Aval, Avalise
A guarantee by a third party (normally a bank) to assume the burden of a debt in the event of a default. An aval usually takes the form of an endorsement "per aval" and signature from the bank on the back of a bill of exchange or promissory note. This then puts the bank broadly into the position of an issuing bank under a letter of credit. The legal enforceability of an aval may vary from country to country but should always be checked in advance. Such bills and notes are widely used in forfaiting.