YOu can also just drag the wave onto your layout. Position it over the paper, use the magic wand to select it (set to color or all opaque), then click on the paper layer, then Ctrl + Shift+ P to promote the selection to a new layer. Ctrl+D to deselect, then hide the paper & the shape, leaving the clipped paper visible. Sounds like a lot but takes about 2 seconds.
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