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EXHIBIT 10.17
TERMINATION AGREEMENT
THIS TERMINATION AGREEMENT (this "Agreement") is entered into as of
October 24, 2000 by and among Laidlaw Transportation, Inc. ("LTI"), a Delaware
corporation, Greyhound Lines, Inc. ("Greyhound"), a Delaware corporation, and
the subsidiaries of Greyhound listed on the signature pages hereto (collectively
with Greyhound, the "Subsidiaries").
WHEREAS, LTI and the Subsidiaries are party to that certain Affiliated
Companies Demand Loan Agreement dated as of March 16, 1999 (the "Loan
Agreement");
WHEREAS, LTI and the Subsidiaries desire to terminate their rights and
obligations under the Loan Agreement in full, effective as of the date first
written above;
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, LTI and the Subsidiaries hereby
agree as follows:
1. Termination. LTI acknowledges and agrees that there are no amounts owing to
it under the Loan Agreement, and therefore LTI and the Subsidiaries agree
that the Loan Agreement is hereby terminated and all obligations and rights
of LTI and the Subsidiaries thereunder are hereby extinguished.
2. Binding Effect. This Agreement shall be binding upon and shall inure to the
benefit of LTI and the Subsidiaries and each of their respective heirs and
assigns.
3. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original hereof and submissible in
evidence and all of which when taken together shall be deemed to be a
single instrument.
4. Further Assurances. Each of LTI and the Subsidiaries agrees to execute any
additional agreements or documents evidencing the termination of the Loan
Agreement as any party hereto may reasonably request.
5. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS AND DECISIONS OF THE STATE OF TEXAS.
[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]
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IN WITNESS WHEREOF, the undersigned have caused this Agreement
to be duly executed and delivered as of the date first set forth above.
LAIDLAW TRANSPORTATION, INC. GLI HOLDING COMPANY
By: /s/ IVAN R. CAIRNS By: /s/ JEFFREY W. SANDERS
----------------------------------- ----------------------------------
IVAN R. CAIRNS JEFFREY W. SANDERS
Senior Vice President Senior V.P. and Chief
Financial Officer
GREYHOUND LINES, INC. GREYHOUND DE MEXICO, S.A. DE C.V.
By: /s/ JEFFREY W. SANDERS By: /s/ JEFFREY W. SANDERS
----------------------------------- ----------------------------------
JEFFREY W. SANDERS JEFFREY W. SANDERS
Senior V.P. and Chief Senior V.P. and Chief
Financial Officer Financial Officer
ASI ASSOCIATES, INC. ATLANTIC GREYHOUND LINES OF
VIRGINIA, INC.
By: /s/ JEFFREY W. SANDERS By: /s/ JEFFREY W. SANDERS
----------------------------------- ----------------------------------
JEFFREY W. SANDERS JEFFREY W. SANDERS
Senior V.P. and Chief Senior V.P. and Chief
Financial Officer Financial Officer
CAROLINA ASSOCIATES, INC. LSX DELIVERY, L.L.C.
By: /s/ JEFFREY W. SANDERS By: /s/ JEFFREY W. SANDERS
----------------------------------- ----------------------------------
JEFFREY W. SANDERS JEFFREY W. SANDERS
Senior V.P. and Chief Senior V.P. and Chief
Financial Officer Financial Officer
CAROLINA COACH COMPANY ON TIME DELIVERY SERVICE, INC.
By: /s/ JEFFREY W. SANDERS By: /s/ JEFFREY W. SANDERS
----------------------------------- ----------------------------------
JEFFREY W. SANDERS JEFFREY W. SANDERS
Senior V.P. and Chief Senior V.P. and Chief
Financial Officer Financial Officer
PEORIA ROCKFORD T.N.M. & O. TOURS, INC.
BUS LINES, L.L.C.
By: /s/ JEFFREY W. SANDERS By: /s/ JEFFREY W. SANDERS
----------------------------------- ----------------------------------
JEFFREY W. SANDERS JEFFREY W. SANDERS
Senior V.P. and Chief Senior V.P. and Chief
Financial Officer Financial Officer
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VALLEY GARAGE COMPANY VERMONT TRANSIT CO., INC.
By: /s/ JEFFREY W. SANDERS By: /s/ JEFFREY W. SANDERS
----------------------------------- ----------------------------------
JEFFREY W. SANDERS JEFFREY W. SANDERS
Senior V.P. and Chief Senior V.P. and Chief
Financial Officer Financial Officer
SEASHORE TRANSPORTATION VALLEY TRANSIT CO., INC.
COMPANY
By: /s/ JEFFREY W. SANDERS By: /s/ JEFFREY W. SANDERS
----------------------------------- ----------------------------------
JEFFREY W. SANDERS JEFFREY W. SANDERS
Senior V.P. and Chief Senior V.P. and Chief
Financial Officer Financial Officer
SISTEMA INTERNACIONAL DE TEXAS, NEW MEXICO & OKLAHOMA
TRANSPORTE DE AUTOBUSES, INC. COACHES, INC.
By: /s/ JEFFREY W. SANDERS By: /s/ JEFFREY W. SANDERS
----------------------------------- ----------------------------------
JEFFREY W. SANDERS JEFFREY W. SANDERS
Senior V.P. and Chief Senior V.P. and Chief
Financial Officer Financial Officer