You can perform an esoteric rite for 1 minute. At the end of it, you regain expended Pact Magic spell slots but no more than a number equal to half your maximum (round up). Once you use this feature, you can’t do so again until you finish a Long Rest.

It says perform an esoteric rite for 1 minute?  1 minute equals 10 rounds is that correct?  So if I'm in the middle of combat and I need a pact slot I have to perform this rite that will take up to 10 rounds before I regain one pact slot?  Does this require an action?

Also how would you RP this during combat?  

I would rule that taking damage interrupts your rites.

If you're trying to do it during combat, I'd treat it as casting a spell with a long casting time.

But it's really meant for giving you a recharge between fights. The number of situations where you can use it within the time-frame of combat is very small.

(Also I'd let you start over until you succeed if you get interrupted.)

This is used between fights when you can’t take a short rest? 

Yes.

Thanks for clarifying that.  

2024 longer casting times - FYI only as the OP is asking about a Rite and not a ritual, but as Jurmonder suggested taking damage could interrupt the rite as per concentration rules. And same as concentration being broken and the spell slot not being used up, I would also say they ability to perform the rite once per long rest is not used up if you have to restart due to failed concentration.