The normal schedule for an operational agent (using current versions of FlexNet Manager Suite) is to attempt to update policy twice a day: once at a randomly chosen time between 12:05am and 1:05am, and once between 12:05pm and 1:05pm.
If the agent does not have a normal operational schedule installed (for example, because it has not yet successfully applied policy at least once), a default schedule is used. I don't recall the exact details of when policy update attempts are made with the default schedule, but think it may be done once a day at a random time and/or after a reboot - and the details may depend on whether you're running on a Windows OS or UNIX-like OS. If anybody else knows these default schedule details with more certainty please post here!
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