21. Liabilities

Other bonds

Other bonds consisted primarily of a bond issued by BASF Corporation that was used to finance investments in the United States. Both the nominal interest rate and effective interest rate of this bond were 6.95% in 2021. Its remaining term to maturity is 78 months.

Liabilities to credit institutions

Liabilities to credit institutions decreased from €3,735 million as of December 31, 2020 to €3,447 million as of December 31, 2021. The weighted average interest rate on loans amounted to 2.7% in 2021, compared with 2.1% in 2020.

Unused credit lines

BASF SE had committed and unused credit lines with variable interest rates amounting to €6,000 million as of December 31, 2021, and €9,000 million as of December 31, 2020.

Other liabilities

Contract liabilities include mainly customer payments entitling them to access licenses over an agreed period of time. The majority of existing contracts have terms of up to six years. Of the contract liabilities reported as of December 31, 2021, €40 million are expected to be recognized as revenue in 2022.

• For more information on financial risks and derivative instruments, see Note 26
• For more information on liabilities arising from leases, see Note 16

Liabilities to credit institutions were secured primarily with registered land charges. Secured other liabilities relate primarily to derivatives with negative fair values that are secured with other receivables and miscellaneous assets.