<PAGE>

                                                               Exhibit 10.14


                       FOURTH AMENDMENT TO REVOLVING CREDIT,
                      TERM LOAN AND GOLD CONSIGNMENT AGREEMENT

     Fourth Amendment dated as of November 27, 1998 (the "Amendment") 
amending that certain Revolving Credit, Term Loan and Gold Consignment 
Agreement dated as of December 16, 1996 (as amended and in effect from time 
to time, the "Credit Agreement"), by and among COMMEMORATIVE BRANDS, INC. 
(f/k/a Scholastic Brands, Inc.), a  Delaware corporation (the "Borrower"), 
BANKBOSTON, N.A. (f/k/a The First National Bank of Boston and successor by 
merger to Rhode Island Hospital Trust National Bank), RHODE ISLAND HOSPITAL 
TRUST NATIONAL BANK, a national banking association, and the other financial 
institutions listed on SCHEDULE 1 to the Credit Agreement (collectively, the 
"Banks"); and BANKBOSTON, N.A. as agent for itself and the Banks.  
Capitalized terms used herein and which are not otherwise defined shall have 
the respective meanings ascribed thereto in the Credit Agreement.

     WHEREAS, the Borrower and the Banks have agreed to modify certain terms 
and conditions of the Credit Agreement as specifically set forth in this 
Amendment;

     NOW, THEREFORE, in consideration of the premises and the mutual 
agreements contained herein and for other good and valuable consideration, 
the receipt and sufficiency of which are hereby acknowledged, the parties 
hereto hereby agree as follows:

     SECTION 1.     AMENDMENT TO SECTION 1 OF THE CREDIT AGREEMENT.  SECTION 
1.1 of the Credit Agreement is hereby amended as follows:

          (a)  The definition of "Consolidated EBITDA" is hereby amended in 
its entirety to read as follows:

          "CONSOLIDATED EBITDA.  With respect to the Borrower and its
     Subsidiaries and any particular fiscal period, the consolidated
     earnings (or loss) from operations of the Borrower and its
     Subsidiaries for such period determined in accordance with generally
     accepted accounting principles, after eliminating therefrom all
     extraordinary nonrecurring items of income (including gains on the
     sale of assets and earnings from the sale of discontinued business
     lines), and after all expenses (including, without limitation, all CH
     Management Fees only to the extent paid in cash) and other proper
     charges but before payment or provision for (a) any income taxes,
     Consolidated Total Interest Expense or Consignment Fees or Gold
     Fronting Fees for such period, (b) depreciation for such period, (c)
     amortization for such period, (d) all other noncash charges for such
     period, (e) the aggregate amount of all noncash extraordinary losses
     (not to exceed $1,000,000 in the aggregate for all such noncash
     extraordinary losses during any fiscal year) during such period, (f)
     the aggregate amount of any reductions to consolidated earnings from
     operations during such period attributable to any write-up of the
     Borrower's current assets consisting of inventory in connection with
     the Acquisitions, and (g) a portion of all

<PAGE>

                                     -2-

     extraordinary nonrecurring losses during such period relating to the 
     Acquisitions not to exceed $500,000 in the aggregate for all such 
     amounts during all fiscal periods and not to exceed in any such period 
     the aggregate amount of any extraordinary nonrecurring items of cash 
     income during such period, if any, all determined in accordance with 
     generally accepted accounting principles.  Each of the parties hereto 
     agrees that the amount of Consolidated EBITDA for specified periods 
     prior to the Closing Date shall be as set forth on SCHEDULE 3 hereto for 
     all purposes under this Credit Agreement."

          (b)  The definition of "Permitted Common Stock Repurchases" is hereby
deleted in its entirety and replaced with the following definition of "Permitted
Capital Stock Repurchases":

          "PERMITTED CAPITAL STOCK REPURCHASES.  Repurchases of the Borrower's
     capital stock which are made concurrently with the issuance by the Borrower
     of additional capital stock of the same class to employees or sales
     representatives so long as the Borrower receives a cash purchase price in
     respect of any such additional capital stock from such employees or sales
     representatives in an amount equal to the aggregate amount of cash to be
     paid in order to effect such repurchases of capital stock."

          (c)  The definition of "Permitted Employee Stock Repurchases" is
hereby amended in its entirety to read as follows:

          "PERMITTED EMPLOYEE STOCK REPURCHASES.  Repurchases of capital stock
     of the Borrower theretofore issued to employees or independent sales
     representatives of the Borrower so long as the aggregate amount paid by the
     Borrower in cash with respect thereto shall not exceed $500,000 during any
     fiscal year.  Notwithstanding the foregoing, (a) any unused portion of any
     such amount for capital stock repurchases in any fiscal year may be used in
     the succeeding fiscal year (but not any other fiscal year) and any such
     amounts carried forward to a succeeding fiscal year shall be used for
     capital stock repurchases in such succeeding fiscal year prior to using any
     portion of the amount permitted for such succeeding fiscal year, and (b)
     after using the entire permitted cash amount available for such capital
     stock repurchases in any fiscal year, the Borrower may also issue
     promissory notes to employees and sales representatives to effect such
     repurchases of capital stock so long as such promissory notes are issued on
     terms which are subordinate in all respects to the Obligations and so long
     as no payments, redemptions or repurchases of any kind may be made with
     respect to any such promissory notes prior to the irrevocable payment in
     full in cash of all of the Obligations and the termination of all of the
     Commitments, Gold Commitments and the Gold Fronting Commitment."

<PAGE>

                                     -3-

          (d)  SECTION 1.1 of the Credit Agreement is hereby further amended by
inserting the following definitions in the appropriate alphabetical order:

          "CONSOLIDATED DEBT SERVICE.  With respect to the Borrower and its
     Subsidiaries on a consolidated basis for any period, an amount equal
     to the sum of (i) Consolidated Total Interest Expense of the Borrower
     and its Subsidiaries for such period, PLUS (ii) all regularly
     scheduled payments of principal of Indebtedness of the Borrower and
     its Subsidiaries (including payments of the principal component of
     Capitalized Leases and payments of principal on any purchase money
     Indebtedness) made or (without duplication) required to be made during
     such period.

          CONSOLIDATED NET WORTH.  The excess of Consolidated Total Assets
     minus Consolidated Total Liabilities, LESS, to the extent otherwise
     includable in the computations of Consolidated Net Worth, any
     subscriptions receivable."

          CONSOLIDATED OPERATING CASH FLOW.  With respect to the Borrower
     and its Subsidiaries on a consolidated basis for any period, an amount
     equal to (i) the sum of (A) Consolidated EBITDA for such period, LESS
     (ii) the sum of (A) cash payments for all taxes paid during such
     period, PLUS (B) to the extent not already deducted in the
     determination of Consolidated EBITDA, Capital Expenditures made during
     such period.

          CONSOLIDATED TOTAL ASSETS.  All assets of the Borrower and its
     Subsidiaries determined on consolidated basis in accordance with
     generally accepted accounting principles.

          CONSOLIDATED TOTAL LIABILITIES.  All liabilities of the Borrower
     and its Subsidiaries determined on a consolidated basis in accordance
     with generally accepted accounting principles.

          MODIFIED FUNDED DEBT RATIO.  The ratio of (a) Consolidated EBITDA
     for the four fiscal quarters of the Borrower ended immediately prior
     to the date of any CH Management Fee payment LESS the CH Management
     Fee proposed to be made TO (b) Consolidated Debt Service for the four
     fiscal quarters of the Borrower ended immediately prior to the date of
     any CH Management Fee payment."

     
     SECTION 3.     AMENDMENT TO SECTION 12.1 OF THE CREDIT AGREEMENT.  Section
12.1(k) of the Credit Agreement is hereby amended in its entirety to read as
follows:

          "(k)  Indebtedness consisting of Permitted Employee Stock
     Repurchases (including any promissory notes issued by the Borrower to
     repurchase capital stock of employees and sales representatives of the

<PAGE>

                                     -4-

     Borrower solely to the extent permitted in the definition of Permitted
     Employee Stock Repurchases);"

     SECTION 4.     AMENDMENT TO SECTION 12.12 OF THE CREDIT AGREEMENT.  Section
12.12 of the Credit Agreement is hereby amended in its entirety to read as
follows:

          "12.12  TRANSACTIONS WITH AFFILIATES.  The Borrower will not, nor
     will the Borrower permit or suffer any of its Subsidiaries to, conduct
     any transactions among themselves or with any Affiliates of the
     Borrower, other than (a) payment of the CH Management Fee in an
     aggregate amount not to exceed $1,500,000 during any fiscal year of
     the Borrower so long as the Agent has received certificates from the
     Borrower, in form and substance satisfactory to the Agent, evidencing
     that (i) no Event of Default shall have occurred and be continuing and
     none would result from the making thereof and (ii) the Short Term
     Revolving Credit Note has been paid in full and (iii) the Modified
     Funded Debt Ratio is greater than 1.10:1.00, PROVIDED that any portion
     of such amount not paid during any fiscal year may be paid in any
     subsequent fiscal year, (b) transactions with Oakley Insurance Group
     regarding the Borrower's insurance policies and coverage upon terms
     not materially less favorable to the Borrower or such Subsidiary than
     it could obtain in a comparable arm's-length transaction with a party
     other than Oakley Insurance Group, (c) a Permitted Preferred Stock
     Replacement, (d) transactions among the Borrower and its Subsidiaries,
     (e) any Permitted Employee Stock Repurchases, (f) any Permitted
     Capital Stock Repurchase, (g) transactions constituting Investments
     permitted by Sections 12.3(h) or (o) hereof, (h) transactions in the
     ordinary course of the Borrower's or such Subsidiary's business,
     consistent with past practices, and upon terms not materially less
     favorable to the Borrower or such Subsidiary than it could obtain in a
     comparable arm's-length transaction with a party other than the
     Borrower, such Subsidiary or such Affiliate and (i) entering into an
     Indemnification Agreement."


     SECTION 5.     AMENDMENT TO SECTION 13.1 OF THE CREDIT AGREEMENT.  SECTION
13.1 of the Credit Agreement is hereby amended by replacing the table appearing
therein with the following table:

<TABLE>
<CAPTION>

                 PERIOD                        RATIO
                 ------                        -----
                 <S>                           <C>
                 11/30/98                      3.50:1.00
                 2/28/99                       3.50:1.00
                 5/31/99 - 8/31/99             3.10:1.00
                 11/30/99 and thereafter       2.25:1.00
</TABLE>

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                                     -5-

     SECTION 6.     AMENDMENT TO SECTION 13.2 OF THE CREDIT AGREEMENT.  SECTION
13.2 of the Credit Agreement is hereby amended by replacing the table appearing
therein with the following table:

<TABLE>
<CAPTION>

                 PERIOD                       AMOUNT
                 ------                       ------
                 <S>                          <C>
                 11/30/98                     $15,750,000
                 2/28/99                      $16,500,000
                 5/31/99                      $19,000,000
                 8/31/99                      $20,000,000
                 11/30/99 - 8/31/00           $22,700,000
                 11/30/00 - 8/31/01           $23,500,000
                 11/30/01 - 8/31/02           $24,000,000
                 11/30/02 - 8/31/03           $24,500,000
                 11/30/03 and thereafter      $25,000,000
</TABLE>

     SECTION 7.     AMENDMENT TO SECTION 13.3 OF THE CREDIT AGREEMENT.  SECTION
13.3 of the Credit Agreement is hereby amended in its entirety to read as
follows:
          
               "13.3.  CAPITAL EXPENDITURES.  (a) The Borrower will not make, or
          permit any Subsidiary of the Borrower to make, Capital Expenditures
          (other than Computer Conversion Capital Expenditures) during any
          fiscal year set forth in the table below (or the portion thereof, in
          the case of the fiscal year in which the Closing Date occurs) that
          exceed, in the aggregate, the amount set forth opposite such fiscal
          year in such table:

<TABLE>
<CAPTION>
                 FISCAL YEAR         AMOUNT
                 -----------         ------
                 <S>                 <C>
                 1998                $4,500,000
                 1999                $5,500,000
                 2000                $3,500,000
                 2001                $3,500,000
                 2002                $3,500,000
                 2003                $3,500,000
                 2004                $3,500,000
</TABLE>

          (b) The Borrower will not make, or permit any Subsidiary of the
     Borrower to make, Computer Conversion Capital Expenditures (i) during
     the period consisting of fiscal years 1998 and 1999 and the first
     fiscal quarter of fiscal year 2000 that exceed, in the aggregate,
     $6,500,000 or (ii) during any fiscal period other than fiscal years
     1998 and 1999 and the first fiscal quarter of fiscal year 2000;
     PROVIDED, HOWEVER, that if during any fiscal year the amount of
     Capital Expenditures permitted by Section 13.3(a) above for such
     fiscal year is not so utilized, such unutilized amount may be utilized
     during such fiscal year only (and not during any other fiscal year) to
     make Computer Conversion Capital Expenditures."

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                                     -6-

     SECTION 8.     AMENDMENT TO SECTION 13.4 OF THE CREDIT AGREEMENT.  SECTION
13.4 of the Credit Agreement is hereby amended by replacing the table appearing
therein with the following table:

<TABLE>
<CAPTION>

                 PERIOD                        RATIO
                 ------                        -----
                 <S>                           <C>

                 11/30/98                      1.05:1.00
                 2/28/99                       1.05:1.00
                 5/31/99                       1.15:1:00
                 8/31/99                       1.20:1:00
                 11/30/99-8/31/00              1.50:1.00
                 11/30/00 - 8/31/01            1.60:1.00
                 11/30/01 and thereafter       1.75:1.00
</TABLE>

     SECTION 9.     ADDITION TO SECTION 13 OF THE CREDIT AGREEMENT.  The
following new SECTION 13.5 is hereby added to the Credit Agreement:

          "SECTION 13.5  CONSOLIDATED NET WORTH.  The Borrower will not 
permit Consolidated Net Worth on March 30, 1999 to be less than $42,000,000.  
On March 31, 1999 the Borrower will deliver a certificate setting forth in 
reasonable detail computations evidencing compliance with this Section 13.5 
in form and substance satisfactory to the Agent."

     SECTION 10.    CONDITIONS TO EFFECTIVENESS.  This Amendment shall not 
become effective until the Agent receives the following:

          (a) a counterpart of this Amendment, executed by the each of the 
Borrower, the Agent and the Majority Banks; and

          (b) an amendment fee of $150,000 paid by the Borrower for the PRO 
RATA account of each Bank based on such Bank's percentage of the Total 
Commitment.

     SECTION 11.    REPRESENTATIONS AND WARRANTIES.  The representations and 
warranties of the Borrower contained in the Credit Agreement were true and 
correct when made and continue to be true and correct on and as of the date 
hereof as if made on the date hereof except to the extent of changes 
resulting from transactions contemplated or permitted by the Credit Agreement 
and to the extent that such representations and warranties relate expressly 
to an earlier date.  No Default or Event of Default has occurred and is 
continuing.

     SECTION 12.    RATIFICATION, ETC.  Except as expressly amended hereby, 
the Credit Agreement and all documents, instruments and agreements related 
thereto, including, but not limited to the Security Documents, are hereby 
ratified and confirmed in all respects and shall continue in full force and 
effect.  The Credit Agreement and this Amendment shall be read and construed 
as a single agreement.  All references in the Credit Agreement or any related 
agreement or instrument to the Credit Agreement shall hereafter refer to the 
Credit Agreement as amended hereby.

<PAGE>

                                     -7-

     SECTION 13.    NO WAIVER.  Nothing contained herein shall constitute a 
waiver of, impair or otherwise affect any Obligations, any other obligation 
of the Borrower or any rights of the Agent or the Banks consequent thereon.

     SECTION 14.    COUNTERPARTS.  This Amendment may be executed in one or 
more counterparts, each of which shall be deemed an original but which 
together shall constitute one and the same instrument.

     SECTION 15.    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY, AND 
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS 
(WITHOUT REFERENCE TO CONFLICT OF LAWS).


<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment as a 
document under seal as of the date first above written.

COMMEMORATIVE BRANDS, INC. (f/k/a Scholastic 
Brands, Inc.)


BY:                      
   -------------------------------
     NAME:
     TITLE:


BANKBOSTON, N.A. (f/k/a The First National Bank 
of Boston and successor by merger to Rhode 
Island Hospital Trust National Bank), individually 
and as Agent


BY:                      
   -------------------------------
     NAME:
     TITLE:


LASALLE NATIONAL BANK


BY:                      
   -------------------------------
     NAME:
     TITLE:


CREDITANSTALT CORPORATE
FINANCE, INC.


BY:                      
   -------------------------------
     NAME:
     TITLE:

BY:                      
   -------------------------------
     NAME:
     TITLE:

<PAGE>

FLEET PRECIOUS METALS INC.


BY:                      
   -------------------------------
     NAME:
     TITLE:

BY:                      
   -------------------------------
     NAME:
     TITLE:


HELLER FINANCIAL, INC.


BY:                      
   -------------------------------
     NAME:
     TITLE:


SANWA BUSINESS CREDIT 
CORPORATION


BY:                      
   -------------------------------
     NAME:
     TITLE:


UNION BANK OF CALIFORNIA, N.A.


BY:                      
   -------------------------------
     NAME:
     TITLE: