The Library button is used to access the SCH Library and PCB Library panels from their respective library editors. 

SCH Library Editor 

The Schematic Library editor is used to create and modify schematic symbol models of community components. It is similar to the Schematic Editor and shares the same graphical design objects, with the addition of the Pin tool.

PCB Library Editor 

The PCB Library editor is used to create and modify PCB footprints models of community components. In addition to footprints, company logos, fabrication definitions, and other objects required during board design can also be saved as PCB components.

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