Annual report pursuant to Section 13 and 15(d)

Restricted Cash

v3.19.3.a.u2
Restricted Cash
12 Months Ended
Dec. 31, 2019
Restricted Cash [Abstract]  
Restricted Cash RESTRICTED CASH
 
Restricted cash consists of funds that are contractually or legally restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. As of December 31, 2019 and 2018, restricted cash consisted of the following (in millions):
 
 
December 31,
 
 
2019
 
2018
Current restricted cash
 
 
 
 
SPL Project
 
$
181

 
$
756

Cheniere Partners and cash held by guarantor subsidiaries
 

 
785

CCL Project
 
80

 
289

Cash held by our subsidiaries restricted to Cheniere
 
259

 
345

Total current restricted cash
 
$
520

 
$
2,175


Pursuant to the accounts agreements entered into with the collateral trustees for the benefit of SPL’s debt holders and CCH’s debt holders, SPL and CCH are required to deposit all cash received into reserve accounts controlled by the collateral trustees.  The usage or withdrawal of such cash is restricted to the payment of liabilities related to the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) and other restricted payments.
The cash held by Cheniere Partners and its guarantor subsidiaries was restricted in use under the terms of the previous $2.8 billion credit facilities (the “2016 CQP Credit Facilities”) and the related depositary agreement governing the extension of credit to Cheniere Partners, but is no longer restricted following the termination of the 2016 CQP Credit Facilities in May 2019.