Lent, ultimately having had extremely risky outlays collapsing (4,8)

I believe the answer is:

holy saturday

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'lent ultimately having' is the definition.
I can't tell whether this defines the answer.

'had extremely risky outlays collapsing' is the wordplay.
'extremely' suggests removing the centre (only the extremes of the word are used).
'collapsing' indicates anagramming the letters.
'risky' with its middle removed is 'ry'.
'had'+'ry'+'outlays'='hadryoutlays'
'hadryoutlays' anagrammed gives 'HOLY SATURDAY'.

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I've seen this clue in The Independent.

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