Perhaps every term holds a recess (4)
I believe the answer is:
apse
'a recess' is the definition.
(apse is a kind of recess)
'perhaps every term holds' is the wordplay.
'holds' indicates the answer is hidden within the clue.
'APSE' can be found hidden inside 'perhaps every term'.
(Other definitions for apse that I've seen before include "Niche in church" , "may be seen in church!" , "Recess with domed rof in a church" , "space for altar" , "inside church?" .)