Remember, max mem setting just controls the sql server BUFFER POOL - there are MANY other buckets of memory sql will use that are NOT constrained by that number.
Don't think I'd use the word 'many' there. Non-buffer memory is usually a lot smaller than the buffer pool, with a lot less in it. (unless using really wacky CLR that it)
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: Discussions on DB performance with occasional diversions into recoverability
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