PERIODIC PAYMENT OF TAXES IN CHAPTER 11 CASES.

SEC. 710. PERIODIC PAYMENT OF TAXES IN CHAPTER 11 CASES. Section 1129(a)(9) of title 11, United States Code, is amended—(1) in subparagraph (B), by striking “and” at the end; (2) in subparagraph (C), by striking “deferred cash payments,” and all that follows through the end of the subparagraph, and inserting “regular installment payments in cash—“(i) of a total value, as of the effective date of the plan, equal to the allowed amount of such claim;“(ii) over a period ending not later than 5 years after the date of the order for relief under section 301, 302, or 303; and“(iii) in a manner not less favorable than the most favored nonpriority unsecured claim provided for by the plan (other than cash payments made to a class of creditors under section 1122(b)); and”; and(3) by adding at the end the following:“(D) with respect to a secured claim which would otherwise meet the description of an unsecured claim of a governmental unit under section 507(a)(8), but for the secured status of that claim, the holder of that claim will receive on account of that claim, cash payments, in the same manner and over the same period, as prescribed in subparagraph (C).”.