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The ‘limit exceeded’ "limit exceeded" error appears in case if there are more created objects in the Intellect Axxon PSIM hardware tree than it is allowed by the key (for example, in the demo- Axxon PSIM Demo mode). In the event of such error, run the Intellect Axxon PSIM in the demo-Demo mode and delete the extra objects, or apply to the ITV AxxonSoft manager and ask for a new activation key allowing to use all the created objects. 

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The full article: Features Complete guide Specifics of the Intellect software Axxon PSIM operation when the object limit is exceeded