FACTBOX: Key elements of Democrats' auto aid bills

WASHINGTON (Reuters) - Congressional Democrats offered bills to aid U.S. automakers in the House of Representatives and the Senate on Wednesday that are virtually identical, including $14 billion in available funds for loans.

General Motors Corp and Chrysler LLC both want billions of dollars by month's end. Ford Motor Co. is seeking a line of credit to be tapped if its finances worsen more than expected in 2009.

Here are the key elements of the bills:

* President to designate one or more officers, dubbed informally a "car czar" to carry out the law

* Directs the car czar to authorize and direct bridge loans or lines of credit to eligible automakers that submitted a plan to Congress on December 2, using funds previously appropriated for creating fuel-efficiency technologies

* Loan terms: 7 years (or longer as determined by the car czar); 5 percent interest for the first five years and 9 percent thereafter

* Auto restructuring plans are due by March 31, 2009

* Powers of car czar include: requiring immediate repayment of loan if automaker fails to make adequate progress on long term plan by February 15; veto power over automakers' spending over $100 million

* In return for loans, warrants for rights to receive nonvoting common stock or preferred stock, equal to 20 percent of the loan amount, would be granted to the U.S. government

* In return for a loan to Chrysler, an economic equivalent to stock warrants in the holding company or the company that holds controls the majority stake in Chrysler

* Restrictions on executive compensation under the Troubled Asset Relief Program for the financial sector also apply to automakers receiving assistance, with the following additions:

- the 25 most highly paid employees will not receive bonuses or incentives

- stringent prohibition of "golden parachutes"

- no compensation that could encourage manipulation of earnings reports to boost compensation.

* Dividends: Automakers getting financial assistance, including holding companies in the case of Chrysler, generally may not pay dividends, distributions, or the economic equivalent for the duration of the assistance

*Super Seniority: All other obligations of automakers receiving government loans will be subordinate to the extent permitted by terms of obligations in effect as of December 2, 2008. Automakers will pledge all available security and collateral against the government loans

* Bankruptcy: In the event of a bankruptcy of an automaker, the debts to the government from the financial assistance will not be dischargeable

* Aircraft: An automaker must divest and may not own or lease any passenger aircraft while financial assistance is outstanding

* Fuel efficiency: an automaker's restructuring plan will not be approved unless the car czar determines it will result in the ability of an automaker to comply with applicable fuel efficiency and emissions requirements

(Compiled by Kim Dixon; Editing by Tim Dobbyn)