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Default Conditional Formatting - 2 conditions

Excel 2003
The cell to conditionally format is a reference name. The reference name
will not always be valid
I would like to format on 2 conditions, one as an error (to format as blank)
when the reference name does not exist, and second to format without the
error.
I am successful on the first condition with the following:
Formula Is =ISERROR(#NAME?) with font color of white
I can not get the second condition to work. Nothing I have tried overrides
the first condition. (The referenced name is valid, but formatting does not
change.)
Any suggestions on what the second condition would like?
--
Appreciate your help!
 
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