(1) This regulation applies to any land-related agreement which provides for the possibility of any variation of the rate of interest if it is to be assumed, by virtue of regulation 2(1)(e) above, that the variation will take place but the amount of the variation cannot be ascertained at the date of the making of the agreement.
(2) In this regulation-
"initial standard variable rate" means- (a) the standard variable rate of interest which would be applied by the creditor to the agreement on the date of the making of the agreement if the agreement provided for interest to be paid at the creditor’s standard variable rate with effect from that date, or (b) if there is no such rate, the standard variable rate of interest applied by the creditor on the date of the making of the agreement in question to other land-related agreements or, where there is more than one such rate, the highest such rate, taking no account (for the avoidance of doubt) of any discount or other re