Episode exactly on time (5)

I believe the answer is:

event

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'episode' is the definition.
(I've seen this before)

'exactly on time' is the wordplay.
'exactly on' becomes 'even' (I can't explain this - if you can you should believe this answer much more).
'time' becomes 't' (abbreviation).
'even'+'t'='EVENT'

Can you help me to learn more?

(Other definitions for event that I've seen before include "A notable occurrence or happening" , "Occurence, occasion" , "Happening, incident" , "special occasion" , "one item in programme" .)

I've seen this clue in The Sun.

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