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Time to chuck out the old verse? Aye, it might be (3,5,3)

Ross

I believe the answer is:

new years eve

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'time' is the definition.
(I've seen this before)

I don't understand the remainder of the clue.

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(Other definitions for new years eve that I've seen before include "Hogmanay" , "December thirty-first" , "December 31 st" , "Party time" .)

I've seen this clue in The Guardian.
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