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waterfall > define

noun

  • A steep descent of the water of a river.
by WordNet 3.0 © 2006 by Princeton University

waterfall is the contractual distribution of principal and interest cash flows in a multi-tranche security such as an ABS, CMO or CDO. The contractually specified allocation of cash to debt holders and other parties. The priority of payments to holders of different classes of securities created from a securitization.