Am I reading this right that we can loan as many players as we want?

[tomm]

You can read that a number of ways, not all in our favour. I think the intent is obviously that we can't say that English clubs are under a different fa so we can loan as many as we like

This is correct. Since technically when we sign players it's an international transfer, any players we loan from English clubs would normally count as an international loan, and so would not count towards the two player limit. So that clause in red has been inserted to say we have to abide by the two player loan rule.