gildale

from The Century Dictionary.

• noun The provision of ale made for a gild-feast held at the time of election of officers of a gild.
• noun The feast itself, or its prolongation on succeeding nights, perhaps till the ale brewed for the occasion was consumed.
• noun A drinking-bout in which each person pays an equal share.

from the GNU version of the Collaborative International Dictionary of English.

• noun obsolete A drinking bout in which every one pays an equal share.