Ate well, as in being honoured festively (7)
I believe the answer is:
feasted
'ate' is the definition.
(feasting is a kind of eating)
'well as in being honoured festively' is the wordplay.
I cannot quite understand how this works, but
'as' is present in the answer.
'being' could be 'ted' (Ted is an example) and 'ted' is found within the answer.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for feasted that I've seen before include "Ate high off the hog" , "Ate lavishly" , "Had a lot to eat" , "Banqueted" .)