Document:

20-F

Exhibit 4.24  

		
	From:  NUR Macroprinters Ltd.	Date: June 29th, 2005

To: Israel Discount Bank
Ltd. 

Dear Sirs, 

We refer to the Undertaking signed on
February 22, 2004 and all amendments to such Undertaking that were thereafter signed
between Israel Discount Bank Ltd, on the one hand (“the Bank”) and NUR
Macroprinters Ltd. (“the Borrower”), on the other hand (“the
Facility Agreement”), and to the business plan submitted by the Borrower to the
Bank on June 27, 2005, a copy of which is attached hereto (the “Business
Plan”). 

We hereby request of the Bank that
further to the Business Plan, the Bank hereby waives the following obligations of the
Borrower under the Facility Agreement subject to the terms and conditions below: 

     1.    
          The Bank shall waive the non-performance by the Borrower of the financial
          covenants of the Facility Agreement for all of the periods ending March 31, 2005
          (including the repayment provisions resulting from the non-performance by the
          Borrower of such financial covenants prior to March 31, 2005). 

     2.    
          With respect only to the quarters ending on September 30, 2005 and December 31,
          2005, the Bank waives the financial covenants set forth in the Facility
          Agreement. In lieu of the Financial Covenants for the above mentioned quarters,
          the Borrower shall abide by the following financial covenants: 

         (i)       
          The total revenue of the Borrower for each of the quarters ending June 30, 2005,
          September 30, 2005 and December 31, 2005, as reported in each of the respective
          quarterly financial statements of the Borrower, shall not be less than sixteen
          million U.S. Dollars ($16,000,000). 

         (ii)       
          The operating loss of the Borrower for the quarter ending on June 30, 2005, as
          reported in the financial statements of the Borrower for the quarter ending on
          June 30, 2005, shall not exceed two million U.S. Dollars ($2,000,000). For each
          of the quarters ending on September 30, 2005, and December 31, 2005, the
          operating income of the Borrower, as reported in the financial statements of the
          Borrower for each respective quarter, shall be greater than zero. For the
          purpose of this section, operating loss shall not include any non-cash expenses
          relating to the accounting treatment of options and/or warrants. 

         (iii)       
          For each of the quarters ending on June 30, 2005, September 30, 2005 and
          December 31, 2005, the inventory of the Borrower, as reported in the respective
          financial statements of the Borrower, shall not be less than fourteen million
          U.S. Dollars ($14,000,000). 

         (iv)       
          For each of the quarters ending on June 30, 2005, September 30, 2005 and
          December 31, 2005, the accounts receivable of the Borrower, as reported in the
          respective quarterly financial statements of the Borrower, shall not be less
          than seven million U.S. Dollars ($7,000,000). 

     3.    
          Unless in a case of a breach by the Borrower of any of its obligations
          hereunder, the Borrower shall not be obligated to repay to the Bank any amounts
          on account of principal that are due and payable under the Facility Agreement,
          which as of the date hereof are four million, two hundred and eighty thousand
          U.S. Dollars (the “Deferred Payments”) until January 1st
          2006. For the removal of doubt, all other payments due to the Bank by the
          Borrower, including, but not limited to, any payments on account of interest,
          shall be paid by the Borrower to the Bank in accordance with the applicable
          terms and conditions of the Facility Agreement. 

     4.    
          By the fifteenth day of each calendar month (if the fifteenth day of a calendar
          month is not a business day, then by the immediately following business day),
          from July 15, 2005, and until January 15, 2006, the Borrower shall provide the
          Bank with a report which shall detail the Borrower’s un-audited balance
          sheet, profit/loss statement and statement of cash flow, for the calendar month
          immediately preceding the month in which the report is provided. The first such
          report shall be provided by the Borrower to the Bank on July 17, 2005, with
          respect to the above mentioned financial data for the month of June, 2005. 

     5.    
          The Borrower shall comply with all of its obligations hereunder. A breach by the
          Borrower of any of its obligations hereunder, shall entitle the Bank to
          immediately, at its sole discretion, declare this letter agreement, or any of
          the provisions herein, except for section 1 above, as immediately being null and
          void and to exercise all or any of its rights and remedies under the Facility
          Agreement and/or under any law. 

     6.    
          In any case of a breach by the Borrower of this letter agreement, including
          non-achievement by the Borrower of any of the financial covenants set forth in
          this letter agreement in any amount (i) the Borrower shall repay all amounts
          then owing under any or all documentation between the Borrower (including any
          entity that controls, is controlled by, or under common control with, the
          Borrower) and the Bank, to the Bank and (ii) the Bank shall be entitled to
          exercise any and all rights set forth in any or all documentation between the
          Borrower (including any entity that controls, is controlled by, or under common
          control with, the Borrower) and/or as provided by law. 

     7.    
          It is hereby clarified that except for the waivers explicitly requested herein,
          the Bank does not make any other waivers with respect to any of the provisions
          of the Facility Agreement, any of the Schedules thereto, or any of its rights or
          remedies available under the Facility Agreement. For the avoidance of doubt, the
          Facility Agreement, and all Schedules thereto, shall remain unaltered. We
          acknowledge that your consent is limited to the reasons and time periods
          mentioned above and which in no way shall prejudice the rights of the Bank to
          demand immediate repayment on account of any other reasons whatsoever pursuant
          to the terms of any or all documentation between the Borrower (including any
          entity that controls, is controlled by, or under common control with, the
          Borrower), and the Bank, and/or as permitted by law. 

     8.    
          The Borrower shall be obligated to pay the properly documented legal expenses of
          the Bank to the law office of Yigal Arnon & Co., in an amount that shall not
          exceed thirty thousand U.S. Dollars ($30,000), within thirty (30) days from the
          execution of this letter agreement. 

Yours faithfully, 

	NUR Macroprinters Ltd.

By: /s/ David Amir
——————————————

		

/s/ David Seligman
——————————————

We hereby confirm and agree to the
above subject to our receipt of the execution of letter agreements with Bank Hapoalim B.M
and Bank Leumi Le-Israel Ltd., in a form identical to the above (subject to necessary
changes). 

	/s/ Israel Discount Bank Ltd.
——————————————

Israel Discount Bank Ltd.20-F

Exhibit 4.26  

THIRD ADDENDUM  

to Unprotected Tenancy Agreement

dated March 6, 2000  

 Made
and entered into on September 20, 2004 

	BETWEEN:  	A.
A. BARZILAY INVESTMENTS AND ASSETS LTD.  
                        PCN 51/253032/0 

	 	
KAMIM
INVESTMENTS AND ASSETS LTD.      
                    PCN 51/273199/3
                                                                    

(hereinafter, jointly and severally: the “Landlord”)

	AND BETWEEN: 	
            NUR MACROPRINTERS LTD.                  
        PCN 52/003986/8
                                                                                                   

(hereinafter: “NUR”)

	WHEREAS  	A
lease agreement was entered into between the Landlord and NUR dated March 6, 2000
(hereinafter: the “Lease Agreement”; all of the terms in
this Addendum shall bear the meaning ascribed to them in
the Lease Agreement, save where stipulated otherwise, in an
express manner, in this Addendum), pursuant to which NUR
leased the building situated in the Lod Industrial Zone in
its entirety, as defined in the Lease Agreement (hereinafter:
the “Premises”) from the Landlord;  

	AND WHEREAS 	
                According  to clause 18 of the lease  agreement,  NUR is entitled to rent
out parts of the                             Premises by way of a sub-lease; 

	AND WHEREAS 	
                NUR makes no use of part of the second floor of the Premises; 

	AND WHEREAS  	
                NUR is  interested  in renting out to another  lessee part of the second
 floor of a total                             area of  approximately  700 sq. m., with
the  addition  of 15 parking  spaces on the lower                             parking
 level  (Floor  -2)  and   warehouse   space  on  the  upper  parking  level  (-1)
                            (hereinafter:  the “Second Floor Area”), as detailed in the
plan attached as Appendix A to                             this Addendum (hereinafter:
the “Additional Tenant”); 

	AND WHEREAS 	
                NUR has asked for the Lease  Agreement  to be executed  directly  between
the Landlord and                             the  Additional  Tenant,  and the  Landlord
 is  prepared  to  execute  a lease  agreement                             directly with
the Additional Tenant; 

	AND WHEREAS 	
                The parties wish to determine  between  themselves  all of the terms and
 conditions  that                             relate to the said rental, pursuant to the
provisions of this Addendum; 

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

     	1.	
          NUR gives its consent to the Landlord to rent out the Second Floor Area
          commencing October 1, 2004 pursuant to a rental contract, a copy of which is
          attached herewith as Appendix B to this Addendum, and between this date
          and the termination of the rental according to the Lease Agreement the Second
          Floor Area shall be removed from the definition of the “Premises” and
          the provisions of the Lease Agreement shall cease to apply to the Second Floor
          Area. 

          

     	2.	
          The rental fees for the Second Floor Area shall be paid to the Landlord by the
          Additional Tenant. 

          

     	3.	
          The rental fees received by the Landlord from the Additional Tenant for the
          period commencing October 1, 2004 and ending October 31, 2005 shall be deducted
          from those rental fees that are actually paid by NUR under the Lease Agreement,
          commencing August 1, 2003. The foregoing shall not derogate from NUR’s
          obligation to pay the full rental owed under the Lease Agreement. 

          

     	4.	
          The works for adjusting the Second Floor Area as agreed with the Additional
          Tenant shall be divided between the parties in the following manner: 

          

	 	A.	      In
respect of the works on the Second Floor Area, NUR undertakes as follows: 

	 	1. 	To
provide one maintenance employee for up to 4 days to supervise the removal,
               the assembly and the adjustment of part of the existing movable walls as
               required by the Additional Tenant.  

	 	2. 	To
disconnect several communication lines from the side connected to the main
               communications box and to transfer such lines to a specific point on the
Second                Floor Area.  

	 	B. 	NUR
shall contribute the sum of US$6,000 + VAT to the cost of the adjustment
               works. NUR and the Landlord shall offset this amount in the course of
their                mutual accounting for the payment of the rental fees under the Lease
Agreement                as stated above. 

	 	C. 	The
Landlord shall pay the Additional Tenant the sum of US$10,000 + VAT in
               respect of its contribution to the cost of the adjustment works which the
               Additional Tenant shall execute in the Second Floor Area. 

	 	D. 	Anything
found in the Second Floor Area shall belong to the Landlord. However,                the
foregoing shall not derogate from the existing disputes between the parties
               concerning the ownership of the movable walls situated in this area. 

     	5.	
          Municipal taxes shall be paid to NUR by the Additional Tenant on a monthly basis
          according to its relative share of the building pursuant to the terms of the
          lease agreement between the Landlord and the Additional Tenant, which shall
          contain an explicit provision mandating the Additional Tenant to perform the
          said payments at NUR’s demand, and Nur shall be entitled to claim these
          sums from the Additional Tenant. 

          

     	6.	
          Electricity shall be paid by the Additional Tenant to NUR on a monthly basis on
          a low voltage tariff basis at the relevant time using a meter which shall be
          installed on the Second Floor Area pursuant to the provisions of the lease
          agreement between the Landlord and the Additional Tenant, which shall contain an
          explicit provision mandating the Additional Tenant to perform the said payments
          at NUR’s demand, and NUR shall be entitled to claim these sums from the
          Additional Tenant. 

          

2

     	7.	
          Management Fees – The Additional Tenant shall pay NUR, on a monthly basis,
          for the period ending October 30, 2005, management fees in the sum of $1,000 +
          VAT against presentment of a tax invoice according to the provisions of the
          lease agreement between the Landlord and the Additional Tenant, which shall
          contain an explicit provision mandating the Additional Tenant to perform the
          said payments at NUR’s demand, and Nur shall be entitled to claim these
          sums from the Additional Tenant. 

          

	 	
It
is hereby clarified that the management fees until October 30, 2005 include the following
services:  

	 	(a)	building
security; 

	 	(b)	lift
maintenance; 

	 	(c)	cleaning
of public areas, save for the services on the second floor which shall           be
cleaned on a daily basis in the evening hours; 

	 	(d)	electricity
in the public areas; 

	 	(e)	electricity
for the air conditioning; 

	 	(f)	building
insurance; 

	 	(g)	fire
suppression care and maintenance. 

     	8.	
          Should NUR decide to realize the option to which it is entitled under the Lease
          Agreement for a further period after November 1, 2005, the Additional Tenant
          shall pay NUR management fees as agreed between the two, and in the absence of
          agreement its proportionate share of the actual costs of the management fees and
          the maintenance of the building. 

          

     	9.	
          Stamp duty, in so far as it shall apply to this Addendum, shall be paid by the
          parties in equal shares. 

          

     	10.	
          All the remaining terms and conditions of the Lease Agreement shall remain in
          force. 

          

As testimony the sides
affix their signatures: 

		
	A. A. Barzilay Investments and Assets Ltd.

                   [Signature + Stamp]    

Signature:    ____________________________

Name:         Adi Barzilay                

Position:     Director                    

                                          

                                          

Kamim Investments and Assets Ltd.         

                                          

                                          

                   [Signature + Stamp]    

Signature:    ____________________________

Name:         Joseph Kaploi               

Position:     Director
	NUR Macroprinters Ltd.

                   [Signature]

Signature:    _____________________

Name:         David Amir

Position:     CEO

                   [Signature]

Signature:    _____________________ 

Name:         David Seligman        

Position:     CFO

3

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