High Time is one of Vergil's command normals. He uses Force Edge to swipe the opponent off the ground and into the air. It can be cancelled in Trick which causes Vergil to teleport to the ground. This move is usually linked, not cancelled, into Dimension Slash.
For Dante however, the grounded version is instead his standard launcher. Both versions are based off of a move of the same name from the original Devil May Cry games, which fit its function as a launcher; either version can be held down in any of the home games for a lifting slash akin to how Vergil uses it in UMvC3, which is to usually transition from ground-to-air mid combo.