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agencies then rating the Bonds. The insurance required by this paragraph shall be in an amount equal to the lesser of (i) the replacement cost (without deduction for depreciation) of improvements located or to be located on the Leased Property or (ii) the principal amount of the Outstanding Bonds (except that such insurance may be subject to deductible clauses of not to exceed five percent (5%) of the amount of any one loss); (2) use and occupancy insurance against loss, total or partial, of the use and occupancy of the Leased Property as a result of any of the hazards covered by the insurance required by paragraph (1) hereof, in an amount sufficient to pay the total Base Rental payments attributable to the Leased Property for a twenty-four month period (measured by the Base Rental payments for the twenty-four months following the month in which the insurance commences); provided, that the amount of such insurance need not exceed the total remaining Base Rental payments attributable to the Leased Property; (3) workers' compensation insurance covering all employees working in or on the Leased Property, in the same amount and type as other workers' compensation insurance maintained by the City for similar employees doing similar work; and the City shall also require any other person or entity working in or on the Leased Property to carry the foregoing amount of workers' compensation insurance; (4) a standard comprehensive public entity liability insurance policy or policies in protection of the City, the Authority, and their respective directors, officers and employees and the Trustee, indemnifying and defending such parties against all direct or contingent loss or liability for damages for personal injury, death or property damage occasioned by reason of the possession, operation or use of the Leased Property, with minimum liability limits of one million dollars ($1,000,000)for personal injury or death of each person and three million dollars ($3,000,000)for personal injury or deaths of two or more persons in each accident or event, and in a minimum amount of two hundred fifty thousand dollars ($250,000) (subject to a deductible clause of not to exceed one hundred thousand dollars ($100,000)) for damage to property resulting from each accident or event; provided, that such public liability and property damage insurance may be in the form of a single limit policy in the amount of three million dollars ($3,000,000) covering all such risks and may be maintained as part of or in conjunction with any other liability insurance carried by the City. Notwithstanding the above provisions, as an alternative to providing the insurance required by paragraphs (1), (3)and (4)above (other than earthquake coverage and use and occupancy insurance), the City may provide a self-insurance method or plan of protection. Any such self-insurance maintained by the City pursuant to the foregoing sections, shall be similar in nature and scope to self-insurance programs maintained by other California cities of comparable size and operations. Any self insurance program maintained with respect to the risks described in paragraph (1)above shall be subject to the review and written consent of the Bond Insurer. LA1-63219.5 17