I agree with your assessment.I'm afraid I have to disagree with Charlie here (sorry Charlie - Go Irish.) Per 210.19(A)(1), your branch circuit conductor should have an ampacity not less than the maximum load to be served. You need a conductor with an ampacity of not less than 10. However, the minimum branch-circuit conductor size shall not be less than 125% of the continuous load (the load in this case is completely continuous.) So the minimum branch-circuit conductor size would need an ampacity of 12.5 - or #14.
If we had five circuits (10 CCCs) with a load of 10A each, and wanted to use a 75deg rated #14 awg conductor (20A ampacity) and applied the 50% adjustment factor from T310.15(B)(2)(a), then the #14 would have an ampacity of 10. Since the adjusted ampacity of the #14 is not less than the maximum load to be served (10amps), and the #14 is not smaller than the minimum required branch-conductor size, the ten (10) #14 CCCs would be acceptable. Example D3(a) in the Annex has a good example of this.
A bit off topic, because OP is regarding lighting circuits, but I'm currently a bit fuzzy regarding motor circuits. Do we compound the factoring, i.e. 125% for single or largest motor ? 125% for continuous... or not...???
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