The liveupdate schedule determines when the liveupdate process starts.
If a liveupdate process is unable to successfully retrieve the information about the latest defenition available then it goes for the Retry Windows to determine how much longer it is going to keep trying to retrieve the information about the latest defenition from the symantec liveupdate server.
If a liveupdate process is able to successfully retrieve the information about the latest defenition available and if there is no new definition available then it goes for the next schedule.
If a liveupdate process is able to successfully retrieve the information about the latest defenition available and if there is a new definition available then it goes for the Randomization Windows to determine when to start downloading the latest definition file.
Yup, it is possible that the download might start around 9:30 AM, provided that the liveupdate was successfully able to retrieve the information about the latest defenition only around 5:30 AM and it picked a ramdomization of around 4 hours. But the chances of this condition is very very very very less.