up-or-out

[uhp-er-out]
adjective
of or pertaining to a system or policy of employment in which one is either promoted or discharged: the pressures of an up-or-out promotion system.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Particularly fearful to candidates is the six-year, up-or-out anachronism to which our university still subscribes.
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