Terribly pleased to have passed (7)
I believe the answer is:
elapsed
'passed' is the definition.
('elapse' can be a synonym of 'pass')
'terribly pleased' is the wordplay.
'terribly' indicates anagramming the letters.
'pleased' with letters rearranged gives 'ELAPSED'.
'to have' acts as a link.
(Other definitions for elapsed that I've seen before include "Expired" , "Pleased (anag.)" , "Passed, of time" , "Went by" , "slipped away" .)