The old time, nevertheless (3)
I believe the answer is:
yet
'nevertheless' is the definition.
(I've seen this before)
'the old time' is the wordplay.
'the old' becomes 'ye' (resembles a historical spelling of 'the').
'time' becomes 't' (abbreviation).
'ye'+'t'='YET'
(Other definitions for yet that I've seen before include "in spite of that" , "Still; nevertheless" , "Up to the present time" , "Still, so far" , "Still, even" .)