Thanks John. I got a "final notice" last week to either sign the new contract weather "royalty free" "or not" by June. I have three songs with them that have never been placed. All of my songs are registered with a PRO. The way I read it, the old contract will be invalid and if you go the "or not" route in the new contract, they will likely drop your songs.
Since I don't have anything placed at this time I can't see me signing the new contract.