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                                                               EXHIBIT 10.50

                                 NON-NEGOTIABLE
                                PROMISSORY NOTE

                                                          New York, New York
                                                           December 18, 1998


         FOR VALUE RECEIVED, the undersigned, WPS RECEIVABLES CORPORATION, a
Delaware corporation ("WPS Finco"), promises to pay to WESTPOINT STEVENS INC.,
a Delaware corporation (the "Seller"), on the terms and subject to the
conditions set forth herein and in the Receivables Purchase Agreement referred
to below, the aggregate unpaid Purchase Price of all Receivables and Related
Assets purchased by WPS Finco pursuant to the Receivables Purchase Agreement
(subject to adjustment pursuant to Section 3.1(c) of such Receivables Purchase
Agreement). Such amount and accrued interest thereon as shown in the records of
the Servicer will be rebuttable presumptive evidence of the principal amount
and accrued interest thereon owing under this Note.

         1.       Purchase Agreement. This Note is the WPS Finco Note described
in, and is subject to the terms and conditions set forth in, that certain
Receivables Purchase Agreement dated as of December 18, 1998 (as the same may
be amended, supplemented, amended and restated or otherwise modified in
accordance with its terms, the "Purchase Agreement"), between the Seller and
WPS Finco. Reference is hereby made to the Purchase Agreement for a statement
of certain other rights and obligations of WPS Finco and the Seller.

         2.       Definitions. Capitalized terms used (but not defined) herein
have the meaning ascribed thereto in Appendix A to the Purchase Agreement or
Appendix A to the Asset Interest Transfer Agreement. In addition, as used
herein, the following terms have the following meanings:

                  "Administrator" means Wachovia Bank, N.A. in its capacity as
         administrator under the Asset Interest Transfer Agreement; and its
         successors under the Asset Interest Transfer Agreement.

                  "Bankruptcy Proceedings" has the meaning set forth in clause
         (a) of paragraph 7 hereof.

                  "Final Maturity Date" means the date occurring eighteen
         months after the Purchase Termination Date.

                  "Junior Liabilities" means all obligations of WPS Finco to
         the Seller under this Note.

                  "Senior Interests" means all obligations of WPS Finco to the
         Administrator, Transferee and the other Indemnified Parties, howsoever
         created, arising or evidenced, whether


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         direct or indirect, absolute or contingent, now or hereafter existing,
         or due or to become due, including, without limitation, all interest,
         fees and other charges that accrue after the commencement of a
         Bankruptcy Proceeding whether or not allowed as a claim in such
         proceeding.

                  "Senior Interest Holders" means, collectively, the
         Administrator, Transferee and each other Indemnified Party.

                  "Subordination Provisions" means, collectively, the
         provisions of paragraph 7 hereof.

         3.       Interest. Subject to the Subordination Provisions, WPS Finco
promises to pay interest on the aggregate unpaid principal amount of this Note
outstanding on each day at a rate per annum equal to the rate of interest
publicly announced from time to time by Bankers Trust Company or any successor
as its "reference rate."

         4.       Interest Payment Dates. Subject to the Subordination
Provisions, WPS Finco shall pay accrued interest on this Note on each
Settlement Date and on the Final Maturity Date. Subject to the Subordination
Provisions, WPS Finco also shall pay accrued interest on the principal amount
of each prepayment hereof on the date of each such prepayment.

         5.       Basis of Computation. Interest accrued hereunder shall be
computed for the actual number of days elapsed on the basis of a 360-day year.

         6.       Principal Payment Dates. Subject to the Subordination
Provisions, any unpaid principal of this Note shall be paid on the Final
Maturity Date. Subject to the Subordination Provisions, the principal amount of
and accrued interest on this Note may be prepaid on any Business Day without
premium or penalty.

         7.       Subordination Provisions. WPS Finco covenants and agrees, 
and the Seller, by its acceptance of this Note, likewise covenants and agrees,
that the payment of all Junior Liabilities is hereby expressly subordinated in
right of payment to the payment and performance of the Senior Interests to the
extent and in the manner set forth in Section 7.03(g)(iv) of the Asset Interest
Transfer Agreement and this paragraph 7:

                           (a)      In the event of any dissolution, winding
         up, liquidation, readjustment, reorganization or other similar event
         relating to WPS Finco, whether voluntary or involuntary, partial or
         complete, and whether in bankruptcy, insolvency, receivership or other
         similar proceedings, or upon an assignment for the benefit of
         creditors, or any other marshalling of the assets and liabilities of
         WPS Finco or any sale of all or substantially all of the assets of WPS
         


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         Finco except pursuant to the Asset Interest Transfer Agreement (such
         proceedings being herein collectively called "Bankruptcy Proceedings"
         and individually called a "Bankruptcy Proceeding"), the Senior
         Interests shall first be paid and performed in full and in cash before
         the Seller shall be entitled to receive and to retain any payment or
         distribution in respect of the Junior Liabilities. In order to
         implement the foregoing: (x) all payments and distributions of any
         kind or character in respect of the Junior Liabilities to which the
         Seller would be entitled except for this clause (a) shall be made
         directly to the Administrator (for the benefit of the Senior Interest
         Holders); (y) if a Bankruptcy Proceeding has been commenced, the
         Seller shall promptly file a claim or claims, in the form required in
         any Bankruptcy Proceedings, for the full outstanding amount of the
         Junior Liabilities, and shall use reasonable efforts to cause said
         claim or claims to be approved and all payments and other
         distributions in respect thereof to be made directly to the
         Administrator (for the benefit of the Senior Interest Holders) until
         the Senior Interests shall have been paid and performed in full and in
         cash; and (z) the Seller hereby irrevocably agrees that the Trust (or
         the Administrator acting on the Trust's behalf), in the name of the
         Seller or otherwise, may demand, sue for, collect, receive and receipt
         for any and all such payments or distributions, and file, provide and
         vote or consent in any such Bankruptcy Proceedings with respect to any
         and all claims of the Seller relating to the Junior Liabilities, in
         each case until the Senior Interests shall have been paid and
         performed in full and in cash.


                           (b)      In the event that the Seller receives any
         payment or other distribution of any kind or character from WPS Finco
         or from any other source whatsoever in respect of the Junior
         Liabilities in contravention of Section 7.03(g) of the Asset Interest
         Transfer Agreement or after the commencement of any Bankruptcy
         Proceeding, such payment or other distribution shall be received in
         trust for the Senior Interest Holders and shall be turned over by the
         Seller to the Administrator (for the benefit of the Senior Interest
         Holders) forthwith, until all Senior Interests shall have been paid
         and performed in full and in cash. All payments and distributions
         received by the Administrator in respect of the Junior Liabilities, to
         the extent received in or converted into cash, may be applied by the
         Administrator (for the benefit of the Senior Interest Holders) first
         to the payment of any and all reasonable expenses (including
         reasonable attorneys' fees and legal expenses) paid or incurred by the
         Administrator or the Senior Interest Holders in enforcing these
         Subordination Provisions, or in endeavoring to collect or realize upon
         the Junior Liabilities, and any balance thereof shall, solely as
         between the Seller and the Senior Interest Holders, be 


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         applied by the Administrator toward the payment of the Senior
         Interests in a manner determined by the Administrator to be in
         accordance with the Asset Interest Transfer Agreement; but as between
         WPS Finco and its creditors, no such payments or distributions of any
         kind or character shall be deemed to be payments or distributions in
         respect of the Senior Interests.


                           (c)      Upon the final payment in full and in cash
         of all Senior Interests, the Seller shall be subrogated to the rights
         of the Senior Interest Holders to receive payments or distributions
         from WPS Finco that are applicable to the Senior Interests until the
         Junior Liabilities are paid in full.

                           (d)      These Subordination Provisions are intended
         solely for the purpose of defining the relative rights of the Seller,
         on the one hand, and the Senior Interest Holders, on the other hand.
         Nothing contained in these Subordination Provisions or elsewhere in
         this Note is intended to or shall impair, as between WPS Finco, its
         creditors (other than the Senior Interest Holders) and the Seller, WPS
         Finco's obligation, which is unconditional and absolute, to pay the
         Junior Liabilities as and when the same shall become due and payable
         in accordance with the terms hereof and of the Purchase Agreement or
         to affect the relative rights of the Seller and creditors of WPS Finco
         (other than the Senior Interest Holders).

                           (e)      The Seller shall not, until the Senior
         Interests have been finally paid and performed in full and in cash,
         (i) cancel, waive, forgive, transfer or assign, or commence legal
         proceedings to enforce or collect, or subordinate to any obligation of
         WPS Finco, howsoever created, arising or evidenced, whether director
         or indirect, absolute or contingent, or now or hereafter existing, or
         due or to become due, other than the Senior Interests, the Junior
         Liabilities or any rights in respect hereof or (ii) convert the Junior
         Liabilities into an equity interest in WPS Finco, unless, in the case
         of each of clauses (i) and (ii) above, the Seller shall have received
         the prior written consent of the Administrator in each case.

                           (f)      The Seller shall not, without the advance 
         written consent of the Administrator, commence, or join with any other
         Person in commencing, any Bankruptcy Proceedings with respect to WPS
         Finco until at least one year and one day shall have passed since the
         Senior Interests shall have been finally paid and performed in full
         and in cash.

                           (g)      If, at any time, any payment (in whole or
         in part) made with respect to any Senior Interest is rescinded or must
         be restored or returned by a Senior Interest Holder


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         (whether in connection with any Bankruptcy Proceedings or otherwise),
         these Subordination Provisions shall continue to be effective or shall
         be reinstated, as the case may be, as though such payment had not been
         made.

                           (h)      As between the Seller and the Senior 
         Interest Holders, each of the Senior Interest Holders may, from time
         to time, at its sole discretion, without notice to the Seller, and
         without waiving any of its rights under these Subordination
         Provisions, take any or all of the following actions: (i) retain or
         obtain an interest in any property to secure any of the Senior
         Interests; (ii) retain or obtain the primary or secondary obligations
         of any other obligor or obligors with respect to any of the Senior
         Interests; (iii) extend or renew for one or more periods (whether or
         not longer than the original period), alter, increase or exchange any
         of the Senior Interests, or release or compromise any obligation of
         any nature with respect to any of the Senior Interests; (iv) amend,
         supplement, amend and restate, or otherwise modify any Transaction
         Document; and (v) release its security interest in, or surrender,
         release or permit any substitution or exchange for all or any part of
         any rights or property securing any of the Senior Interest, or extend
         or renew for one or more periods (whether or not longer than the
         original period), or release, compromise, alter or exchange any
         obligations of any nature of any obligor with respect to any such
         rights or property. 

                           (i)      By its acceptance hereof, the Seller hereby
         waives: (i) notice of acceptance of these Subordination Provisions by
         any of the Senior Interest Holders; (ii) notice of the existence,
         creation, non-payment or non-performance of all or any of the Senior
         Interests; and (iii) all diligence in enforcement, collection or
         protection of, or realization upon, the Senior Interests, or any
         thereof, or any security therefor. 

                           (j)      These Subordination Provisions constitute 
         a continuing offer from WPS Finco to all Persons who become the
         holders of, or who continue to hold, Senior Interest; and these
         Subordination Provisions are made for the benefit of the Senior
         Interest Holders, and the Administrator may proceed to enforce such
         provisions on behalf on each of such Persons. 


         8.       General. No failure or delay on the part of the Seller in
exercising any power or right hereunder shall operate as a waiver thereof, nor
shall any single or partial exercise of any such power or right preclude any
other or further exercise thereof or the exercise of any other power or right.
No amendment, modification or waiver of, or consent with respect to, any
provision of this Note shall in any event be effective unless


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(a)       the same shall be in writing and signed and delivered by WPS Finco 
and the Seller, and (b) all consents required for such actions under the
Transaction Documents shall have been received by the appropriate Persons.

         9.       Limitation on Interest. Notwithstanding anything in this Note
to the contrary, WPS Finco shall never be required to pay unearned interest on
any amount outstanding hereunder, and shall never be required to pay interest
on the principal amount outstanding hereunder, at a rate in excess of the
maximum nonusurious interest rate that may be contracted for, charged or
received under applicable federal or state law (such maximum rate being herein
called the "Highest Lawful Rate"). If the effective rate of interest which
would otherwise be payable under this Note would exceed the Highest Lawful
Rate, or the Seller shall receive any unearned interest or shall receive monies
that are deemed to constitute interest which would increase the effective rate
of interest payable by WPS Finco under this Note to a rate in excess of the
Highest Lawful Rate, then (i) the amount of interest which would otherwise be
payable by WPS Finco under this Note shall be reduced to the amount allowed by
applicable law, and (ii) any unearned interest paid by WPS Finco or any
interest paid by WPS Finco in excess of the Highest Lawful Rate shall be
refunded to WPS Finco. Without limitation of the foregoing, all calculations of
the rate of interest contracted for, charged or received by the Seller under
this Note that are made for the purpose of determining whether such rate
exceeds the Highest Lawful Rate shall be made, to the extent permitted by
applicable usury laws (now or hereafter enacted), by amortizing, prorating and
spreading in equal parts during the actual period during which any amount has
been outstanding hereunder all interest at any time contracted for, charged or
received by the Seller in connection herewith. If at any time and from time to
time (i) the amount of interest payable to the Seller on any date shall be
computed at the Highest Lawful Rate pursuant to the provisions of the foregoing
sentence, and (ii) in respect of any subsequent interest computation period the
amount of interest otherwise payable to the Seller would be less than the
amount of interest payable to the Seller computed at the Highest Lawful Rate,
then the amount of interest payable to the Seller in respect of such subsequent
interest computation period shall continue to be computed at the Highest Lawful
Rate until the total amount of interest payable to the Seller shall equal the
total amount of interest which would have been payable to the Seller if the
total amount of interest had been computed without giving effect to the
provisions of the foregoing sentence.

         10.      No Negotiation. This Note is not negotiable.


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         11.      Restrictions on Transfer, Etc. Except to the extent expressly
provided otherwise in the Transaction Documents, the Seller shall not create or
permit to exist any Adverse Claim with respect to this Note or any interest
herein and shall not sell or otherwise transfer or dispose of this Note or any
interest herein. Except to the extent expressly provided otherwise in the
Transaction Documents, no Person other than the Seller, on its own behalf and
not for the benefit of any other Person, may enforce any rights of the Seller
arising under or in connection with this Note.

         12.      GOVERNING LAW. THIS NOTE HAS BEEN DELIVERED IN NEW YORK, NEW
YORK, AND SHALL BE DEEMED TO BE A CONTRACT MADE UNDER AND GOVERNED BY THE
INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS
PRINCIPLES.

         13.      Captions. Paragraph captions used in this Note are provided
solely for convenience of reference and shall not affect the meaning or
interpretation of any provisions of this Note.

                                   WPS RECEIVABLES CORPORATION,
                                   a Delaware corporation



                                   By: /s/ Nelson Griffith
                                       -----------------------------
                                   Name:  J. Nelson Griffith
                                   Title: Vice President/Assistant Treasurer