This type of tranche is often used to customize sequential tranches, or VADM tranches. The subordinated tranches function as protective layers of the more senior tranches. The senior tranches get paid back first; the subordinated tranches later. Three months later, it downgraded another 2506 tranches ($33.4 billion). As of June 2016, a majority of the SLAB tranches continue to be downgraded. The insurers had sold credit default swap (CDS) protection on specific tranches of CDOs. Rodrigo Duterte who ordered a P1,000 per month increase in SSS pension in two tranches. The transaction was done in two tranches according to the regulatory filings. He led Piramal Enterprises Ltd invested in Vodafone India by buying 11% in two tranches. The documents were released in three tranches in August 2016, December 2016 and April 2019. The construction orders were spread over six annual tranches. The last to lose payment from default are the safest, most senior tranches. Production is divided into three tranches (see table below). Areas in London were given the chance to submit proposals for two tranches of funding. This transaction was completed in three tranches&colon; in June, August, and October 1997.