I need to search all the excel files in several directories for a specific
phrase. The phrase in question is contained in the source vba code associated
with the excel files. Windows/XP search (explorer) does not find the phrase,
not even in one of the files that I checked manually and verified the phrase
is there. Is the vba source code stored in plain text and in the same
location as the related excel file?

Is there a tool that will do this kind of search?