Any Lawyers in the house? Or any one who know please?

I am a self published singer songrwriter and have three albums on iTunes through Tunecore. I am not a member of PRS yet.

I am consideing auditioning for a programme. However in the T&C's it has the following clause. The second paragraph is the bit that concerns me:

In the event I perform as part of the Competition any pre-existing music and/or lyrics which are composed and/or written by me prior to my participation in the Programme (“Pre-Existing Composition(s)”), I hereby warrant that such Pre-Existing Composition(s) are wholly original to me, are not subject to any third party rights or encumbrances (which have not been notified to the Company prior to my performance of such Pre-Existing Composition(s) for the Programme) and the performance and inclusion of such Pre-Existing Composition(s) as part of the Programme will not infringe the rights of any third party nor any common law or statutory rights in any other material. In the event the Company at its discretion deems there to be any encumbrance or limitation of rights in the Pre-Existing Composition that will render the composition unsuitable for broadcast, the Company reserves the right to request an alternative composition without encumbrance or rights restrictions to be performed.

Subject to any rights vested in the Performing Right Society and any separate arrangement that might apply between me and the Company in relation to downloads of the Pre Existing Compositions offered for sale to the public in connection with the Competition, I hereby grant the Company a license to use the Pre-Existing Composition(s) separately or in conjunction with the Programme for the full period of copyright including any renewals, reversions, revivals or extensions throughout the universe in all media and formats throughout the Universe (including without limitation in advertising, publicity and exploitation material) without payment to me. By entering into this Agreement I hereby waive any so called “moral rights” in respect of any copyright material owned by me.

In laymans terms what does this second paragraph mean please?

BIG Thanks in advance.

Dan