privileging

noun

1. a right, advantage, favor, or immunity specially granted to one; esp., a right held by a certain individual, group, or class, and withheld from certain others or all others
2. a basic civil right, guaranteed by a government
3. an option, as a put or call, to buy or sell a stock

transitive verb privileged, privileging

1. to grant a privilege or privileges to
2. to grant special favored status to