And this is according to the oath and covenant which belongeth to the priesthood. Therefore, all those who receive the priesthood, receive this oath and covenant of my Father, which he cannot break, neither can it be moved. - D&C 84:39-40
"Men receive the Melchizedek Priesthood by an oath and covenant," said President Marion G. Romney, second counselor in the First Presidency, speaking in the 1980 October general conference. "A covenant is an agreement between two or more parties. An oath is a sworn attestation to the inviolability of the promises in the agreement. In the covenant of the priesthood the parties are the Father - that's the Lord - and the receiver of the priesthood. Each party to the covenant undertakes certain obligations. The receiver undertakes to magnify his calling in the priesthood. The Father, by oath and covenant, promises the receiver that if he does so magnify his priesthood he will be sanctified by the Spirit."