The most common and most likely answer to this crossword clue is the 5 plus 2 plus 5 letter word ORDER OF MERIT
O
R
D
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F
M
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More clues leading to the result ORDER OF MERIT
- Perhaps make time for award
- Mitre might be this indication of grade
- Remit implied by this honour?
- Mitre would suggest this elevated position?
- Award briefly held by some
- Decoration symbolised in home barring outsiders
- Honour of 26 worth something?
- Possibly remit high award
- Prestigious award excited reformed trio
Buddy explains!

The straight part
We know that "indication of grade" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case indication of grade = order of merit.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.