Quarterly report pursuant to Section 13 or 15(d)

Restricted Cash

v3.19.3
Restricted Cash
9 Months Ended
Sep. 30, 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 September 30, 2019 and December 31, 2018, restricted cash consisted of the following (in millions):
 
 
September 30,
 
December 31,
 
 
2019
 
2018
Current restricted cash
 
 
 
 
Liquefaction Project
 
$
185

 
$
756

Cash held by us and our guarantor subsidiaries
 

 
785

Total current restricted cash
 
$
185

 
$
1,541



Pursuant to the accounts agreement entered into with the collateral trustee for the benefit of SPL’s debt holders, SPL is required to deposit all cash received into reserve accounts controlled by the collateral trustee.  The usage or withdrawal of such cash is restricted to the payment of liabilities related to the Liquefaction Project and other restricted payments.

The cash held by us and our 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 us, but is no longer restricted following the termination of the 2016 CQP Credit Facilities. Amounts not classified as restricted have been reserved by our general partner under the terms of our partnership agreement.