Again holding it as a ceremony (4)
I believe the answer is:
rite
'a ceremony' is the definition.
(I know that rite is a type of religious ceremony)
'again holding it' is the wordplay.
'again' becomes 're' (prefix meaning 'again').
'holding' is an insertion indicator.
're' enclosing 'it' is 'RITE'.
'as' acts as a link.
(Other definitions for rite that I've seen before include "Ceremony - ritual" , "Customary observance" , "something like mass" , "Tries awkwardly to perform rituals" , "Religious ritual" .)