With the rise of Software Defined Networks (SDN), there is growing interest in dynamic and centralized traffic engineering, where decisions about forwarding paths are taken dynamically from a network-wide perspective. Frequent path reconfiguration can significantly improve the network performance, but should be handled with care, so as to minimize disruptions that may occur during network updates. In this paper we introduce Time4, an approach that uses accurate time to coordinate network updates. We characterize a set of update scenarios called flow swaps, for which Time4 is the optimal update approach, yielding less packet loss than existing update approaches. We define the lossless flow allocation problem, and formally show that in environments with frequent path allocation, scenarios that require simultaneous changes at multiple network devices are inevitable. We present the design, implementation, and evaluation of a time4-enabled OpenFlow prototype. The prototype is publicly available as open source. Our work includes an extension to the OpenFlow protocol that has been adopted by the Open Networking Foundation (ONF), and is now included in OpenFlow 1.5. Our experimental results demonstrate the significant advantages of Time4 compared to other network update approaches.