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.
From the borrower perspective, warrants lower the cost o capital, by obtaining debt at a lower rate than otherwise available. A question arises as to the tax treatment of the debt instrument and the warrants (i.e., the investment unit and the associated original issue discount (OID)).