[Covenant] Oath and covenant of the priesthood [Action required] Be faithful to receive the Aaronic and Melchizedek priesthoods; magnify assigned calling [Promised blessings] Sanctified by the Spirit unto the renewing of the body; become the son of Moses and Aaron and the seed of Abraham; receives all that God has; exaltation [Formal or Informal] 
Formal: priesthood receiving by the laying on of hands