Payment for share of deceased partner with proceeds of life insurance. Upon the death of any partner, the trustee shall pay to the estate the proceeds of the policies of life insurance which trustee has collected under the policies, less compensation as shall be due the trustee. The sum collected shall be in full or in part settlement (as the case may be) of the interest of the deceased partner in the entire business, property and assets of the partnership. The interest shall be ascertained and shall be as follows. It shall be that sum which shall be shown to be the deceased partner's by the capital account of the partnership books as of the last annual inventory and statement next preceding the date of death, less any withdrawals and less his or her share of any losses between the date of the settlement and the date of death plus onehalf of the net profits, if any, earned in that period, provided that the net profits or losses for shall be calculated as though the percentage of gross profits for the applicable portion of the year of death were the same as the percentage which was earned in fact during the whole calendar year just previous to the year in which he or she died, unless some other method for calculating the net profits is mutually acceptable to the trustee, the surviving partner, and the estate of the deceased partner. Even though the sum so ascertained as due to the estate of the deceased partner shall be less than the amount of insurance collected by the trustee, nevertheless all insurance money shall be paid over to the estate for his or her entire interest in the whole partnership, business, property and assets, and the insurance on the life of the surviving partner[s] shall be transferred as he or she shall direct. Should the insurance be less than the sum shown to be due the estate of the deceased partner for his or her interest in the partnership, the balance due may be paid by the surviving partner[s] either in cash or by notes, both of which, if due, shall be paid and delivered to the estate of the deceased partner. Payment (by cash or by notes) shall be made within _________ months after death. Should notes be given to the estate of the deceased partner, they shall bear a rate of interest and be payable at a time or times satisfactory to the estate and to the surviving partner[s], provided: (a) that a minimum payment of _________ dollars per year shall be called for; (b) that the minimum interest rate shall be _________ percent per year; (c) that no note shall run for a period longer than _________ years from the date of the death of the partner; and (d) that the surviving partner shall have the right to anticipate the payment of any or all of the notes with interest to the date of payment only. Upon receipt of the insurance fund when collected by the trustee and upon receipt of the cash and notes, and upon the assignment of the policies of insurance upon the life of the surviving partner should that be proper as provided, the estate of the deceased partner shall accept this distribution as full settlement of the interest of the deceased partner in the partnership.