1. Multiple REPLACE statements are permitted. The REPLACE statement can appear anywhere in the program source.
2. The substitution actions of the REPLACE statement continue to affect program source until the REPLACE statement is either superseded by a new REPLACE statement or turned off by the REPLACE OFF statement.
3. REPLACE statements are processed after COPY statements.
4. REPLACE statements cannot contain COPY statements. COPY statements may contain REPLACE statements.
5. The replaced text does not appear in the listing produced by the ACUCOBOL-GT compiler ("-Lo [filename]" compiler argument). This is a common source of confusion for users who check the compilation listing file for verification that the replacing action occurred.