By default, a LOAD statement creates one record in the output table (the table that is created in the QV data model) from one record read from the input table / source.
From the HELP:
"while is a clause used for stating whether a record should be repeatedly read. The same record is read as long as criterion is true. In order to be useful, a while clause must typically include the IterNo( ) function."
So you are creating multiple records from the same input record, for each output record, iterno() will be increased by one and you get record as long as (in your case)