Document:

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                                                                     Exhibit 4.5

                    RESOLUTIONS OF THE PRICING COMMITTEE OF

                           THE BOARD OF DIRECTORS OF

                        UNIVERSAL HEALTH SERVICES, INC.

                                   * * * * *

     WHEREAS, on April 21, 2001, the Board of Directors of Universal Health
Services, Inc. (the "Company") authorized the Pricing Committee of the Board of
Directors to exercise the full authority of the Board of Directors in connection
with the issuance of Debt Securities by the Company under the Company's shelf
registration statement on Form S-3, File No. 333-59916 (the "Registration
Statement"), as amended and supplemented from time to time, and under the
indenture, dated as of January 20, 2000 (the "Indenture"), between the Company
and Bank One Trust Company, N.A., as trustee (the "Trustee"), the execution and
delivery of which was authorized by the Board of Directors on May 19, 1999;

     WHEREAS, it has been determined that there shall be issued at this time an
aggregate of $200,000,000 of Debt Securities to be issued under the Indenture;
and

     WHEREAS, the Indenture provides that the terms of any series of Debt
Securities may be established pursuant to an authorizing resolution of the Board
of Directors or any duly authorized committee of the Board of Directors.

     NOW, THEREFORE, BE IT

     RESOLVED, that there is hereby approved and established a series of
securities of the Company, whose terms shall be as follows, to be issued under
the Indenture.  Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Indenture.

1.  The securities of such series shall be known and designated as the 6 3/4%
Notes due 2011 ("Notes") of the Company.

2.  The aggregate principal amount of Notes which may be authenticated and
delivered under the Indenture is initially limited to $200,000,000, subject to
increase in any reopening of the series as provided in Section 2.3 the
Indenture.

3.  The Notes will mature on November 15, 2011.

4.  The Notes shall bear interest at the rate of 6 3/4% per annum, payable
semiannually on May 15 and November 15 of each year (each, an "Interest Payment
Date"), commencing May 15, 2002, from the most recent Interest Payment Date to
which interest has been paid or, if no interest has been paid, from November 9,
2001, until payment of the principal sum has been made or duly provided for.

5.  The principal of and on the Notes shall be payable in immediately available
funds in such coin or currency of the United States of America as at the time of
payment shall be legal tender for the payment of public and private debts, at
the office or agency of the Company maintained
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for such purpose in the City of New York. Interest on the Notes shall be paid at
such office or agency, in like coin or currency; provided, that payment of
interest may be made at the option of the Company by check mailed to the address
of the person entitled thereto as such address shall appear on the security
register.

6.  The amount of interest payable on any Interest Payment Date shall be
computed on the basis of a 360-day year of twelve 30-day months.  Each payment
of interest in respect of an Interest Payment Date shall include interest
accrued through the day prior to such Interest Payment Date.  The interest so
payable on any Interest Payment Date will, subject to the exceptions provided in
the Indenture, be paid to the persons in whose names the Notes are registered at
the close of business on the May 1 or November 1, as the case may be, which
shall be a business day next preceding such Interest Payment Date.

7.  The Company shall issue and sell the Notes to J.P. Morgan Securities Inc.,
Banc of America Securities LLC, Fleet Securities, Inc., First Union Securities,
Inc. and ABN AMRO Incorporated (the "Underwriters"), the underwriters named in
the Underwriting Agreement, dated November 6, 2001, by and between the Company
and such Underwriters, at a purchase price of 99.268% thereof.

8.  The Notes shall be issued as a Global Security in the form attached hereto
as Exhibit A.  The Depository Trust Company shall be the Depositary.
   ---------

9.  The Notes may be redeemed, in whole at any time or in part from time to
time, at the option of the Company, at a redemption price equal to accrued and
unpaid interest on the principal amount being redeemed to the redemption date
plus the greater of:

     (a) 100% of the principal amount of the Notes to be redeemed; and

     (b)  the sum of the present values of the remaining scheduled payments of
          principal and interest on the Notes to be redeemed (not including any
          portion of such payments of interest accrued to the date of
          redemption) discounted to the date of redemption on a semiannual basis
          (assuming a 360-day year consisting of twelve 30-day months) at the
          Adjusted Treasury Rate, plus 30 basis points.

          "Adjusted Treasury Rate" means, with respect to any date of
          redemption, the rate per year equal to the semiannual equivalent yield
          to maturity of the Comparable Treasury Issue, assuming a price for the
          Comparable Treasury Issue (expressed as a percentage of its principal
          amount) equal to the Comparable Treasury Price for that date of
          redemption.

          "Comparable Treasury Issue" means the United States Treasury security
          selected by the Quotation Agent as having a maturity comparable to the
          remaining term of the Notes to be redeemed that would be used, at the
          time of selection and under customary financial practice, in pricing
          new issues of corporate debt securities of comparable maturity to the
          remaining term of the Notes.

          "Comparable Treasury Price" means, with respect to any date of
          redemption, the average of the Reference Treasury Dealer Quotations
          for the date of redemption,
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          after excluding the highest and lowest Reference Treasury Dealer
          Quotations, or if the Trustee obtains fewer than three Reference
          Treasury Dealer Quotations, the average of all Reference Treasury
          Dealer Quotations.

          "Quotation Agent" means J.P. Morgan Securities Inc. or another
          Reference Treasury Dealer appointed by the Company.

          "Reference Treasury Dealer" means each of J.P. Morgan Securities Inc.
          and Banc of America Securities LLC and their respective successors and
          any other primary treasury dealer selected by the Company.  If any of
          the foregoing ceases to be a primary U.S. Government securities dealer
          in New York City, the Company must substitute another primary treasury
          dealer.

          "Reference Treasury Dealer Quotations" means, with respect to each
          Reference Treasury Dealer and any date of redemption, the average, as
          determined by the Trustee, of the bid and asked prices for the
          Comparable Treasury Issue (expressed in each case as a percentage of
          its principal amount) quoted in writing to the Trustee by the
          Reference Treasury Dealer at 5:00 p.m., New York City time, on the
          third business day before the date of redemption.

Notice of any redemption will be mailed at least 30 days but not more than 60
days before the date of redemption to each holder of the Notes to be redeemed.
Unless the Company defaults in payment of the redemption price, on and after the
date of redemption, interest will cease to accrue on the Notes or portions of
the Notes called for redemption; and further

     RESOLVED, that the form, terms and provisions of the Underwriting Agreement
presented to the Pricing Committee be, and thereby are, in all respects approved
and adopted; and that any officer of the Company, and each of them to be, and
they thereby are, authorized to execute and deliver, in the name and one behalf
of the Company, such Underwriting Agreement in substantially such form and
containing substantially the same provisions as presented to the Pricing
Committee, with such changes therein and additions thereto as the officer
executing the same may approve, the execution thereof by such officer to be
conclusive evidence of such approval; and further

     RESOLVED, that the Chairman of the Board, the President or any Vice
President and the Treasurer or any Assistant Treasurer or Secretary or any
Assistant Secretary of the Company be, and they hereby are, authorized to
execute, manually or by facsimile signature (the use of which shall be deemed to
constitute the approval and adoption thereof by the Company), in the name and on
behalf of the Company and under its corporate seal (or a facsimile thereof, the
use of which shall be deemed to constitute the approval and adoption thereof by
the Company), Notes in denominations of $1,000 and any integral multiple
thereof, in substantially the form attached hereto as Exhibit A, which form is
                                                      ---------
hereby in all respects approved and adopted; and further

     RESOLVED, that the form of the prospectus supplement dated November 6, 2001
relating to the issuance of the Notes presented to the Pricing Committee is in
all respects approved and adopted, and that the proper officers of the Company
be, and each of them hereby is, authorized to file such prospectus supplement
(including the prospectus included in the
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Registration Statement) (the "Prospectus"), in substantially such form as
presented to the Pricing Committee (with such changes therein and additions
thereto as such officer may approve, the delivery thereof by such officers to be
conclusive evidence of such approval), together with such other information as
such officers, with the advice of counsel, deem necessary or desirable, with the
Securities and Exchange Commission pursuant to Rule 424(b) of the General Rules
and Regulations promulgated under the Securities Act of 1933, as amended; and
further

     RESOLVED, that in addition to the specific authorization set forth in any
of the foregoing resolutions regarding the proposed issue and sale of the Notes
and related matters, the proper officers of the Company, and each of them be,
and they hereby are, authorized to take from time to time any and all such
action and to execute and deliver from time to time any and all such
instruments, requests, receipts, notes, applications, reports, certificates and
other documents as may be necessary or advisable in their opinion, with the
advice of counsel, to effectuate, consummate, and comply with the purpose and
intent of the foregoing resolutions or any of them and to perform the Company's
obligations under the Underwriting Agreement, Indenture and Notes, the
Registration Statement, Prospectus or amendment or supplement thereto or any
agreements referred to herein.<PAGE>

                                                                    Exhibit 10.3
                       [LETTERHEAD OF UNIVERSAL HEALTH]

                                December 31, 2001

Mr. Alan B. Miller
President
UHS of Delaware, Inc.
367 South Gulph Road
King of Prussia, PA 19406

Dear Alan:

        The Board of Trustees of Universal Health Realty Income Trust at their
December 3, 2001 meeting, authorized the renewal of the current Advisory
Agreement between the Trust and UHS of Delaware, Inc. ("Agreement") upon the
same terms and conditions.

        This letter constitutes the Trust's offer to renew the Agreement, until
December 31, 2002, upon the same terms and conditions. Please acknowledge UHS of
Delaware's acceptance of this offer by signing in the space provided below
and returning one copy of this letter to me.

                                                Sincerely,

                                                Kirk E. Gorman
                                                President and Secretary

cc: Warren J. Nimetz, Esq.
    Charles Boyle

Agreed to and Accepted:

UHS OF DELAWARE, INC.

By:
   -------------------------
   Alan B. Miller, President

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