REPLACE MACRO executes as a DROP MACRO request followed by a CREATE MACRO request except for the handling of privileges. Vantage retains all of the privileges that were granted directly on the original macro.
If the specified macro does not exist, a REPLACE MACRO request creates it. In this case, the REPLACE request has the same effect as a CREATE MACRO request.
If an error occurs during the replacement of the macro, the existing macro remains in place as it was prior to the performance of the REPLACE MACRO request (it is not dropped). This is analogous to a ROLLBACK on the operation.