What does the term 'undercut' mean as related to golf clubs such as the King Cobra 3100 IH Undercut clubs?

I believe it means that the clubs are so bottom-weighted that at impact, the club's center of gravity is below the ball's equator (thereby 'undercutting' the ball). This should result in a higher launch angle, more back spin, and slightly more distance (theoretically). It certainly helps cut down on the skull shots as even pulling out of the shot a little should keep the club's COG away from the top of the ball.