Recital 74 Exit strategies and resolution resilience

Such contractual arrangements should also provide for dedicated exit strategies to enable, in particular, mandatory transition periods during which ICT third-party service providers means an undertaking providing ICT services; should continue providing the relevant services with a view to reducing the risk means the potential for loss or disruption caused by an incident and is to be expressed as a combination of the magnitude of such loss or disruption and the likelihood of occurrence of the incident; of disruptions at the level of the financial entity means a natural or legal person created and recognised as such under the national law of its place of establishment, which may, acting under its own name, exercise rights and be subject to obligations;, or to allow the latter effectively to switch to the use of other ICT third-party service providers means an undertaking providing ICT services; or, alternatively, to change to in-house solutions, consistent with the complexity of the provided ICT service means an ICT service as defined in Article 2, point (13), of Regulation (EU) 2019/881;. Moreover, financial entitiesas defined in Article 2, points (a) to (t) within the scope of Directive 2014/59/EU should ensure that the relevant contracts for ICT services means digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services; are robust and fully enforceable in the event of resolution of those financial entitiesas defined in Article 2, points (a) to (t). Therefore, in line with the expectations of the resolution authorities, those financial entitiesas defined in Article 2, points (a) to (t) should ensure that the relevant contracts for ICT services means digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services; are resolution resilient. As long as they continue meeting their payment obligations, those financial entitiesas defined in Article 2, points (a) to (t) should ensure, among other requirements, that the relevant contracts for ICT services means digital and data services provided through ICT systems to one or more internal or external users on an ongoing basis, including hardware as a service and hardware services which includes the provision of technical support via software or firmware updates by the hardware provider, excluding traditional analogue telephone services; contain clauses for non-termination, non-suspension and non-modification on grounds of restructuring or resolution.