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.
warrant. A security that permits its owner to purchase a specific number of shares of stock at a predetermined price. For example, a warrant may give an investor the right to purchase 5 shares of XYZ common stock at a price of $25 per share until October 1, 2007. Warrants usually originate as part of a new bond issue, but they trade separately after issuance. Warrants usually have limited lives.