Favor/Token: Trinkets that ladies awarded to knights to denote him as her “champion” in a tournament; favors/tokens might include handkerchiefs, girdles, tassels, sleeves, gloves, scarves, ribbons, etc; these favors/tokens were worn in the knight’s helmet or about his arm and might be kept after the tournament or returned to the lady.
Here is a picture of a lady tying a favor around a knight's arm.
(God Speed, by Edmund Blair Leighton)
