The legal agreement that describes a debt obligation's interest, maturity, any collateral, and other features such as callability and convertibility is best described as an affirmative covenant.

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An affirmative covenant describes the actions the borrower must do, such as maintaining insurance or financial ratios, while the description given refers to the terms of a bond indenture or loan agreement, not specifically an affirmative covenant.

The Legal Agreement That Describes a Debt Obligation's Interest, Maturity