EXHIBIT 4.8

THIS NOTE AND THE INDEBTEDNESS EVIDENCED HEREBY ARE SUBORDINATE TO THE SENIOR
INDEBTEDNESS (AS DEFINED IN THE SUBORDINATION AGREEMENT DESCRIBED BELOW) IN THE
MANNER AND TO THE EXTENT SET FORTH IN THAT CERTAIN SUBORDINATION AGREEMENT DATED
AS OF APRIL __, 2006 AMONG ALBAHEALTH, LLC, TEFRON USA, INC. AND SUNTRUST BANK,
AS ADMINISTRATIVE AGENT; AND THE HOLDER OF THIS UNSECURED SUBORDINATED
PROMISSORY NOTE, BY ITS ACCEPTANCE HEREOF, SHALL BE BOUND BY THE SUBORDINATION
PROVISIONS OF THE SUBORDINATION AGREEMENT.

                     UNSECURED SUBORDINATED PROMISSORY NOTE

U.S. $3,000,000.00                                               APRIL 26, 2006
(Principal Amount)                                               (Date of Issue)

     FOR VALUABLE CONSIDERATION RECEIVED, AlbaHealth, LLC, a Delaware limited
liability company (the "Company"), hereby promises to pay to Tefron USA, Inc., a
Delaware corporation ("Seller"), the principal amount of Three Million and
00/100 Dollars ($3,000,000.00), together with interest (calculated on the basis
of actual days elapsed and a 360 calendar day year) on the unpaid principal
balance hereof, from the Date of Issue and until this Unsecured Subordinated
Promissory Note ("Note") is paid in full, at a rate equal to the rate determined
in accordance with paragraph 2 (the "Interest Rate").

1.   MATURITY DATE. The principal balance represented by this Note, together
     with all accrued and unpaid interest due hereunder, shall be due and
     payable, in full, to Seller on or before August 31, 2009 (the "Maturity
     Date").

2.   INTEREST RATE. Interest will accrue on the outstanding principal balance at
     an interest rate per annum equal to the LIBOR in effect on the first day of
     the FIXED RATE TERM plus a margin of 3.00% (the "Margin"). Such rate is set
     on the first day of each Fixed Rate Term based upon the then applicable
     LIBOR, plus the Margin, and is fixed for the duration of each Fixed Rate
     Term. "LIBOR" means, for each Fixed Rate Term, an annual rate equal to the
     rate for the applicable Fixed Rate Term appearing on the display designated
     as Page 3750 on the Dow Jones Markets Service (or such other page on that
     service or such other service designated by the British Banker's
     Association for the display of such Association's Interest Settlement Rates
     for Dollar deposits) as of 11:00 a.m. (London, England time) on the day
     that is two business days prior to the first day of the relevant Fixed Rate
     Term or if such page 3750 is unavailable for any reason at such time, the
     rate which appears on the Reuters Screen ISDA Page as of such date and such
     time; provided, however, that if the relevant foregoing sources are
     unavailable for the relevant Fixed Rate Term, the LIBOR shall be determined
     from such financial reporting service or other information as shall be
     mutually acceptable to the Company and the Seller. "Fixed Rate Term" means
     a period commencing on a Business Day and continuing for three (3) months,
     during which the outstanding principal balance of this Note bears interest
     determined in relation to LIBOR. The first Fixed Rate Term shall commence
     on the Date of Issue.


<PAGE>


     At the end of the first Fixed Rate Term, and at the end of each subsequent
     Fixed Rate Term until final maturity of this Note, another Fixed Rate Term
     of the same length shall commence, and the interest rate shall be adjusted
     to reflect the LIBOR in effect on the first day of the new Fixed Rate Term
     plus the Margin. If any Fixed Rate Term would end on a day which is not
     followed by a Business Day, then such Fixed Rate Term shall be extended to
     the next day which is followed by a Business Day. "Business Day" means any
     day except a Saturday, Sunday or any other day on which commercial banks in
     Georgia are authorized or required by law to close.

     If the Company shall default in the payment of principal of or interest,
     then the outstanding principal amount and, to the extent permitted by
     applicable law, any interest payments thereon not paid when due, shall
     thereafter bear interest at the Default Rate. Interest at the Default Rate
     shall be payable upon demand and shall accrue from the initial date of such
     default until it is cured or waived. The "Default Rate" shall mean the
     interest calculated in accordance with the first two paragraphs of this
     section 2 plus an additional margin of 2.00%.

     Notwithstanding any other provision of this Note, interest under this Note
     shall not exceed the maximum amount permitted by law. If any amount is paid
     under this note as interest in excess of such maximum rate, then the amount
     so paid will not constitute interest but will constitute a prepayment on
     account of the principal amount of this Note.

3.   PAYMENT. Accrued interest on this Note shall be due and payable in
     consecutive quarterly installments commencing on July 5, 2006, and
     continuing on the fifth (5th) day of each October, January, April and July
     thereafter until this Note is paid in full, by deposit to such account as
     Seller may have last designated by written notice to the Company. All
     payments made after 1:00 p.m., Georgia time, shall be deemed to have been
     received on the next Business Day. The principal balance under this Note
     shall due and payable on the Maturity Date.

4.   TERMINATION. On or prior to the Maturity Date, upon final, irrevocable and
     indefeasible payment, in whole or in aggregate installments, of the full
     amount due and owing under this Note, this Note will terminate and be of no
     further force and effect.

5.   UNSECURED NOTE. Seller acknowledges and agrees that the indebtedness
     represented by this Note is unsecured.


                                       2
<PAGE>


6.   MEMBERSHIP INTEREST REDEMPTION AGREEMENT. This Note is issued pursuant to
     the terms of that certain Membership Interest Redemption Agreement dated
     April __, 2006, by and between the Company and Seller and is subject to the
     terms thereof.

7.   SUBORDINATED NOTE. ALL INDEBTEDNESS EVIDENCED BY THIS NOTE IS SUBORDINATED
     TO CERTAIN OTHER INDEBTEDNESS PURSUANT TO, AND TO THE EXTENT PROVIDED IN,
     AND IS OTHERWISE SUBJECT TO THE TERMS OF, THAT CERTAIN SUBORDINATION
     AGREEMENT AMONG THE COMPANY, SELLER AND SUNTRUST BANK, AS ADMINISTRATIVE
     AGENT (THE "SUBORDINATION AGREEMENT"). The indebtedness evidenced by this
     Note shall not be subordinated to any indebtedness other than Senior
     Indebtedness as defined in the Subordination Agreement.

8.   RIGHT TO PREPAY BY COMPANY. At any time prior to the Maturity Date, the
     Company may, in its sole discretion, prepay this Note, in whole or in part
     without premium or penalty, at a price equal to one hundred percent (100%)
     of the principal amount of the Note, plus accrued interest on a daily basis
     to the date of prepayment.

9.   COMPANY COVENANTS. (a) The Company hereby covenants and agrees that in the
     event the Company achieves a trailing 12-month EBITDA of at least (i)
     $4,800,000 for any fiscal quarter ending during 2006, (ii) $5,200,000 for
     any fiscal quarter ending during 2007; or (iii) $5,500,000 for any fiscal
     quarter ending during 2008, the Company will use its reasonable best
     efforts to negotiate an increase in its revolving credit availability with
     SunTrust Bank, the Company's primary lender, or its successor (hereinafter,
     the "Bank"), for the purpose of prepaying the principal balance of this
     Note; provided, however, that the Company shall not be required to accept
     any revolving credit increase to the extent that the Bank would increase
     the interest rate applicable to the Company's revolving credit availability
     or subject the Company to terms and conditions that are materially
     disadvantageous from the terms and conditions in the revolving credit
     agreement in effect immediately prior to the proposed increase.

     The Company agrees that until payment of this Note in full, it shall
     deliver to Seller financial statements and other information in the form
     and at the times that is provided by the Company to either the Bank or to
     any other holder of common units of the Company.

          (b) Until final, irrevocable and indefeasible payment of this Note in
     full, the Company will not (and will cause its subsidiaries not to) make
     any "Restricted Payments". "Restricted Payment" means (i) the declaration
     or payment, or agreement to declare to pay, directly or indirectly, of any
     dividend or other distribution, including any return of capital or
     distribution of cash or other assets to the Company's equity holders on
     account of their holding of Company securities, and (ii) any payment on
     account of, or setting apart assets for a sinking or other analogous fund
     for, the purchase, redemption, retirement, defeasance or other acquisition
     of, any shares of Company securities (including any options, warrants, or
     other rights to purchase such securities, whether now or hereafter
     outstanding). Notwithstanding the foregoing, "Restricted Payments" shall
     not include (x) distributions to the holders of Company securities on a
     quarterly basis to enable them to pay income taxes payable in cash in such
     fiscal year, which are payable on account of their holdings of Company
     securities, provided that such payments in the aggregate for any fiscal
     year shall not exceed 42.5% of the Company's taxable income for the
     relevant tax year; (y) Restricted Payments made by any Company subsidiary
     to the Company; and (z) payments described in this Note.


                                       3
<PAGE>


          (c) The Company will not, and will not permit any of its subsidiaries
     to, sell, lease or otherwise transfer any property or assets to, or
     purchase, lease or otherwise acquire any property or assets from, or
     otherwise engage in any other transactions with, any of its affiliates
     (which includes any person or entity that directly, or indirectly through
     one or more intermediaries, controls, is controlled by, or is under common
     control with, the Company), except (i) in the ordinary course of business
     consistent with past practice at prices and on terms and conditions not
     less favorable to the Company or such subsidiary than could be obtained on
     an arm's-length basis from unrelated third parties, and (ii) any payment
     permitted by subsection (b) of this Section 9.

10.  EVENTS OF DEFAULT. Each of the following events shall be an Event of
     Default ("Event of Default") for purposes of this Note:

     a.   PAYMENT OF INTEREST. The Company defaults in the due and punctual
          payment of any installment of interest under this Note;

     b.   PAYMENT OF PRINCIPAL. The Company defaults in the due and punctual
          payment of the principal amount of this Note on the Maturity Date;

     c.   NOTE TERMS. The Company defaults in the due and punctual performance
          or observance of any material terms contained in this Note, and such
          default continues for a period of ten (10) consecutive days after
          written notice thereof to the Company by Seller;

     d.   INSOLVENCY MATTERS. The Company makes an assignment for the benefit of
          creditors or admits in writing its inability to pay its debts as they
          become due, or files a voluntary petition in bankruptcy, or is
          adjudicated a "debtor" under the U.S. federal bankruptcy law or other
          similar federal or state law or insolvent, or files any petition or
          answer seeking for itself any reorganization, arrangement,
          composition, readjustment, liquidation, dissolution or similar relief
          under any present or future statute, law or regulation, or files any
          answer admitting the material allegations of a petition filed against
          the Company for any such relief, or a trustee, receiver or liquidator
          shall be appointed for the Company or all or any substantial part of
          the properties of the Company, or if any petition for bankruptcy,
          reorganization or arrangement under federal bankruptcy law, or any
          similar federal or state law, shall be filed by or against, consented
          to, or acquiesced in by the Company, or if any proceeding for the
          dissolution or liquidation of the Company shall be instituted;
          provided, that if such appointment, petition or proceeding was
          involuntary and not consented to by the Company, the same shall become
          an Event of Default upon the same not being discharged, stayed or
          dismissed within sixty (60) days; or


                                       4
<PAGE>


     e.   ASSIGNMENT. The Company's obligations under this Note shall be
          assigned to a third party. For purposes of this paragraph d., an
          "assignment" shall not be deemed to occur upon the sale or merger of
          the Company to or with any party, which does not result in a "Change
          in Control" of the Company. "Change in Control" shall mean (a) the
          failure of Encompass Group, L.L.C., a Delaware limited liability
          company ("Encompass") (i) at any time during which the president of
          the Company is not a member of the board of directors or other
          managing body of the Company, to have and exercise voting power for
          the election of at least a majority of the board of directors or other
          managing body of the Company or (ii) at any time during which the
          president of the Company is a member of the board of directors or
          other managing body of the Company, to have and exercise voting power
          for the election of at least two members of the board of directors or
          other managing body of the Company (provided that this clause (ii)
          shall only apply so long as the board of directors or other managing
          body of the Company consists of five or fewer members); or (b) the
          failure of Encompass at any time to directly own beneficially and of
          record on a fully diluted basis 51% of the outstanding equity
          interests (including limited liability company interests and warrants,
          rights or options to purchase any equity interests) (collectively,
          "Capital Stock") of the Company; or (c) the failure of the Company at
          any time to own beneficially and of record on a fully diluted basis
          100% of the outstanding Capital Stock of each of its subsidiaries,
          free and clear of all liens other than liens created under the
          security documents entered into by the Company and the Bank.
          Notwithstanding anything else in this Section, the pledge by Encompass
          of its membership interests, whether now owned or hereafter acquired,
          to Wachovia Bank, National Association, as agent, and its successors
          and assigns (hereinafter, "Wachovia Bank") shall not constitute a
          Change in Control.

11.  REMEDIES ON DEFAULT; ACCELERATION. Upon the occurrence of an Event of
     Default as described under Sections 10.a., 10.c. and 10.e. hereof, Seller
     shall have the right to declare the principal amount hereof and all accrued
     but unpaid interest thereon to be immediately due and payable upon written
     notice from Seller to the Company.

     Upon the occurrence of an Event of Default as described under Sections
     10.b., Seller shall have the option to either (a) declare the principal
     amount hereof and all accrued but unpaid interest thereon to be immediately
     due and payable upon written notice from Seller to the Company, or (b)
     convert the principal balance of this Note into Common Units of the
     Company, which are free and clear of any restriction, lien or encumbrance
     of any kind, at a rate equal $274.20 per Common Unit, subject to adjustment
     for dividends, distributions, reclassifications, or similar events
     affecting the Company's Common Units (which adjustments are intended to put
     Seller in the same position with regard to its percentage ownership of the
     issued and outstanding equity of the Company as it would have been had the
     relevant event not occurred) (the "Conversion Price"). The number of Common
     Units to be issued upon such conversion shall be equal to the quotient
     obtained by dividing (i) the entire principal amount of this Note plus
     accrued interest by (ii) the Conversion Price.


                                       5
<PAGE>


     Upon the occurrence of an Event of Default as described under Section
     10.d., the principal amount and all accrued but unpaid interest thereon
     will automatically become and be immediately due and payable without any
     declaration or other act on behalf of Seller.

12.  NOTICES. All notices required under the terms of this Note shall be in
     writing and either delivered personally or sent by United States first
     class mail. If sent by mail, notice shall be deemed given when deposited in
     the United States mail, properly addressed and with postage prepaid. Unless
     changed by subsequent written notice, the following address shall be used:

     If to the Company:                 AlbaHealth, LLC
                                        ATTN: Bill Ott
                                        425 North Gateway Avenue
                                        Rockwood, TN 37854
                                        Facsimile: 865-354-1541

     with a copy to:                    Timothy M. Barnett, Esq.
                                        Winthrop & Weinstine, P.A.
                                        225 South Sixth Street, Suite 3500
                                        Minneapolis, MN 55402
                                        Facsimile: (612) 604-6853

     If to Seller:                      Tefron USA, Inc.
                                        ATTN: Yosef Shiran
                                        Industrial Center
                                        Teradyon, P.O. Box 1365,
                                        Misgav 20179, Israel
                                        Facsimile: (972) 4-990-0054

     with a copy to:                    Gross, Kleinhendler, Hodak, Halevy,
                                        Greenberg & Co.
                                        ATTN:  Richard Mann, Adv.
                                        One Azrieli Center
                                        Tel Aviv 67021, Israel
                                        Facsimile:  (972) 3-607-4411

13.  MODIFICATION AND WAIVER. No purported amendment, modification or waiver of
     any provision hereof shall be binding unless set forth in a written
     document signed by the Company and Seller (in the case of amendments or
     modifications) or by the party to be charged thereby (in the case of
     waivers). No waiver shall be effective except in a written instrument
     signed by the party against whom enforcement of any such waiver is sought.
     Any waiver shall be limited to the provision hereof in the circumstances or
     events specifically made subject thereto, and shall not be deemed a waiver
     of any other term hereof or of the same circumstance or event upon any
     reoccurrence thereof.

14.  TIME IS OF THE ESSENCE WITH RESPECT TO THIS NOTE.


                                       6
<PAGE>


15.  ASSIGNMENT. Seller shall not have the right to assign, sell, transfer,
     delegate, or otherwise dispose of, whether voluntarily or involuntarily,
     any right or obligation under this Note without the prior written consent
     of the Company. Neither this Note nor any interest therein may be assigned
     by the Company without Seller's written consent; provided, however, that an
     assignment shall not be deemed to occur upon the sale or merger of the
     Company to or with any party, which does not result in a "Change in
     Control" (as defined above) of the Company. Any purported assignment,
     transfer, or delegation in violation of this Section 14 shall be null and
     void. Subject to the foregoing limits on assignment and delegation, and the
     limits set forth in Section 10.d., this Note shall be binding upon and
     shall inure to the benefit of the parties and their respective successors
     and assigns.

16.  WAIVER OF DEMAND, PRESENTMENT AND NOTICE OF DISHONOR. The undersigned and
     each endorser or guarantor, together with their respective successors and
     assigns, hereof hereby waives demand, notice of demand, presentment,
     protest, notice of protest and notice of dishonor.

17.  GOVERNING LAW AND VENUE. This Note shall be construed and interpreted
     pursuant to and in accordance with the laws of the State of Georgia. Any
     dispute arising out of or relating to this Note or the alleged breach of
     it, or otherwise related to the transactions contemplated hereby, will be
     discussed between the disputing parties in a good faith effort to arrive at
     a mutual settlement of any such controversy. If, notwithstanding such
     discussions, such dispute cannot be resolved, any action at law, suit in
     equity or judicial proceeding arising directly, indirectly or otherwise in
     connection with, out of, related to or from this Note or any provision
     hereof shall be venued only in the courts of the State of Georgia. Seller
     and the Company hereby consent to the personal jurisdiction of these courts
     and waive any objection that such venue is inconvenient or improper. Seller
     and the Company hereby waive personal service of the summons, complaint and
     other process issued in any such action or suit and agrees that service of
     such summons, complaints and other process may be made by registered or
     certified mail addressed to such party at the address set forth in Section
     12 hereof and that service shall be deemed completed upon the earlier of
     such party's actual receipt thereof or 10 days after deposit in the United
     States or Israeli mail, as the case may be, proper postage prepaid.

18.  WAIVER OF JURY TRIAL. THE PARTIES, HAVING BEEN REPRESENTED BY COUNSEL EACH
     KNOWLINGLY AND VOLUNTARILY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION
     OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS NOTE OR ANY
     RELATED AGREEMENT OR UNDER ANY AMENDMENT WHICH MAY IN THE FUTURE BE
     DELIVERED IN CONNECTION WITH THIS NOTE AND AGREES THAT ANY SUCH ACTION OR
     PROCEEDING WILL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.


                                       7
<PAGE>


     IN WITNESS WHEREOF, this Unsecured Subordinated Promissory Note has been
executed and delivered effective as of the date first set forth above.


                                                     ALBAHEALTH, LLC


                                                     By: /s/ A. William Ott
                                                     ----------------------
                                                     Its: PRESIDENT

Agreed and accepted this 26th day of April, 2006.

TEFRON USA, INC.

By: /s/ Yosef Shiran
--------------------
YOSEF SHIRAN
ITS CHIEF EXECUTIVE OFFICER

By: /s/ Asaf Alperovitz
-----------------------
Asaf Alperovitz
Its Chief Executive Officer


                                       8