(1):
(n.) A peculiar benefit, advantage, or favor; a right or immunity not enjoyed by others or by all; special enjoyment of a good, or exemption from an evil or burden; a prerogative; advantage; franchise.
(2):
(n.) See Call, Put, Spread, etc.
(3):
(v. t.) To grant some particular right or exemption to; to invest with a peculiar right or immunity; to authorize; as, to privilege representatives from arrest.
(4):
(v. t.) To bring or put into a condition of privilege or exemption from evil or danger; to exempt; to deliver.