Present time (4)
I believe the answer is:
noel
'present time' is the definition.
(I've seen this in another clue)
This is all the clue.
(Other definitions for noel that I've seen before include "Sir - - Coward" , "A lone Christmas in France" , "A lone sort of Christmas" , "Another word for 7 Across" , "- - Coward, playwright" .)