- published: 08 Apr 2016
- views: 827039
Aval (or endorsement), in Spain, is a joint commitment to payment of an obligation in favor of the creditor or beneficiary. It is granted by a third party, in case the principal debtor does not fulfil the obligation of payment of a credit title.
The practice of requesting an aval from a prospective borrower has become commonplace since the 2008 global financial crisis.
According to the Oxford English Dictionary, the word is derived from the French à val ("at the bottom"); according to the Trésor de la langue française, it is probably an abbreviation of the formula à valoir. However, it might also come from hawala, an informal value transfer system in the Muslim sharia law which influenced the development of aval in French law and the avallo in Italian law.
The endorsement implies that a third party, known as a surety or guarantor, is jointly liable for the full amount of the debt with the principal debtor. The third party (guarantor) commits himself to cover the payment of the amount of the credit title and its interest, in case the original debtor does not fulfil his or her obligation.
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to all the years full of front porch stories
failed plans and procrastination
to r.a.g.n. sowing what others may implore
i've been broke and forlorn and caught out with the best at acca yard
oh it just goes to show, to desert friends like these streets
i would be crazy
to all the years full of backyard parties
winters in hibernation
to assaulting views with dominion at our door
healing but scarred
there's bullet holes in a porch in jackson ward
oh it just goes to show, to desert friends like these streets
i would be crazy
it goes to show, to dessert friends like these streets
i would be crazy
i sat back to consider what has been within a decade counted
should i fly? should i settle?
will i find peace in time, in the face of growing old?
to all the years full of untold stories
futures free of isolation
to all those gone who in thought and heart live on
on and on you never gave up and i got this far
oh it just goes to show, with friends like these to leave
i would be crazy
it goes to show, with friends like these to leave