Document:

<PAGE>   1
                                                                EXHIBIT 10.10.1

                              SECOND AMENDMENT TO
                              AMENDED AND RESTATED
                         CREDIT AND SECURITY AGREEMENT

Preamble. THIS SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AND SECURITY
AGREEMENT (hereinafter, together with all schedules and exhibits hereto, and
any supplements, additions, modifications or amendments thereto made from time
to time called the "Second Amendment"), dated as of September 1, 2000 (the
"Second Amendment Date"), is made by and among THOMASTON MILLS, INC., a Georgia
corporation (hereinafter, together with its successors and permitted assigns
called the "Borrower"); THOMASTON MILLS FSC, INC., a U.S. Virgin islands
corporation (hereafter, together with its successors and permitted assigns,
called "FSC"); BANK OF AMERICA, N.A., f/k/a NATIONSBANK, N.A., a national
banking association (hereinafter, together with its successors and permitted
assigns, called "BAC"; BAC, together with SunTrust and Wachovia, each as
hereinafter defined, called collectively, the "Lenders" and, individually, a
"Lender"); SUNTRUST BANK, f/k/a SUNTRUST BANK, ATLANTA, a Georgia banking
corporation (hereinafter, together with its successors and permitted assigns,
called "SunTrust"), individually and as "Administrative Agent" and "Syndication
Agent" (as those terms are defined in the Credit Agreement defined below), on
behalf of the Lenders; WACHOVIA BANK, N.A., a national banking association
(hereinafter, together with its successors and permitted assigns, called
"Wachovia"), individually and as "Documentation Agent" and "Collateral Agent"
(as those terms are defined in the Credit Agreement defined below), on behalf
of the Lenders; and SUNTRUST EQUITABLE SECURITIES CORPORATION, a Tennessee
corporation (hereinafter, together with its successors and permitted assigns
called "SunTrust Equitable Securities"), as "Arranger" and "Lead Manager" (as
those terms are defined in the Credit Agreement defined below), on behalf of
the Lenders.

                  The Borrower, FSC, SunTrust (in its respective capacities
described above), Wachovia (in its respective capacities described above), BAC
as a Lender and SunTrust Equitable Securities (in its respective capacities
described above) (the foregoing parties herein sometimes collectively called
the "Parties" and individually called a "Party") are Parties to a certain
Amended and Restated Credit and Security Agreement, dated as of July 27, 1999
(which is, as amended to date, called herein the "Credit Agreement"), pursuant
to which, among other things, the Lenders agreed to extend credit and other
financial accommodations to the Borrower.

                  The Parties have agreed to modify and amend the Credit
Agreement in the manner, and subject to the terms and conditions, set forth
hereinbelow.

                  NOW, THEREFORE, in consideration of the foregoing premises,
the mutual covenants herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby mutually
acknowledged, the Parties, each intending to be legally bound, hereby agree as
follows:

         SECTION 1. Definitions. Capitalized terms used in this Second
Amendment and not defined herein are defined in the Credit Agreement.

         SECTION 2. Amendments to Credit Agreement.

         (a)      Section 5.20(a) of the Credit Agreement (Minimum EBITDA) is
                  hereby amended by changing the table presently set forth
                  therein to read, instead, as follows:

<PAGE>   2
<TABLE>
<CAPTION>
                             As of the Fiscal
                               Month Ended               Year-to-Date
                               Closest to:                  EBITDA
                          --------------------------------------------------
                          <S>                           <C>
                          July 31, 2000                 $  333,000
                          --------------------------------------------------
                          August 31, 2000               $  352,000
                          --------------------------------------------------
                          September 30, 2000            $  684,000
                          --------------------------------------------------
                          October 31, 2000              $1,077,000
                          --------------------------------------------------
                          November 30, 2000             $1,315,000
                          --------------------------------------------------
                          December 31, 2000             $1,450,000
                          --------------------------------------------------
                          January 31, 2001              $1,885,000
                          --------------------------------------------------
                          February 28, 2001             $2,353,000
                          --------------------------------------------------
                          March 31, 2001                $3,186,000
                          --------------------------------------------------
                          April 30, 2001                $3,948,000
                          --------------------------------------------------
                          May 31, 2001                  $4,654,000
                          --------------------------------------------------
                          June 30, 2001                 $5,415,000
                          --------------------------------------------------
</TABLE>

(b)      Section 5.20(b) of the Credit Agreement (Tangible Net Worth) is hereby
         amended by changing the table set forth therein to read, instead, as
         follows:

                                      -2-
<PAGE>   3

<TABLE>
<CAPTION>
                  As of the Fiscal
                     Month Ended               Year-to-Date
                     Closest to:             Tangible Net Worth
                 -------------------------------------------------
                 <S>                         <C>
                 July 31, 2000                  $17,905,000
                 -------------------------------------------------
                 August 31, 2000                $16,705,000
                 -------------------------------------------------
                 September 30, 2000             $15,557,000
                 -------------------------------------------------
                 October 31, 2000               $14,745,000
                 -------------------------------------------------
                 November 30, 2000              $13,771,000
                 -------------------------------------------------
                 December 31, 2000              $12,372,000
                 -------------------------------------------------
                 January 31, 2001               $11,563,000
                 -------------------------------------------------
                 February 28, 2001              $10,800,000
                 -------------------------------------------------
                 March 31, 2001                 $10,117,000
                 -------------------------------------------------
                 April 30, 2001                 $ 9,657,000
                 -------------------------------------------------
                 May 31, 2001                   $ 9,124,000
                 -------------------------------------------------
                 June 30, 2001                  $ 8,375,000
                 -------------------------------------------------
</TABLE>

(c)      In connection with the foregoing modifications to Sections 5.20(a) and
         5.20(b) of the Credit Agreement, any Event of Default heretofore
         existing in respect of Borrower's non-compliance with said Sections as
         of, or for the fiscal period(s) ended, May 31, 2000 and June 30, 2000
         (in respect of Section 5.20(a)) or June 30, 2000 (in respect of
         Section 5.20(b)), are hereby waived by the Lenders.

(d)      Section 5.20 is further amended by changing the proviso at the end of
         Section 5.20(b), which pertains to all of Section 5.20, to read,
         instead, as follows:

                  ; provided, however, that, based upon Borrower's Business
                  Plan delivered to the Lenders pursuant to SECTION 5.01(o),
                  the Required Lenders shall establish the monthly minimum
                  EBITDA and Tangible Net Worth covenants for each Fiscal Year
                  after the Fiscal Year ending closest to June 30, 2001 using
                  the same methodology as utilized for the Fiscal Year ending
                  closest to June 30, 2001, and the covenants shall be
                  presented to Borrower for its approval, which approval shall
                  not be unreasonably withheld. In the event Borrower does not
                  approve the proposed covenants, then the Required Lenders
                  shall establish such

                                      -3-
<PAGE>   4

                  covenants, in their reasonable discretion, based upon
                  Borrower's Business Plan for the applicable Fiscal Year;
                  provided, however, that with respect to the minimum Tangible
                  Net Worth covenant set forth in SECTION 5.20(b), prior to the
                  date such covenant is established for Fiscal Months
                  subsequent to June 30, 2001, Borrower shall not fail to
                  maintain Tangible Net Worth of at least $8,375,000 as of each
                  Fiscal Month-end.

         SECTION 3. Representations and Warranties of Obligors. The Borrower
and FSC, each severally, represents and warrants to the other Parties that:

         (a)      It has the power and authority to enter into and to perform
                  this Second Amendment, to execute and deliver all documents
                  relating to this Second Amendment, and or incur the
                  obligations provided for in this Second Amendment, all of
                  which have been duly authorized and approved in accordance
                  with its corporate documents;

         (b)      This Second Amendment, together with all documents executed
                  pursuant hereto, shall constitute when executed its valid and
                  legally binding obligations in accordance with their
                  respective terms;

         (c)      All representations and warranties made by it in the Credit
                  Agreement are true and correct as of the date hereof, with
                  the same force and effect as if all representations and
                  warranties were fully set forth herein;

         (d)      Its Obligations under the Credit Documents remain valid and
                  enforceable Obligations, and the execution and delivery of
                  this Second Amendment and the other documents executed in
                  connection herewith shall not be construed as a novation of
                  the Credit Agreement or any of the other Credit Documents;

         (e)      As of the Second Amendment Date, it has no offsets, defenses
                  or counterclaims against the payment of any of the
                  Obligations; and

         (f)      As of the Second Amendment Date, and after giving effect to
                  the terms hereof, no Default Condition or Event of Default
                  exists.

         SECTION 4. Waiver of Claims. As a specific inducement to the other
Parties without which the Borrower and FSC acknowledge the other Parties would
not enter into this Second Amendment and the other documents executed in
connection herewith, each of the Borrower and FSC hereby waives any and all
claims that it may have against any other Party, as of the date hereof, arising
out of or relating to the Credit Agreement or any other Credit Document whether
sounding in contract, tort, or any other basis.

         SECTION 5. Conditions of Effectiveness. This Second Amendment shall
become effective when, and only when, the Documentation Agent shall have
received this Second Amendment, executed by each Party, at which time the
amendments set forth in Section 2 above shall become effective, retroactive to
the Second Amendment Date.

                                      -4-
<PAGE>   5

         SECTION 6. Miscellaneous.

                  6.1      Reference to Credit Agreement. Upon the
effectiveness of this Credit Agreement, each reference in the Credit Agreement
to "this Credit Agreement" and each reference in the other Credit Documents to
the Credit Agreement, shall mean and be a reference to the Credit Agreement as
amended hereby.

                  6.2      Effect on Credit Documents. Except as specifically
amended above, all terms of the Credit Agreement and all other Credit Documents
shall remain in full force and effect and are hereby ratified and confirmed.

                  6.3      No Waiver. The execution, delivery and effectiveness
of this Second Amendment shall not operate as a waiver of any right, power, or
remedy of Lenders or the Agents under any of the Credit Documents, nor
constitute a waiver of any provision of any of the Credit Documents.

                  6.4      Costs, Expenses and Taxes. The Borrower agrees to
pay on demand all costs and expenses of the Agents and the Lenders in
connection with the preparation, reproduction, execution, and delivery of this
Second Amendment and the other instruments and documents to be delivered
hereunder, including the reasonable fees and out-of-pocket expenses of counsel
for the Agent and the Lenders with respect hereto.

                  6.5      No Novation. Nothing contained herein intended, or
shall be construed, to constitute a novation to the Credit Agreement or any
Credit Document.

                  6.6      Governing Law. This Second Amendment shall be
governed by and construed in accordance with the laws of the State of Georgia,
without giving affect to conflict of law provisions.

                  6.7      Counterparts. This Second Amendment may be executed
in counterparts. Each counterpart shall bind the Party or Parties executing
same. All counterparts, taken together, shall constitute one and the same
agreement.

                                      -5-
<PAGE>   6

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

                                  "BORROWER"

                                  THOMASTON MILLS, INC.      (SEAL)

                                  By:   /s/
                                        ---------------------------------------
                                        Neil H. Hightower
                                        President and Chief Executive Officer

                                  Attest: /s/
                                          -------------------------------------
                                          A. William Ott
                                          Vice President-Finance

                                  "SUBSIDIARY GUARANTOR"

                                  THOMASTON MILLS FSC, INC.  (SEAL)

                                  By:   /s/
                                        ---------------------------------------
                                        Neil H. Hightower
                                        President and Chief Executive Officer

                                  Attest:  /s/
                                          -------------------------------------
                                           A. William Ott
                                           Vice President-Finance

                                      -6-
<PAGE>   7

                                  SUNTRUST BANK,                     (SEAL)
                                  as Administrative Agent and
                                  Syndication Agent, as a Lender,
                                  and as Agent for SunTrust Equitable
                                  Securities Corporation

                                  By:   /s/
                                        ---------------------------------------
                                        Name:
                                        Title:

                                      -7-
<PAGE>   8

                                  WACHOVIA BANK, N.A.,               (SEAL)
                                  as Documentation Agent,
                                  Collateral Agent, and as a Lender

                                  By:   /s/
                                        ---------------------------------------
                                        Name:
                                        Title:

                                      -8-
<PAGE>   9

                                   BANK OF AMERICA, N.A.,    (SEAL)
                                   as a Lender

                                   By:   /s/
                                         --------------------------------------
                                         Name:
                                         Title:

                                      -9-<PAGE>   1

                                                                 EXHIBIT 10.12.1

                               Waiver and Consent

                            As of September __, 1999

THOMASTON MILLS, INC.
115 East Main Street
Thomaston, Georgia 30286

         Re:      Loan and Security Agreement dated as of July 27, 1999 among
                  Thomaston Mills, Inc., as Borrower, the Lenders party thereto,
                  Foothill Capital Corporation and General Electric Capital
                  Corporation, as Co-Agents, and Foothill Capital Corporation,
                  as Agent (the "Loan Agreement"; capitalized terms used herein
                  and not otherwise defined herein shall have the meanings
                  ascribed thereto in the Loan Agreement)

Gentlemen:

         You have requested that the Lenders waive compliance by the Borrower
with Section 7.4 of the Loan Agreement to permit the Borrower to sell the assets
listed in the table below at a gross sales price of at least the amount set
forth in such table immediately beside the description of such asset
(collectively, the "Proposed Asset Sales"):

<TABLE>
<CAPTION>
           ASSET TO BE SOLD:                     MINIMUM GROSS SALES PRICE:
           -----------------                     --------------------------
<S>                                              <C>
25 Sulzer P-7100 weaving machines and                     $550,000
auxiliary equipment

14 Rieter Model C-4 Cards, year 1988                      $210,000

2 Buick Roadmaster SDs                                    $  8,500

VIN # 1G4BN52P6RR432095 and
VIN# G4BN52PORR410058

3 Schlafhorst spinning frames, Model                      $ 18,000
year 1983
</TABLE>

<PAGE>   2

<TABLE>
<CAPTION>
           ASSET TO BE SOLD:                     MINIMUM GROSS SALES PRICE:
           -----------------                     --------------------------
<S>                                              <C>
Viper Trademark                                           $ 10,000
United Stated Patent and Trademark
Office Registration Number 1,849,350
(the "Viper Trademark")
</TABLE>

The Lenders have agreed to such Proposed Asset Sales so long as (a) the purchase
price therefor is paid in full in cash at the closing of the applicable Proposed
Asset Sale, (b) the assets are sold "as-is, where-is", (c) promptly upon the
sale of such assets, the Borrower shall notify the Agent that such sale has been
consummated, and (d) the proceeds (after payment of reasonable commissions and
expenses not to exceed 10% of the gross sales price therefor) from the sale of
the assets are remitted to the Agent for application to the Obligations in
accordance with Section 2.5(b) (iii). Notwithstanding anything to the contrary
contained in the Credit Agreement, the parties hereto hereby agree that such net
proceeds from the sale of the Viper Trademark shall be applied to the
Obligations in accordance with Section 2.5(b)(iii) in the same manner as such
proceeds would be applied if such sale were a sale of Equipment.

         The Borrower has further requested that the Lenders waive compliance by
the Borrower with Section 7.4 of the Loan Agreement to permit future sales of
Equipment previously used by the Borrower in connection with the Borrower's
denim and industrial fabrics divisions (collectively, the "Future Equipment
Sales"). The Lenders have agreed to such Future Equipment Sales so long as (a)
after giving effect to this Waiver and Consent, no Default or Event of Default
then exists or would be caused thereby, (b) the net proceeds (after reasonable
commissions and expenses not to exceed 10% of the gross sales price therefor)
for each item of Equipment sold are not less than the forced liquidation value
of such Equipment as shown on the most recent appraisal completed for the Agent
by an appraiser satisfactory to the Co-Agents and based on comparable
methodology as used by MB Valuation Services, Inc. in connection with its
appraisal of the Equipment in connection with the closing of the Loan Agreement
(the "Forced Liquidation Value"), (c) the purchase price therefor is paid in
full in cash at the closing of the applicable Future Equipment Sale, (d) the
Equipment is sold "as-is, where-is", (e) prior to the effective date of the sale
the Borrower shall notify the Agent in writing of the proposed sale, the Forced
Liquidation Value of the Equipment to be sold, and the proposed gross sales
price and projected net sales proceeds therefor, (f) promptly upon the sale of
such Equipment, the Borrower shall notify the Agent that such sale has been
consummated, and (g) the net proceeds from the sale of the Equipment are
remitted to the Agent for application to the Obligations in accordance with
Section 2.5(b)(iii).

         The Borrower has further requested that the Lenders approve non-cash
charges in the amount of $9,650,000 to be included in subsection (c) of the
definition of Tangible Net Worth as of the July 31, 1999. The Lenders have
agreed that such non-cash charges be included in subsection (c) of the
definition of Tangible Net Worth as of July 31, 1999.

<PAGE>   3

         This Waiver and Consent shall be effective only upon (a) the execution
and delivery by the Borrower to the Agent of the acknowledgment and consent to
this Waiver and Agreement and (b) the receipt by the Agent for the account of
the Lenders of a consent fee in the amount of $2,500 (it being understood that,
by executing the acknowledgment and consent below the Borrower consents to the
Agent charging the Borrower's Loan Account for such fee and such fee shall
thereafter accrue interest at the rate applicable to Advances under the Loan
Agreement in accordance with Section 2.7(e) of the Loan Agreement).

         Except as set forth above, all terms and conditions of the Loan
Agreement and all Loan Documents shall remain in full force and effect and not
be affected by this Waiver and Consent, and the Lenders reserve the right to
require strict compliance with the terms and conditions of the Loan Agreement
and the related Loan Documents, including without limitation Section 7.4 and
Section 7.20(b) of the Loan Agreement.

         This Waiver and Consent shall be a Loan Document for all purposes.

         This Waiver and Consent may be executed in any number of counterparts,
each of which shall be deemed an original but all of which, when taken together,
shall constitute one in the same agreement. Delivery of a counterpart hereto by
facsimile transmission shall be as effective as delivery of an original
counterpart hereto.

         If the above provisions are satisfactory to you, please execute this
Waiver and Consent as set forth below and return it to the Agent.

                         Very truly yours,

                         Foothill Capital Corporation, a California
                         corporation with an office in Atlanta,
                         Georgia, as Agent, a Co-Agent and a Lender

                         By: /s/
                            ----------------------------------------------------
                            Title:
                                  ----------------------------------------------

                         General Electric Capital Corporation, a New
                         York corporation with an office in Atlanta,
                         Georgia, as a Lender and a Co-Agent

                         By: /s/
                            ----------------------------------------------------
                            Title:
                                  ----------------------------------------------

                         Back Bay Capital Funding LLC, a Delaware
                         limited liability company, as a Lender

<PAGE>   4

                                                  By: /s/
                                                     ---------------------------
                                                     Title:
                                                           ---------------------

cc:      Jesse H. Austin, Esq.
         Lizanne Thomas, Esq.

Consented and Agreed to this
___ day of September, 1999:

Thomaston Mills, Inc.

By: /s/
   ---------------------------
   Title:
         ---------------------

<PAGE>   5

                           Second Waiver and Amendment

                             As of December 31, 1999

THOMASTON MILLS, INC.
115 East Main Street
Thomaston, Georgia 30286

         Re:      Loan and Security Agreement dated as of July 27, 1999 among
                  Thomaston Mills, Inc., as Borrower, the Lenders party thereto,
                  Foothill Capital Corporation and General Electric Capital
                  Corporation, as Co-Agents, and Foothill Capital Corporation,
                  as Agent, as modified and amended by that certain Waiver and
                  Consent dated as of September 16, 1999 (the "Loan Agreement";
                  capitalized terms used herein and not otherwise defined herein
                  shall have the meanings ascribed thereto in the Loan
                  Agreement)

Gentlemen:

         You have requested that the definition of "Eligible Off-Site Inventory"
in Section 1(A) of the Loan Agreement be modified and amended to add the
following sentence immediately after the first sentence of such definition:

                  "In addition, "Eligible Off-Site Inventory" means those items
                  of Inventory consisting of finished goods with an aggregate
                  Cost not to exceed $1,000,000 that do not qualify as Eligible
                  Landed Inventory solely because they are not in a location set
                  forth on Schedule E-1 but such Inventory is located at
                  National Linen Service, Inc., 1420 Peachtree Street , Fulton
                  County, Atlanta, Georgia and is segregated or otherwise
                  separately identifiable from goods of others, if any, on such
                  premises of National Linen Service, Inc. and National Linen
                  Services, Inc. has executed a Collateral Access Agreement in
                  favor of Agent with respect thereto."

         The Lenders have agreed to such modification and amendment to the
definition of "Eligible Off-Site Inventory" and such definition is hereby so
modified and amended.

                                       1
<PAGE>   6

         The Borrower has further requested that the Lenders waive compliance by
the Borrower with Section 7.4 of the Loan Agreement to permit the sale of
certain real estate identified on Exhibit A hereto to Georgia Power Company in
connection with its construction of a power substation adjacent to such property
(the "Utility Sale"). The Lenders have agreed to such Utility Sale so long as
(a) after giving effect to this Second Waiver and Amendment, no Default or Event
of Default then exists or would be caused thereby, (b) the gross proceeds for
such real estate sold is not less than $13,972.00 (c) the purchase price
therefor is paid in full in cash at the closing of the Utility Sale, (d)
promptly upon the sale of such real estate, the Borrower shall notify the Agent
that such sale has been consummated, and (e) the net proceeds from the sale of
such real estate are remitted to the Sun Trust Lenders for application to the
Sun Trust Term Loan.

         This Second Waiver and Amendment shall be effective only upon (a) the
execution and delivery by the Borrower to the Agent of the acknowledgment and
consent to this Second Waiver and Amendment and (b) the receipt by the Agent for
the account of the Lenders of a consent fee in the amount of $2,500.00 (it being
understood that, by executing the acknowledgment and consent below the Borrower
consents to the Agent charging the Borrower's Loan Account for such fee and such
fee shall thereafter accrue interest at the rate applicable to Advances under
the Loan Agreement in accordance with Section 2.7(e) of the Loan Agreement).

         Except as set forth above, all terms and conditions of the Loan
Agreement and all Loan Documents shall remain in full force and effect and not
be affected by this Second Waiver and Amendment, and the Lenders reserve the
right to require strict compliance with the terms and conditions of the Loan
Agreement and the related Loan Documents, including without limitation Section
7.4 of the Loan Agreement.

         This Second Waiver and Amendment shall be a Loan Document for all
purposes.

         This Second Waiver and Amendment may be executed in any number of
counterparts, each of which shall be deemed an original but all of which, when
taken together, shall constitute one in the same agreement. Delivery of a
counterpart hereto by facsimile transmission shall be as effective as delivery
of an original counterpart hereto.

         If the above provisions are satisfactory to you, please execute this
Second Waiver and Amendment as set forth below and return it to the Agent.

                            Very truly yours,

                            Foothill Capital Corporation, a California
                            corporation with an office in Atlanta, Georgia, as
                            Agent, a Co-Agent and a Lender

                            By: /s/
                               -------------------------------------------------
                               Title:
                                     -------------------------------------------

                                       2
<PAGE>   7

                            General Electric Capital Corporation, a New York
                            corporation with an office in Atlanta, Georgia, as a
                            Lender and a Co-Agent

                            By: /s/
                               -------------------------------------------------
                               Title:
                                     -------------------------------------------

                            Back Bay Capital Funding LLC, a Delaware limited
                            liability company, as a Lender

                            By: /s/
                               -------------------------------------------------
                               Title:
                                     -------------------------------------------
cc:      Jesse H. Austin, Esq.
         Lizanne Thomas, Esq.

Consented and Agreed to this
___ day of December, 1999:

Thomaston Mills, Inc.

By: /s/
   ----------------------------
   Title:
         ----------------------

                                       3
<PAGE>   8

                           Third Waiver and Amendment

                             As of February 9, 2000

THOMASTON MILLS, INC.
115 East Main Street
Thomaston, Georgia 30286

         Re:      Loan and Security Agreement dated as of July 27, 1999 among
                  Thomaston Mills, Inc., as Borrower, the Lenders party thereto,
                  Foothill Capital Corporation and General Electric Capital
                  Corporation, as Co-Agents, and Foothill Capital Corporation,
                  as Agent, as modified and amended by that certain Waiver and
                  Consent dated as of September 16, 1999, as further modified
                  and amended by that certain Second Waiver and Amendment dated
                  as of December 31, 1999 (the "Loan Agreement"; capitalized
                  terms used herein and not otherwise defined herein shall have
                  the meanings ascribed thereto in the Loan Agreement)

Gentlemen:

         You have requested that the Lenders waive compliance by the Borrower
with Section 7.4 of the Loan Agreement to permit the sale of certain real estate
identified on Exhibit A hereto (the "Real Estate Sale"). The Lenders have agreed
to such Real Estate Sale so long as (a) after giving effect to this Third Waiver
and Amendment, no Default or Event of Default then exists or would be caused
thereby, (b) the gross proceeds for such real estate sold are not less than
$85,000.00 (c) the purchase price therefor is paid in full in cash at the
closing of the Real Estate Sale, (d) promptly upon the sale of such real estate,
the Borrower shall notify the Agent that such sale has been consummated, and (e)
the net proceeds from the sale of such real estate are remitted to the Sun Trust
Lenders for application to the Sun Trust Term Loan.

                                       1
<PAGE>   9

         This Third Waiver and Amendment shall be effective only upon (a) the
execution and delivery by the Borrower to the Agent of the acknowledgment and
consent to this Third Waiver and Amendment and (b) the receipt by the Agent for
the account of the Lenders of a consent fee in the amount of $2,500.00 (it being
understood that, by executing the acknowledgment and consent below the Borrower
consents to the Agent charging the Borrower's Loan Account for such fee and such
fee shall thereafter accrue interest at the rate applicable to Advances under
the Loan Agreement in accordance with Section 2.7(e) of the Loan Agreement).

         Except as set forth above, all terms and conditions of the Loan
Agreement and all Loan Documents shall remain in full force and effect and not
be affected by this Third Waiver and Amendment, and the Lenders reserve the
right to require strict compliance with the terms and conditions of the Loan
Agreement and the related Loan Documents, including without limitation Section
7.4 of the Loan Agreement.

         This Third Waiver and Amendment shall be a Loan Document for all
purposes.

         This Third Waiver and Amendment may be executed in any number of
counterparts, each of which shall be deemed an original but all of which, when
taken together, shall constitute one in the same agreement. Delivery of a
counterpart hereto by facsimile transmission shall be as effective as delivery
of an original counterpart hereto.

         If the above provisions are satisfactory to you, please execute this
Third Waiver and Amendment as set forth below and return it to the Agent.

                           Very truly yours,

                           Foothill Capital Corporation, a California
                           corporation with an office in Atlanta, Georgia, as
                           Agent, a Co-Agent and a Lender

                           By: /s/
                              --------------------------------------------------
                              Title:
                                    --------------------------------------------

                                       2
<PAGE>   10

                                       General Electric Capital Corporation,
                                       a New York corporation with an office
                                       in Atlanta, Georgia, as a Lender and
                                       a Co-Agent

                                       By: /s/
                                          -------------------------------------
                                          Title:
                                                -------------------------------

                                       Back Bay Capital Funding LLC, a Delaware
                                       limited liability company, as a Lender

                                       By: /s/
                                          -------------------------------------
                                          Title:
                                                -------------------------------
cc: Jesse H. Austin, Esq.
    Lizanne Thomas, Esq.

Consented and Agreed as of the
9th day of February, 2000:

Thomaston Mills, Inc.

By: /s/
   -----------------------------
   Title:
         -----------------------

                                       3
<PAGE>   11

                           Fourth Waiver and Amendment

                               As of May 31, 2000

THOMASTON MILLS, INC.
115 East Main Street
Thomaston, Georgia 30286

         Re:      Loan and Security Agreement dated as of July 27, 1999 among
                  Thomaston Mills, Inc., as Borrower, the Lenders party thereto,
                  Foothill Capital Corporation and General Electric Capital
                  Corporation, as Co- Agents, and Foothill Capital Corporation,
                  as Agent, as modified and amended by that certain Waiver and
                  Consent dated as of September 16, 1999, as further modified
                  and amended by that certain Second Waiver and Amendment dated
                  as of December 31, 1999, as further modified and amended by
                  that certain Third Waiver and Amendment dated as of February
                  9, 2000 (the "Loan Agreement"; capitalized terms used herein
                  and not otherwise defined herein shall have the meanings
                  ascribed thereto in the Loan Agreement)

Gentlemen:

         You have requested that the Lenders waive compliance by the Borrower
with Section 7.1, Section 7.2, Section 7.4 and Section 7.6 of the Loan Agreement
to permit the refinancing of a portion of the SunTrust Term Loan by WebBank
("Web") pursuant to that certain Loan Agreement of even date herewith among the
Borrower and Web (the "Web Loan Agreement"; and together with all other loan
documents to be executed in connection therewith, the "Web Loan Documents") to
be secured by a deed to secure debt on certain real estate identified on Exhibit
A hereto (the "Lakeside Real Estate") and a lien on certain personal property
located on the Lakeside Real Estate and identified on Exhibit B hereto (the "Web
Personalty") and to be guarantied by Thomaston Mills FSC, Inc. pursuant to an
unsecured guaranty. In connection therewith, the Borrower has requested that the
Agent release its lien on the Lakeside Real Estate and the Web Personalty. Such
refinancing pursuant to the Web Loan Agreement, the grant of such liens and
guaranty and the release of such Collateral is hereafter referred to as the "Web
Transaction." The Lenders have agreed to the Web Transaction so long as (a)
after giving effect to this Fourth Waiver and Amendment, no Default or Event of
Default then exists or would be caused thereby, (b) the gross amount of the loan
from Web is not less than $10,000,000, (c) the Lenders receive not less than
$525,000 from the proceeds of such loan, (d) the principal balance on the
SunTrust Term Loan is reduced by $9,000,000 from the proceeds from such loan,
(e) the Agent has received evidence satisfactory to it that the SunTrust Lenders
have released their liens on the Lakeside Real Estate and the Web Personalty,
and (f) promptly upon the closing of such loan, the Borrower shall notify the
Agent that such

                                       1
<PAGE>   12

loan has been consummated and shall deliver executed copies of the Web Loan
Documents executed in connection therewith to the Agent.

         The Loan Agreement is hereby modified and amended to the extent
necessary to permit the Web Transaction, to provide that all funds received by
the Lenders from the proceeds of the loan from Web to the Borrower shall be
applied to the Tranche A Term Loan, and to provide that modification of the Web
Loan Documents is restricted by Section 7.8(a) and (b) of the Loan Agreement. In
addition to the foregoing, Section 8.10 of the Loan Agreement is hereby modified
and amended to delete the word "or" immediately preceding clause (b) thereof and
the following is hereby added to the end of such Section 8.10:

         ", or (c) if there is a default under that certain Loan Agreement dated
         as of May 31, 2000 between the Borrower and WebBank (as modified from
         time to time pursuant to the terms hereof) or any loan document
         executed in connection therewith;"

         This Fourth Waiver and Amendment shall be effective only upon (a) the
execution and delivery by the Borrower to the Agent of the acknowledgment and
consent to this Fourth Waiver and Amendment and (b) the receipt by the Agent for
the account of the Lenders of a consent fee in the amount of $5,000 (it being
understood that, by executing the acknowledgment and consent below the Borrower
consents to the Agent charging the Borrower's Loan Account for such fee and such
fee shall thereafter accrue interest at the rate applicable to Advances under
the Loan Agreement in accordance with Section 2.7(e) of the Loan Agreement).

         Except as set forth above, all terms and conditions of the Loan
Agreement and all Loan Documents shall remain in full force and effect and not
be affected by this Fourth Waiver and Amendment, and the Lenders reserve the
right to require strict compliance with the terms and conditions of the Loan
Agreement and the related Loan Documents, including without limitation Sections
7.1, 7.2, 7.4, 7.6, 7.8 and 8.10 of the Loan Agreement.

         This Fourth Waiver and Amendment shall be a Loan Document for all
purposes.

         This Fourth Waiver and Amendment may be executed in any number of
counterparts, each of which shall be deemed an original but all of which, when
taken together, shall constitute one in the same agreement. Delivery of a
counterpart hereto by facsimile transmission shall be as effective as delivery
of an original counterpart hereto.

         If the above provisions are satisfactory to you, please execute this
Fourth Waiver and Amendment as set forth below and return it to the Agent.

                       [signatures are on following page]

                                       2
<PAGE>   13

                         Very truly yours,

                         Foothill Capital Corporation, a California
                         corporation with an office in Atlanta, Georgia, as
                         Agent, a Co-Agent and a Lender

                         By: /s/
                            Title:

                         General Electric Capital Corporation, a New York
                         corporation with an office in Atlanta, Georgia, as a
                         Lender and a Co-Agent

                         By: /s/
                             Title:

                         Back Bay Capital Funding LLC, a Delaware limited
                         liability company, as a Lender

                         By: /s/
                             Title:

cc:      Jesse H. Austin, Esq.
         Lizanne Thomas, Esq.

Consented and Agreed as of the
___ day of __________, 2000:

Thomaston Mills, Inc.

By: /s/
    Title:

FOURTH WAIVER AND AMENDMENT
<PAGE>   14

                           Fifth Waiver and Amendment

                            As of September 12, 2000

THOMASTON MILLS, INC.
115 East Main Street
Thomaston, Georgia 30286

         Re:      Loan and Security Agreement dated as of July 27, 1999 among
                  Thomaston Mills, Inc., as Borrower, the Lenders party thereto,
                  Foothill Capital Corporation and General Electric Capital
                  Corporation, as Co-Agents, and Foothill Capital Corporation,
                  as Agent, as modified and amended by that certain Waiver and
                  Consent dated as of September 16, 1999, as further modified
                  and amended by that certain Second Waiver and Amendment dated
                  as of December 31, 1999, as further modified and amended by
                  that certain Third Waiver and Amendment dated as of February
                  9, 2000, as further modified and amended by that certain
                  Fourth Waiver and Amendment dated as of May 31, 2000 (the
                  "Loan Agreement"; capitalized terms used herein and not
                  otherwise defined herein shall have the meanings ascribed
                  thereto in the Loan Agreement)

Gentlemen:

         You have requested that the Lenders waive, and the Lenders have agreed
to waive, compliance by the Borrower with Section 7.20(a) of the Loan Agreement,
Minimum EBITDA, for the period ending May 31, 2000.

         In addition, you have requested that the table in Section 7.22 of the
Loan Agreement, Collateral Coverage, be modified and amended, and such table is
hereby modified and amended, to delete the reference to "July 31, 2000" therein
and to substitute "October 31, 2000" therefor.

              This Fifth Waiver and Amendment shall be effective only upon (a)
the execution and delivery by the Borrower to the Agent of the acknowledgment
and consent to this Fifth Waiver and Amendment and (b) the receipt by the Agent
for the account of the Lenders of a consent fee in the amount of $25,000.00 (it
being understood that, by executing the acknowledgment and consent below the
Borrower consents to the Agent charging the Borrower's Loan Account for such fee
and such fee shall thereafter accrue interest at the rate applicable to Advances
under the Loan Agreement in accordance with Section 2.7(e) of the Loan
Agreement).

                                       1
<PAGE>   15

         Except as set forth above, all terms and conditions of the Loan
Agreement and all Loan Documents shall remain in full force and effect and not
be affected by this Fifth Waiver and Amendment, and the Lenders reserve the
right to require strict compliance with the terms and conditions of the Loan
Agreement and the related Loan Documents, including without limitation Section
7.20(a) and Section 7.22 of the Loan Agreement.

         This Fifth Waiver and Amendment shall be a Loan Document for all
purposes.

         This Fifth Waiver and Amendment may be executed in any number of
counterparts, each of which shall be deemed an original but all of which, when
taken together, shall constitute one in the same agreement. Delivery of a
counterpart hereto by facsimile transmission shall be as effective as delivery
of an original counterpart hereto.

         If the above provisions are satisfactory to you, please execute this
Fifth Waiver and Amendment as set forth below and return it to the Agent.

                       [signatures are on following page]

                                       2
<PAGE>   16

                           Very truly yours,

                           Foothill Capital Corporation, a California
                           corporation with an office in Atlanta, Georgia, as
                           Agent, a Co-Agent and a Lender

                           By: /s/
                              --------------------------------------------------
                              Title:
                                    --------------------------------------------

                           General Electric Capital Corporation, a New York
                           corporation with an office in Atlanta, Georgia, as a
                           Lender and a Co-Agent

                           By: /s/
                              --------------------------------------------------
                              Title:
                                    --------------------------------------------

                           Back Bay Capital Funding LLC, a Delaware limited
                           liability company, as a Lender

                           By: /s/
                              --------------------------------------------------
                              Title:
                                    --------------------------------------------

cc:      Jesse H. Austin, Esq.
         Lizanne Thomas, Esq.

Consented and Agreed as of the
____ day of September, 2000:

Thomaston Mills, Inc.

By: /s/
   ----------------------------
   Title:
         ----------------------

FIFTH WAIVER AND AMENDMENT
<PAGE>   17
                           Sixth Waiver and Amendment

                            As of September 12, 2000

THOMASTON MILLS, INC.
115 East Main Street
Thomaston, Georgia 30286

         Re:      Loan and Security Agreement dated as of July 27, 1999 among
                  Thomaston Mills, Inc., as Borrower, the Lenders party thereto,
                  Foothill Capital Corporation and General Electric Capital
                  Corporation, as Co-Agents, and Foothill Capital Corporation,
                  as Agent, as modified and amended by that certain Waiver and
                  Consent dated as of September 16, 1999, as further modified
                  and amended by that certain Second Waiver and Amendment dated
                  as of December 31, 1999, as further modified and amended by
                  that certain Third Waiver and Amendment dated as of February
                  9, 2000, as further modified and amended by that certain
                  Fourth Waiver and Amendment dated as of May 31, 2000, as
                  further modified and amended by that certain Fifth Waiver and
                  Amendment dated as of September 12, 2000 (the "Loan
                  Agreement"; capitalized terms used herein and not otherwise
                  defined herein shall have the meanings ascribed thereto in the
                  Loan Agreement)

Gentlemen:

              You have requested that the Lenders waive, and the Lenders hereby
waive, compliance by the Borrower with Section 7.20(a) of the Loan Agreement,
Minimum EBITDA, for the period ending June 30, 2000.

              In addition, you have requested that the Lenders waive, and the
Lenders hereby waive, compliance by the Borrower with Section 7.20(b) of the
Loan Agreement, Tangible Net Worth, for the period ending June 30, 2000.

              In addition, you and the Lenders hereby agree to modify and amend
subsection (b) of Section 2.1 of the Loan Agreement, Revolving Advances, to add
the following sentence at the end of such subsection:

              "In addition to the foregoing reserves, as of September 12, 2000
              there shall be a reserve against the Borrowing Base in the amount
              of $666,666.66 which reserve shall be reduced by the amount of any
              principal payments made on the Tranche A

                                       1
<PAGE>   18

              Term Loans after September 12, 2000 and which reserve shall be
              eliminated at such time as the ratio of the principal balance of
              the Term Loans to the most recently determined Equipment Net
              Liquidation Value is equal to or less than 85%."

              In addition, you have requested that the table in Section 7.20(a)
of the Loan Agreement, Minimum EBITDA, be modified and amended, and such table
is hereby modified and amended, to add the following additional monthly
covenants as set forth in the table below:

<TABLE>
<CAPTION>
            -------------------------------------------
            As of the fiscal month         Year-to-Date
              ended closest to:               EBITDA:
            -------------------------------------------
            <S>                            <C>
            July 31, 2000                    $  333,000
            -------------------------------------------
            August 31, 2000                  $  352,000
            -------------------------------------------
            September 30, 2000               $  684,000
            -------------------------------------------
            October 31, 2000                 $1,077,000
            -------------------------------------------
            November 30, 2000                $1,315,000
            -------------------------------------------
            December 31, 2000                $1,450,000
            -------------------------------------------
            January 31, 2001                 $1,885,000
            -------------------------------------------
            February 28, 2001                $2,353,000
            -------------------------------------------
            March 31, 2001                   $3,166,000
            -------------------------------------------
            April 30, 2001                   $3,948,000
            -------------------------------------------
            May 31, 2001                     $4,654,000
            -------------------------------------------
            June 30, 2001                    $5,415,000
            -------------------------------------------
</TABLE>

                                       2
<PAGE>   19

              In addition, you have requested that the table in Section 7.20(b)
of the Loan Agreement, Tangible Net Worth, be modified and amended, and such
table is hereby modified and amended, to add the following additional monthly
covenants as set forth in the table below:

<TABLE>
<CAPTION>
            --------------------------------------------
            As of the fiscal month
               ended closest to:     Tangible Net Worth:
            --------------------------------------------
            <S>                      <C>
            July 31, 2000                    $17,905,000
            --------------------------------------------
            August 31, 2000                  $16,705,000
            --------------------------------------------
            September 30, 2000               $15,557,000
            --------------------------------------------
            October 31, 2000                 $14,745,000
            --------------------------------------------
            November 30, 2000                $13,771,000
            --------------------------------------------
            December 31, 2000                $12,372,000
            --------------------------------------------
            January 31, 2001                 $11,563,000
            --------------------------------------------
            February 28, 2001                $10,800,000
            --------------------------------------------
            March 31, 2001                   $10,117,000
            --------------------------------------------
            April 30, 2001                   $ 9,657,000
            --------------------------------------------
            May 31, 2001                     $ 9,124,000
            --------------------------------------------
            June 30, 2001                    $ 8,375,000
            --------------------------------------------
</TABLE>

              In addition, you have requested that the first proviso at the end
of Section 7.20 of the Loan Agreement, Financial Covenants, be modified and
amended, and such proviso is hereby modified and amended, to delete the
references to "June 30, 2000" therein and to substitute "June 30, 2001"
therefor.

              In addition, you have requested that the second proviso at the end
of Section 7.20 of the Loan Agreement, Financial Covenants, be modified and
amended, and such proviso is hereby modified and amended, to delete the
reference to "$37,639,000" therein and to substitute "$8,375,000" therefor.

              By executing the acknowledgment below, the Borrower hereby makes
the following representations:

              The execution, delivery and performance by the Borrower of this
              letter agreement and the Loan Agreement as amended hereby are
              within the Borrower's corporate powers, have been duly authorized
              by all necessary corporate action and do not contravene (i) the
              Borrower's articles or certificate of incorporation, or (ii) law
              or any contractual restriction binding on or affecting the
              Borrower;

              This letter agreement and the Loan Agreement as amended hereby
              constitute the legal, valid and binding obligations of the
              Borrower enforceable against the Borrower in accordance with their
              respective terms; and

              Except for the Defaults and Events of Default specifically waived
              hereby, no Default or Event of Default is existing.

              This Sixth Waiver and Amendment shall be effective only upon (a)
the execution and delivery by the Borrower to the Agent of the acknowledgment
and consent to this

                                       3
<PAGE>   20

Sixth Waiver and Amendment and (b) the receipt by the Agent for the account of
the Lenders of a consent fee in the amount of $75,000.00 (it being understood
that, by executing the acknowledgment and consent below the Borrower consents to
the Agent charging the Borrower's Loan Account for such fee and such fee shall
thereafter accrue interest at the rate applicable to Advances under the Loan
Agreement in accordance with Section 2.7(e) of the Loan Agreement).

              As a condition subsequent to this Sixth Waiver and Amendment, the
Borrower hereby agrees to obtain loans against the life insurance policy or
policies on the life of Neil Hightower, George Hightower, Jr. and Stewart Davis
and use the proceeds therefrom (in respect of the cash surrender value thereof)
in an amount aggregating $1,000,000 to make a prepayment of the Advances (but
not a corresponding reduction in the Commitment) on or before October 3, 2000.
The Loan Agreement is hereby modified and amended to the extent necessary to
provide that the failure by the Borrower to make such prepayment shall
constitute an Event of Default under the Loan Agreement.

              Except as set forth above, all terms and conditions of the Loan
Agreement and all other Loan Documents shall remain in full force and effect and
not be affected by this Sixth Waiver and Amendment, and the Lenders reserve the
right to require strict compliance with the terms and conditions of the Loan
Agreement and the related Loan Documents, including without limitation Section
7.20 of the Loan Agreement.

              This Sixth Waiver and Amendment shall be a Loan Document for all
purposes.

              This Sixth Waiver and Amendment may be executed in any number of
counterparts, each of which shall be deemed an original but all of which, when
taken together, shall constitute one in the same agreement. Delivery of a
counterpart hereto by facsimile transmission shall be as effective as delivery
of an original counterpart hereto.

              If the above provisions are satisfactory to you, please execute
this Sixth Waiver and Amendment as set forth below and return it to the Agent.

                       [signatures are on following page]

                                       4
<PAGE>   21

                            Very truly yours,

                            Foothill Capital Corporation, a California
                            corporation with an office in Atlanta, Georgia, as
                            Agent, a Co-Agent and a Lender

                            By:
                               ------------------------------------------------
                               Title:
                                     ------------------------------------------

                            General Electric Capital Corporation, a New York
                            corporation with an office in Atlanta, Georgia, as a
                            Lender and a Co-Agent

                            By:
                               ------------------------------------------------
                               Title:
                                     ------------------------------------------

                            Back Bay Capital Funding LLC, a Delaware limited
                            liability company, as a Lender

                            By:
                               ------------------------------------------------
                               Title:
                                     ------------------------------------------

cc:  Jesse H. Austin, Esq.
     Lizanne Thomas, Esq.

Consented and Agreed as of the
12th day of September, 2000:

Thomaston Mills, Inc.

By:
   -----------------------------
   Title:
         -----------------------

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