Yes, it does.

google "define:hereunder" -> "as provided for under the terms of this document."

With sub-qualification:

>further on in a document.

Even your primary definition contains the location clause, 'under the terms'.

> with a sub-qualification

Odd, that didn't show up in my view o_O Maybe google is geo-targetting dictionary definitions...

Also, 'under the terms of this document' does not literally mean 'physically located beneath this sheet of paper' :P

It can. But it doesn't necessarily.

Nothing better than ambiguous language in psuedo-legal documents.