Finally, time is up, by clock (4)
I believe the answer is:
espy
'clock' is the definition.
'finally time is up by' is the wordplay.
'finally' says to take the final letters.
The final letters of 'time is up by' are 'ESPY'.
(Other definitions for espy that I've seen before include "Make out at a distance" , "Catch sight of (poetic)" , "Perceive" , "Pick out at a distance" , "Discern" .)