Using Time Value As Range

Is there a way to specify a time range to do a specific task?

If Time Value is before 10:00:00 or between 13:00:00 and 16:00:00 Then
Do 'THis.

   If TimeValue.Now() <> TimeValue("10:00:00", "16:00:00") Then
   Workbooks("Inventory_New.xls").Activate
 With ActiveWorkbook
    Sheets("Sheet3").Activate
  Lastrow = Cells(Rows.Count, "A").End(xlUp).Row
    With Range("A1:IR" & WorksheetFunction.Max(9, Lastrow))
    .ClearContents
          End With
          End With

OR

   If TimeValue.Now() <TimeValue("10:00:00") or _
TimeValue.Now() >TimeValue("16:00:00") Then
   Workbooks("Inventory_New.xls").Activate
 With ActiveWorkbook
    Sheets("Sheet3").Activate
  Lastrow = Cells(Rows.Count, "A").End(xlUp).Row
    With Range("A1:IR" & WorksheetFunction.Max(9, Lastrow))
    .ClearContents
          End With
          End With