Quarterly report pursuant to Section 13 or 15(d)

Restricted Cash

v3.19.1
Restricted Cash
3 Months Ended
Mar. 31, 2019
Restricted Cash [Abstract]  
Restricted Cash RESTRICTED CASH
 
Restricted cash consists of funds that are contractually restricted as to usage or withdrawal and have been presented separately from cash and cash equivalents on our Consolidated Balance Sheets. As of March 31, 2019 and December 31, 2018, restricted cash consisted of the following (in millions):
 
 
March 31,
 
December 31,
 
 
2019
 
2018
Current restricted cash
 
 
 
 
SPL Project
 
$
621

 
$
756

Cheniere Partners and cash held by guarantor subsidiaries
 
676

 
785

CCL Project
 
218

 
289

Cash held by our subsidiaries restricted to Cheniere
 
403

 
345

Total current restricted cash
 
$
1,918

 
$
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 and other restricted payments.

Under Cheniere Partners’ credit facilities (the “CQP Credit Facilities”), Cheniere Partners and each of its subsidiaries other than (1) SPL and (2) certain subsidiaries of Cheniere Partners owning other development projects, as well as certain other specified subsidiaries and members of the foregoing entities, as guarantor subsidiaries, are subject to limitations on the use of cash under the terms of the CQP Credit Facilities and the related depositary agreement governing the extension of credit to Cheniere Partners. Specifically, Cheniere Partners may only withdraw funds from collateral accounts held at a designated depositary bank on a limited basis and for specific purposes, including for the payment of operating expenses of Cheniere Partners and its guarantor subsidiaries. In addition, distributions and capital expenditures may only be made quarterly and are subject to certain restrictions.