"LIM" is usually used for the speed limiter, a system that works like "reverse cruise control". Instead of setting the desired speed and having the vehicle maintain that speed for you, with speed limiter you set the maximum desired speed, i.e 90 km/h. The system brakes the engine so you do not pass that speed when the accelerator is depressed. Speed limiter is paused if you depress the accelerator pedal forcefully beyond a certain point. Speed limiter is supposed to help you to avoid passing the speed limit unintentionally. It also allows you to keep your foot on the accelerator pedal so you're in a natural driving position, unlike cruise control which forces you to put your foot off the pedal entirely. It also releases stress from your muscles, as you do not need to hold your foot in order to depress the accelerator lightly.
