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Passing first of exams, before expiring! (8)

Ross

I believe the answer is:

elapsing

'expiring' is the definition.
(expire can mean to run out or elapse)

'passing first of exams before' is the wordplay.
'passing' becomes 'lapsing' ('lapse' can be a synonym of 'pass').
'first of exams' becomes 'e' (1st letter of 'exams').
'before' is a charade indicator (letters next to each other).
'lapsing' put after 'e' is 'ELAPSING'.

(Another definition for elapsing that I've seen is " Passing, as time".)

I've seen this clue in The Times.
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