It means : -
1. LC does not call for draft.
2. Payment of LC will be effected at 60 days after on board date (provided compliant documents presented)
3. only deferred payment bank can finance the documents (not negotiation). Usually, LC would state deferred payment at 60 days after BL on board by xxx bank(eg LC issuing bank). Means only LC issuing bank can finance the bills, no authorization has been given to any other bank.