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FIRST CITY, TEXAS-HOUSTON v. GNAT ROBOT, CORP.

No. 01-91-00508-CV.

813 S.W.2d 230 (1991)

FIRST CITY, TEXAS-HOUSTON N.A., Modern World Media, Inc., and Mark W. White, Appellants, v. GNAT ROBOT CORPORATION and H. Ross Perot, Appellees.

Court of Appeals of Texas, Houston (1st Dist.).

July 17, 1991.

Attorney(s) appearing for the Case

Max Hendrick, Kenneth Hughes, Jonathan B. Clayton, Vinson and Elkins, Houston, for appellants.

J. Graham Hill, Houston, for appellees.

Before SAM BASS, DUNN and HUGHES, JJ.

OPINION

SAM BASS, Justice.

This is an appeal from a June 5, 1991, order enjoining the appellant, First City, Texas-Houston N.A. (First City), from drawing on an irrevocable letter of credit issued by NCNB Texas National Bank (NCNB) for the benefit of First City. Tex. Civ.Prac. 51.014(4) (Vernon Supp.1991).

On August 13, 1990, Modern World Media, Inc. (Modern World) and First City entered into a loan agreement for $5,500,000 (the Loan Agreement)....

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