The amount is payable as soon as the prescribed documents have been presented and the bank has checked them. So the proceeds are normally at the immediate disposal of the beneficiary.
In some cases (e.g, foreign currencies) a few days may pass between presentation of the documents and actual transfer of the funds. As a rule, it is the time required by the banks to remit the amount of the credit.
In the case of unconfirmed credits, situations can arise where the advising bank delays payment to the beneficiary until it has received the amount specified by the documents from the issuing bank.