Document:

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                                                                   EXHIBIT 10.50

                           FOURTH AMENDMENT AGREEMENT

         This Fourth Amendment Agreement, dated as of December 31, 2000 (this
"Agreement"), is among WESTPOINT STEVENS INC., a Delaware corporation (the
"Borrower"), WESTPOINT STEVENS (UK) LIMITED, WESTPOINT STEVENS (EUROPE) LIMITED,
each of the Banks signatories hereto, and BANK OF AMERICA, N.A., as
Administrative Agent (the "Agent").

                                    RECITALS:

         A. Pursuant to that certain Second Amended and Restated Credit
Agreement, dated as of June 9, 1998 among the Borrower, WestPoint Stevens (UK)
Limited and WestPoint Stevens (Europe) Limited (collectively, the "Foreign
Borrowers"), the lending and financial institutions party thereto (the "Original
Banks"), and the Agent, as amended by that certain letter agreement dated as of
June 10, 1998 among the Borrower, the Foreign Borrowers, the Existing Banks, and
the Agent (as amended, the "Original Credit Agreement"), the Original Banks
agreed to make revolving loan and letter of credit facilities available to the
Borrower and the Foreign Borrowers.

         B. Pursuant to that certain Amendment Agreement (the "First
Amendment"), dated as of July 31, 1998, by and among the Borrower, the Foreign
Borrowers, the Original Banks parties thereto, the Agent, and National
Westminster Bank PLC ("Natwest"), the Original Credit Agreement was amended to
increase the aggregate Revolving Committed Amount from $550,000,000 to
$575,000,000, and to add Natwest as a Bank under the Original Credit Agreement
(as amended by the First Amendment, the "First Amended Credit Agreement").

         C. Pursuant to that certain Second Amendment Agreement (the "Second
Amendment"), dated as of May 20, 1999, by and among the Borrower, the Foreign
Borrowers, the Banks parties thereto, and the Agent, the First Amended Credit
Agreement was amended to increase the aggregate Revolving Committed Amount to
$800,000,000 by increasing the Revolving Commitment of certain consenting Banks
(as amended by the Second Amendment, the "Second Amended Credit Agreement").

         D. Pursuant to that Third Amendment Agreement (the "Third Amendment"),
dated as of May 30, 2000, by and among the Borrower, the Foreign Borrowers, the
Banks parties thereto, and the Agent, the Second Amended Credit Agreement was
amended by further modifying the Revolving Committed Amount in section 2.1 and
by adding certain financial covenants in section 7.11.

         E. By separate letter agreements dated June, 30, 1998, October 7, 1998,
March 16, 1999, August 31, 1999, and November 15, 1999, the Borrower, the
Foreign Borrowers, the Required Banks, and the Agent have amended the
definitions of the terms "Maximum Restricted Payment Amount" and "Minimum
Consolidated Net Worth" on four occasions (the "Letter Amendments"). The
Original Credit Agreement, as amended by the First Amendment, the Second
Amendment, the Third Amendment, and the Letter Amendments shall be referred to
as the "Existing Credit Agreement".

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         F. The Borrower and the Foreign Borrowers have requested that the
Required Banks agree to make certain additional amendments to the Existing
Credit Agreement.

         NOW, THEREFORE, based upon the foregoing, and for good and valuable
consideration, the sufficiency and receipt of which is hereby acknowledged, the
parties hereby agree as follows:

                                     PART I
                                   DEFINITIONS

         SUBPART 1.1 Certain Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the following meanings:

                  "Amended Credit Agreement" means the Existing Credit Agreement
         as amended hereby.

                  "Effective Date" shall mean December 31, 2000 subject to the
         occurrence of each of the conditions set forth in Subpart 3.1.

         SUBPART 1.2 Other Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Agreement, including its preamble
and recitals, have the meanings provided in the Amended Credit Agreement.

                                     PART II
                     AMENDMENTS TO EXISTING CREDIT AGREEMENT

         Effective on (and subject to the occurrence of) the Effective Date, the
Existing Credit Agreement is hereby amended in accordance with this Part II.
Except as so amended, the Existing Credit Agreement shall continue in full force
and effect.

         SUBPART 2.1 Amendments to Existing Definitions in Section 1.1. Section
1.1 of the Existing Credit Agreement is amended by revising each of the
following definitions in the manner described below:

                  (a) 2000 Restructuring Charge. The definition of the term
         "2000 Restructuring Charge" is amended in its entirety to read as
         follows:

                           "2000 Restructuring Charge" means the following
                  non-recurring charges, in the aggregate amount not in excess
                  of $130,057,000, incurred, accrued or reserved by the Borrower
                  or its Consolidated Subsidiaries during fiscal year 2000 and
                  $11,943,000 incurred, accrued or reserved during fiscal year
                  2001: (i) write-off of goodwill and other intangibles related
                  to impaired assets; (ii) direct inventory write-offs and/or
                  related increases in inventory reserves; (iii) write-offs

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                  of fixed assets and non-capitalized relocation charges; and
                  (iv) without duplication, relocation, severance, unabsorbed
                  overhead, and other costs related to the Borrower's
                  restructuring, impairment charges and recapitalization plan as
                  disclosed to the Agent and the Banks.

                  (b) Applicable Percentage. The definition of the term
         "Applicable Percentage" is amended in its entirety to read as follows:

                           "Applicable Percentage" means, for purposes of
                  calculating the applicable interest rate for any day for any
                  Eurocurrency Loan, the applicable rate of the Standby Letter
                  of Credit fee for any day for purposes of Section 3.5(c)(i) or
                  the applicable rate of the Trade Letter of Credit Fee for any
                  day for purposes of Section 3.5(c)(ii), an amount equal to
                  2.75%.

                  (c) Base Rate. The definition of the term "Base Rate" is
         amended in its entirety to read as follows:

                           "Base Rate" means, for any day, the rate per annum
                  equal to the Prime Rate for such day plus one percent (1.0%).
                  Any change in the Base Rate due to a change in the Prime Rate
                  shall be effective on the effective date of such change in the
                  Prime Rate.

                  (d) Restricted Debt Payment. The definition of "Restricted
         Debt Payment" is amended in its entirety to read as follows:

                           "Restricted Debt Payment" means any purchase,
                  prepayment, redemption or other acquisition or retirement for
                  value of (a) any Indebtedness of the Borrower under the Senior
                  Notes or the Senior Note Indentures, or (b) any other Funded
                  Indebtedness (other than the Credit Party Obligations) of any
                  of the Consolidated Parties.

                  (e) Restricted Equity Payment. The definition of "Restricted
         Equity Payment" is amended in its entirety to read as follows:

                           "Restricted Equity Payment" means any dividend or
                  other payment or distribution, direct or indirect, on account
                  of any shares of any class of Capital Stock of any
                  Consolidated Party, now or hereafter outstanding (including
                  without limitation any payment in connection with any merger
                  or consolidation involving any Consolidated Party), or to the
                  direct or indirect holders of any shares of any class of
                  Capital Stock of any Consolidated Party, now or hereafter
                  outstanding, in their capacity as such (other than dividends
                  or distributions payable in the same class of Capital Stock of
                  the applicable person) or to any Credit Party (directly or
                  indirectly through Subsidiaries).

         SUBPART 2.2 Addition of New Definitions in Section 1.1. Section 1.1 of
the Existing Credit Agreement is further amended by adding each of the following
new definitions in their appropriate alphabetical order:

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                  "Annual Budget" shall have the meaning ascribed to such term
         in section 7.1(d).

         SUBPART 2.3 Amendment to Section 7.1(d). Section 7.1(d) of the Existing
Credit Agreement is amended in its entirety to read as follows:

                  No later than the twenty-fifth (25th) calendar day following
         the end of each fiscal year of the Borrower, an annual business
         forecast of the Consolidated Parties containing, among other things
         projected financial statements for the next fiscal year, financial and
         operating budgets, cash flow projections, and such other financial
         information reasonably satisfactory to the Agent (collectively, the
         "Annual Budget"); together with appropriate supporting details as
         requested through the Agent; and as soon as possible, but in no event
         later than forty-five (45) days after the close of each of the first
         three fiscal quarters and ninety-five (95) days after the close of each
         fiscal year, a statement in which the actual results of such fiscal
         quarter are compared with the most recent forecasts for such fiscal
         quarter.

         SUBPART 2.4 Amendment to Section 7.1. Section 7.1 of the Existing
Credit Agreement is further amended by adding a new subsection (n) which reads
in its entirety as follows:

                  (n) Monthly Financial Information. Beginning as of February
         20, 2001, the Borrower shall:

                           (i) furnish or cause to be furnished to the Agent and
                  each of the Banks a consolidated balance sheet and income
                  statement of the Consolidated Parties as of the end of each
                  month, together with related consolidated statements of cash
                  flow, by the twentieth (20th) calendar day of each fiscal
                  month, with respect to the preceding fiscal month; provided,
                  however, at the end of each of the first three fiscal quarters
                  of the fiscal year, the Borrower shall provide such
                  consolidated balance sheet, income statement and statement of
                  cash flow by the forty-fifth (45th) calendar day after the end
                  of such fiscal quarter; and provided, further, at the end of
                  the fourth fiscal quarter of any fiscal year, the Borrower
                  shall provided such consolidated statements by the
                  ninety-fifth (95th) calendar day after the end of the fiscal
                  year; and

                           (ii) by 5:00 p.m. (Eastern time) on Wednesday of each
                  week, (1) a summary statement of the cash inflows and cash
                  outflows of the Consolidated Parties for the prior week and
                  (2) cash flow projections for the Consolidated Parties for the
                  next succeeding 13 weeks.

                  All such financial information described in this section
         7.1(n) shall be in form and detail reasonably satisfactory to the
         Agent. The monthly financial statements delivered pursuant to section
         7.1(n)(i) shall be accompanied by a certificate of the chief financial
         officer of the Borrower to the effect that such monthly financial
         statements fairly present in all material respects the financial
         condition of the Consolidated Parties and have been

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         prepared in accordance with GAAP, subject to changes resulting from
         audit and normal year-end audit adjustments.

         SUBPART 2.5 Amendment to Section 7.9. Section 7.9 of the Existing
Credit Agreement is amended to read in its entirety as follows:

                  7.9 Use of Proceeds.

                  The Borrower will use the proceeds of the Loans for general
         corporate purposes in the ordinary course of the Borrower's business
         and in a manner not materially inconsistent with the Annual Budget
         delivered to the Agent.

         SUBPART 2.6 Amendment to Section 7.10. Section 7.10 of the Existing
Credit Agreement is amended by replacing the last sentence of such section with
the following sentence:

                  The Borrower agrees that the Agent, and its representatives
         and designees, may conduct audits of the Collateral from time to time
         in the discretion of the Agent and that the Credit Parties shall
         reimburse the Agent for the costs and expenses of up to two audits
         during any fiscal year.

         SUBPART 2.7 Amendment of Section 7.11(d). Section 7.11(d) of the
Existing Credit Agreement is amended to read in its entirety as follows:

                  (d) Balance Sheet Debt to Consolidated EBITDA Ratio. Have at
         the end of each fiscal quarter a ratio of Balance Sheet Debt on such
         date to Consolidated EBITDA for the four (4) fiscal quarters ending on
         such date of (i) not more than 5.35 to 1.0 for the period ending
         December 31, 2000, (ii) not more than 4.85 to 1.0 for the period from
         and after March 31, 2001, and (iii) not more than 4.50 to 1.0 for the
         period from and after December 31, 2001.

         SUBPART 2.8 Amendment of Section 8.1. Section 8.1 of the Existing
Credit is amending by replacing the reference to the Interest Coverage Ratio in
subsection (i) of "1.75 to 1.0" with the ratio of "2.0 to 1.0".

         SUBPART 2.9 Amendment of Section 8.6. Section 8.6 of the Existing
Credit Agreement is amended in the following respects:

                  (A) Section 8.6 (a)(iii) is amended to read in its entirety as
         follows:

                           (iii) for investments that are Capital Expenditures;
                  provided, however, that such Capital Expenditures are made in
                  the ordinary course of the Borrower's business and in a manner
                  not materially inconsistent with the Annual Budget; and,
                  provided further, that neither the Borrower nor any of its
                  Subsidiaries shall make

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                  such an investment in a Subsidiary other than a Credit Party
                  except as permitted by Section 8.6(a)(viii) hereof, [;]

                           (B) Section 8.6(a)(viii) is amended by changing the
                  reference to "$50,000,000" to "$10,000,000"; and

                           (C) Section 8.6(b)(B)(ii) is amended by changing the
                  reference to "$100,000,000" to "$85,000,000".

         SUBPART 2.10 Amendment of Section 8.7. Section 8.7 of the Existing
Credit Agreement is amended to read in its entirety as follows:

                  8.7      Restricted Payments.

                  The Borrower will not permit any Consolidated Party to make
         directly or indirectly any Restricted Debt Payment. The Borrower will
         not permit any Consolidated Party to make directly or indirectly any
         Restricted Equity Payment in excess of an aggregate amount equal to
         $6,000,000 during any fiscal year. The permitted Restricted Equity
         Payments described in this Section 8.7 may be made by the Borrower or
         its Subsidiaries only if (i) no Default or Event of Default shall have
         occurred and be continuing at the date of the proposed Restricted
         Equity Payment or the declaration of any dividend relating thereto or
         after giving effect to such Restricted Equity Payment, and (ii) at the
         time or after giving effect to such Restricted Equity Payment, the
         Borrower has an Interest Coverage Ratio that is equal to or greater
         than 2.25 to 1.0. Notwithstanding any other term or provision hereof,
         the Borrower will not permit any Consolidated Party to make (i) any
         redemption, retirement, sinking fund or similar payment, purchase or
         other acquisition for value, direct or indirect, of any shares of any
         class of Capital Stock of any Consolidated Party, now or hereafter
         outstanding, or (ii) any payment made to retire, or to obtain the
         surrender of, any outstanding warrants, options or other rights to
         acquire shares of any class of Capital Stock of any Consolidated Party,
         now or hereafter outstanding.

                                    PART III
                           CONDITIONS TO EFFECTIVENESS

         SUBPART 3.1 Effective Date. The amendments effected by this Agreement
shall be and become effective as of the Effective Date when (i) all of the
conditions set forth in this Subpart 3.1 shall have been satisfied, and (ii) the
Required Banks, the Borrower, and the Foreign Borrowers shall have duly executed
counterparts of this Agreement and provided original copies thereof to the
Agent.

                  SUBPART 3.1.1. Closing Certificate. The Agent shall have
         received a certificate from the Borrower and the Foreign Borrowers
         certifying that (i) after giving effect to this Fourth Amendment
         Agreement, no Default or Event of Default exists as of the Effective
         Date, and (ii) the representations and warranties of the Borrower and
         the

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         Foreign Borrowers made in or pursuant to the Credit Documents are true
         in all material respects on and as of the Effective Date.

                  SUBPART 3.1.2. Guarantors Consent. Each of the Guarantors
         shall have executed the Consent included in the signature pages of this
         Agreement, and the Agent shall have received such Consent executed by
         each Guarantor.

                  SUBPART 3.1.3. Corporate Action. The Borrower shall deliver to
         the Agent certified copies of all corporate action taken by each Credit
         Party approving this Agreement and each of the documents executed and
         delivered in connection herewith (including, without limitation, a
         certificate setting forth the resolutions of the Board of Directors of
         each Credit Party adopted in respect of the transactions contemplated
         by this Agreement.)

                  SUBPART 3.1.4. Documentation. The Existing Banks and the Agent
         shall have received all information, and such counterpart originals or
         such certified or other copies of such originals, as they may
         reasonably request, together with the legal opinion of counsel to the
         Borrower in form and content reasonably satisfactory to the Agent and
         its counsel. The Agent shall have received executed counterparts of all
         related documentation. All legal matters incident to the transactions
         contemplated by this Agreement shall be satisfactory to the counsel for
         the Agent.

                  SUBPART 3.1.5. Annual Budget for 2001. The Borrower shall have
         delivered to the Agent and each of the Banks, annual budgets for the
         Consolidated Parties for fiscal year 2001, and such annual budget shall
         contain such projected financial statements, other financial
         information, and appropriate supporting details as are reasonably
         satisfactory to the Agent.

                  SUBPART 3.1.6. Amendment Fee. An amendment fee of 25 basis
         points ($2,000,000) of the Revolving Committed Amount shall be paid pro
         rata to those Banks executing and delivering this Agreement to the
         Agent prior to the deadline established by the Agent for the receipt
         thereof. The Borrower shall pay a fee to the Agent for its services
         delivered in connection with this Agreement, such fee to be in an
         amount as indicated in a modified Agent's Fee Letter of even date
         herewith.

                                     PART IV
                                  MISCELLANEOUS

         SUBPART 4.1 Cross-References. References in this Agreement to any Part
or Subpart are, unless otherwise specified, to such Part or Subpart of this
Agreement.

         SUBPART 4.2 Instrument Pursuant to Existing Credit Agreement. This
Agreement is a document executed pursuant to the Existing Credit Agreement and
shall (unless otherwise expressly indicated therein) be construed, administered
and applied in accordance with the terms and provisions of the Existing Credit
Agreement.

         SUBPART 4.3 Credit Documents. Each of the Borrower and the Foreign
Borrowers hereby confirms and agrees that the Credit Documents are, and shall
continue to be,

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in full force and effect, except as amended hereby, except that, on and after
the Effective Date, references in each Credit Document to the "Credit
Agreement", "thereunder", "thereof" or words of like import referring to the
Existing Credit Agreement shall mean the Amended Credit Agreement.

         SUBPART 4.4 Representations and Warranties. Each of the Borrower and
the Foreign Borrowers hereby represents and warrants that (i) it has the
requisite corporate power and authority to execute, deliver and perform this
Agreement, (ii) it is duly authorized to, and has been authorized by all
necessary corporate action, to execute, deliver and perform this Agreement,
(iii) it has no claims, counterclaims, offsets, or defenses to the Credit
Documents and the performance of its obligations thereunder, (iv) the
representations and warranties contained in Section 6 of the Existing Credit
Agreement are, subject to the limitations set forth therein, true and correct in
all material respects on and as of the date hereof as though made on and as of
such date (except for those which expressly relate to an earlier date or those
which relate to specific schedules, the changes to which do not represent a
Material Adverse Effect), (v) no event of default under any other agreement,
document or instrument to which it is a party will occur as a result of the
transactions contemplated hereby, and (vi) as of the date of , and giving effect
to, this Agreement, no Event of Default or Defaults exists.

         SUBPART 4.5 Costs and Expenses. The Borrower hereby agrees to pay on
demand all costs and expenses (including without limitation the reasonable fees
and expenses of counsel to the Agent) incurred by the Agent in connection with
the negotiation, preparation, execution, and delivery of this Agreement and the
enforcement or preservation of any rights and remedies of the Banks and the
Agent hereunder.

         SUBPART 4.6 Permitted Receivables Financing. Each of the Required Banks
executing this Agreement consents to the increase in the committed amount of the
Permitted Receivables Financing from $160,000,000 to $180,000,000; provided,
however, that (a) the Borrower shall provide the Agent and the Banks immediate
written notice of the occurrence of any such increase, and such notice shall
comply with the requirements of section 3.4(a) of the Credit Agreement; (b) upon
any such increase in such committed amount, the Revolving Committed Amount shall
automatically and immediately be permanently reduced by the amount of such
increase, such notice of increase being irrevocably deemed a notification under
section 3.4(a) of the Credit Agreement to reduce the Revolving Committed Amount
by the amount of such increase in the committed amount of Permitted Receivables
Financing; (c) the structure, terms and documentation for such new or amended
Permitted Receivables Financing shall be substantially the same as the
structure, terms and documentation of the Permitted Receivables Financing
existing as of the date of this Agreement; and (d) the Receivables Financier is
one of the Banks or an Affiliate of one of the Banks.

         SUBPART 4.8 Counterparts, Effectiveness, Etc. This Agreement may be
executed by the parties hereto in several counterparts, each of which shall be
deemed to be an original and all of which shall constitute together but one and
the same agreement.

         SUBPART 4.9 Captions. The captions in this Agreement are inserted only
as a matter of convenience and for reference and in no way define, limit or
describe the scope of this Agreement or any provision hereof.

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         SUBPART 4.10 Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK
WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

         SUBPART 4.11 Successors and Assigns. This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

               [Remainder of this page intentionally left blank.]

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         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective duly authorized officers as of the day and year
first above written.

THE BORROWER:                       WESTPOINT STEVENS INC.,
                                    a Delaware corporation

                                    By: /s/ David C. Meek
                                       -----------------------------------------
                                    Name: David C. Meek
                                    Title: Executive Vice President-Finance
                                           & Chief Financial Officer

THE FOREIGN BORROWERS:              WESTPOINT STEVENS (UK) LIMITED

                                    By: /s/ David C. Meek
                                       -----------------------------------------
                                    Name: David C. Meek
                                    Title: Director

                                    WESTPOINT STEVENS (EUROPE) LIMITED

                                    By: /s/ David C. Meek
                                       -----------------------------------------
                                    Name: David C. Meek
                                    Title: Director

THE BANKS:                          BANK OF AMERICA, N.A.,
                                    individually in its capacity as a
                                    Bank and in its capacity as
                                    Agent

                                    By: /s/ David H. Dinkins
                                       -----------------------------------------
                                    Name: David H. Dinkins
                                    Title: Principal

                             [Signatures Continued]

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                                    BANK ONE, N.A.

                                    By: /s/ Jennifer Schmoll
                                       -----------------------------------------
                                    Name: Jennifer Schmoll
                                    Title: Customer Service Officer

                                    THE BANK OF NEW YORK

                                    By: /s/ Robert R. Reedy
                                       -----------------------------------------
                                    Name: Robert R. Reedy
                                    Title: Vice President

                                    SCOTIABANC INC.

                                    By: /s/William E. Zarrett
                                       -----------------------------------------
                                    Name: William E. Zarrett
                                    Title: Managing Director

                                    WACHOVIA BANK, N.A.

                                    By: /s/ J. Bradley Whitcomb
                                       -----------------------------------------
                                    Name: J. Bradley Whitcomb
                                    Title: Sr. Vice President

                                    SOCIETE GENERALE

                                    By: /s/ R. Wayne Hutton
                                       -----------------------------------------
                                    Name: R. Wayne Hutton
                                    Title: Director

                                    ABN AMRO BANK, N.V.

                                    By:  /s/ Judith M. Bresnen
                                       -----------------------------------------
                                    Name: Judith M. Bresnen
                                    Title: Group Vice President

                                    By:  /s/ David H. Hannah
                                       -----------------------------------------
                                    Name: David H. Hannah
                                    Title: Group Vice President

                             [signatures continued]

                                       11
<PAGE>   12

                                    SUNTRUST BANK, ATLANTA

                                    By:  /s/ Smith W. Brookhart IV
                                       -----------------------------------------
                                    Name: Smith W. Brookhart IV
                                    Title: Managing Director

                                    FIRST UNION NATIONAL BANK

                                    By: /s/ Roger Pelz
                                       -----------------------------------------
                                    Name:  Roger Pelz
                                    Title:  Senior Vice President

                                    FLEET NATIONAL BANK

                                    By: /s/ Stephen M. Levenworth
                                       -----------------------------------------
                                    Name: Stephen M. Levenworth
                                    Title: Vice President

                                    AMSOUTH BANK

                                    By: /s/ Edward T. Hutton II
                                       -----------------------------------------
                                    Name: Edward T. Hutton II
                                    Title: Vice President

                                    COOPERATIEVE CENTRALE
                                    RAIFFEISEN-BOERENLEENBANK B.A.,
                                    "Rabobank Nederland", New York Branch

                                    By: /s/ Juliana Sagona Long
                                       -----------------------------------------
                                    Name: Juliana Sagona Long
                                    Title: Vice President

                                    By: /s/ W. Jeffrey Vollack
                                       -----------------------------------------
                                    Name: W. Jeffrey Vollack
                                    Title: Senior Credit Officer
                                           Senior Vice President

                             [signatures continued]

                                       12
<PAGE>   13

                                    NATIONAL WESTMINSTER BANK
                                      PLC

                                    By:  /s/ Geoff Ray
                                       -----------------------------------------
                                    Name: Geoff Ray
                                    Title: Senior Corporate Manager

                             [signatures continued]

                                       13
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                              CONSENT TO AGREEMENT

         Each of the undersigned Subsidiary Guarantors, as a party to one or
more of the Credit Documents, hereby acknowledges the execution and delivery of
the Fourth Amendment Agreement dated as of December 31, 2000, hereby confirms
and agrees that each Credit Document to which it is a party is, and shall
continue to be, in full force and effect, and hereby ratifies and confirms in
all respects its obligations thereunder. This Consent may be executed by the
parties hereto in counterparts, each of which shall be deemed to be an original
and all of which shall constitute together but one and the same instrument.

                                    WESTPOINT  STEVENS INC. I
                                    f/k/a West Point-Pepperell Enterprises, Inc.

                                    By:  /s/ Richard F. Klumpp
                                       -----------------------------------------
                                    Name: Richard F. Klumpp
                                    Title: Vice President & Assistant Treasurer

                                    J. P. STEVENS & CO., INC.

                                    By: /s/ David C. Meek
                                       -----------------------------------------
                                    Name: David C. Meek
                                    Title: President

                                    J. P. STEVENS ENTERPRISES, INC.

                                    By: /s/ Richard F. Klumpp
                                       -----------------------------------------
                                    Name: Richard F. Klumpp
                                    Title: Vice President & Assistant Treasurer

                                    WESTPOINT STEVENS STORES, INC.

                                    By: /s/ David C. Meek
                                       -----------------------------------------
                                    Name: David C. Meek
                                    Title: Vice President & Treasurer

                                    LIEBHARDT, INC.

                                    By: /s/ David C. Meek
                                       -----------------------------------------
                                    Name: David C. Meek
                                    Title: Chairman of the Board of Directors
                                           & President

                                       14<PAGE>   1
                                                                   EXHIBIT 10.51

                     MEMBERSHIP INTEREST PURCHASE AGREEMENT

         This MEMBERSHIP INTEREST PURCHASE AGREEMENT made effective as of
February 4, 2000, (the "Effective Date") by and among HTG Falcon LLC, a Georgia
limited liability company (the "LLC"); HTG Corp., a Georgia corporation ("HTG
Corp.") and WestPoint Stevens Inc., a Delaware corporation ("WXS").

                                   WITNESSETH:

         WHEREAS, the LLC is the owner and operator of a Falcon 2000 aircraft
(the "Aircraft");

         WHEREAS, HTG Corp. prior to the Effective Date was the sole member of
the LLC;

         WHEREAS, the LLC wishes to sell to WXS, and WXS wishes to purchase from
the LLC, a membership interest in the LLC;

         NOW, THEREFORE, in consideration of the premises and mutual covenants
hereinafter set forth, the parties hereto agree as follows:

         1.       Purchase and Sale. The LLC hereby sells to WXS, and WXS hereby
purchases from the LLC as of the Effective Date, a membership interest in the
LLC (the "WXS Interest") in exchange for $6,200,000 paid on or prior to the
Effective Date. The LLC, HTG Corp. and WXS acknowledge and agree that WXS has
been admitted as a member of the LLC as of the date hereof. The WXS Interest
shall be comprised of a common or residual interest (purchased for $50,000) (a
"Common Interest") and a preferred interest (a "Preferred Interest") having a
liquidation value of $6,150,000, the purchase price therefor. HTG Corp. shall
continue to hold a Common Interest (valued at $50,000), so that each of WXS and
HTG Corp. will have an equal Common Interest, each constituting 50% thereof. In
addition, HTG Corp. shall hold a Preferred Interest having a liquidation value
of $4,665,000. HTG Corp's Common Interest and its Preferred Interest have been
computed by agreement of the parties based upon an appraisal of the Aircraft,
adjusted for certain liabilities and other items.

         2.       Representations and Warranties of LLC and HTG Corp. The LLC
and HTG Corp. represent and warrant to WXS as follows:

<PAGE>   2

                  (a)      The LLC is a duly formed, validly existing and
organized limited liability company formed under the laws of the State of
Georgia and has the full power and authority to carry on its businesses in the
places and as it is now being conducted and to own and lease the properties and
assets that it now owns or leases, including the Aircraft. HTG Corp. is a
corporation duly organized and validly existing under the laws of the State of
Georgia and has the full power and authority to carry on its business in the
places and as it is now being conducted and to own and lease the properties and
assets that it now owns and leases. HTG Corp., prior to the issuance of the WXS
Interest, was the sole member of the LLC.

                  (b)      Each of the LLC and HTG Corp. has the capacity and
authority to execute and deliver this Agreement, to perform hereunder and to
consummate the transactions contemplated hereby without the necessity of any act
or consent of any other person, including without limitation, the issuance and
sale of the WXS Interest to WXS. The execution, delivery and performance by each
of the LLC and HTG Corp. has been duly authorized and approved by all requisite
limited liability company or corporate, as the case may be, power and authority.

                  (c)      The issuance and sale of the WXS Interest does not
conflict with or result in the breach of any of the terms, conditions or
provisions of any of the articles of incorporation or bylaws of HTG Corp. or any
organizational or governing documents applicable to the LLC, or any bond,
debenture, note, mortgage, indenture, agreement or other instrument to which the
LLC or HTG Corp. is a party or by which their respective assets (including
without limitation the Aircraft) is bound.

                  (d)      WXS has obtained good and valid title to the WXS
Interest, free and clear of all liens, encumbrances, equities or claims.

                  (e)      The sole asset of the LLC is the Aircraft and related
property. The LLC owes indebtedness incurred as acquisition debt payable to
Ridgebury Funding, L.L.C. (which is secured by a security interest in the
Aircraft), pursuant to which $15,886,000 is outstanding. The LLC has no other
liabilities other than a payable due the Georgia Department of Revenue for sales
taxes of $1,034,053 incurred in connection with the acquisition of the Aircraft.

         3.       WXS Representations. WXS hereby represents and warrants to the
LLC and HTG Corp. as follows:

                  (a)      WXS is a corporation duly organized and existing
under the laws of the State of Delaware and has the full power and authority to
carry on its business.

                  (b)      WXS has the capacity and authority to execute and
deliver this Agreement and to perform hereunder and to consummate the
transactions contemplated hereby. The execution, delivery and performance by WXS
of this Agreement has been duly authorized and approved by all necessary
corporate authority.

                  (c)      The purchase of the WXS Interest by WXS does not
conflict with or result in the breach of any of the terms, conditions or
provisions of the certificate of incorporation or bylaws of WXS or any bond,
debenture, note, mortgage, indenture, agreement or other instrument to which WXS
is a party or by which its properties are bound.

                                       2
<PAGE>   3

                  (d)      WXS is purchasing the WXS Interest for investment
purposes, and not with a view to resell or otherwise dispose of same.

         4.       Membership Interests.

                  (a)      The Common Interests are voting interests, and the
Preferred Interests are non-voting. The LLC shall be member-managed. All
approvals and actions shall require the approval of members holding a majority
of the Common Interests.

                  (b)      The Preferred Interests have a preference in
distribution to Common Interests upon any liquidation of, or other sale of
assets by, the LLC. An account designated as a "Contributions Account" shall be
maintained for each member in respect of such member's Preferred Interest
(initially for WXS and HTG Corp., $6,150,000 and $4,665,000, respectively),
which account for any member shall be increased for further capital
contributions whereby additional Preferred Interests are so acquired by such
member (not inclusive of contributions for variable expense described in
subparagraph (d) below), and which account for any member shall be reduced by
distributions of cash or property to such member. The Contributions Account
shall accrue a priority return of nine percent (9%) per annum, which priority
return will be paid first from the proceeds of any liquidation of, or sale of
assets by, the LLC.

                  (c)      WXS shall make additional capital contributions to
the LLC to pay all "Non-Operating Expenses," such as debt service, insurance,
pilot salaries, capital improvements and the like. Such additional capital
contributions shall purchase Preferred Interests, having an initial liquidation
valuation equal to the amount so contributed.

                  (d)      The members shall share usage of the Aircraft on an
"as available" basis in accordance with policies mutually agreed in writing by
the members, although priority to use shall be based generally on the members'
respective economic interests in the LLC. WXS shall pay all variable costs
relative to usage of the Aircraft by the members, such as fuel and similar
expenses, which payments shall be credited to WXS' capital account. The
Contributions Account of HTG Corp. (and its capital account) shall be reduced
for variable costs incurred in respect of usage of the Aircraft by HTG Corp.
calculated on the basis of the Treasury Regulations regarding the valuation of
employer provided aircraft. Use by Holcombe T. Green, Jr. for WXS business shall
be deemed use by WXS; use by Holcombe T. Green, Jr. for personal use shall be
use by HTG Corp.

                  (e)      The Contributions Account of any member (and such
member's capital account) shall be reduced for any cash or property
distributions to such member. Upon liquidation of the LLC, should the capital
account of any member be negative such member shall be obligated to restore such
account by paying such negative balance to the LLC, together with interest at
the short-term Applicable Federal Rate in effect from time to time. Depreciation
expense will be allocated first to members with positive capital accounts,
before any allocation to parties with a negative capital account.

                                       3
<PAGE>   4

         5.       Operating Agreement. HTG Corp. and WXS agree to negotiate and
enter into a definitive Operating Agreement which will govern the operation of
the LLC as a limited liability company and provide for the usage, governance and
disposition of the Aircraft; it being intended that until such agreement is
entered into, that this agreement shall constitute the LLC's "operating
agreement" for purposes of the Georgia Limited Liability Company Act.

         6.       Miscellaneous. This Agreement constitutes the entire
understanding of the parties, supercedes any prior agreements or understandings,
written or oral between the parties with respect to the subject matter hereof.
This Agreement shall be construed in accordance with and governed by the laws of
the State of Georgia. Subject to the terms and conditions of this Agreement,
each of the parties hereto will use all reasonable efforts to take, or cause to
be taken, all action, and to do, or to cause to be done all things necessary,
proper or advisable under applicable laws and regulations or otherwise, to
fulfill its obligations under this Agreement and to consummate and make
effective the transactions contemplated hereby.

                                       4
<PAGE>   5

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed by the respective authorized representatives as of
the day and year first written above.

                                      HTG FALCON LLC

                                      By:  HTG Corp.

                                      By:   /s/ Holcombe T. Green, Jr.
                                            ------------------------------------

                                      HTG CORP.

                                      By:   /s/ Holcombe T. Green, Jr.
                                            ------------------------------------

                                      WESTPOINT STEVENS INC.

                                      By:   /s/ David C. Meek
                                            ------------------------------------

                                       5

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