
          other parties thereto, constitutes a legal, valid and
          binding obligation of the Seller, enforceable against
          the Seller in accordance with its terms, except that
          (a) the enforceability thereof may be limited by
          bankruptcy, insolvency, moratorium, receivership and
          other similar laws relating to creditors' rights
          generally or of creditors of depository institutions,
          the accounts of which are insured by the FDIC, and (b)
          the remedy of specific performance and injunctive and
          other forms of equitable relief may be subject to
          equitable defenses and to the discretion of the court
          before which any proceeding therefor may be brought.

                               -5-

<PAGE>

               (3)  The execution and delivery of this Agreement
          by the Seller, the sale of the Mortgage Loans by the
          Seller under this Agreement, the consummation of any
          other of the transactions contemplated by this
          Agreement, and the fulfillment of or compliance with
          the terms thereof are in the ordinary course of
          business of the Seller and will not (a) result in a
          material breach of any term or provision of the charter
          or by-laws of the Seller or (b) materially conflict
          with, result in a material breach, violation or
          acceleration of, or result in a material default under,
          the terms of any other material agreement or instrument
          to which the Seller is a party or by which it may be
          bound, or (c) constitute a material violation of any
          statute, order or regulation applicable to the Seller
          of any court, regulatory body, administrative agency or
          governmental body having jurisdiction over the Seller,
          other than such conflicts, breaches, violations,
          accelerations or defaults which, individually or on a
          cumulative basis, would not have a material adverse
          effect on the Seller and its subsidiaries, taken as a
          whole, or the consummation of the transactions
          contemplated by this Agreement; and the Seller is not
          in breach or violation of any material indenture or
          other material agreement or instrument, or in violation
          of any statute, order or regulation of any court,
          regulatory body, administrative agency or governmental
          body having jurisdiction over it which breach or
          violation may materially impair the Seller's ability to
          perform or meet any of its obligations under this
          Agreement.

               (4)  No litigation is pending or, to the best of
          the Seller's knowledge, threatened against the Seller
          that would prohibit the execution or delivery of, or
          performance under, this Agreement by the Seller.

          (b)  The Seller hereby assigns, transfers and conveys
     to the Purchaser all of its rights with respect to the
     Mortgage Loans including, without limitation, the
     representations and warranties of FHHLC made pursuant to
     MLPA I, together with all rights of the Seller to require
     FHHLC to cure any breach thereof or to repurchase or
     substitute for any affected Mortgage Loan in accordance with
     MLPA I.

     It is understood and agreed that the obligation under MLPA I
of FHHLC to cure, repurchase or replace any Mortgage Loan as to
which a breach has occurred and is continuing shall constitute
the sole remedy, which may be enforced solely against FHHLC and
not the Seller, respecting such breach available to the Purchaser
on its behalf.

     The representations and warranties contained in this
Agreement shall not be construed as a warranty or guaranty by the
Seller as to the future payments by any Mortgagor.

     It is understood and agreed that the representations and
warranties set forth in this Section 4.1 shall survive the sale
of the Mortgage Loans to the Purchaser hereunder.

                            ARTICLE V
                          Miscellaneous
                          -------------

     Section 5.1    TRANSFER INTENDED AS SALE.  It is the express
intent of the parties hereto that the conveyance of the Mortgage
Loans by the Seller to the Purchaser be, and be construed as, an
absolute sale thereof in accordance with GAAP and for regulatory
purposes.  It is, further, not the intention of the parties that
such conveyances be deemed a pledge thereof by the Seller to the

                               -6-

<PAGE>

Purchaser.  However, in the event that, notwithstanding the
intent of the parties, the Mortgage Loans are held to be the
property of the Seller or the Purchaser, respectively, or if for
any other reason this Agreement is held or deemed to create a
security interest in such assets, then (i) this Agreement shall
be deemed to be a security agreement within the meaning of the
Uniform Commercial Code of the State of Texas and (ii) the
conveyance of the Mortgage Loans provided for in this Agreement
shall be deemed to be an assignment and a grant by the Seller to
the Purchaser of a security interest in all of the Mortgage
Loans, whether now owned or hereafter acquired.

     The Seller and the Purchaser shall, to the extent consistent
with this Agreement, take such actions as may be necessary to
ensure that, if this Agreement were deemed to create a security
interest in the Mortgage Loans, such security interest would be
deemed to be a perfected security interest of first priority
under applicable law and will be maintained as such throughout
the term of the Agreement.  The Seller and the Purchaser shall
arrange for filing any Uniform Commercial Code continuation
statements in connection with any security interest granted
hereby.

     Section 5.2    SELLER'S CONSENT TO ASSIGNMENT.  The Seller
hereby acknowledges the Purchaser's right to assign, transfer and
convey all of the Purchaser's rights under this Agreement to a
third party and that the representations and warranties made by
FHHLC to the Seller pursuant to MLPA I will, in the case of such
assignment, transfer and conveyance, be for the benefit of such
third party.  The Seller hereby consents to such assignment,
transfer and conveyance.

     Section 5.3    SPECIFIC PERFORMANCE.  Either party or its
assignees may enforce specific performance of this Agreement.

     Section 5.4    NOTICES.  All notices, demands and requests
that may be given or that are required to be given hereunder
shall be sent by United States certified mail, postage prepaid,
return receipt requested, to the parties at their respective
addresses as follows:

          If to the Purchaser:     4000 Horizon Way
                                   Irving, Texas 75063
                                   Attn: Larry P. Cole

          If to the Seller:        165 Madison Avenue
                                   Memphis, Tennessee 38103
                                   Attn: Clyde A. Billings, Jr.

     Section 5.5    CHOICE OF LAW.  This Agreement shall be
construed in accordance with and governed by the substantive laws
of the State of Texas applicable to agreements made and to be
performed  in the State of Texas and the obligations, rights and
remedies of the parties hereto shall be determined in accordance
with such laws.

                               -7-

<PAGE>

     Section 5.6    ACKNOWLEDGMENT OF FHHLC.  FHHLC hereby
acknowledges the provisions of this Agreement, including the
duties of FHHLC created hereunder and the assignment of the
representations and warranties made by FHHLC to the Seller
pursuant to MLPA I.

                               -8-

<PAGE>

     IN WITNESS WHEREOF, the Purchaser and the Seller have caused
their names to be signed hereto by their respective officers
thereunto duly authorized as of the 30th day of March, 2004.

                              FIRST TENNESSEE BANK NATIONAL
                              ASSOCIATION, as Seller

                              By:______________________________
                                   Wade Walker
                                   Senior Vice President

                              FIRST HORIZON ASSET SECURITIES
                              INC., as Purchaser

                              By:_______________________________
                                   Wade Walker
                                   Senior Vice President - Asset
                                      Securitization

The foregoing agreement is hereby
acknowledged and accepted as of the
date first above written.

FIRST HORIZON HOME LOAN CORPORATION,
in its capacity as the seller pursuant
to MLPA I

By:___________________________________
     Wade Walker
     Senior Vice President - Asset
        Securitization

Mortgage Loan Purchase Agreement II - 2004-2, Signature Page

<PAGE>

                           SCHEDULE A
                           ----------

                      [BEGINS ON NEXT PAGE]

              [Available Upon Request From Trustee]Untitled Document

Exhibit 4.13

     Form of Warrant Agreement, dated March 31, 2004 

between the Registrant and the Placement Agent (X Securities Ltd.)

WARRANT 

THIS WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT (the "SECURITIES") HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, (the "SECURITIES ACT") OR QUALIFIED UNDER ANY STATE OR
FOREIGN SECURITIES LAW, AND THE WARRANT MAY NOT BE EXERCISED AND THE WARRANT AND THE ORDINARY SHARES ISSUABLE UPON EXERCISE MAY NOT BE SOLD, TRANSFERRED, PLEDGED, ASSIGNED OR HYPOTHECATED, UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT COVERING THIS WARRANT AND/OR SUCH SECURITIES, OR THE HOLDER RECEIVES AN OPINION OF COUNSEL FOR THE HOLDER OF THE WARRANT AND/OR SUCH SECURITIES SATISFACTORY TO THE COMPANY STATING THAT SUCH SALE, TRANSFER, PLEDGE, ASSIGNMENT OR
HYPOTHECATION IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF THE SECURITIES ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE LAW. 

to purchase 

Ordinary Shares 

of 

NUR MACROPRINTERS LTD. 

at a price of $0.62 per share 

VOID AFTER 17:00 p.m. (prevailing Tel Aviv time) 

On the Expiration Date (as hereinafter defined) 

in favor of 

 	March 31, 2004 

NUR MACROPRINTERS LTD., an Israeli company with its principal offices at 12 Abba Hillel Silver Street, Lod, Israel (the "Company"), hereby
grants to X Securities Ltd. (the "Holder"), the right to purchase, subject to the terms and conditions hereof, up to seventy nine thousand one hundred forty-five (79,145) of the Company's
Ordinary Shares, par value NIS 1.00 per share ("Ordinary Shares"), exercisable at any time from time to time, on or after the date hereof (the "Effective
Date"), and until the fifth anniversary of such date (the "Expiration Date"). 

Hereinafter: (i) the Ordinary Shares purchasable hereunder or any other securities which may be issued by the Company in substitution therefor, are referred to as the "Warrant Shares"; (ii) the price of sixty two cents ($0.62) payable hereunder for each of the Warrant Shares, as adjusted in the manner set forth hereinafter, is referred to as the "Exercise Price" and (iii) this Warrant and all warrants hereafter issued in exchange or substitution for this Warrant are referred to as the "Warrants". The Exercise Price and the number of
Warrant Shares are subject to adjustment as hereinafter provided. 

1. Warrant Period; Exercise of Warrant

	   1.1.   (a) 
	 This
        Warrant may be exercised in whole at any time, or in part from time to
        time, beginning on the date
        hereof until the Expiration Date (the "Warrant
        Period"), by the surrender of this Warrant
        (with a duly executed exercise form in the form attached at the end hereof
        as Exhibit A),
        along with the Exercise Certificate or the Exercise Opinion (each as defined
        in Section 1.1(b) below), at the principal office of the Company, set forth
        above, together with proper payment of the Exercise Price multiplied by
        the number of Warrant Shares for which the Warrant is being exercised.
        Payment for Warrant Shares shall be made by certified or official bank
        check or checks, payable to the order of the Company or by wire transfer
        to an account to be designated in writing by the Company. Payments shall
    be made in United States dollars.  

	
	

	           (b)
	In addition to the
         method of exercise set forth in Section 1.1(a) hereof, each Holder shall
         have the right to exercise the Warrant in whole or in part and, upon
         such exercise, to receive for each Warrant surrendered a fraction of
         one Ordinary Share as shall be determined by the formula set forth below,
         with no cash payment required other than a payment of Equivalent Par
         Value (as defined below) for each Ordinary Share issued upon the exercise
         of the
  Warrant in accordance with this Section 1.1(b). The number of Ordinary Shares
         the Holder shall be entitled to receive shall upon the exercise of the
         Warrant and surrender of the related warrant certificate in accordance
         with this Section 1.1(b) shall be equal to the product of (x) the total
         number of Ordinary Shares exchangeable for the Warrants being exercised
         (assuming exercise in accordance with Section 1.1(a)) multiplied by
         (y) a fraction, the numerator of which is the aggregate Market
  Price (as defined below) of such Ordinary Shares plus Equivalent Par Value
         less the aggregate Exercise Price therefore, and the denominator of
         which is such aggregate Market Price. Upon exercise of the Warrants
         pursuant to this Section 1.1(b), the warrants so exercised shall no
         longer be exercisable. Solely for the purpose of this paragraph, "Equivalent Par Value" shall
         be an amount in U.S. Dollars equal to NIS 1.0 based on the Representative
         Rate of the U.S. Dollar as published by the Bank of Israel on the date
         of payment. Solely for the purposes of this paragraph, Market Price
         shall be calculated as the average of the five trading days immediately
         preceding the date on
  which the form of exercise attached (Exhibit A) is deemed to have been sent
         to the Company. For the purposes of this paragraph, "Market Price" shall
         be deemed to be the last reported sale price of the Ordinary Shares,
         or if no such reported sale takes place on such day, the average of
    the last reported sale prices for the last three (3) trading days.

	
	

	           (c)
	The Holder of a Warrant, by its acceptance thereof, covenants and agrees that the Warrants described herein are being acquired as an investment and not with a view to the distribution thereof and such Holder
  further covenants

 

	
	and agrees that it will not sell, transfer,
          pledge, assign, or hypothecate the Warrant or the ordinary shares issueable
          upon exercise of the Warrant unless there is an effective registration
          statement under the Securities Act of 1933 covering the Warrant or the
          ordinary shares issueable upon exercise of the Warrant, or the Holder
          of the Warrant and/or the ordinary shares receives an opinion of counsel
          satisfactory to the Company stating that such sale, transfer, pledge,
          assignment, or hypothecation is exempt from the registration and prospectus
          delivery requirements of the Securities Act of 1933 and the qualification
    requirements under applicable law. 

	 	 
	   1.2.
	  If this Warrant should be exercised in part, the
          Company shall, upon surrender of this Warrant for cancellation, execute
          and deliver a new Warrant evidencing the rights of the Holder to purchase
          the remainder of the Ordinary Shares purchasable hereunder. The Company
          shall pay any and all expenses, taxes and other charges that may be payable
          in connection with the issuance of the Warrant Shares and the preparation
          and delivery of share certificates pursuant to this Section 1 in the
          name of the Holder (including without limitation the applicable stamp
          duty), and to the extent required, the execution and delivery of a new
          Warrant, provided, however, that the Company shall only be required to
          pay taxes which are due as a direct result of the issuance of the Ordinary
          Shares or other securities, properties or rights underlying such Warrants
          (such as the applicable stamp duty), and will not be required to pay
          any tax which may be (i) due as a result of the specific identity of
          the Holder or (ii) payable in respect of any transfer involved in the
          issuance and delivery of any such certificates in a name other than that
          of the Holder and the Company shall not be required to issue or deliver
          such certificates unless or until the person or persons requesting the
          issuance thereof shall have paid to the Company the amount of such tax
          or shall have established to the satisfaction of the Company that such
    tax has been paid.  

	
	

	   1.3.
	  No fractions of Ordinary Shares shall be issued
          in connection with the exercise of this Warrant, and the number of Ordinary
          Shares issued shall
  be rounded down to the nearest whole number.
            

      Upon the issuance of Ordinary Shares resulting from
            the exercise in whole or in part of this Warrant, the Company shall deliver
            to the Holder an irrevocable letter of instructions to the Company's
            transfer agent to issue as soon as is reasonably practicable to the Holder
            share certificates reflecting the Warrant Shares exercised thereby, together
            with any and all other documents required for the issuance of such certificates
    by the transfer agent.   

	2.	Reservation of Shares
	
	The Company covenants that: (i) at all times during
        the Warrant Period it shall have in reserve, and will keep available solely
        for issuance or delivery upon exercise of the Warrant, such number of Ordinary
        shares as shall be issuable upon the exercise thereof, and (ii) upon exercise
        of the Warrant and payment of the Exercise Price therefor, the Warrant
        Shares issuable upon such exercise will be validly issued, fully paid,
        non

    

 

assessable, free and clear from any lien, encumbrance, pledge or any other third party right and not subject to any preemptive rights. 

3. Adjustments to Exercise Price and Number of Securities

	   3.1.
	Subdivision and Combination.
        In case the Company shall at any time subdivide or combine the outstanding
        Ordinary Shares, the Exercise Price shall forthwith be proportionately
        decreased in the case of subdivision or increased in the case of combination.

    

	
	

	   3.2.
	Stock Dividends and Distributions.
          In case the Company shall pay a dividend on, or make a distribution of,
          Ordinary Shares or of the Company's capital stock convertible into Ordinary
          Shares, the Exercise Price shall forthwith be proportionately decreased.
          An adjustment made pursuant to this Section 3.2 shall be made as of the
    record date for the subject stock dividend or distribution.  

	
	

	   3.3.
	Adjustment in Number of Securities.
          Upon each adjustment of the Exercise Price pursuant to the provisions
          of this Section 3, the number of Ordinary Shares issuable upon the exercise
          of each Warrant shall be adjusted to the nearest full amount by multiplying
          a number equal to the Exercise Price in effect immediately prior to such
          adjustment by the number of Ordinary Shares issuable upon exercise of
          the Warrants immediately prior to such adjustment and dividing the product
    so obtained by the adjusted Exercise Price.  

	
	

	   3.4.
	Definition of Ordinary Shares.
          For the purpose of this Warrant, the term "Ordinary Shares" shall mean
          (i) the class of stock designated as Ordinary Shares in the Articles
          of Association of the Company as may be amended as of the date hereof,
          or (ii) any other class of stock resulting from successive changes
          or reclassifications of such Ordinary Shares consisting solely of changes
          in nominal value, or from nominal value to no nominal value, or from
    no nominal value to nominal value.  

	
	

	   3.5.
	No Adjustment of Exercise Price in Certain Cases. No
          adjustment of the Exercise Price shall be made if the amount of said
          adjustment shall be less than 2 cents ($.02) per Ordinary Share, provided,
          however, that in such case any adjustment that would otherwise be required
          then to be made shall be carried forward and shall be made at the time
          of and together with the next subsequent adjustment which, together with
          any adjustment so carried forward, shall amount to at least 2 cents ($.02)
    per Ordinary Share.  

	
	

	   3.6.
	Merger or Consolidation.
          In case of any consolidation of the Company with or merger of the Company
          with, or merger of the Company into, (other than a merger which does
          not result in any reclassification or change of the outstanding Ordinary
          Shares), the Company shall cause the corporation formed by such consolidation
          or merger to execute and deliver to the Holder a supplemental warrant
          agreement providing that the Holder of the Warrant then outstanding or
          to be outstanding shall have the right thereafter (until the expiration
          of such Warrant) to receive, upon exercise of such Warrant, the kind
    and amount of shares of stock and other 

 

 

	
	securities and property receivable upon such consilidation
          or merger, by a holder of the number of Ordinary Shares of the Company
          for which such Warrant might have been exercised immediately prior to
          such consolidation, merger, sale or transfer. Such supplemental warrant
          agreement shall provide for adjustments which shall be identical to the
          adjustments provided in Section 3. The above provision of this Subsection
    shall similarly apply to successive consolidations or mergers.  

 

	4.

     
	Notices to Warrant Holders. Nothing contained in this Warrant shall be construed as conferring upon the Holder the right to vote or to consent or to receive notice as a
  stockholder in respect of any meetings of stockholders for the election of directors or any other matter, or as having any rights whatsoever as a stockholder of the Company. If, however, at any time prior to the Expiration Date, any of the following
  events shall occur:

   

	 	 	 
	
	(a)

     
	the Company shall take a record of the holders of its Ordinary Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution
  payable otherwise than out of current or retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company; or

   

	 	 	 
	
	(b)

     
	the Company shall offer to all the holders of its Ordinary Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company,
  or any option, right or warrant to subscribe therefor; or

   

	 	 	 
	
	(c)

     
	a dissolution, liquidation or winding up of the Company (other than in connection with a consolidation or merger) or a sale of all or substantially all of its property, assets and business as an entirety shall
  be proposed;

   

	
	
	

	
	 then, in any one or more of
        said events, the Company shall give to the Holder written notice of such
        event at least fifteen (15) days prior to the date fixed as a record date
        or the date of closing the transfer books for the determination of the
        stockholders entitled to such dividend, distribution, convertible or exchangeable
        securities or subscription rights, or entitled to vote on such proposed
    dissolution, liquidation, winding up or sale.  

 

	5.

     
	Non-Transferability

   

	
	(a)

     
	The Holder
         covenants and agrees that the Warrants are being acquired as an investment
         and not with a view to the distribution thereof. The Holder shall not
         sell, transfer, assign, encumber, pledge or otherwise dispose or undertake
         to dispose of ("Sell")
         the Warrants until the first anniversary of the Effective Date. Thereafter,
         the Holder may, subject to applicable securities laws, Sell, all or
         any portion of the Warrants, provided that the Holder may only Sell
         the Warrants on two occasions, to no more than five (5) transferees
         on each occasion, provided further that on the second such occasion
         the Holder shall reimburse the Company with
  any and all direct costs incurred by the Company 

   

	 	 	connected with such sale, transfer or
    assignment including any reasonable registration costs.
	

    	(b)

  

    	Unless registered,
          the Warrant Shares issued upon exercise of the Warrants shall be subject
          to a stop transfer order and the certificate or certificates evidencing
          such Warrant Shares shall bear legend substantially similar to the
          following:

      

    

	 	"THE SHARES REPRESENTED
            BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
            OF 1933, AS AMENDED, PURSUANT TO A REGISTRATION STATEMENT. ACCORDINGLY,
            SUCH SHARES MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO A REGISTRATION
            STATEMENT UNDER SUCH ACT, OR AN EXEMPTION FROM REGISTRATION UNDER SUCH
    ACT."  

	6.

     
	Loss, etc. of Warrant

   

	
	Upon receipt of evidence satisfactory
           to the Company of the loss, theft, destruction or mutilation of this Warrant,
           and of indemnity reasonably satisfactory to the Company, if lost, stolen
           or destroyed, and upon surrender and cancellation of this Warrant, if
           mutilated, and upon reimbursement of the Company's reasonable direct expenses,
           the Company shall execute and deliver to the Holder a new Warrant of like
           date, tenor and
    denomination.

   

	 	 
	7.

     
	Registration Rights

   

	
	Holders of the Ordinary Shares shall be
         entitled to registration rights pursuant to the Registration Rights Agreement
      attached hereto as Exhibit B.

   

	 	 
	8.

     
	Headings

   

	
	The headings of this Warrant have been
         inserted as a matter of convenience and shall not affect the construction
      hereof.

   

	 	 
	9.

     
	Notices

   

	
	Unless otherwise provided, any notice
         required or permitted under this Warrant shall be given in writing and
         shall be deemed effectively given upon personal delivery to the party
         to be notified or seven (7) days after deposit with the Post Authority,
         for dispatch by registered or certified mail, postage prepaid and addressed
         to the Holder at the address set forth in the Company's books and to the
         Company at the address of its principal offices set forth above, or when
         given by telecopier or other form of rapid written communication, provided
      that confirming copies are sent by such airmail.

   

	10.

  

    	Governing Law

    

	 	This Warrant shall be governed by and
          construed and enforced in accordance with the laws of the State of Israel
          (regardless of the laws that might otherwise govern under applicable
          Israel principles of conflicts of law). Anything to the contrary notwithstanding,
          the provisions of this Section 10 shall not apply to the Registration
          Rights schedule, which shall be subject to the provisions thereof.  

    

	 	

	11.	Entire Agreement; Amendment and Waiver

	

    	

          This Warrant and the schedule hereto constitute the
        full and entire understanding and agreement between the parties with regard
        to the subject matters hereof and thereof. Any term of this Warrant may
        be amended and the observance of any term hereof may be waived (either
        prospectively or retroactively and either generally or in a particular
        instance) only with the written consent of both the Holder
  and the Company.

    

IN WITNESS WHEREOF, the Company has caused this Ordinary Share Purchase Warrant to be executed as of the date first written above. 

NUR Macroprinters Ltd. 

By:       ________________________

Name:  David Amir 

Title:     Chief Executive Officer

Agreed and Accepted: 

X Securities Ltd. 

By:      ________________________

Name: ________________________

Title:    ________________________

Exhibit A 

Warrant Exercise Form 

 	Date: ____________________

To: Nur Macroprinters Ltd.

Re: Exercise of Warrant 

The undersigned hereby irrevocably elects to exercise the
attached Warrant to the extent of ___________________ Ordinary Shares of Nur
Macroprinters Ltd. all in accordance with section 1.1(b) of the Warrant. Payment
to the Company
of the total purchase price for such shares has been made simultaneously with
the delivery of this exercise of warrant. The undersigned requests that certificates
for such Ordinary Shares be registered in the name of
____________________ whose address is ____________________ and that such certificates
be delivered to whose address is _____________________________. 

By: ___________________

Exhibit B 

REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this "Agreement") is made as of the __day of March, 2004 (the "Effective Date") by and among NUR Macroprinters Ltd., a company organized under the laws of the State of Israel, registered under number 52-003986-8, with offices at 12 Abba Hillel Silver Street, Lod, Israel (the "Company"); and the Investors listed on Schedule 1 hereto, each such Investor being an ‘accredited investor’, as defined in Regulation §230.501 under the Securities Act (defined below). Each Investor is referred to in this Agreement as a "Holder", and collectively as the "Holders". 

RECITALS:

	WHEREAS	the Company
          and Rockwood, Inc. (the "Placement Agent")
          entered on _________, 2003 into a letter agreement (the "Letter
          Agreement") pursuant to which the Placement
          Agent rendered to the Company certain financial services in connection
          with the Convertible Loan secured by the Company on October 2003 (the "Convertible
          Loan"); 

    

	WHEREAS	the Letter Agreement provides,
        among others, that upon conversion of the Convertible Loan or a portion
        thereof, the Company will grant the Placement Agent warrants (the "Warrants") exercisable into Ordinary
        Shares of the Company, of nominal value NIS 1.00 each (the "Conversion
    Shares"); and 
	WHEREAS	the Letter Agreement further
        provides that the Conversion Shares shall have piggyback registration
    rights; and 
	WHEREAS	the Placement Agent assigned
    its rights for the Warrants to the Holders; and
	WHEREAS	the Company hereby undertakes
        to register the Conversion Shares under the terms and subject to the
    condition set forth in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing, the parties agree as follows: 

	1.

  
	Definitions.

    

	
	Unless otherwise defined herein, all capitalized terms
        shall have the meanings ascribed thereto in the Warrants. As used herein,
        the following terms have the following meanings:

    

	
	

	
	 "Commission" refers
    to the Securities and Exchange Commission.  

	
	

	
	 "Effective
            Date" means the date of the closing
    of the Convertible Loan. 

 

 

 

 

	
	"Register", "registered",
            and "registration" refer
            to a registration effected by filing a registration statement in
            compliance with the Securities Act and the declaration or ordering
            by the Commission
            of effectiveness of such registration statement, or the equivalent
    actions under the laws of another jurisdiction.  

	
	

	
	 "Registrable
            Shares" means the Conversion Shares
    issued or issuable to the Holders upon exercise of the Warrants.  

	
	

	
	      "Securities
              Act" shall mean the U.S. Securities
              Act of 1933, as amended, or any similar federal statute, and the
              rules and regulations of the Commission thereunder, all as the
    same shall be in effect at the time.  

	2.

     
	Incidental Registration.

   

	
	If the Company at any time following the
         Effective Date, proposes to register any of its securities, (other than
         a registration statement on Form S-8 or any successor form for securities
         to be offered to employees of the Company pursuant to any employee benefit
         plan or a registration statement on form F-4 or any other successor form),
         for its own account or for the account of any other person, it shall give
         notice to the Holders of such intention. Upon the written request of Holders,
         given within twenty (20) days after receipt of any such notice, the Company
         shall include in such registration all of the Registrable Shares indicated
         in such request, so as to permit the disposition of the shares so registered
         in the manner requested by the Holders. Notwithstanding any other provision
         of this Section 2, with respect to an underwritten public offering by
         the Company, if the managing underwriter advises the Company in writing
         that marketing or other factors require a limitation of the number of
         shares to be underwritten, then there shall be excluded from such registration
         and underwriting to the extent necessary to satisfy such limitation, shares
         held by the Holders and by other shareholders of the Company who are entitled
         to have their shares included in such registration, pro rata among them
         to the extent necessary to satisfy such limitation. To the extent Registrable
         Shares are excluded from such underwriting, the Holders shall agree not
         to sell their Registrable Shares included in the registration statement
         for such period, not to exceed 180 days, as may be required by the managing
         underwriter, and the Company shall keep effective and current such registration
         statement for such period as may be required to enable the Holders to
         complete the distribution and resale of their Registrable Shares. Notwithstanding
         the provisions of this Section 2, the Company shall have the right at
         any time after it shall have given notice to the Holders, to elect not
         to file any such proposed registration statement; provided, however, that
         each key officer and director of the Company and each person who, at the
         time of the proposed filing of such public offering, beneficially owns
         1% or more of the outstanding capital stock of the Company, on a fully-converted,
      fully-diluted basis, shall enter into the same agreement.

   

	 	 
	3.

     
	Termination of Registration Rights.

   

	
	3.1. 

	The Holders shall not be entitled to exercise
       any right provided for in Section 2 hereof, after four (4) years following
    the Effective Date.

 

	

    	3.2.

    	 In addition, the right of the Holders
        to request registration pursuant to Section 2 shall terminate upon such
        date that all Registrable Shares held or entitled to be held upon exercise
    by the Holders may be sold under Rule 144(k) (or any successor rule). 

	 	 
	4.
  	Designation of Underwriter.

   

	 	The Company
      shall have the right to designate the managing underwriter.

   

	 	 
	5.
  	Expenses.

   

	 	All expenses incurred in connection with
         any registration under Section 2 shall be borne by the Company, provided
         however, that the Holders shall pay their pro rata portion of the discounts
         payable
  to any underwriter.

   

	 	 
	6.
  	Indemnities. If any Registrable Shares are included in a registration statement pursuant to this Agreement:

   

	

    	6.1. 

    	The
          Company will indemnify and hold harmless, to the fullest extent permitted
          by law, each Holder,
          any underwriter (as defined in the Securities Act) for such Holder,
          and each person, if any, who controls such Holder or such underwriter
          (collectively
          and individually referred to as the "Indemnified
          Party"), from and against any and all losses,
          damages, claims, liabilities, joint or several, costs, and expenses (including
          any amounts paid in any settlement effected with the Company’s
          consent, which consent will not be unreasonably withheld) to which
          such Indemnified
          Party may become subject under applicable law or otherwise, insofar
          as such losses, damages, claims, liabilities (or actions or proceedings
          in respect thereof), costs, or expenses arise out of are based upon
          (i)
          any untrue statement or alleged untrue statement of any material fact
          contained in the registration statement or included in the prospectus,
          as amended or supplemented (including, in each case, all documents
          incorporated by reference therein, as such documents may have been
          updated by later
          dated documents), or (ii) the omission or alleged omission to state
          therein a material fact required to be stated therein or necessary
          to make the
          statements therein, in light of the circumstances in which they are
          made, not misleading or
          (iii) any violation or alleged violation by the Company of the Securities
          Act or the Securities and Exchange Act of 1934, as amended (the "Exchange
          Act"), or any rules or regulations promulgated
          thereunder, and the Company will reimburse each Indemnified Party,
          promptly upon demand, for any reasonable legal or any other expenses
          incurred
          by them in connection with investigating, preparing to defend, or defending
          against, or appearing as a third-party witness in connection with such
          loss, claim, damage, liability, action, or proceeding; provided, however, that
          the Company will not be liable in any such case to the extent that any
          such loss, damage, liability, cost, or expense arises solely out of or
          is based solely upon an untrue statement or alleged untrue statement,
          or omission or alleged omission, so made in conformity with information
    furnished to the Company by the Indemnified Party, in writing, 

 

 

	 	 	specifically for inclusion therein; provided, further, that
          this indemnity shall not be deemed to relieve any underwriter of any
          of its due diligence obligations; and provided, further, that
          the indemnity agreement contained in this Section 6.1 shall not apply
          to amounts paid in settlement of any such claim, loss, damage, liability,
          or action if such settlement is effected without the Company’s
          consent, which consent will not be unreasonably withheld. Such indemnity
          shall
          remain in full force and effect regardless of any investigation made
          by or on behalf of the Indemnified Party, and regardless of any sale
          in connection with such offering by such Holder. Such indemnity shall
    survive the transfer of securities by a Holder.  

	 	 	 
	 	6.2.	  Each Holder participating
          in a registration hereunder will indemnify and hold harmless the Company
          its Executive
          Officers, Directors, any underwriter for the Company, and each person,
          if any, who controls the Company or such underwriter (collectively
          and individually, the "Indemnifiable Parties"),
          from and against any and all losses, damages, claims, liabilities, costs,
          or expenses (including any amount paid in any settlement effected with
          such Holder’s consent, which consent will not be unreasonably
          withheld) to any Indemnifiable Party may become subject under applicable
          law or
          otherwise, insofar as such losses, damages, claims, liabilities (or
          actions or proceedings in respect thereof), costs, or expense arise
          out of or
          are based on (i) any untrue statement or
          alleged untrue statement of any material fact contained in the registration
          statement or included in the prospectus, as amended or supplemented (including,
          in each case, all documents incorporated by reference therein, as such
          documents may have been updated by later dated documents), or (ii) the
          omission or alleged omission to state therein a material fact required
          to be stated therein or necessary to make the statements therein, in
          light of the circumstances in which they are made, not
  misleading, or
  (iii) any violation or alleged violation by the Company of the Securities Act
  or the Securities and Exchange Act, or any rules or regulations promulgated thereunder
  and such Holder will reimburse each Indemnifiable Party, promptly upon demand,
  for any reasonable legal or other expenses incurred by such Indemnifiable Party
  in connection with investigating, preparing to defend, or defending against,
  or appearing as a third-party witness in connection with such loss, claim, damage,
  action, or proceeding; in each case to the extent, but only to the extent, that
  such untrue statement or alleged untrue statement or omission or alleged omission
  was so made in conformity with written information furnished by such Holder specifically
  for inclusion therein. The foregoing indemnity agreement is subject to the condition
  that, insofar as it relates to any such untrue statement (or alleged untrue statement),
  or omission (or alleged omission) made in the preliminary prospectus but eliminated
  or remedied in the amended prospectus at the time the registration statement
  becomes effective in the final prospectus, such indemnity agreement shall not
  inure to the benefit of (i) the Company, and (ii) any underwriter, if a copy
  of the final prospectus was not furnished to the person or entity asserting the
  loss, liability, claim, or damage at or prior to the time such furnishing is
  required by the Security
  Act; provided, further,
  that this indemnity shall not be deemed to relieve any underwriter of any of
  its due diligence obligations; provided,
  further, that the indemnity agreement contained
  in this 

	

    	

    	

    

 

 

	 	 	Section 6.2 shall not apply to amounts
          paid in settlement of any such claim loss, damage, liability, or action
          if such settlement is effected without the consent of such Holder, as
          the case may be, which consent shall not be unreasonably withheld; and
          provided, further, that the maximum amount of liability in respect of
          such indemnification shall be limited, in the case of each Holder, to
          an amount equal to the net proceeds actually received by such Holder
    from the sale of Registrable Shares sold pursuant to such registration. 

	 	 	 
	 	6.3.	
       Promptly after receipt by an Indemnified
          and/or Indemnifiable Party pursuant to the provisions of Section 6.1
          or 6.2 of notice of the commencement of any action involving the subject
          matter of the foregoing indemnity provisions, such Indemnified and/or
          Indemnifiable Party will, if a claim thereof is to be made against
          the indemnifying party pursuant to the provisions of said Section 6.1
          or 6.2, promptly notify the indemnifying party of the commencement
          thereof; but the omission to notify the indemnifying party shall only
          relieve it from any liability which it may have to any Indemnified
          and/or Indemnifiable Party to the extent that such indemnifying party
          has been damaged by such omission
to notify
hereunder. In case such action is brought against any
Indemnified and/or Indemnifiable party and it notifies the indemnifying party
of the commencement
thereof, the indemnifying party shall have the right to participate in, and,
to the extent that it may wish, jointly with any other indemnifying party similarly
notified, to assume the defense thereof with counsel reasonably satisfactory
to such Indemnified or Indemnifiable Party; provided,
however, that if the defendants in any action include
both the Indemnified or Indemnifiable Party and the indemnifying party and if
in the reasonable judgment of the Indemnified or Indemnifiable party there are
separate defenses that are available to the Indemnified or Indemnifiable party
or there is a conflict of interest which would prevent counsel for the indemnifying
party from also representing the Indemnified or Indemnifiable party, the Indemnified
or Indemnifiable Party(ies) shall have the right to select, at the expense of
the indemnifying party, separate counsel to participate in the defense of such
action; provided, further, however,
that if the Holders are the Indemnified Party, the Holders shall be entitled
to one (1) separate counsel at the expense of the Company and if underwriters
are also Indemnified parties who are entitled to counsel separate from the indemnifying
party, then all underwriters as a group shall be entitled to one (1) separate
counsel at the expense of the Company. After notice from the indemnifying party
of its election so to assume the defense thereof, the indemnifying party will
not be liable to such Indemnified or Indemnifiable Party pursuant to the provisions
of said Section 6.1 or 6.2 above for any legal or other expense subsequently
incurred by such Indemnified or Indemnifiable Party in connection with the defense
thereof, unless (i) the Indemnified or Indemnifiable Party shall have employed
counsel in accordance with the provision of the preceding sentence, (ii) the
indemnifying party shall not have employed counsel reasonably satisfactory to
the Indemnified or Indemnifiable Party to represent the same within a reasonable
time after the notice of the commencement of the action and within fifteen (15)
days after written notice
of the Indemnified or Indemnifiable Party’s intention to employ separate
counsel pursuant
to the 

    

 

 

 

	 	 	previous sentence, (iii) the indemnifying
          party has authorized the employment of counsel for the Indemnified or
          Indemnifiable Party at the expense of the indemnifying party, or (iv)
          the indemnifying party has authorized the employment of counsel but such
          party or counsel fails to vigorously defend the action. No indemnifying
          party will consent to entry of any judgment or enter into any settlement,
          which does not include as an unconditional term thereof the giving by
          the claimant or plaintiff to such Indemnified or Indemnifiable Party
    of a release from all liability in respect to such claim or litigation.  

	 	 	 
	 	6.4.	  If
          recovery is not available under the foregoing indemnification provisions,
          for any reason other
          than as specified therein, the parties entitled to indemnification
          by the terms thereof shall be entitled to contribution to liabilities
          and
          expenses. In determining the amount of contribution to which the respective
          parties are entitled, there shall be considered the parties’ relative
          knowledge and access to information concerning the matter with respect
          to which the right to indemnification was asserted, the opportunity
          to correct and prevent any statement or omission, and any other equitable
          consideration appropriate under the circumstances. In no event shall
          any party that is found liable for fraudulent misrepresentation within
          the meaning of Section 1(f) of the Securities Act be entitled to contribution
    hereunder from any party not found so liable.  

	 	 	 
	7.	Obligations of the
              Company. Whenever
              required under this Agreement to effect the registration of any Registrable
              Shares, the Company shall, as
  expeditiously as possible:

	 	
	

	 	7.1. 
	 Prepare and file with the Commission
          a registration statement with respect to such Registrable Shares and
          use its best efforts to cause such
  registration statement to become effective with
  the Commission or pursuant to the Blue Sky laws of such jurisdictions as shall
  be reasonably requested by the Holders, and, upon the request of the Holders
  of the majority of the Registrable Shares registered thereunder, keep such registration
  statement effective for a period of up to two (2) years for any registration
  under Form F-3 (which shall be kept effective subject to the provisions of Rule
  415), or for nine (9) months for any registration under F-1, or if sooner until
  the distribution contemplated in the registration statement has been completed.  

	 	 	 
	 	7.2.	  Prepare and file with the Commission
          such amendments and supplements to such registration statement and the
          prospectus used in connection with such registration statement as may
          be necessary to comply with the provisions of the Securities Act with
          respect to the disposition of all Registrable Shares covered by such
    registration statement.  

	 	 	 
	 	7.3.	  Furnish to the Holders and each duly
          authorized underwriter such numbers of copies of a prospectus, including
          a preliminary prospectus, in conformity with the requirement of the Securities
          Act, and such other documents as they may reasonably request in order
          to facilitate the disposition of Registrable
  Shares owned by the Holders.  

 

 

	 	7.4.	 In the event of any underwritten
        public offering, enter into and perform its obligations under an underwriting
        agreement, in usual and customary form, with the managing underwriter
        of such offering. Each Holder participating in such underwriting shall
    also enter into and perform its obligations under such agreement.  
	 	 	 
	 	7.5.	  Notify each Holder of Registrable Shares
          covered by such registration statement at any time when a prospectus
          relating thereto is required to be delivered under the Securities Act
          of the happening of any event as a result of which the prospectus included
          in such registration statement, as then in effect, includes an untrue
          statement of a material fact or omits to state a material fact required
          to be stated therein or necessary to make the statements therein not
          misleading in light of the circumstances then existing, and promptly
          amend such prospectus by filing a post effective supplement so that such
          prospectus does not contain an untrue statement of material fact or omit
          to state a material fact required to be stated therein or necessary to
          make the statements therein not misleading in light of the circumstances
          then existing, and deliver copies
  thereof to the Holder.  

	 	 	 
	 	7.6.	  Cause all Registrable Shares registered
          pursuant hereunder to be listed on each securities exchange or Nasdaq
          on which similar securities
  issued by the Company are then listed. 

	 	 	 
	 	7.7.	  Provide a transfer agent and registrar
          for all Registrable Shares registered pursuant to this Agreement and
          a CUSIP number for all such Registrable Shares, in each case not later
    than the effective date of such registration.  

	 	 	 
	 	7.8. 	 Furnish, at the request of any Holder,
          on the date that such Registrable Shares are delivered to the underwriters
          for sale in connection with a registration pursuant to this Agreement,
          if such securities are being sold through underwriters, or, if such securities
          are not being sold through underwriters, on the date that the registration
          statement with respect to such securities becomes effective, (i) an opinion,
          dated such date, of the counsel representing the Company for the purposes
          of such registration, in form and substance as is customarily given to
          underwriters in an underwritten public offering, addressed to the underwriters,
          if any, and to such Holder, and (ii) a letter dated such date, from the
          independent certified public accountants of the Company, in form and
          substance as is customarily given by independent certified public accountants
          to underwriters in an underwritten public offering addressed to the underwriters,
          if any, and to such
  Holder.  

	 	 	 
	 	7.9. 	 Promptly notify each Holder, if the
          Holder is selling Registrable Shares covered by a registration statement,
          of the issuance by the Commission of any stop order suspending the effectiveness
          of the registration statement or the initiation of any proceedings for
          that purpose. The Company shall use its reasonable best efforts to obtain
          the withdrawal of any order suspending the effectiveness of the registration
    statement.  

	 	 	 
	 	7.10. 	Conditions to Registration.
          The Company shall not be obligated to effect the registration of the
          Registrable Shares pursuant to this Agreement unless the Holders participating
    therein consent to customary conditions of a reasonable 

 

	 	
	 nature that are imposed by
    the Company, including, but no limited to, the following:  

	 	
	
	 
	 	
	(a)

     
	Conditions requiring the Holders to comply with all applicable provisions of the Securities Act and the Exchange Act, including, but not limited to, the prospectus delivery requirements; and

   

	 	 	 	 
	 	
	(b)

     
	Conditions prohibiting the Holders, upon receipt of written notice from the Company that it is required by law to correct or update the registration statement or prospectus, from effecting sales of the
  Registrable Shares until the Company has completed the necessary correction or updating.

   

	 	 
	8.
  	Customary Arrangements. Each
         Holder may not participate in any underwritten offering pursuant to
         a registration filed hereunder unless such person (a) agrees to sell
         such person’s securities on the basis pmrovided in customary underwriting
         arrangements, and (b) provides all relevant information and completes
         and executes all questionnaires, powers of attorney,  indemnities, underwriting
         agreements, and other documents required under the terms of such underwriting
         arrangements; provided, however, that the Holders participating in the
         underwritten registration may appoint one legal or other representative
         to
  negotiate the underwriting arrangements, at such Holder’s expense.

   

	 	 
	9.
  	Public Information. The Company shall undertake to make publicly available and available to the Holders adequate current public
  information within the meaning of, and as required pursuant to, Rule 144 and shall use its reasonable best efforts to satisfy the Registrant Requirements for the use of Form F-3 during the term of this Agreement.

   

	 	 
	10.
  	Non-United States Offering. In the event of a public offering of securities of the Company outside of the United States, the Company
  will afford the Holders registration rights in accordance with applicable law and comparable in substance to the foregoing registration rights.

   

	 	 
	11.
  	Assignment of Registration Rights. The
         rights to cause the Company to register Registrable Shares pursuant
         to this Agreement may only be assigned by a Holder (the "Assignment")
         under the following conditions:

   

	 	 	 
	 	(i)

     
	The Assignment shall be concurrent with the sale or transfer of Registrable Shares and only with respect to the transferred Registrable Shares;

   

	 	(ii)

     
	Pursuant to the Assignment, a Holder may only assign the registration rights contained herein on up to two (2) occasions, to no more than five (5) transferees on each occasion;

   

	 	(iii)

  
	The assignees of the registration
        rights may not further assign the registration rights.

  

	 	
	

	 	 Provided, (a) the Company,
        is upon such transfer, furnished with written notice of the name and address
    of such transferee or assignee and the securities with respect to which 

	 	 	 

 

	
	 such registration rights are being assigned,
        and (b) such transferee or assignee agrees in writing to be bound by and
    subject to the terms and conditions of this Agreement.  

	
	

	12.

     
	Changes in Registrable Shares. If, and as often as, there are any changes in the Registrable Shares by way of stock split, stock dividend,
  combination or reclassification, or through merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions of this Agreement, as may be required, so that the rights and
  privileges granted hereby shall continue with respect to the Registrable Shares as so changed.

   

	 	 
	13.

     
	Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties hereto with respect to the
  subject matter hereof and supersedes all prior agreements (including, without limitation, the Letter Agreement entered into between the Company and the Holders, and any and all negotiations and oral understandings with respect thereto) and any and
  all registration rights that the Company had previously granted to any party hereto in any capacity whatsoever. Nothing in this Agreement, express or implied, is intended to confer upon any Person, other than the parties hereto and their respective
  successors and assigns, any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided herein.

   

	 	 
	14.

     
	Governing Law. This Agreement shall be governed in all respects by the laws of the State of New York, as such laws are applied to agreements
  between State of New York residents entered into and to be performed entirely within State of New York, whether or not all parties hereto are residents of State of New York.

   

	 	 
	15.

     
	Successors and Assigns. Subject to the provisions of Section 11 above, the provisions hereof shall inure to the benefit of, and be binding upon,
  the successors, assigns, heirs, executors and administrators of the parties hereto.

   

	 	 
	16.

     
	Notices. Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and if: (i) served or sent
  by post shall be deemed to have been served or delivered ten (10) days after the time when the letter was deposited in the mail, postage prepaid for first class mail or airmail, as applicable, or (ii) sent via facsimile or electronic mail, shall be
  deemed to have been served or delivered on the first business day following the date that the facsimile or electronic mail was sent, provided that, if no electronic mail confirmation is delivered by the recipient of such notice to the sender thereof
  within twenty-four (24) hours following the delivery of such notice, such notice has to be resent via facsimile and shall be deemed to have been served or delivered on the first business day following the date that such notice was resent via
  facsimile, all to the addresses of the Holders as set forth on Schedule 1 hereto, or to such other address as such party shall furnish the Company in
  writing, and if to the Company, at its address

   

	 	 set forth in the preamble to this Agreement
        or at such other address as the Company shall have furnished to the parties
    in writing.  

	 	

	17.
  	Severability. Any invalidity, illegality or limitation on the enforceability of this Agreement or any part thereof, by any party whether arising
  by reason of the law of the respective party's domicile or otherwise, shall in no way affect or impair the validity, legality or enforceability of this Agreement with respect to other parties. If any provision of this Agreement shall be judicially
  determined to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

   

	 	

	18.
  	Titles and Subtitles. The titles of the Sections of this Agreement are for convenience of reference only and are not to be considered in
  construing this Agreement.

   

	 	

	19.
  	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall
  constitute one instrument. This Agreement may be executed by exchange of signatures via facsimile.

   

 

IN WITNESS WHEREOF, the parties have signed this Agreement, as of the date first appearing above. 

	Nur Macroprinters Ltd. 	 X Securities Ltd.  

	 	 
	 	 
	By:     ______________________	By:    ______________________

	Title:  ______________________	Title:  ______________________

	 	 
	 	 
	 	 
	 	 ________________________________________

	 	     David Fuchs

	 	

	 	

	 	

	 	

	 	 ________________________________________

	 	     Matthew Norton

Schedule 1 

List of Holders 

	

    
	Name of Holder
	Address

	

	David Fuchs	135 Rogers Drive
	 	New Rochelle, NY 10804
	 	United States
	 	Fax: +1- _______________
	

	X Securities, Ltd.	830 3rd Ave. 14th Floor
	 	New York, NY 10022
	 	United States
	 	Fax: +1- _______________
	

	Matthew L. Norton	43-19 41st Street Apt. 3C
	 	Sunnyside, NY 11104
	 	United States
	 	Fax: +1- _______________

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