Common use of Rectification Period Clause in Contracts

Rectification Period. 10.1 In this Agreement, "RECTIFICATION PERIOD" - means a period given, if any, in clause 9 of this Agreement, for rectification of the Events of Default entitling the Bank to declare all or any part of the Credit immediately due and payable. In the event that under the circumstances there will be more than one Event of Default, the Rectification Period will be the shortest period of the Rectification Periods prescribed in respect of the relevant Events of Default, and if, regarding one of the Events of Default, no Rectification Period has been prescribed, no Rectification Period will apply at all.