Gross Face Amount definition
Gross Face Amount shall have the meaning set forth in Section 3.1
Gross Face Amount means with respect to any Purchased Account of any Customer for any Billing Period (a) that is not a Joint Account, the amount due to Client from such Customer for purchased telecommunications network capacity utilized during such Billing Period, net of amounts due to such Customer from Client for telecommunications network capacity sold by such Customer through Client and utilized during the same Billing Period, in each case as shown on the Trading Account Invoice with respect to such Billing Period (the "Utilized Amount") or (b) that is a Joint Account, the excess, if any, of (i) the Utilized Amount over (ii) the maximum aggregate dollar amount of ail credit extended by GMAC with respect to the Purchased Accounts of such Customer for such Billing Period, provided that in no event shall the Gross Face Amount of any Purchased Account, when aggregated with the Gross Face Amounts of all other Purchased Accounts of such Customer with respect to the Purchase Period in which such Purchased Account is purchased, exceed the Credit Limit for such Customer with respect to such period.
Examples of Gross Face Amount in a sentence
The gross face amount of each invoice (the "Gross Face Amount") is the amount due to Client from its Customer for purchased telecommunications network capacity utilized during the billing period covered by the invoice, net of amounts due to the Customer for telecommunications network capacity sold by the Customer through Client and utilized during the same billing period.