After landing out of bounds, and adjusting your angle, run forward and start holding Up+Right as soon as you hear link jump, then jumpslash when link's feet dip down to around the level he jumped from (or when you hear link gasp).

When I first found this clip, I had no idea what I was landing on...I went to the bottom floor to have a look while the room would be loaded and found this random platform jutting out of bounds and it just so happens to line up perfectly with the clip.

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