Lively embraces providing calm (6)
I believe the answer is:
pacify
'calm' is the definition.
(pacifying is a kind of calming)
'lively embraces providing' is the wordplay.
'lively' becomes 'pacy'.
'embraces' is an insertion indicator.
'providing' becomes 'if' (I've seen this in other clues).
'pacy' going around 'if' is 'PACIFY'.
(Other definitions for pacify that I've seen before include "Placate, calm" , "Quell the anger of" , "Soothe - appease" , "Quieten" , "Make calmer" .)