Document:

<PAGE>
                                                                   Exhibit 10.1

                 AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT

         This AMENDMENT NO. 1 TO LOAN AND SECURITY AGREEMENT (this
"Amendment"), dated as of April 15, 2003, is entered into by and among WPS
Receivables Corporation, a Delaware corporation ("Borrower"), WestPoint Stevens
Inc., a Delaware corporation ("WestPoint"), as initial servicer, Congress
Financial Corporation (Southern), in its capacity as agent pursuant to the Loan
Agreement (as hereinafter defined) acting for and on behalf of the parties
thereto as lenders (in such capacity, "Agent"), The CIT Group/Commercial
Services, Inc., as co-agent (in such capacity, "Co-Agent"), and the parties to
the Loan Agreement as lenders (individually, each a "Lender" and collectively,
"Lenders").

                                  WITNESSETH:

         WHEREAS, Agent and Lenders have entered into financing arrangements
with Borrower pursuant to which Lenders (or Agent on behalf of Lenders) may
make loans and advances to Borrower as set forth in the Loan and Security
Agreement, dated March 28, 2003, by and among Borrower, WestPoint, Agent,
Co-Agent and Lenders (as the same now exists or may hereafter be amended,
modified, supplemented, extended, renewed, restated or replaced, the "Loan
Agreement"), and the other agreements, documents and instruments referred to
therein or at any time executed and/or delivered in connection therewith or
related thereto, together with this Amendment (all of the foregoing, including
the Loan Agreement, as the same now exist or may hereafter be amended,
modified, supplemented, extended, renewed, restated or replaced, being
collectively referred to herein as the "Financing Agreements");

         WHEREAS, pursuant to a letter agreement, dated March 28, 2003, among
Borrower, WestPoint, Agent, Co-Agent and Lenders (the "Amendment Delivery
Letter"), WestPoint agreed to deliver or cause to be delivered to Agent, no
later than April 30, 2003, an amendment to the Senior Credit Facility Agreement
and an amendment to the Subordinated Credit Facility Agreement;

         WHEREAS, pursuant to the Eighth Amendment and Temporary Waiver
Agreement, dated as of March 31, 2003 (the "Senior Credit Facility Waiver"),
among WestPoint, its Subsidiaries party to the Senior Credit Facility
Agreement, Senior Credit Facility Agent and such lenders under the Senior
Credit Facility Agreement as are required in order for such amendment to be
effective and binding upon all of the lenders thereunder, Senior Credit
Facility Agent and such lenders agreed, among other things, to waive, until
June 10, 2003, the compliance by WestPoint and its Subsidiaries party to the
Senior Credit Facility Agreement with (i) the Senior Credit Facility Covenants
and (ii) certain other reporting covenants set forth in Sections 7.1(a) and
7.1(f) of the Senior Credit Facility Agreement;

         WHEREAS, pursuant to the Waiver Agreement, dated as of March 31, 2003
(the "Subordinated Credit Facility Waiver"), among WestPoint, its Subsidiaries
party to the Subordinated Credit Facility Agreement, Subordinated Credit
Facility Agent and such lenders under the Subordinated Credit Facility
Agreement as are required in order for such amendment to be effective and
binding upon all of the lenders thereunder, Subordinated Credit Facility Agent
and such lenders agreed, among other things, to waive, until June 10, 2003, the
compliance by WestPoint and its Subsidiaries party to the Subordinated Credit
Facility Agreement with (i) the Subordinated Credit Facility Covenants and (ii)
certain other reporting covenants set forth in Sections 6.1(a) and 6.1(f) of
the Subordinated Credit Facility Agreement;

<PAGE>
         WHEREAS, Borrower and WestPoint have advised Agent that, upon the
effectiveness of the Senior Credit Facility Waiver, Senior Credit Facility
Availability will be less than $75,000,000;

         WHEREAS, Borrower has requested that Agent and Lenders make certain
amendments to the Loan Agreement and Agent and Lenders are willing to agree to
such amendments, subject to the terms and conditions contained herein; and

         WHEREAS, the parties hereto desire to enter into this Amendment to
evidence and effectuate such amendments, subject to the terms and conditions
and to the extent set forth herein;

         NOW, THEREFORE, in consideration of the premises and covenants set
forth herein and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

         1.       Definitions. Capitalized terms used herein which are not
otherwise defined herein shall have the respective meanings ascribed thereto in
the Loan Agreement or in the other Financing Agreements.

         2.       Delivery of Senior Credit Facility Amendment and Subordinated
Credit Facility Amendment. The reference to the date "April 30, 2003" set forth
in Section 1 of the Amendment Delivery Letter is hereby amended to refer to
"June 10, 2003". In no event shall the Senior Credit Facility Waiver or the
Subordinated Credit Facility Waiver be deemed to satisfy the requirements of
the Amendment Delivery Letter.

         3.       Delivery of Audited Financial Statements. Section
9.11(a)(ii)(A) is hereby amended to add at the end thereof the following:
"provided, that, for the fiscal year of WestPoint ending December 31, 2002,
such financial statements and other items shall be delivered on or before June
10, 2003".

         4.       Cash Dominion Period. Since the Senior Credit Facility
Availability will be less than $75,000,000 upon the effectiveness of the Senior
Credit Facility Waiver, each Transaction Party and Agent confirm that Agent
will exercise its rights under Section 6.8(c) of the Loan Agreement to notify
the depository bank at which the Concentration Account is maintained to remit
the funds received or deposited into such account to the Agent Payment Account
as a result of the occurrence of such event and that at such time as
Collections are being remitted from the Concentration Account to the Agent
Payment Account, such time shall constitute the commencement of a Cash Dominion
Period for all purposes under the Loan Agreement and the other Financing
Agreements.

         5.       Amendment Fee. In consideration of this Amendment, Borrower
shall pay to Agent (for the account of Lenders) an amendment fee in the amount
of $50,000 (the "Amendment Fee"), which shall be fully earned and due and
payable on the date hereof and which may be charged directly to the loan
account of Borrower.

                                       2
<PAGE>
         6.       Representations, Warranties and Covenants. Each Transaction
Party represents, warrants and covenants with and to Agent and Lenders as
follows, which representations, warranties and covenants are continuing and
shall survive the execution and delivery hereof:

                  (a)      this Amendment has been duly executed and delivered
by such Transaction Party and the agreements and obligations of such
Transaction Party contained herein constitute legal, valid and binding
obligations of such Transaction Party enforceable against it in accordance with
their respective terms; and

                  (b)      no Default or Event of Default exists or has
occurred as of the date of this Amendment.

         7.       Conditions Precedent for Amendment. The amendments contained
herein shall be effective as of the date hereof, but only upon the satisfaction
of each of the following conditions precedent, in a manner satisfactory to
Agent:

                  (a)      Agent shall have received this Amendment duly
authorized, executed and delivered by Borrower, WestPoint and the Required
Lenders;

                  (b)      Agent shall have received a true, correct and
complete copy of the Senior Credit Facility Waiver, in form and substance
satisfactory to Agent, as duly authorized, executed and delivered by Senior
Credit Facility Agent and such lenders under the Senior Credit Facility
Agreement as are required in order for such amendment to be effective and
binding upon all of the lenders thereunder; and

                  (c)      Agent shall have received a true, correct and
complete copy of the Subordinated Credit Facility Waiver, in form and substance
satisfactory to Agent, as duly authorized, executed and delivered by
Subordinated Credit Facility Agent and such lenders under the Subordinated
Credit Facility Agreement as are required in order for such amendment to be
effective and binding upon all of the lenders thereunder.

         8.       Effect of this Amendment. Except as modified pursuant hereto,
no other changes or modifications to the Financing Agreements are intended or
implied, and in all other respects the Financing Agreements are hereby
specifically ratified, restated and confirmed by all parties hereto as of the
Effective Date. To the extent of conflict between the terms of this Amendment
and the other Financing Agreements, the terms of this Amendment shall control.
The Loan Agreement and this Amendment shall be read and construed as one
agreement.

         9.       Further Assurances. The parties hereto shall execute and
deliver such additional documents and take such additional action as may be
reasonably necessary or desirable to effectuate the provisions and purposes of
this Amendment.

         10.      Governing Law. The validity, interpretation and enforcement
of this Amendment and any dispute arising out of the relationship between the
parties hereto whether in contract, tort, equity or otherwise, shall be
governed by the internal laws of the State of Georgia but excluding any
principles of conflicts of law or other rule of law that would cause the
application of the law of any jurisdiction other than the laws of the State of
Georgia.

                                       3
<PAGE>
         11.      Binding Effect. This Amendment shall be binding upon and
inure to the benefit of each of the parties hereto and their respective
successors and assigns.

         12.      Headings. The headings listed herein are for convenience only
and do not constitute matters to be construed in interpreting this Amendment.

         13.      Counterparts. This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, each of which,
when executed and delivered, shall be deemed to be an original, and all of
which, when taken together, shall constitute but one and the same agreement.
Delivery of an executed counterpart of this Amendment by telefacsimile shall be
equally as effective as delivery of an original executed counterpart of this
Amendment. Any party delivering an executed counterpart of this Amendment by
telefacsimile also shall deliver an original executed counterpart of this
Amendment but the failure to deliver an original executed counterpart shall not
affect the validity, enforceability, and binding effect of this Amendment.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed on the day and year first written.

                                        WPS RECEIVABLES CORPORATION

                                        By: /s/ Nelson Griffith
                                           ------------------------------------
                                        Title:  President

                                        WESTPOINT STEVENS INC.,
                                        as initial Servicer

                                        By: /s/ Lester D. Sears
                                           ------------------------------------
                                        Title: Senior Vice President-Finance
                                                and Chief Financial Officer

AGREED:

CONGRESS FINANCIAL CORPORATION
(SOUTHERN), as Agent

By: /s/ Gary S. Silvers
   ------------------------------
Title:  Vice President<PAGE>
                                                                   Exhibit 10.2

                                   AMENDMENT

         THIS AMENDMENT, dated as of May 30, 2003 (the "AMENDMENT"), to the
$165,000,000 Credit Agreement dated as of June 29, 2001 (as heretofore amended,
amended and restated and supplemented, the "CREDIT AGREEMENT") among WESTPOINT
STEVENS INC., a Delaware corporation, as Borrower, WESTPOINT STEVENS INC. I,
J.P. STEVENS & CO., INC., J.P. STEVENS ENTERPRISES, INC., ALAMAC HOLDINGS INC.,
WESTPOINT STEVENS STORES INC. and LIEBHARDT INC. as Guarantors, the Lenders (as
defined herein), and DEUTSCHEBANK TRUST COMPANY AMERICAS (f/k/a BANKERS TRUST
COMPANY ("DEUTSCHEBANK") in its capacity as Agent (the "AGENT").

                                  WITNESSETH:

         WHEREAS, WestPoint Stevens Inc. (the "BORROWER") is the borrower under
the Credit Agreement;

         WHEREAS, WestPoint Stevens Inc. I, J.P. Stevens & Co., Inc., J.P.
Stevens Enterprises, Inc., Almanac Holdings Inc., WestPoint Stevens Stores Inc.
and Liebhardt Inc. (collectively, the "GUARANTORS") are guarantors under the
Credit Agreement;

         WHEREAS, the Borrower and the Guarantors are grantors under the
Collateral Security Agreement dated as of June 29, 2001 (the Borrowers and the
Guarantors being hereinafter referred to collectively as the "CREDIT PARTIES",
and each of them, a "CREDIT PARTY");

         WHEREAS, in connection with the foregoing recitations, each of the
Lenders signatories hereto, holding in total a majority in amount of the Loans
under the Credit Agreement and thus comprising the Required Lenders, have
indicated their willingness, on the terms and conditions set forth below, to
appoint a successor Agent as more fully described herein;

         NOW, THEREFORE, the parties hereto, in consideration of the mutual
covenants and promises set forth herein which each agrees is sufficient
consideration for their respective agreements, and each intending to be legally
bound hereby, agree as follows:

         Section 1.     Defined Terms; References. Unless otherwise
specifically defined herein, each term used herein that is defined in the
Credit Agreement has the meaning assigned to such term in the Credit Agreement.

         Section 2.     Confirmation by Credit Parties of Obligations. The
Credit Parties acknowledge and agree, and represent and warrant to each of the
other signatories hereto, that (a) the aggregate principal amount of the
Advances under the Credit Agreement as of May 30, 2003 equals $165,000,000
(exclusive of any accrued and unpaid interest, fees, expenses and other amounts
that are chargeable or otherwise reimbursable under the Credit Agreement), (b)
the Lenders signing this Amendment hold Loans in the outstanding principal
amounts set forth underneath their signatures and (c) the Lenders signing this
Amendment constitute the "Required

<PAGE>
Lenders" under the Credit Agreement. Accordingly, the Lenders signing this
Amendment are hereinafter referred to as the Required Lenders.

         Section 3.     Required Lenders Representation. Each Lender signing
this Amendment hereby represents and warrants to Wilmington Trust Company
("WTC") that it holds Loans in the outstanding principal amount set forth
underneath its signature.

         Section 4.     Appointment Of Successor Agent. In accordance with
Section 9.6 of the Credit Agreement, the Required Lenders hereby appoint, and
each Loan Party hereby approves, WTC, as successor to DeutscheBank as Agent (in
such capacity, the "SUCCESSOR AGENT"), and WTC by its execution and delivery of
this Amendment agrees to become Successor Agent. The appointment of WTC as
Successor Agent shall be effective immediately upon (1) the effectiveness of
this Amendment and (2) the payment of the first annual Agent's fee provided in
Section 5 below in the amount of $60,000. WTC shall thereupon succeed to and
become vested with all of the rights, powers, privileges and duties of Agent,
including without limitation the indemnities set forth in the Credit Agreement.

         Section 5.     Agent's Fee. The Credit Parties and the Required
Lenders hereby amend the Credit Agreement by inserting a new Section 9.6A to
provide as follows:

         9.6A ANNUAL AGENT'S FEE. Commencing on May 31, 2003, and in addition
         to any amounts otherwise payable by the Credit Parties to the Agent
         hereunder, the Credit Parties shall pay to the Agent in addition a
         non-refundable annual fee of $60,000, payable for each calendar year
         in advance no later than the first Business day after May 31 of each
         year until all Obligations under the Credit Agreement have been paid
         in full.

         Section 6.     Retention of Counsel. The Required Lenders have
previously retained Kramer Levin Naftalis & Frankel LLP ("KRAMER LEVIN") as
their counsel, and the Credit Parties have previously funded a $100,000
retainer to Kramer Levin towards the payment of its fees and expenses as
counsel to such Lenders. The Required Lenders hereby release Kramer Levin as
their counsel and request WTC to retain, and WTC agrees to retain, Kramer Levin
as counsel to WTC as Successor Agent. Kramer Levin hereby agrees to act as such
counsel. The Credit Parties agree to pay Kramer Levin's fees and expenses as
counsel to the Successor Agent pursuant to Section 9.01 of the Credit
Agreement. The Required Lenders, the Credit Parties and Kramer Levin agree that
any amount of the retainer remaining after application to fees and expenses
incurred to date shall be held and applied to cover the fees and expenses of
Kramer Levin as counsel to the Successor Agent.

         Section 7.     Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York.

         Section 8.     Counterparts. This Amendment may be signed in any
number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

                                       2
<PAGE>
         Section 9.     Further Assurances. Each Credit Party and WTC shall
promptly take such actions as each of them deems necessary or desirable to give
effect to the agreements set forth herein.

         Section 10.    Provisions Governing Agents. With respect to any
actions taken or omitted to be taken as Agent prior to its discharge from such
capacity, DeutscheBank shall be entitled to the full benefits of the applicable
provisions of the Loan Documents.

         Section 11.    Effectiveness. This Amendment shall become effective
(and shall be binding on all Lenders) as of the date hereof when the same shall
have been executed by the Credit Parties, the Required Lenders and WTC, and
delivered to each of the signatories and to DeutscheBank.

         Section 12.    Guarantors. Each Guarantor hereby affirms and ratifies
each and every one of its obligations under its Guaranty and under the Credit
Agreement after giving effect to the amendments and agreements set forth
herein.

                                       3
<PAGE>
         IN WITNESS WHEREOF, the parties hereto, each intending to be legally
bound, have caused this Amendment to be duly executed as of the date first
above written.

BORROWER:                               WESTPOINT STEVENS INC.,
                                        a Delaware corporation

                                                /s/ Thomas M. Lane
                                                -------------------------------
                                                Name: Thomas M. Lane
                                                Title: Senior Vice President
                                                       and Treasurer

GUARANTORS:                             WESTPOINT STEVENS INC. I

                                                /s/ Thomas M. Lane
                                                -------------------------------
                                                Name: Thomas M. Lane
                                                Title: Vice President and
                                                       Treasurer

                                        J.P. STEVENS & CO., INC.

                                                /s/ Thomas M. Lane
                                                -------------------------------
                                                Name: Thomas M. Lane
                                                Title: Vice President and
                                                       Treasurer

                                        J.P. STEVENS ENTERPRISES, INC.

                                                /s/ Thomas M. Lane
                                                -------------------------------
                                                Name: Thomas M. Lane
                                                Title: Vice President and
                                                       Treasurer

                                        ALAMAC HOLDINGS INC.

                                                /s/ Thomas M. Lane
                                                -------------------------------
                                                Name: Thomas M. Lane
                                                Title: Vice President and
                                                       Treasurer

                                        WESTPOINT STEVENS STORES INC.

                                                /s/  Thomas M. Lane
                                                -------------------------------
                                                Name: Thomas M. Lane
                                                Title: Vice President and
                                                       Treasurer

                                        LIEBHARDT INC.

                                                /s/ Thomas M. Lane
                                                -------------------------------
                                                Name: Thomas M. Lane
                                                Title: Vice President and
                                                       Treasurer

<PAGE>
                                        SUCCESSOR AGENT: WILMINGTON TRUST
                                        COMPANY

                                                /s/ James J. McGinley
                                                -------------------------------
                                                Name: James J. McGinley
                                                Title: Authorized Signer

                                       2
<PAGE>
LENDER:                                 SATELLITE ASSET SENIOR INCOME FUND, LLC
                                        By: Satellite Asset Management, L.P.
                                        Its Investment Manager

                                        /s/ Mark Sonnino
                                        ---------------------------------------
                                        Name:
                                        Title: Principal

Outstanding Principal Amount
of Loans Held as of the
date hereof:                            $63,500,000

                                       3
<PAGE>
LENDER:                                 THE EQUITABLE LIFE ASSURANCE SOCIETY
                                        OF THE UNITED STATES

                                        /s/ Paul L. Harinstein
                                        ---------------------------------------
                                        Name: Paul L. Harinstein
                                        Title: Senior Vice President

Outstanding Principal Amount
of Loans Held as of the
date hereof:                            $30,000,000

                                       4
<PAGE>
KRAMER LEVIN NAFTALIS & FRANKEL LLP

By: /s/ Thomas Moers Mayer
   -------------------------------
   Thomas Moers Mayer
   PARTNER

                                       5

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