Month exactly right to host second parade (5,4)
I believe the answer is:
march past
'parade' is the definition.
(type of military parade)
'month exactly right to host second' is the wordplay.
'month' becomes 'march' (March is an example).
'exactly right' becomes 'pat' (I've seen this in another clue).
'to host' is an insertion indicator.
'second' becomes 's' (common abbreviation).
'pat' enclosing 's' is 'past'.
'march'+'past'='MARCH PAST'
(Other definitions for march past that I've seen before include "Army manoeuvre" , "ceremonial parade" , "Parade before a saluting base" , "in previous tax year?" , "Review of forces" .)