Definitions from Wiktionary (tranche)

▸ noun:  A slice, section or portion.
▸ noun:  (insurance) A distinct subdivision of a single policyholder's benefits, typically relating to separate premium increments.
▸ noun:  (pensions) A pension scheme's or scheme member's benefits relating to distinct accrual periods with different rules.
▸ noun:  (finance) 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:  (finance, transitive) To divide into tranches.

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