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Exhibit 10.3.2

AMENDMENT NO. 4 TO
REVOLVING CREDIT AGREEMENT

        This AMENDMENT NO. 4 ("Amendment") dated as of June 30, 2003 is by and
between WACHOVIA BANK, NATIONAL ASSOCIATION (formerly known as First Union
National Bank), as an individual Lender and as Sole Lead Arranger and
Administrative Agent ("Wachovia"), Wachovia in its capacity as the Lead Arranger
and Administrative Agent is hereinafter the "Agent", MERRILL LYNCH BUSINESS
FINANCIAL SERVICES INC., as an individual Lender ("Merrill"), BANKNORTH, N.A.,
as an individual Lender ("Banknorth", and together with Wachovia and Merrill,
the "Lenders") and TRC COMPANIES, INC., a Delaware corporation ("TRC") and the
subsidiaries of TRC listed herein, (each a "Borrower" and collectively the
"Borrowers").

W I T N E S S E T H:

        WHEREAS, the Borrowers, Agent and Lenders are parties to a certain
Revolving Credit Agreement dated as of March 25, 2002, as amended by an
Amendment No. 1 thereto dated as of August 30, 2002, as further amended by an
Amendment No. 2 thereto dated as of September 16, 2002, and as further amended
by an Amendment No. 3 thereto dated as of February 14, 2003 (said agreement, as
so amended, and as further as amended and modified from time to time, the
"Credit Agreement") and certain other Credit Documents executed and delivered in
connection therewith;

        WHEREAS, the Borrowers, the Agent and the Lenders desire to amend the
Credit Agreement to modify certain of the financial covenants set forth therein;

        NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration (the receipt and sufficiency of which are hereby
acknowledged), the parties hereto hereby agree as follows:

1.Defined Terms; Effect of Amendment.

(a)Unless otherwise modified hereby, all capitalized terms used herein which are
defined in the Credit Agreement, and not otherwise defined herein, are used
herein as defined in the Credit Agreement. All capitalized terms used herein
which are defined in the Credit Agreement and modified herein shall have the
meaning assigned to such terms in the Credit Agreement as so modified.

(b)This Amendment is an amendment to the Credit Agreement. Unless the context of
this Amendment otherwise requires, the Credit Agreement and this Amendment shall
be read together and shall have effect as if the provisions of the Credit
Agreement and this Amendment were contained in one agreement. After the
effective date of this Amendment, all references in the Credit Agreement to the
"Credit Agreement", "this Agreement", "hereto", "hereof", "hereunder" or words
of like import referring to the Credit Agreement shall mean the Credit Agreement
as amended by this Amendment, and all references in the Notes and the other
Credit Documents to the Credit Agreement shall mean the Credit Agreement as
amended by this Amendment.

        2.     Amendment to Credit Agreement.

(a)The following new defined terms shall be inserted into Section 1.01 in their
respective appropriate alphabetical order:

        "Environmental Remediation Liabilities" shall mean the current and
long-term portion of the amount of all liabilities in respect of environmental
remediation claims that are the responsibility of the Borrowers that are
otherwise included in the Consolidated Total Liabilities."

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        "Insurance Recoverable Assets" shall mean the amount of all unrealized
insurance recoverables in respect of environmental remediation claims under the
policies of insurance that inure to the benefit of the Borrowers that are
included in the Consolidated Current Assets."

(b)Section 8.07 of the Credit Agreement shall be amended and restated to read as
follows:

        "8.07. Debt Service Coverage Ratio.    The Borrowers will not permit for
each Test Period set forth below the ratio of (A) Consolidated EBITDA minus the
sum of (i) Capital Expenditure and (ii) Earnout Payments to (B) the sum of
(i) Consolidated Total Interest Expense plus Consolidated CPLTD, to be less than
the ratio set opposite said Test Period:

Test Period

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  Ratio

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Test Period ending June 30, 2003 and September 30, 2003   3.00 to 1.00 Test
Period ending December 31, 2003   2.50 to 1.00 Test Period ended March 31, 2004
  4.00 to 1.00 Test Period ended June 30, 2004 and each Test Period thereafter
ending as of each fiscal quarter end occurring thereafter"   4.50 to 1.00

(c)Section 8.09 of the Credit Agreement shall be amended and restated to read as
follows:

        "8.09. Current Assets to Total Liabilities Ratio.    The Borrower will
not permit the ratio of (A) Consolidated Current Assets minus Insurance
Recoverable Assets to (B) Consolidated Total Liabilities minus Environmental
Remediation Liabilities to be less than 1.00 to 1.00, at all times, measured
quarterly."

3.Full Force and Effect. Except as expressly modified by this Amendment, all of
the terms and conditions of the Credit Agreement shall continue in full force
and effect, and all parties hereto shall be entitled to the benefits thereof.
This Amendment is limited as written and shall not be deemed (i) to be an
amendment of or a consent under or waiver of any other term or condition of the
Credit Agreement or (ii) to prejudice any right or rights which the Lenders now
have or may have in the future under or in connection with the Credit Agreement
or such other agreements.

4.Representations and Warranties. In order to induce the Lenders to enter into
this Amendment, each Borrower makes the following representations and warranties
to the Lenders, which shall survive the execution and delivery hereof:

(i)The execution and delivery of this Amendment has been authorized by all
necessary corporate action on its part, this Amendment has been duly executed
and delivered by it, and this Amendment and the Credit Agreement, as amended
hereby, constitutes the legal, valid and binding obligations of it enforceable
against it in accordance with its terms subject to applicable bankruptcy,
insolvency, reorganization and other laws affecting creditors' rights generally,
moratorium laws from time to time in effect and general principles of equity
(regardless of whether such enforceability is considered in a proceeding in
equity or at law);

(ii)No Event of Default has occurred and is continuing under the Credit
Agreement, and no event has occurred which, with notice, lapse of time or both,
would constitute such an Event of Default; and

(iii)The representations and warranties set forth in the Credit Agreement and
the other Credit Documents are true and correct as of the date hereof in all
material respects.

5.Counterparts. This Amendment may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original, and all which
when taken together shall constitute one and the same agreement.

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6.Governing Law. This Amendment, including the validity thereof and the rights
and obligations of the parties hereunder, shall be construed in accordance with
and governed by the laws of the State of New Jersey.

7.Conditions Precedent. This Amendment shall not be effective until (i) the
Agent shall have received counterparts of this Amendment, duly executed by each
of the parties hereto, (ii) the Borrowers shall have paid to the Agent for the
ratable benefit of the Lenders, a fee of $90,000 in respect of the amendment
fees contemplated in Section 3.05 of the Credit Agreement, and (iii) Borrowers
shall have paid all reasonable fees and expenses of the Agent's counsel incurred
in connection with the preparation, negotiation, execution and delivery and
review of this Amendment. The date on which all of the foregoing conditions are
satisfied as determined by the Lenders is referred to herein as the "Effective
Date".

8.Execution Certification. The Borrowers hereto certified that this Amendment
and each of the notes referenced in Section 10 above were executed by the
Borrowers in the State of Connecticut and delivered to the Agent in the State of
New Jersey.

        [SIGNATURE PAGES TO FOLLOW]

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        IN WITNESS WHEREOF, THE UNDERSIGNED HAVE EXECUTED THIS AMENDMENT AS OF
THE DAY AND YEAR FIRST ABOVE WRITTEN.

THE BORROWERS:

TRC COMPANIES, INC.  
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Senior Vice President
 
TRC ENGINEERS, INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Vice President & Treasurer
 
TRC ENVIRONMENTAL CORPORATION
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Vice President & Treasurer
 
TRC ENVIRONMENTAL SOLUTIONS, INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Assistant Treasurer
 
TRC MARIAH ASSOCIATES INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Vice President & Treasurer
 
TRC GARROW ASSOCIATES, INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
TRC ALTON GEOSCIENCE, INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Assistant Treasurer
 
VECTRE CORP.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
       

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HUNTER ASSOCIATES TEXAS, LTD.
By Hunter Associates, Inc., its General Partner
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
LOWNEY ASSOCIATES
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
OMNI ENVIRONMENTAL CORPORATION
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
IMBSEN & ASSOCIATES
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Assistant Treasurer
 
ENGINEERED AUTOMATION SYSTEMS, INCORPORATED
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
ECON CAPITAL, LP
By TRC Companies, Inc., its General Partner
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
TRC ENERGYSOLVE LLC
By TRC Companies, Inc., its Managing Member
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
GBF HOLDINGS LLC
By TRC Companies, Inc., its Managing Member
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
PBWO HOLDINGS, LLC
By TRC Companies, Inc., its Managing Member
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
       

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CO-ENERGY GROUP LLC
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Assistant Treasurer
 
HUNTER ASSOCIATES, INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
METUCHEN REALTY ACQUISITION, LLC
By TRC Companies, Inc., its Managing Member
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
E/PRO ENGINEERING AND ENVIRONMENTAL CONSULTING LLC
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
CARSON-SALCEDO-MCWILLIAMS, INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
NEW CENTURY ENGINEERING SUPPORT SERVICES, LLC
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
SITE-BLAUVELT ENGINEERS, INC.
(New Jersey)
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
SITE CONSTRUCTION SERVICES INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
SITE-BLAUVELT ENGINEERS, INC.
(New York)
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
       

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SITE-BLAUVELT ENGINEERS, INC.
(Virginia)
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
ESSEX ENVIRONMENTAL, INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
CUBIX CORPORATION
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
NOVAK ENGINEERING, INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
SGS WITTER, INC.
 
By:
/s/  HAROLD C. ELSTON, JR.      

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Harold C. Elston, Jr.,
Treasurer
 
THE AGENT:
WACHOVIA BANK, NATIONAL ASSOCIATION,
(formerly known as First Union National Bank),
as Agent
 
By:
/s/  PAUL J. BAKEY, JR.      

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Paul J. Bakey,
Vice President
 
THE LENDERS:
WACHOVIA BANK, NATIONAL ASSOCIATION,
(formerly known as First Union National Bank),
individually
 
By:
/s/  PAUL J. BAKEY, JR.      

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Paul J. Bakey
Vice President
       

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MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC.
 
By:
/s/  DUSTIN J. VAN PEARSEM      

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Dustin J. Van Pearsem,
Assistant Vice President
 
BANKNORTH, N.A.
 
By:
/s/  JEFFREY R. WESTLING      

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Jeffrey R. Westling,
Senior Vice President
 

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Exhibit 10.3.2

AMENDMENT NO. 4 TO REVOLVING CREDIT AGREEMENT
W I T N E S S E T H