time running out; being out of time; deadline having passed
Used when an allotted time limit or practical deadline has expired before something is finished. Common with になる, となる, and で.
During the exam, I ran out of time before writing the last answer.
The negotiations ran out of time without reaching an agreement.
time-out; loss or stoppage when time expires
Often used in games, matches, contests, and timed procedures for reaching the time limit. It means the time has expired, not necessarily a requested break like English 'time-out'.
He lost the shogi game on time.
The game ended when time ran out.
In the end, the negotiations ran out of time.
The meeting was cut short because time ran out.
The work reached its time limit just before completion.
The match ended in a time-out draw when time ran out.