definiens: means, in relation to the liabilities and obligat ions in relation to the Pension Schemes assumed by the Purc haser or the relevant Affiliates of the Purchaser r eferred to in 4.1 above, an amount equal to the amount ( if any ) b y which the value of the relevant Pension Schemes ’ assets ( if any ) or any assets transferred in respect of those Pension Schemes to a trust established or nominated by the Purchaser ( or to the Purchaser ) is exceeded by the value of the liabilities and obligations payable un der those Pension Schemes in respect of the Transaction Affec ted Employees as at the relevant Employee Transfer Date and ( ii ) means, in relation to the liabilities and obligat ions in relation to the Pension Schemes assumed by the Purchaser or the relevant Affiliates of the Purchaser referred to in 4.1 above, an amou nt equal to the amount ( if any ) by which the value of the relev ant Pension Schemes ’ assets ( if any ) or any assets transferred in respect of those Pension Schemes to a trust esta blished or nominated by the Purchaser ( or to the Pu rchaser ) exceeds the value of the liabilities and obligation s payable under those Pension Schemes in respect of the Transaction Affected Employees as at the relevant E mployee Transfer Date . The Pension Shortfall and Pe nsion Surplus will be calculated on a Pension Scheme by P ension Scheme basis