Purchased Studio but seeing watermarks

I've made the jump from the free version to Studio today but I am still seeing watermarks on a .drp file shared by my video guy. Things I've tried: quitting and restarting and rebooting my Mac. What else can I try?
(screenshot to show that yes, it's an active studio license)

[Peter Chamberlain]

Can you show the whole screen?
Is this using a dongle or activation key?
Purchased from BMD or a third party?
Can you post the offending .drp?

Thanks for your reply Peter. Turns out that I needed to delete the cache and re-render the clips. And now everything works like I expect it too!

[Shrinivas Ramani]

Hi

Can you also clear/reset render cache and check if that fixes the issue?

Thanks
Shrinivas