On Watch. If the Society does not cure the Default within a reasonable time, BC Housing may place the Society “On Watch”, which means that: 2.3.1 this is a warning that BC Housing will intervene further if the Default is not cured; 2.3.2 BC Housing will monitor the operation of the Development by the Society more often and in more depth, including a management audit and increased operational reviews as set out in Section 0 of this agreement; and 2.3.3 if the Society makes progress in curing the Default, BC Housing will lessen the monitoring of the Society and the On Watch status may be withdrawn.
Appears in 2 contracts
Sources: Operating Agreement, Operating Agreement