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                                                                  Exhibit 10.12
                                       
                             REVOLVING CREDIT NOTE



$8,000,000.00                                       dated as of August 26, 1998



          FOR VALUE RECEIVED, the undersigned, COMMEMORATIVE BRANDS, INC., a 
Delaware corporation (the "Borrower"), by this promissory note (hereinafter 
called "this Note"), absolutely and unconditionally promises to pay to the 
order of BANKBOSTON, N.A., a national banking association organized and 
existing under the laws of The United States of America (together with its 
successors in title and assigns, the "Lender"), at its head office at 100 
Federal Street, Boston, Massachusetts 02110, on March 31, 1999 (the "Maturity 
Date"), the principal sum of EIGHT MILLION DOLLARS (the "Maximum Amount"), or 
so much thereof as shall have been advanced by the Lender to the Borrower by 
way of loans under this Note and shall remain outstanding, and to pay 
interest on the principal sum outstanding hereunder from time to time from 
the date hereof until the said principal sum or the unpaid portion thereof 
shall have become due and payable as hereinafter provided. This Note 
evidences, among other things, the obligation of the Borrower to repay loans 
made hereunder by the Lender to the Borrower.

          From time to time prior to the maturity of this Note (whether upon 
demand, acceleration or otherwise) the Lender shall, upon request by the 
Borrower, make loans to the Borrower subsequent to the date hereof, and the 
Borrower may borrow, repay and reborrow the funds available hereunder, 
PROVIDED that (a) the aggregate principal amount of all loans outstanding 
hereunder shall in no event exceed the Maximum Amount, (b) payments may only 
be made to the extent that they do not violate the provisions of the Credit 
Agreement (as hereinafter defined) and (c) the Lender shall have no 
obligation to make any loans if an Event of Default (as hereinafter defined) 
has occurred, other than an Event of Default which is cured by using the 
proceeds borrowed under this Note to make a payment of the obligations under 
the Credit Agreement. All loans made by the Lender to the Borrower pursuant 
to this Note and all repayments of principal made hereunder shall be recorded 
by the Lender on the schedule annexed hereto.

          The entire unpaid principal (not at the time overdue) of this Note 
outstanding shall bear interest at an annual rate which shall at all times be 
equal to the Base Rate (as hereinafter defined) in effect from time to time 
during the period beginning on the date hereof and ending on the date on 
which the entire unpaid principal amount of this Note shall be paid in full. 
Interest shall be payable monthly in arrears on the first day of each 
calendar month for the immediately preceding calendar month commencing on the 
first such day following the date of this Note, and with a final payment on 
the Maturity Date. Notwithstanding the foregoing, and so long as an Event of 
Default has not occurred, the Borrower may elect to have a portion of the 
outstanding principal amount of this Note bear interest at the Eurodollar 
Rate (as defined in the Credit 

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Agreement) PLUS 0.75% for Interest Periods (as defined in the Credit 
Agreement) of 1, 2 or 3 months. The Borrower will follow the procedures for 
requesting Eurodollar Loans under the Credit Agreement if it wishes to have a 
portion of the principal under this Note bear interest based upon the 
Eurodollar Rate. The Borrower agrees that the provisions of the Credit 
Agreement relating to Eurodollar Rate Loans would govern the portions of 
principal under this Note which bear interest based upon the Eurodollar Rate.

          On the Maturity Date, there shall become absolutely due and payable 
by the Borrower hereunder, and the Borrower hereby promises to pay to the 
holder hereof, a payment in an amount equal to the outstanding Obligations 
(as hereinafter defined) under this Note, plus any and all accrued and unpaid 
interest and all other amounts owing to the Lender; PROVIDED, HOWEVER, 
without any way limiting the Lender's rights to call on the Guaranty (as 
hereinafter defined), payments may only be made by the Borrower on this Note 
to the extent that they do not violate the provisions of the Credit Agreement.

          The Obligations of the Borrower hereunder are guaranteed by Castle 
Harlan Partners II, L.P. ("CHP") pursuant to the terms of a guaranty dated as 
of the date hereof (as amended and in effect from time to time, the 
"Guaranty"). Except for the rights of the Lender to call on the Guaranty and 
any collateral securing the Guaranty, this Note shall be unsecured with 
regards to the assets of the Borrower and shall have no claim to the 
Collateral (as defined in the Credit Agreement).

          At the option of the holder, this Note shall become immediately due 
and payable, without notice, presentment or demand, upon the occurrence of 
any of the following "Events of Default":

          1.   if the Borrower shall fail to pay any installment of principal 
               due with respect to this Note on or before the due date thereof;

          2.   if the Borrower shall fail to pay any interest or other amounts
               due with respect to this Note within one Business Day of the due
               date thereof;

          3.   any "Event of Default" shall occur under and as defined in the 
               Revolving Credit, Term Loan and Gold Consignment Agreement dated 
               December 16, 1996 by and between the  Borrower, the Lender and
               other parties thereto (as amended and in effect from time to 
               time, or if terminated as in effect immediately prior to 
               termination, the "Credit Agreement"), or CHP fails to perform 
               any term, covenant or agreement contained in the Guaranty;

          4.   if the Borrower shall fail to deliver to the Lender the financial
               statements required to be delivered by the Borrower to the
               lenders under the Credit Agreement on the dates so required;

          5.   if the Borrower makes or made any material representation or 
               warranty, statement or information in any documents or financial
               statements delivered to the Lender for the purpose of inducing 
               the Lender to make or

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               maintain the loan under this Note, and such representation, 
               warranty, statement or information shall prove to have been 
               false in any material respect on the date when made or deemed
               to have been made.

          Each overdue amount (whether of principal, interest or otherwise) 
payable on or in respect of this Note or the indebtedness evidenced hereby 
shall (to the extent permitted by applicable law) bear interest, from the 
date on which such amount shall have first become due and payable in 
accordance with the terms hereof to the date on which such amount shall be 
paid to the holder of this Note (whether before or after judgment), at the 
annual rate of interest which shall (to the extent permitted by applicable 
law) at all times be two percent (2%) above the Base Rate (as hereinafter 
defined) in effect from time to time. The unpaid interest accrued on each 
overdue amount in accordance with the foregoing terms of this paragraph shall 
become absolutely due and payable by the Borrower to the holder hereof on 
demand by the holder of this Note at any time. Interest on each overdue 
amount will continue to accrue, as provided by the foregoing terms of this 
paragraph, and will (to the extent permitted by applicable law) be compounded 
monthly until the obligations of the Borrower in respect of the payment of 
such overdue amount shall be discharged (whether before or after judgment).

          The Borrower further agrees to pay to the Lender a commitment fee 
calculated at one-fourth of one percent (1/4%) per annum on the average daily 
amount during each calendar month or portion thereof from the date of this 
Note to the Maturity Date by which the Maximum Amount exceeds the outstanding 
principal amount of loans outstanding under this Note. The commitment fee 
shall be payable monthly in arrears on the first day of each calendar month 
for the immediately preceding calendar month commencing on the first such day 
following the date of this Note, and with a final payment on the Maturity 
Date.

          The Borrower agrees to reimburse the Lender, on demand, whether or 
not all or any of the transactions contemplated by the Note are ultimately 
consummated, for all its reasonable out-of-pocket expenses, including but not 
limited to (a) the reasonable attorney's fees and disbursements of the 
Lender's Special Counsel (as hereinafter defined) and disbursements, incurred 
or expended in connection with the preparation, negotiation and 
interpretation of this Note or any ancillary documentation contemplated 
thereby, or any amendment thereof, or the making of loans under this Note and 
(b) all attorneys' fees relating to the enforcement of any obligations under 
this Note or the satisfaction of any indebtedness of the Borrower hereunder, 
or in connection with any litigation proceeding or dispute hereunder in any 
way related to the credit.

          Each payment of principal, interest or other sums payable on or in 
respect of this Note or the indebtedness evidenced hereby shall be made by 
the Borrower directly to the Lender in U.S. Dollars, for the account of the 
holder of this Note, at the Lender's Head Office, not later than 3:00 p.m., 
Boston time, on the due date of such payment, and in immediately available 
and freely transferable funds.

          All payments on or in respect of this Note or the indebtedness 
evidenced hereby shall be made to the holder of this Note without set-off or 
counterclaim.

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          This Note evidences the obligations of the Borrower (a) to repay 
the principal amount of all loans made by the Lender to the Borrower 
hereunder, (b) to pay interest, as herein provided, on the principal amount 
hereof remaining unpaid from time to time and (c) other amounts which may 
become due and payable hereunder as herein provided (the "Obligations").

          For all purposes of this Note, the following terms shall have the 
respective meanings set forth below:

          (a)  "Base Rate" means the greater of (i) annual rate of interest from
               time to time announced by BankBoston, N.A. at its head office as
               its base rate or (ii) the rate equal to the weighted average of
               the published rates on overnight Federal Funds transactions with
               members of the Federal Reserve System plus 1/2%.

          (b)  "Business Day" means a day on which banks are open for business
               in Boston, Massachusetts.

          (c)  "holder" means the Lender in possession of this Note or any other
               person who is at the time the lawful holder in possession of this
               Note.

          (d)  "Lender's Head Office" means the head office of the Lender
               located at 100 Federal Street, Boston, Massachusetts 02110.

          (e)  "Lender's Special Counsel" means Bingham Dana LLP.

          To the extent permitted by the terms of the Credit Agreement, the 
Borrower will have the right to prepay at any time the unpaid principal of 
this Note in full or in part.

          Any partial payment of the indebtedness evidenced by this Note 
shall be applied by the holder hereof (a) first, to the payment of all of the 
interest due and payable on the unpaid principal of this Note at the time of 
such partial payment, (b) then, to the payment of all (if any) other amounts 
(except principal) due and payable at the time of such partial payment on or 
in respect of this Note or the indebtedness evidenced by this Note, and (c) 
finally, to the repayment or (as the case may be) the prepayment of the 
unpaid principal of this Note due and payable at the time of such partial 
payment.

          On the Maturity Date or such earlier date as this Note may mature 
(whether upon demand, acceleration or otherwise), all of the interest accrued 
on the unpaid principal of this Note and all (if any) other amounts payable 
on or in respect of this Note or the indebtedness evidenced hereby (without 
regard to the length of any interest period in effect), the entire unpaid 
principal of this Note, all of the interest accrued on the unpaid principal 
of this Note and all (if any) other amounts payable on or in respect of this 
Note or the indebtedness evidenced hereby (without regard to the length of 
any interest period in effect), shall forthwith become and be due and payable 
to the holder of this Note without presentment, further demand, protest, 
notice of protest or any other formalities of any kind, all of which are 
hereby expressly and irrevocably waived by the Borrower.

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          All computations of interest payable as provided in this Note shall 
be made by the holder hereof on the basis of the actual number of days 
elapsed divided by 360. The holder of this Note shall determine the Base Rate 
in effect from time to time. Any change in the Base Rate shall, for all 
purposes of this Note, become effective on, and from the beginning of, the 
day on which such change shall first be made public by the Lender in 
accordance with the Lender's usual practice.

          If any sum would, but for the provisions of this paragraph, become 
due and payable on or in respect of this Note or the indebtedness evidenced 
hereby on a day which is not a Business Day, then such sum shall become due 
and payable on the Business Day next succeeding the day on which such sum 
would otherwise have become due and payable hereunder, and interest payable 
hereunder to the holder hereof shall be adjusted by the holder hereof 
accordingly.

          The failure of the holder of this Note to exercise all or any of 
its rights, remedies, powers or privileges hereunder in any instance shall 
not constitute a waiver thereof in that or in any other instance.

          The Borrower hereby irrevocably waives notice of acceptance, 
presentment, notice of nonpayment, protest, notice of protest, suit and all 
other conditions precedent in connection with the delivery, acceptance, 
collection and/or enforcement of this Note or any collateral or security 
therefor. The Borrower hereby absolutely and irrevocably consents and submits 
to the jurisdiction of the Courts of the Commonwealth of Massachusetts and of 
any Federal Court located in the said Commonwealth in connection with any 
actions or proceedings brought against the Borrower by the holder hereof 
arising out of or relating to this Note.

          The Borrower represents and warrants to the Lender that: (a) the 
Borrower is a corporation duly organized, validly existing and in good 
standing under the laws of State of Delaware; (b) the Borrower has adequate 
corporate power and authority and full legal right to carry on the business 
in which it is presently engaged and will be engaged upon consummation of the 
transactions contemplated hereby; and (c) all necessary corporate action has 
been taken to execute and deliver this Note and to make the borrowings 
hereunder.

          The Borrower hereby agrees, at the Borrower's own expense, to 
execute and deliver, from time to time, any and all further, or other, 
instruments, and to perform such acts, as the Lender may reasonably request 
to effect the transactions contemplated by this Note and to provide to the 
Lender the benefits of all rights, authorities and remedies conferred upon 
the Lender by the terms of this Note.

          The Borrower shall use the proceeds of the loans made by the Lender 
to the Borrower pursuant to this Note (a) to repay existing indebtedness of 
the Borrower and (b) for working capital purposes of the Borrower.

          This Note may be assigned by the Lender upon the prior written 
consent of the Borrower, which consent shall not be unreasonably withheld.

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          The indebtedness evidenced by this Note constitutes, and the 
Borrower hereby specifically designates such indebtedness as, Designated 
Senior Indebtedness for purposes of the Indenture dated as of December 16, 
1996, between the Borrower and Marine Midland Bank, N.A., as trustee, with 
respect to the 11% Senior Subordinated Notes due 2007.

          THIS NOTE IS INTENDED TO TAKE EFFECT AS A SEALED INSTRUMENT. THIS 
NOTE AND THE OBLIGATIONS OF THE BORROWER HEREUNDER SHALL BE GOVERNED BY AND 
INTERPRETED AND DETERMINED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF 
MASSACHUSETTS.

          IN WITNESS WHEREOF, this PROMISSORY NOTE has been duly executed by 
the undersigned, COMMEMORATIVE BRANDS, INC., as of the day and in the year 
first above written.

                                       The Borrower:

                                       COMMEMORATIVE BRANDS, INC.


Witness: /s/ Sherice P. Bench          By: /s/ C. W. Walls

August 26, 1998                        Title:  Treasurer






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