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Default Not understanding If Not..Then nothing

I'm confused by using an "If not then nothing". It seems to me that if
I do a find, and the text I searched for is found, then the value of
the range it is found in would NOT be nothing. But it is. So is that
correct, that when XL finds what it's looking for, the value of that
range is "nothing"? I won't be surprised much if it's the opposite of
what makes sense to me. Everything else in VBA is!
Thanks for your help.

 
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