That's "outbound" connection limit, but otherwise, you're somewhat right.
An outbound connection limit being exceeded will indeed cause event 4226 in
the event log, but there is no indication of which specific connection is
rejected because of exceeding the limit, as opposed to a connection being
rejected simply through time-out or other errors. [This is a flaw in the MS
TCP implementation, that you can't distinguish between time-out and reset]
[Please don't email posters, if a Usenet response is appropriate.]
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