There have been times in the past when it could take up to 12 weeks or more to get a passport. More recently, the processing time has been 4-6 weeks for routine service. When demand is low, this can drop down to only 3-4 weeks. Expedited services usually takes 2-3 weeks although it can take longer.
DEFINITION of 'Warrant'. A derivative security that gives the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue as a sweetener to entice investors.
Warrants: A High-Return Investment Tool. A warrant is like an option. It gives the holder the right but not the obligation to buy an underlying security at a certain price, quantity and future time. It is unlike an option in that a warrant is issued by a company, whereas an option is an instrument of the stock exchange.