The max-reserved-bandwidth command is not supported in Cisco IOS Release 12.2SR or in 12.2SX. It is supported in 12.4T, but only up to the 12.4(20)T release in which HQF functionality was integrated.
http://www.cisco.com/en/US/docs/ios/qos/command/reference/qos_m1.html#wp1054626
This investigation by Pavel Bykov explains it all.