<PAGE>

                                                                     EXHIBIT 4.3


                          SECOND SUPPLEMENTAL INDENTURE

                          Dated as of December 24, 2002

                                      among

                        AMERICAN ACHIEVEMENT CORPORATION,

                                    as Issuer

                     TAYLOR PUBLISHING MANUFACTURING, L.P.,

                                       and
                       TAYLOR MANUFACTURING HOLDINGS, LLC

                            as Additional Guarantors,

                           THE GUARANTORS PARTY HERETO

                                  as Guarantors

                                       and

                              THE BANK OF NEW YORK,
                                   as Trustee,

                              11 5/8% Senior Notes
                                    Due 2007

<PAGE>

                  SECOND SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"),
dated as of December 24, 2002, among American Achievement Corporation Company, a
Delaware corporation (the "Company"), Taylor Publishing Manufacturing, L.P.
("TPMLP") and Taylor Manufacturing Holdings, LLC ("TMHLLC", and together with
TPMLP, each an "Additional Guarantor" and collectively, the "Additional
Guarantors"), the Guarantors listed on the signature pages hereof under the
heading Guarantors (the "Guarantors"), and The Bank of New York, as trustee
under the Indenture referred to below (the "Trustee").

                              W I T N E S S E T H:

                  WHEREAS, the Company and the Guarantors have heretofore
executed and delivered to the Trustee an indenture, dated as of February 20,
2002, providing for the issuance of an aggregate principal amount of
$177,000,000 of 11 5/8% Senior Notes Due 2007 and as amended by the First
Supplemental Indenture dated as of July 17, 2002 (the "Indenture");

                  WHEREAS, TPMLP and TMHLLC are indirect wholly-owned
subsidiaries of the Company;

                  WHEREAS, each of the Additional Guarantors constitutes a
Material Domestic Restricted Subsidiary;

                  WHEREAS, Section 4.16 of the Indenture requires the Company to
cause the Additional Guarantors to execute and deliver to the Trustee a
supplemental indenture pursuant to which the Additional Guarantors shall
unconditionally guarantee all of the Company's Obligations under the Notes and
this Indenture pursuant to a guarantee (the "Additional Guarantee") on the terms
and conditions of the Guarantee by the Guarantors in Article XI of the Indenture
and on the other terms and conditions set forth herein;

                  WHEREAS, pursuant to Section 9.1 of the Indenture, the
Company, the Additional Guarantors and the Guarantors, when authorized by
resolutions of their respective Boards of Directors, and the Trustee, upon
receipt of the documents required by Section 7.2 of the Indenture, are
authorized to amend and supplement the Indenture as set forth in this
Supplemental Indenture;

                  WHEREAS, all conditions and requirements necessary to make
this Supplemental Indenture a valid, binding and legal instrument in accordance
with its terms have been performed and fulfilled and the execution and delivery
hereof have been in all respects duly authorized by all necessary parties; and

                  WHEREAS, the Company, each of the Additional Guarantors, each
of the Guarantors and the Trustee desire and have agreed to execute and deliver
this Supplemental Indenture as herein provided and all conditions and
requirements necessary to make this Supplemental Indenture a valid, binding and
legal instrument in accordance

<PAGE>

with its terms have been performed and fulfilled and the execution and delivery
hereof have been in all respects duly authorized by all necessary parties.

                  NOW, THEREFORE, for and in consideration of the premises
contained herein, it is mutually covenanted and agreed for the benefit of all
Holders of the Notes as follows:

                  Section 1. Definitions. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture.

                  Section 2. Agreement to Guarantee. The Additional Guarantors
hereby agree, jointly and severally with all other Guarantors, to guarantee the
Company's Obligations under the Indenture and the Notes on the terms and subject
to the conditions set forth herein and in Article XI of the Indenture and to be
bound by all other applicable provisions of the Indenture. Pursuant to Section
11.7 of the Indenture, the Guarantors agree that the Guarantees set forth in
Article XI of the Indenture, as supplemented by its agreement to guarantee
contained herein, shall remain in full force and effect and apply to all of the
Notes notwithstanding any failure by the Additional Guarantors to endorse on
such Notes a notation of the Guarantor.

                  Section 3. No Recourse Against Others. No direct or indirect
stockholder, employee, officer or director, as such, past, present or future of
the Company, the Guarantors or the Additional Guarantors or any successor entity
shall have any personal liability for any Obligations of the Company, the
Guarantors or the Additional Guarantors or any successor entities under the
Additional Guarantee, by reason of his, her or its status as such stockholder,
employee, officer or director. Each Holder, by accepting a Note, waives and
releases all such liability, and such waiver and release is part of the
consideration for the issuance of the Notes and this Supplemental Indenture.

                  Section 4. Acceptance of Supplemental Indenture. The Trustee
accepts this Supplemental Indenture and agrees to execute the trust created by
the Indenture as hereby supplemented, but only upon the terms and conditions set
forth in the Indenture, including the terms and provisions defining and limiting
the liabilities and responsibilities of the Trustee, which terms and provisions
shall in like manner define and limit its liabilities and responsibilities in
the performance of the trust created by the Indenture as hereby supplemented.

                  Section 5. Confirmation and Ratification. The Indenture,
supplemented as hereinabove set forth, is in all respects ratified and
confirmed, and the terms and conditions thereof, supplemented as hereinabove set
forth, shall be and remain in full force and effect.

                  Section 6. Recitals. The recitals contained in this
Supplemental Indenture shall be taken as the statements made solely by the
Company, the Additional Guarantors and the Guarantors, and the Trustee shall
have no liability or responsibility for their correctness and, without limiting
the generality of the foregoing, the Trustee

<PAGE>

shall not be responsible in any manner whatsoever for or with respect to (i) the
validity or sufficiency of this Supplemental Indenture or any of the terms or
provisions hereof, (ii) the proper authorization hereof by the Company, the
Additional Guarantors and the Guarantors by corporate action or otherwise, (iii)
the due execution hereof by the Company, the Additional Guarantors and the
Guarantors or (iv) the consequences (direct or indirect and whether deliberate
or inadvertent) of any amendment herein provided for, and the Trustee makes no
representation with respect to any such matters.

                  Section 7. Effectiveness. This Supplemental Indenture shall
become effective upon the execution and delivery hereof by the Company, the
Guarantors and the Trustee.

                  SECTION 8. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED
TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD REQUIRE THE APPLICATION OF
ANY OTHER LAW.

                  Section 9. Counterparts. This Supplemental Indenture 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.

                  Section 10. Effect of Headings. The Section headings herein
are for convenience only and shall not affect the construction hereof.

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Supplemental Indenture to be duly executed and attested, all as of the date
first above written.

                                           ADDITIONAL GUARANTORS:

                                           TAYLOR PUBLISHING MANUFACTURING, L.P.

                                           By: TAYLOR PUBLISHING COMPANY
                                               Its General Partner

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

                                           TAYLOR MANUFACTURING HOLDINGS, LLC

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

                                           COMPANY:

                                           AMERICAN ACHIEVEMENT CORPORATION

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

                                           GUARANTORS:

                                           COMMEMORATIVE BRANDS, INC.

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

<PAGE>

                                           CBI NORTH AMERICA, INC.

                                           By: /s/ David G. Fiore
                                              --------------------------------
                                              Name:  David G. Fiore
                                              Title: CEO

                                           TAYLOR SENIOR HOLDINGS CORP.

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

                                           TAYLOR PUBLISHING COMPANY

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

                                           TP HOLDING CORP.

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

                                           TAYLOR PRODUCTION SERVICES, L.P.

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

                                           EDUCATIONAL COMMUNICATIONS, INC.

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

<PAGE>

                                           MILESTONE MARKETING INCORPORATED

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

                                           MILESTONE MANAGEMENT, INC.

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

                                           MILESTONE TRADITIONS, INC.

                                           By: /s/ Sherice P. Bench
                                              --------------------------------
                                              Name:  Sherice P. Bench
                                              Title: CFO

                                           TRUSTEE:

                                           BANK OF NEW YORK, as Trustee

                                           By: /s/ Van K. Brown
                                              --------------------------------
                                              Name:  Van K. Brown
                                              Title: Vice President