An arbitrary time at which it is the best time to meet or perform a particular activity
Nick: When are we meeting?
Laurie: Shag time
A bloke or lass that you have no emotional connection to who you shag... a lot.
I don't need a relationship I've got a part time shag.
Dude I think my part time shag is developing feelings for me.
You're now in a relationship with your part time shag, you're a faggot.
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When Scooby, Shaggy & the gang on the Scooby Doobie Do cartoon bring the bad guys to justice, and the meddling kids can finally relax and enjoy the victory - it's shag time...
When the Devil is on his knees begging Jesus to be his Lord & Savior, indeed we will know it's shag time...