Lady and I facing endless danger (4)
I believe the answer is:
iris
'lady' is the definition.
'i facing endless danger' is the wordplay.
'facing' is a charade indicator (letters next to each other).
'endless' means to remove the last letter.
'danger' becomes 'risk' ('risk' can be a synonym of 'danger').
'risk' with its final letter taken away is 'ris'.
'i'+'ris'='IRIS'
'and' is the link.
(Other definitions for iris that I've seen before include "Goddess of the rainbow in the eye" , "Fleur-de-lys" , "Rainbow - flag" , "Eye part or attractive flower" , "Woman" .)