Final answer:
The term 'covenant' in this context refers to a solemn pledge made by the colonists to form a self-governed society, combining religious and civil objectives.
Step-by-step explanation:
In the context of the text, the definition of covenant as it is used refers to a solemn agreement or pledge to establish a civil body politic for the governance of the first colony in the northern parts of Virginia. The colonists commit themselves in the presence of God and each other to create a society based on mutual agreement and shared principles. This concept was integral to the Puritan belief system and was a precursor to the establishment of democratic principles in the New World, capturing the spirit of societal and religious commitment of the time.