Half time is held at the halfway point in a Basketball game. This usually means after second quarter (10 or 12 minutes each, depending on the league), but in US College Basketball it is just after the first half (of 20 minutes).
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12:00, all quarters are 12:00. The first half means both, 1st and 2nd quarter, after the 2nd it's halftime the players take around a 20 minute break and go back stage. While there will be a halftime show to entertain the fans. The 3rd and 4th quarters are called the second half.