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The Account Control Agreement is a crucial document in secured financing transactions under Pakistani law, used when a lender requires security over the borrower's bank accounts. This agreement complements other security documents by providing the secured party with control over specified accounts, which is essential for perfecting security interests under Pakistani law. It establishes the operational framework for account management, defines the rights and obligations of all parties, and specifies the circumstances and procedures for the secured party to exercise control. The agreement must comply with the Banking Companies Ordinance 1962, State Bank of Pakistan regulations, and other relevant Pakistani banking and security laws. It is particularly important in project finance, corporate lending, and structured finance transactions where account control is a key element of the security package.

1. Parties: Identifies the three main parties: Account Holder, Secured Party, and Bank/Financial Institution

2. Background: Explains the context of the agreement, including reference to any underlying security agreement and the purpose of establishing account control

3. Definitions: Defines key terms used throughout the agreement, including Account, Control, Instructions, Security Interest, etc.

4. Account Control and Security Interest: Establishes the secured party's control over the account and confirms the security interest

5. Bank's Rights and Responsibilities: Details the bank's obligations regarding account operation, following instructions, and maintaining the account

6. Control and Instructions: Specifies who can give instructions regarding the account and how such instructions must be given

7. Account Holder's Rights and Restrictions: Outlines what the account holder can and cannot do with respect to the account

8. Secured Party's Rights: Details the secured party's rights to give instructions and exercise control over the account

9. Fees and Expenses: Specifies fees payable to the bank and allocation of expenses

10. Representations and Warranties: Contains standard representations and warranties from each party

11. Indemnification: Sets out indemnification obligations of the parties

12. Term and Termination: Specifies the duration of the agreement and circumstances for termination

13. Notices: Specifies how formal notices must be given between parties

14. Governing Law and Jurisdiction: Specifies Pakistan law as governing law and defines jurisdiction for disputes

15. Miscellaneous: Contains standard boilerplate provisions including amendments, assignments, severability, etc.