Maximum no. &1 for user-defined texts of user-def. text type &2 exceeded

What causes this issue?

For each user-defined text type, you can specify the maximum number of
user-defined texts permitted for a value assignment in Customizing. You
have reached this maximum number for the user-defined text type &V2&.

System Response

The system rejects your entry.

How to fix this error?

Enter a different user-defined text type.

Error message extract from SAP system. Copyright SAP SE.