Complex sentence: The Royal Victorian Chain does not confer upon its recipients any style or title-in fact, the Chain is not even given a precedence within any Commonwealth honours system-but it represents a personal token of high distinction and esteem from the Monarch.
Split into simpler sentences: The Royal Victorian Chain does not confer upon its recipients any style or title, nor does it give a precedence within any Commonwealth honours system. However, it represents a personal token of high distinction and esteem from the Monarch.