Hold the setter up, and get ready! (7)
I believe the answer is:
embrace
'hold' is the definition.
(I know that embrace is a type of hold)
'setter up and get ready' is the wordplay.
'setter' becomes 'me' (the setter of the clue).
'up' says the letters should be written backwards (in down clue: letters go upwards).
'and' says to put letters next to each other.
'get ready' becomes 'brace' (bracing is a kind of getting ready).
'me' backwards is 'em'.
'em'+'brace'='EMBRACE'
'the' acts as a link.
(Other definitions for embrace that I've seen before include "Include - hug" , "affectionate greeting" , "Take in arms" , "Hold tightly in the arms" , "Hold closely, include" .)