After having a friendship that has lasted for a long time the friends have a sort of tenure that allows them to say and do things that other people would not be able to, and also exempts them from most consequences.
Paul - "Hey Jeff, why did you let Jasmine say that about you?"
Jeff- "I know she was just kidding and I've known her my whole life; she has friend tenure."
12 step recovery jargon referring to someone new who talks about how great life is, now that they'resober. Usually meaning that the person is out of touch with reality.
The new guy seems pretty happy for a dude who has no job, no money and no family. He must be on a pink cloud.