This refers to the contract you have with the record company you are signed to. For example, you may have a recording agreement where the label has an exclusive licence to all rights (meaning they are the sole licensee), or you may have a distribution agreement where the label packages and distributes your recordings but has not licensed any other rights from you. Please note there are some distribution agreements where the record company does have PPCA collection rights. If you are unsure about what your agreement is you may want to check your contract or ask your record company.