In this simple case you can use STRTRAN() function

lcMemo = "The rain <<cInsertText>>falls mainly on the plain."
cInsertText = "in Spain "
? STRTRAN(lcMemo, "<<cInsertText>>", cInsertText)
cInsertText = ""
? STRTRAN(lcMemo, "<<cInsertText>>", cInsertText)

>Hi Sergey,
>
>Thanks for the quick reply. The FPW 2.6 way is a bit complex complared to the VFP7 way!
>
>Thanks,
>