The timeout for MathWorks Hosted License Manager(MHLM) license has become adjustable by an environment variable(MW_LM_SERVICE_TIMEOUT ). The base timeout for MHLM license is 60 seconds.
The environment variable: MW_LM_SERVICE_TIMEOUT will override the timeout with its own value in seconds. Set this environment variable on the computer calling MHLM for a license to something greater than 60 seconds.
Note:In a cluster configuration this variable will need to be set on the cluster nodes to take effect.