Pursuant to a section 1111(b) election, the secured claim is deemed to be a fully secured claim notwithstanding the bifurcation of undersecured claim otherwise provided by section 506(a). Pursuant to section 1129(a)(7)(B), an electing creditor retains it lien to secure the full amount of its claim and must receive deferred cash payments totaling at least the amount of the claim, having a present value of at least the actual value of the collateral.  An electing creditor waives its deficiency claim and related voting rights.