(11)A replacement for EONIA replaces, by operation of law, all references to that benchmark in any contract, and in any financial instrument as defined in Directive 2014/65/EU not containing fall-back provisions or suitable fall-back provisions, pursuant to Article 23b(3) of Regulation (EU) 2016/1011. That replacement does therefore not affect contracts that have been successfully renegotiated to cater for the cessation of EONIA, as provided for under Article 23b(11) of Regulation (EU) 2016/1011.