Exhibit 10.21

AMENDMENT NO. 5 TO CREDIT AGREEMENT

This AMENDMENT NO. 5 TO CREDIT AGREEMENT (this “Amendment”) is entered into as
of March 30, 2007 by and among INTERNATIONAL TEXTILE GROUP, INC., a Delaware
corporation, the other Borrowers and Credit Parties signatory hereto, GENERAL
ELECTRIC CAPITAL CORPORATION, a Delaware corporation, for itself and as Agent,
and the other Lenders signatory hereto. Unless otherwise specified herein,
capitalized terms used in this Amendment shall have the meanings ascribed to
them in to the Credit Agreement (as hereinafter defined).

R E C I T A L S:

WHEREAS, Borrowers, the other Credit Parties, the Agent and the Lenders entered
into that certain Credit Agreement dated as of December 29, 2006 (as amended,
supplemented, restated or otherwise modified from time to time, the “Credit
Agreement”); and

WHEREAS, the parties to the Credit Agreement have agreed to a limited waiver and
amendment to the Credit Agreement as set forth herein;

NOW, THEREFORE, in consideration of the premises contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

1 Amendments to Section 11.1.

(a) Section 11.1 of the Credit Agreement is hereby amended by amending and
restating the definition of “Permitted BST Acquisition” to read in its entirety
as follows:

““Permitted BST Acquisition” means the acquisition by ITG, or a Subsidiary of
ITG which is not otherwise a Credit Party, of all of the outstanding capital
stock or assets of BST where the sole consideration received is Stock of ITG and
to the extent that each of the following conditions shall have been satisfied:

(a) after giving effect thereto no violation of Section 4.15 shall have occurred
or would result after giving effect thereto;

(b) receipt by the Agent of a certified copy of an executed tax sharing
agreement (the “Tax Sharing Agreement”), the terms of which shall not put the
Lenders in a materially worse position than they would otherwise have been in
had the “Permitted BST Acquisition” not occurred and/or the Tax Sharing
Agreement had not been entered into; and

(c) evidence satisfactory to the Agent (i) that one Independent Director (such
Independent Director’s votes shall be limited to matters relating to the
insolvency, winding-up or liquidation of a US Member of the BST Group and
changes to the corporate document governing such matters) has been appointed to
the board of each US Member of the BST Group and (ii) that the constitutional
documents of each US Member of the BST Group has been amended to provide for
such Independent Director and his/her related voting rights.”

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(b) Section 11.1 of the Credit Agreement is hereby amended by adding the
following defined terms in their appropriate alphabetical order:

““US Member of the BST Group” means a member of the BST Group that is
incorporated or otherwise organized under the laws of any jurisdiction of the
United States of America.”

““Independent Director” means a director of a US Member of the BST Group who is
not at the time of initial appointment, or at any time while serving as a
director of the relevant member of the BST Group, and has not been at any time
during the preceding five (5) years: (a) a stockholder, director (with the
exception of serving as the Independent Director of the relevant member of the
BST Group), officer, employee, partner, attorney or counsel of any other member
of the BST Group or any member of ITG or any Subsidiary of ITG or any affiliate
of any of them; (b) a creditor, customer, supplier or other person who derives
any of its purchases or revenues from its activities with the relevant member of
the BST Group or any member of ITG or any Subsidiary of ITG or any affiliate of
any of them; (c) a person or other entity controlling or under common control
with any such stockholder, partner, creditor, customer, supplier or other
person; or (d) a member of the immediate family of any such stockholder,
director, officer, employee, partner, creditor, customer, supplier or other
person. (As used herein, the term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of management,
policies or activities of a person or entity, whether through ownership of
voting securities, by contract or otherwise).

A natural person who satisfies the foregoing definition other than subparagraph
(b) shall not be disqualified from serving as an Independent Director of a US
Member of the BST Group if such individual is an independent director provided
by a nationally-recognized company that provides professional independent
directors and that also provides other corporate services in the ordinary course
of its business.

A natural person who otherwise satisfies the foregoing definition except for
being the independent director of a “special purpose entity” affiliated with a
member of the BST Group or ITG or any Subsidiary of ITG Group shall not be
disqualified from serving as an Independent Director of a US Member of the BST
Group if such individual (i) is an independent director provided by a
nationally-recognized company that provides professional independent directors
and (ii) is not at the time of initial appointment or while serving the
independent director of an entity (other than the relevant member of the BST
Group) that owns a direct or indirect equity interest in the BST.”

2 Representations and Warranties. In order to induce Agent and the Lenders to
enter into this Amendment, each Borrower and each other Credit Party represents
and warrants to Agent and each Lender (which representations and warranties
shall survive the execution and delivery of this Amendment), that:

(a) the execution, delivery and performance by each Credit Party of this
Amendment has been duly authorized by all necessary corporate and partnership
action and this Amendment is a legal, valid and binding obligation of such
Credit Party enforceable against such Credit Party in accordance with its terms;
and

 

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(b) upon the effectiveness of this Amendment, all of the representations and
warranties contained in the Credit Agreement and in the other Loan Documents
(other than those which speak expressly only as of an earlier date) are true and
correct in all material respects on and as of the date of the effectiveness of
this Amendment after giving effect to this Amendment and the transactions
contemplated hereby.

3 Miscellaneous.

3.1 Effect; Ratification.

(a) Except as specifically set forth above, the Credit Agreement and the other
Loan Documents shall remain in full force and effect and are hereby ratified and
confirmed.

(b) The execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of Agent or any Lender under
the Credit Agreement or any other Loan Document, nor constitute amendment of any
provision of the Credit Agreement or any other Loan Document, except as
specifically set forth herein. Upon the effectiveness of this Amendment, each
reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”,
“herein” or words of similar import shall mean and be a reference to the Credit
Agreement as amended hereby.

(c) Each Credit Party acknowledges and agrees that the amendments and waivers
set forth herein are effective solely for the purposes set forth herein and that
the execution and delivery by Agent of this Amendment shall not be deemed
(i) except as expressly provided in this Amendment, to be a consent to any
amendment, waiver or modification of any term or condition of the Credit
Agreement or of any other Loan Document, (ii) to create a course of dealing or
otherwise obligate Agent or Lenders to forbear, waive, consent or execute
similar amendments under the same or similar circumstances in the future, or
(iii) to amend, prejudice, relinquish or impair any right of Agent or Lenders to
receive any indemnity or similar payment from any Person or entity as a result
of any matter arising from or relating to this Amendment.

3.2 Counterparts and Signatures by Fax. This Amendment may be executed in any
number of counterparts, each such counterpart constituting an original but all
together one and the same instrument. Any party delivering an executed
counterpart of this Amendment by fax shall also deliver an original executed
counterpart, but the failure to do so shall not affect the validity,
enforceability or binding effect of this Amendment.

3.3 Severability. In case any provision in or obligation under this Amendment
shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of
such provision or obligation in any other jurisdiction, shall not in any way be
affected or impaired thereby.

 

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3.4 Loan Document. This Amendment shall constitute a Loan Document.

3.5 GOVERNING LAW. THIS WAIVER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL, IN ALL RESPECTS, INCLUDING MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH
THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND
PERFORMED IN THAT STATE AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA.

[Signature Pages Follows]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first above written.

 

BORROWERS:

INTERNATIONAL TEXTILE GROUP, INC.

ITG HOLDINGS, INC.

BURLINGTON INDUSTRIES LLC

CONE JACQUARDS LLC

CONE DENIM LLC

CARLISLE FINISHING LLC

By:   /s/ Karyl P. McClusky Name:   Karyl P. McClusky Title:   Vice President
and Treasurer of each of the entities listed above

 

AUTOMOTIVE SAFETY COMPONENTS     INTERNATIONAL, INC.

SAFETY COMPONENTS FABRIC

    TECHNOLOGIES, INC.

AUTOMOTIVE SAFETY COMPONENTS

    INTERNATIONAL LIMITED

By:   /s/ Stephen B. Duerk Name:   Stephen B. Duerk Title:   President of each
of the entities listed above

[Signature Page to Amendment No. 5 to Credit Agreement]

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OTHER CREDIT PARTIES:

APPAREL FABRICS PROPERTIES, INC.

BURLINGTON APPAREL SERVICES COMPANY

BURLINGTON INDUSTRIES V, LLC

BWW CT, INC.

CLIFFSIDE DENIM LLC

CONE ADMINISTRATIVE AND SALES LLC

CONE INTERNATIONAL HOLDINGS II, INC.

INTERNATIONAL TEXTILE GROUP     ACQUISITION GROUP LLC

BI PROPERTIES I, INC.

BURLINGTON INTERNATIONAL SERVICES     COMPANY

BURLINGTON INDUSTRIES IV, LLC

BURLINGTON WORLDWIDE INC.

BILLC ACQUISITION LLC

CONE DENIM WHITE OAK LLC

CONE INTERNATIONAL HOLDINGS, INC.

CONE ACQUISITION LLC

WLR CONE MILLS IP, INC.

By:   /s/ Karyl P. McClusky Name:   Karyl P. McClusky Title:   Vice President
and Treasurer of each of the entities listed above

VALENTEC WELLS, LLC

ASCI HOLDINGS GERMANY (DE), INC.

ASCI HOLDINGS ASIA PACIFIC (DE), LLC

ASCI HOLDINGS CZECH (DE), INC.

ASCI HOLDINGS U.K. (DE), INC.

ASCI HOLDINGS MEXICO (DE), INC.

By:   /s/ Stephen B. Duerk Name:   Stephen B. Duerk Title:   President of each
of the entities listed above

[Signature Page to Amendment No. 5 to Credit Agreement]

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AUTOMOTIVE SAFETY COMPONENTS INTERNATIONAL GMBH & CO. KG By:   /s/ Stephen B.
Duerk Name:   Stephen B. Duerk Title:   Managing Director AUTOMOTIVE SAFETY
COMPONENTS INTERNATIONAL VERWALTUNGS GMBH By:   /s/ Stephen B. Duerk Name:  
Stephen B. Duerk Title:   Managing Director

[Signature Page to Amendment No. 5 to Credit Agreement]

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AGENT AND LENDERS: GENERAL ELECTRIC CAPITAL CORPORATION, as the Agent and a
Lender By:   /s/ Title:   Its Duly Authorized Signatory

[Signature Page to Amendment No. 5 to Credit Agreement]

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UBS LOAN FINANCE LLC, as a Lender By:   /s/ Mary E. Evans Name:  

Mary E. Evans

Title:   Associate Director By:   /s/ David B. Julie Name:  

David B. Julie

Title:   Associate Director

[Signature Page to Amendment No. 5 to Credit Agreement]

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WACHOVIA BANK, NATIONAL
ASSOCIATION, as a Lender By:   /s/ Josephine Norris Name:   Josephine Norris
Title:   Director

[Signature Page to Amendment No. 5 to Credit Agreement]

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THE CIT GROUP/COMMERCIAL SERVICES, INC., as a Lender By:   /s/ M. Kim Carpenter
Name:   M. Kim Carpenter Title:   Vice President

[Signature Page to Amendment No. 5 to Credit Agreement]

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BANK OF AMERICA, NA, as a Lender By:   /s/ John Yankauskas Name:   John
Yankauskas Title:   Sr. Vice President

[Signature Page to Amendment No. 5 to Credit Agreement]

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WELLS FARGO FOOTHILL LLC, as a Lender By:   /s/ Michael P. Baronowski Name:  
Michael P. Baronowski Title:   Vice President

[Signature Page to Amendment No. 5 to Credit Agreement]