The out occurs when the out occurs, cliches not withstanding. The out does not occur when it's called. In fact, there are outs that we don't call (obvious fly balls, etc).
So if you are going by the book here, you have another inning.
I suspect, however, that 95% of the umpires you come across will not notice the time on the clock at the moment of the check swing (whether the not-noticing is intentional or not is probably split fairly evenly).
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"Many baseball fans look upon an umpire as a sort of necessary evil to the luxury of baseball, like the odor that follows an automobile." - Hall of Fame Pitcher Christy Mathewson
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