Merriam-Webster's Collegiate® Dictionary, 11th Edition
PRIVILEGE
I. noun
Etymology: Middle English, from Anglo-French, from Latin privilegium law for or against a private person, from privus private + leg-, lex law
Date: 12th century
a right or immunity granted as a peculiar benefit, advantage, or favor ; prerogative ,
II. transitive verb (-leged; -leging)
Date: 14th century
to grant a privilege to, to accord a higher value or superior position to