Quarterly report pursuant to Section 13 or 15(d)

Restricted Cash

Restricted Cash
9 Months Ended
Sep. 30, 2021
Restricted Cash [Abstract]  
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 September 30, 2021 and December 31, 2020, restricted cash consisted of the following (in millions):
September 30, December 31,
2021 2020
Restricted cash
SPL Project $ 133  $ 97 
CCL Project 59  70 
Cash held by our subsidiaries that is restricted to Cheniere 227  282 
Total restricted cash $ 419  $ 449 

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 Liquefaction Projects and other restricted payments. The majority of the cash held by our subsidiaries that is restricted to Cheniere relates to advance funding for operation and construction needs of the Liquefaction Projects.