Secured Parties in cram down:
a.    1111(b)—claims of interest:  A non-recourse debt becomes a recourse debt in Ch. 11.
(i)    Background:  A non-recourse debt means that as a matter of K law, it will look solely to its security for payment—can’t go after any other assets.  Classically, it is a device used in real estate financing.  Congress turns the debt into recourse d ebt b/c of a concern over abusing lien stripping—iow, they were afraid that debtor would buy prop and get non-recourse financing.  Then market would plummet, so collateral would be worth very little.  Since non-recourse debt, could declare b/r and strip down value of debt to value of prop.  Congress wanted to prevent his from happening.
(ii)    1111(b)(1)(B):  A secured party may elect to have its entire claim treated as a secured claim.
b.    1129(b)(2)(A):  Liens are retained by secured parties, and the amount they receive in cram down has to pass 2 tests:
(i)    debtor has to pay an amount totaling at least the allowed amount and
(ii)    debtor has to pay value, as of effective date of at least the value of such holder’s interest in the estate’s interest in such property (value of the collateral).
c.    Example:  100k debt and 75k collateral.  If no 1111b election—debtor will have 75k secured claim and 25k unsecured claim.  W/ an 1111b election, the debtor has a 100k secured claim.  Eval plans to see if they will work:
(i)    pay 100k over 5 years:
(1)    Test 1:  passed.  Debtor pays amount that is at least the allowed amount—100k.
(2)    Test 2:  passed.  Debtor pays an amount in plan that is value of collateral (75k) plus interest over 5 years.  (Presumably 75k + interest over 5 years is less than or equal to 100k).
(ii)    pay 100k over 10 years.
(1)    Test 1 passed:  same as above.
(2)    Test 2—failed:  creditor doesn’t at least receive 75k plus interest over 10 years.
(iii)    75k plus interest over 1 year.
(1)    Test 1 failed—not getting 100k—amount of allowed claim.
(2)    Test 2 passed