COBOL Manual for TNS/E Programs (H06.08+, J06.03+)

REPLACING Phrase
The REPLACING phrase of the COPY statement directs the compiler to replace every occurrence
of a portion of library text with a replacement portion when it copies library text into a source
program.
You can specify more than one pair of such portions for the compiler to replace when it executes
a COPY statement. The compiler searches for each original portion in the order in which you
declared them in the REPLACING phrase.
original
new
pseudo-text-1
contains at least one text-word other than a comma or semicolon separator. A
character-string within pseudo-text-1 can continue on the next line, but both characters
of the pseudo-text delimiter (==) must be on the same line.
REPLACING Phrase 503