tranche

noun

1. A slice, section or portion.

   “Servants, carrying huge baskets suspended before them in which were huge tranches of bread, speedily distributed the contents; and they were followed by others bearing huge cans of milk, hot and cold.”

   “Habeck said he was planning to announce a first tranche of climate protection measures by Easter, and a second by the end of the summer, to come into force by 2023.”

   “The files took all day to upload, since the connection often dropped. […] Then, half an hour before the bookstore closed, the final tranche went through.”

2. A distinct subdivision of a single policyholder's benefits, typically relating to separate premium increments.
3. A pension scheme's or scheme member's benefits relating to distinct accrual periods with different rules.
4. One of a set of classes or risk maturities that compose a multiple-class security, such as a CMO or REMIC; a class of bonds. Collateralized mortgage obligations are structured with several tranches of bonds that have various maturities.

verb

1. (transitive)To divide into tranches.