The act of taking the late bus, meaning to walk out from a school event with one or more friend, your excuse being "to take the late bus".
A sarcastic remark to let people know that they don't need to know where you're going or what you're talking about.
"Hey Margaret, let's go take the late bus!"
"Yeah, let's ditch play rehearsal for a while."
"What are you guys doing?"
"SHUT UP BEN, WE'RE TAKING THE LATE BUS OKAY?"
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