Watermark
The watermark is baked into the master mix after Master Post FX. You will see it on the Monitor Master cell, the Editor master preview, output windows, mapped surfaces, and the mapper TDM output overlay.
Channel previews and the Bus A/B cells are captured before the crossfade and stay clean. That is not program out — judge by Master.
Look: a faint field of interlocking polyhedra with the words ocular ink, about 11% opacity, slowly drifting on a ~20-second cycle. It defaults to on and stays on unless the account has the paying privilege.
Subscribe via Sign In → Upgrade to Pro ($20 USD / month) to remove it. If the subscription lapses, the watermark returns.