I've read the covenant, plus the 2 Ontario court rulings that the covenant requires TWU students to endorse evangelical beliefs, even if that means giving up on their own beliefs.  

"It is vital that each person who accepts the invitation to become a member of the TWU community carefully considers and sincerely embraces this community covenant."  A sincere embrace of the WHOLE document entails accepting the bible as authority and striving for a holy life with Jesus as the model as defined by the evangelical faith.  Not something a Buddhist or a Muslim could easily do.  

It's more than a code of conduct like at other universities in that it includes a belief system as well as specific rules of behavior.  And it's more than a statement of purpose like at other religious universities in that it requires students to "embrace" the belief system.

We'll see if the SCC agrees with the lower courts.