Occasion (5)
(Other definitions for time that I've seen before include "It's measured by watch or clock" , "Age" , "See 12" , "'. . . and tide wait for no man'" , "'Every ... we say goodbye, I cry a little' /Cole Porter" .)
'occasion' is the definition.
(I've seen this before)
This is the entire clue.
(Other definitions for event that I've seen before include "Something happening" , "'Occurrence, occasion (5)'" , "long jump, say" , "Incident - final outcome" , "Significant happening" .)