When company has time for course (5)
I believe the answer is:
ascot
'for course' is the definition.
(Ascot is a racecourse)
'when company has time' is the wordplay.
'when' becomes 'as' (eg 'when I walked' means 'as I walked').
'company' becomes 'co' (abbreviation).
'has' means one lot of letters go next to another.
'time' becomes 't' (abbreviation).
'as'+'co'+'t'='ASCOT'
(Other definitions for ascot that I've seen before include "where some of our betters may be" , "English town" , "racing centre" , "Type of necktie" , "Horse-racing venue" .)