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Default If Statement requiring explanation

Hi
I have received much help on this site but I end up copy and pasting the
answers to my questions, I was wondering if someone could explain (break
down) an answer I received earlier so I can actually understand whats
happening?

=IF(ISNA(VLOOKUP(B2,SHEET!A:B,2,0)),,VLOOKUP (B2,SHEET2!A:B,2,0))

Many thanks
 
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