Time to chuck out the old verse? Aye, it might be (3,5,3)
I believe the answer is:
new years eve
'time' is the definition.
(I've seen this before)
I don't understand the remainder of the clue.
Can you help me to learn more?
(Other definitions for new years eve that I've seen before include "Hogmanay" , "December thirty-first" , "December 31 st" , "Party time" .)