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Default "#REF!" not being picked up

I have five cells named Sub1, Sub2,, Sub5
My Sub4 cell currently shows #REF! since
its source row was deleted. I'm trying to copy
all names over to sheet2 (where I want to Sum() all 5 values and naturally
replace the #REF! with
a 0 (zero) but as I step through the code the If line
is never recognizing the "#REF!" - Can someone
help?

Sub tester()
i = 1
For Each nm In ActiveWorkbook.Names
Sheet2.Cells(i, 1).Value = nm.Name
If nm.RefersTo = "#REF!" Then
Sheet2.Cells(i, 2).Value = 0
Else
Sheet2.Cells(i, 2).Value = nm.RefersTo
End If
i = i + 1
Next
End Sub


 
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