Um?
If you can sell the original and licence on without the copyright holder's approval, why would you need their approval to sell the replacement and licence on?
And can can you just sell the licence on and leave it to thr buyer to ask for the replacement?
It seems to recognise that it's the licence that matters (after all, software publishers wouldn't have it any other way) yet at the same time tie the licence to media when it's not necessary.