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This paper investigates how localization knowledge of primary users impacts the sum-rate performance of a secondary system in an underlay cognitive radio setting. Two different probabilistic models for the primary users' location information are assumed, one uniform distribution and the other with Gaussian distribution. The interplay between the achievable rate of the secondary system and the primary users' location information under the AWGN and a fading channel model are presented and analyzed. Investigations are carried out for different propagation environments, localization models and primary-secondary user settings. Results show that the relationship between the secondary system sum-rate and the primary users' location information depends on the number of primary and secondary users, as well as the propagation environment. Empirical expressions for the sum-rate are proposed for different localization probability distributions.