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user19752 nailed it however you should be very careful with replace field contents in a multi user situation.
Replace field contents will do the replace in whatever found set you are in and can not be stopped once initiated. It will also skip over any records that are locked by another user and will not give you any kind of warning or notice that there were records NOT replaced.
It will also skip over any records that are locked by another user and will not give you any kind of warning or notice that there were records NOT replaced.
Unless you are using a script with set error capture in place, this is not true. You do get an error message that records could not be updated due to locked records. If you do use set error capture, you can still use get ( LastError ) to check for this option.
And once you know that this happened, it's usually possible to constrain the found set to get the record or records that were not updated due to edit locks. Both in a manual update or a script, you then can put in place different approaches on what to do next.
Please note that a looping script that many recommend to use in place of a replace field contents step has to deal with the same edit lock issue. The only difference is that you can stop and deal with each lock issue one at a time instead o in a "batch" at the end of the update process.