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 match ended in a time-out draw when time ran out.
The meeting was cut short because time ran out.
The work reached its time limit just before completion.