FACTBOX: Key features of Senate auto bailout plan

(Reuters) - Senate Democrats proposed legislation on Monday authorizing $25 billion in rescue loans for automakers and their suppliers by amending an existing law implementing a $700 billion financial sector rescue fund.

The White House and many Republicans in Congress oppose this approach, and instead advocate amending another program that gave U.S. automakers access to $25 billion in loans to retool their plants to meet new fuel-efficiency standards.

Lawmakers on both sides agree General Motors Corp, Ford Motor Co, and Chrysler LLC should not be given a "blank check" to survive their worst-ever downturn.

Here follows the major features of the proposal by Senate Democrats:

* The government would take warrants or senior debt for shares in exchange for extending the loans.

* Help would come with limits on executive compensation and a prohibition on the payment of dividends.

* Automakers would need to show a plan for ensuring continued competitiveness.

* Ten-year loans, or longer, at the Treasury secretary's discretion.

* A 5 percent interest rate for the first five years, 9 percent for the remaining term. No prepayment penalty.

* A federal board would oversee compliance with the loan terms.