The Collaborative International Dictionary of English v.0.48:

Honor \Hon"or\, v. t. [imp. & p. p. Honored ([o^]n"[~e]rd); p.
   pr. & vb. n. Honoring.] [OE. honouren, onouren, OF.
   honorer, honourer, F. honorer, fr. L. honorare, fr. honor,
   n.]
   1. To regard or treat with honor, esteem, or respect; to
      revere; to treat with deference and submission; when used
      of the Supreme Being, to reverence; to adore; to worship.
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            Honor thy father and thy mother.      --Ex. xx. 12.
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            That all men should honor the Son, even as they
            honor the Father.                     --John v. 23.
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            It is a custom
            More honor'd in the breach than the observance.
                                                  --Shak.
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   2. To dignify; to raise to distinction or notice; to bestow
      honor upon; to elevate in rank or station; to ennoble; to
      exalt; to glorify; hence, to do something to honor; to
      treat in a complimentary manner or with civility.
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            Thus shall it be done to the man whom the king
            delighten to honor.                   --Esther vi.
                                                  9.
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            The name of Cassius honors this corruption. --Shak.
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   3. (Com.) To accept and pay when due; as, to honora bill of
      exchange.
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WordNet (r) 3.0 (2006):

honoring
    n 1: conformity with law or custom or practice etc. [syn:
         honoring, observance] [ant: nonobservance]