See this FAQ for more information on the On Fail and On Load events.
The Event loop action only has two options and you almost always want to use the default settings with the Target Event set to > On Load and Quit next actions set to Yes.
If you set the Target Event to the event that the action is in or one of its parents then you will probably create a loop and get an out of memory error when the event is run.
If you are setting up advanced form applications then you can use the action to pass control between different form events.

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