; and (B) by agreement between the Secretary and the borrower, be repaid by the borrower by— (i) periodic installments of principal and interest; (ii) periodic installments of interest and, at the end of the term of the bond or note, by the repayment of the outstanding principal; or (iii) a combination of the methods for repayment provided under clauses (i) and (ii). ; and (2) in subsection (b)— (A) in paragraph (1), by striking for eligible electrification or telephone purposes consistent with this Act and inserting to borrowers described in subsection (a) ; and (B) in paragraph (3)— (i) in subparagraph (A), by striking for electrification or telephone purposes and inserting to borrowers under this Act ; and (ii) in subparagraph (C), by striking for eligible purposes described in subsection (a) and inserting to borrowers described in subsection (a) . (b) (1) The Secretary shall carry out section 313A of the Rural Electrification Act of 1936 ( 7 U.S.C. 940c-1 ), including the amendments made by this section, under a Notice of Solicitation of Applications until all regulations necessary to carry out the amendments made by this section are fully implemented. (2) Paragraph (1) shall take effect on the date of the enactment of this Act. 6304. Extension of the rural economic development loan and grant program (a) Section 12(b)(3)(D) of such Act ( 7 U.S.C. 912(b)(3)(D) ) is amended by striking 313(b)(2)(A) and inserting 313(b)(2) . (b) Section 313(b)(2) of such Act ( 7 U.S.C. 940c(b)(2) ) is amended— (1) by striking all that precedes shall maintain and inserting the following: (2) Rural economic development subaccount The Secretary