diff --git a/compiler/macros.lisp b/compiler/macros.lisp
index 578a84ee0d892706513c7dc9ee28857ea9a89cc3..eba6a2765da6778b07b6bea68c90d64b474ae3ad 100644
--- a/compiler/macros.lisp
+++ b/compiler/macros.lisp
@@ -23,7 +23,7 @@
 ;;;    This is here until we figure out what to do with it.
 ;;;
 (proclaim '(inline undefined-value))
-(eval-when (compile load eval)
+(eval-when (#-new-compiler compile load eval)
 (defun undefined-value ()
   '%undefined%)
 );