ESCALATOR

[noun] [C] - a set of stairs moved up or down by electric power on which people can stand and be taken from one level of a building to another, esp. in shops, railway stations and airportsI'll meet you by the up/down escalator on the second floor.(legal) In a legal agreement, an escalator (clause) is a part that provides for the rise or fall of pay, prices, etc..Under the escalator clause of my mortgage agreement, my payments decreased when interest rates were lowered.The new contract has an escalator tying pay increases to the cost-of-living index.