Document:

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                                                                  Exhibit (4)(d)

                      [Form of Subordinated Debt Security]

                           [Global Securities Legend]

            UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE CO., HAS AN INTEREST HEREIN.

            TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

                          BRISTOL-MYERS SQUIBB COMPANY
                          % SUBORDINATED DEBENTURE DUE

REGISTERED                                                      CUSIP NO.

NO.

            BRISTOL-MYERS SQUIBB COMPANY, a corporation duly organized and
existing under the laws of the State of Delaware (herein called the "Company",
which term includes any successor under the Indenture hereinafter referred to),
for value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of [                    ] at the office or agency of the
Company in New York, New York designated for such purpose by the Company (on the
date hereof, the principal Corporate Trust Office of the Trustee mentioned
below, located at [    ]), 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, and to pay interest on said principal sum semiannually
on [    ] and [    ] of each year, commencing [        ], at said office or
agency (except as provided below), in like coin or currency, at the rate per
annum specified in the title hereof, such interest

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to accrue from the date of this Debenture until payment of said principal sum
has been made or duly provided for. The interest so payable, and punctually paid
or duly provided for, on any [    ] or [    ] will, except as provided in the
Indenture dated as of [    ] (herein called the "Indenture"; capitalized terms
used and not defined herein shall have the meaning ascribed to such terms in the
Indenture), duly executed and delivered by the Company to [    ], as trustee
(herein called the "Trustee"), be paid to the Person in whose name this
Debenture (or one or more Predecessor Securities) is registered at the close of
business on the next preceding [    ] or [    ], respectively (herein called the
"Regular Record Date"), whether or not a Business Day, and may, at the option of
the Company, be paid by check mailed to the registered address of such Person.
Any such interest which is payable, but is not so punctually paid or duly
provided for, shall forthwith cease to be payable to the registered Holder on
such Regular Record Date and may be paid either to the Person in whose name this
Debenture (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, as described in the Indenture, notice whereof shall be
given to Holders of Debentures not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Debentures may be listed and upon such notice as may be required by such
exchange, if such manner of payment shall be deemed practical by the Trustee,
all as more fully provided in the Indenture.

            Initially, the Trustee will be the Paying Agent and the Security
Registrar with respect to this Debenture. The Company reserves the right at any
time to vary or terminate the appointment of any Paying Agent or Security
Registrar, to appoint additional or other Paying Agents and other Security
Registrars and to approve any change in the office through which any Paying
Agent or Security Registrar acts; PROVIDED that there will at all times be a
Paying Agent in The City of New York.

            This Debenture is one of the duly authorized issue of subordinated
debt securities (hereinafter called the "Securities") of the Company, of the
series hereinafter specified, all issued or to be issued under and pursuant to
the Indenture, to which Indenture and all other indentures supplemental thereto
reference is hereby made for a statement of the rights and limitations of
rights, obligations, duties and immunities thereunder of the Trustee and any
agent of the Trustee, any Paying Agent, the Company

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and the Holders of the Securities and the terms upon which the Securities are
issued and are to be authenticated and delivered.

            The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest (if any) at different rates, may be subject
to different redemption provisions (if any), may be subject to different
sinking, purchase or analogous funds (if any), may be subject to different
covenants and Events of Default and may otherwise vary as provided or permitted
in the Indenture. This Debenture is one of the series of Securities of the
Company issued pursuant to the Indenture designated as the [   ]% Subordinated
Debentures Due [    ] (herein called the "Debentures"), limited in aggregate
principal amount to $[    ].

            The Debentures are not redeemable prior to the Stated Maturity of
the principal hereof and will not be subject to any sinking fund.

            If an Event of Default with respect to the Debentures shall occur
and be continuing, the principal of all of the Debentures may be declared due
and payable in the manner, with the effect and subject to the conditions
provided in the Indenture.

            The Indenture permits, with certain exceptions as therein provided,
the Company and the Trustee to enter into supplemental indentures to the
Indenture for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of modifying in any
manner the rights of the Holders of the Securities of each series under the
Indenture with the consent of the Holders of not less than a majority in
principal amount of the Securities at the time Outstanding of each series to be
affected thereby on behalf of the Holders of all Securities of such series. The
Indenture also permits the Holders of a majority in principal amount of the
Securities at the time Outstanding of each series on behalf of the Holders of
all Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults and their consequences
with respect to such series under the Indenture. Any such consent or waiver by
the Holder of this Debenture shall be conclusive and binding upon such Holder
and upon all future Holders of this Debenture and of any Debenture issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Debenture or
such other Debentures.

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                                                                               4

            No reference herein to the Indenture and no provision of this
Debenture or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, and any
premium and any interest on, this Debenture at the place, rate and respective
times and in the coin or currency herein and in the Indenture prescribed.

            As provided in the Indenture and subject to the satisfaction of
certain conditions therein set forth, including the deposit of certain trust
funds in trust, at the Company's option, either the Company shall be deemed to
have paid and discharged the entire indebtedness represented by, and the
obligations under, the Securities of any series and to have satisfied all the
obligations (with certain exceptions) under the Indenture relating to the
Securities of such series or the Company shall cease to be under any obligation
to comply with any term, provision or condition of certain restrictive covenants
or provisions with respect to the Securities of such series.

            The Debentures are subordinated to Senior Indebtedness, as defined
in the Indenture. To the extent provided in the Indenture, Senior Indebtedness
must be paid before the Debentures may be paid. The Company agrees, and each
Holder by accepting a Debenture agrees, to the subordination provisions
contained in the Indenture and authorizes the Trustee to give them effect and
appoints the Trustee as attorney-in-fact for such purpose.

            The Debentures are issuable in registered form without coupons in
denominations of $1,000 and any integral multiple of $1,000. Debentures may be
exchanged for a like aggregate principal amount and Stated Maturity of
Debentures of other authorized denominations at the office or agency of the
Company in New York, New York, designated for such purpose by the Company (on
the date hereof, the principal Corporate Trust Office of the Trustee, located at
[     ]), and in the manner and subject to the limitations provided in the
Indenture.

            Upon due presentment for registration of transfer of this Debenture
at the office or agency of the Company in New York, New York, designated for
such purpose by the Company (on the date hereof, the principal Corporate Trust
Office of the Trustee, located at [     ]), duly endorsed or accompanied by a
written instrument of transfer in form satisfactory to the Company, the Trustee
and the Security Registrar duly executed by the Holder thereof or his attorney
duly authorized in writing, a new Debenture or Debentures of authorized
denominations for a like aggregate

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principal amount and Stated Maturity will be issued to the transferee in
exchange therefor, subject to the limitations provided in the Indenture.

            No charge shall be made for any such transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other
governmental charge imposed in connection therewith.

            Prior to due presentment for registration of transfer of this
Debenture, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Debenture is registered as the owner
hereof for all purposes, whether or not this Debenture is overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

            This Debenture shall be construed in accordance with and governed by
the laws of the State of New York.

            Unless the certificate of authentication hereon has been manually
executed by or on behalf of the Trustee under the Indenture, this Debenture
shall not be entitled to any benefits under the Indenture, or be valid or
obligatory for any purpose.

            IN WITNESS WHEREOF, BRISTOL-MYERS SQUIBB COMPANY has caused this
Debenture to be duly executed under its corporate seal.

Dated:                                      BRISTOL-MYERS SQUIBB
                                            COMPANY,

                                               by
                                                  ------------------------------
                                                  Name:
                                                  Title:

[Seal]                                            ATTEST:

                                               by
                                                  ------------------------------
                                                  Name:
                                                  Title:

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                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

            This is one of the Securities of the series designated herein
referred to in the within-mentioned Indenture.

                                            [                ],
                                            as Trustee,

                                               by
                                                  ------------------------------
                                                  Authorized Officer<Page>

                                                                   Exhibit 4.1

           TEMPORARY CERTIFICATE-EXCHANGEABLE FOR DEFINITIVE ENGRAVED
                       CERTIFICATE WHEN READY FOR DELIVERY
-------------------------------------------------------------------------------

                            LA QUINTA PROPERTIES, INC.

              INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

         THIS CERTIFICATE IS TRANSFERABLE IN BOSTON, MA OR NEW YORK, NY

COMMON STOCK                                     SEE REVERSE FOR CERTIFICATE OF
                                                      LA QUINTA CORPORATION
                                                  AND FOR CERTAIN DEFINITIONS

THIS CERTIFIES THAT

is the record holder of

           FULLY PAID AND NON-ASSESSABLE SHARES OF COMMON STOCK OF THE
                            PAR VALUE OF $.10 PER SHARE OF

-----------------------------LA QUINTA PROPERTIES, INC.-----------------------

transferable on the books of the Corporation by the holder hereof in person
or by duly authorized attorney upon surrender of this Certificate properly
endorsed or assigned. Transfers of fractions of whole shares of the
Corporation shall not be made, except as may otherwise be provided in the
By-Laws of the Corporation. This Certificate is not valid until countersigned
by the Transfer Agent and registered by the Registrar.

         Witness the facsimile Seal of the Corporation and the facsimile
signatures of its duly authorized officers.

             Dated

 [SEAL]

           /s/ John F. Schmutz
           SECRETARY

          /s/ Francis W. Cash
          PRESIDENT AND CHIEF EXECUTIVE OFFICER

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        THESE SHARES ARE SUBJECT TO CERTAIN CONDITIONS AS DESCRIBED
                            ON THE REVERSE HEREOF

                                STATE STREET BANK AND TRUST COMPANY
                                                  TRANSFER AGENT AND REGISTRAR
BY

                                                          AUTHORIZED SIGNATURE
COUNTERSIGNED AND REGISTERED AS TO BOTH THE STOCK OF LA QUINTA PROPERTIES,
INC. AND THE STOCK OF LA QUINTA CORPORATION REPRESENTED HEREBY

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                             LA QUINTA CORPORATION

             INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE

                                 COMMON SHARES

    THIS CERTIFIES THAT the person or persons designated on the reverse
hereof is the owner of a number of fully paid and non-assessable common
shares of the par value of $.10 each of La Quinta Properties, Inc. equal to
the number of shares shown on the reverse hereof. THE SHARES ARE SUBJECT TO
RESTRICTIONS ON TRANSFER DESCRIBED BELOW AND ARE TRANSFERABLE ON THE BOOKS OF
THE COMPANY BY THE HOLDER HEREOF IN PERSON OR BY DULY AUTHORIZED ATTORNEY
ONLY IN ACCORDANCE WITH SAID RESTRICTIONS, UPON SURRENDER OF THIS CERTIFICATE
PROPERLY ENDORSED. This certificate is not valid until countersigned by the
transfer agent and registered by the registrar on the reverse hereof.

                     WITNESS the facsimile seal of the Company and the
facsimile signatures of its duly authorized officers.

             Dated as of the date on the reverse hereof.

        [SEAL]

        /s/ John F. Schmutz
        Secretary

        Francis W. Cash
        President and Chief Executive Officer

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    THE SHARES OF LA QUINTA PROPERTIES, INC. AND LA QUINTA CORPORATION
REPRESENTED BY THIS COMBINED CERTIFICATE ARE SUBJECT TO RESTRICTIONS IN THE
RESPECTIVE CERTIFICATES OF INCORPORATION OF EACH COMPANY WHICH PROHIBIT (a)
ANY PERSON (OTHER THAN A LOOK-THROUGH ENTITY) (AS SUCH TERMS ARE DEFINED IN
THE RESPECTIVE CERTIFICATES OF INCORPORATION OF EACH COMPANY) FROM
BENEFICIALLY OWNING OR CONSTRUCTIVELY OWNING (AS THESE TERMS ARE DEFINED IN
THE RESPECTIVE CERTIFICATES OF INCORPORATION OF EACH COMPANY) IN EXCESS OF
9.25% OF THE NUMBER OF OUTSTANDING SHARES OF ANY CLASS OR SERIES OF EQUITY
STOCK (AS THAT TERM IS DEFINED IN THE RESPECTIVE CERTIFICATES OF
INCORPORATION OF EACH COMPANY), (b) ANY LOOK-THROUGH ENTITY FROM BENEFICIALLY
OWNING OR CONSTRUCTIVELY OWNING IN EXCESS OF 9.8% OF THE NUMBER OF
OUTSTANDING SHARES OF ANY CLASS OR SERIES OF EQUITY STOCK, (c) ANY PERSON
FROM ACQUIRING OR MAINTAINING ANY OWNERSHIP INTEREST IN THE STOCK OF EITHER
COMPANY THAT IS INCONSISTENT WITH (i) THE REQUIREMENTS OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, PERTAINING TO REAL ESTATE INVESTMENT TRUSTS
OR (ii) ARTICLES THIRTEENTH OF THE RESPECTIVE CERTIFICATES OF INCORPORATION
OF EACH COMPANY AND (d) ANY TRANSFER OF SHARES OF ANY CLASS OR SERIES OF
EQUITY STOCK OF EITHER COMPANY THAT ARE PAIRED PURSUANT TO ARTICLE FOURTEENTH
OF THE RESPECTIVE CERTIFICATES OF INCORPORATION OF EACH COMPANY, EXCEPT IN
COMBINATION WITH AN EQUAL NUMBER OF SHARES OF THE OTHER COMPANY IN ACCORDANCE
WITH THE RESPECTIVE CERTIFICATES OF INCORPORATION OF EACH COMPANY, COPIES OF
WHICH ARE ON FILE WITH THE TRANSFER AGENT NAMED ON THE FACE HEREOF, AND THE
HOLDER OF THIS CERTIFICATE BY HIS ACCEPTANCE HEREOF CONSENTS TO BE BOUND BY
SUCH RESTRICTIONS.

    LA QUINTA PROPERTIES, INC. AND LA QUINTA CORPORATION WILL FURNISH WITHOUT
CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS A COPY OF THE RELEVANT PROVISION
OF THE RESPECTIVE CERTIFICATES OF INCORPORATION OF EACH COMPANY AND A COPY OF
THE PROVISIONS SETTING FORTH THE DESIGNATIONS, PREFERENCES, PRIVILEGES AND
RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF THAT EACH COMPANY IS
AUTHORIZED TO ISSUE AND THE QUALIFICATIONS, LIMITATIONS AND RESTRICTIONS OF
SUCH PREFERENCES AND/OR RIGHTS. ANY SUCH REQUEST MAY BE ADDRESSED TO THE
SECRETARY OF EITHER COMPANY OR TO THE TRANSFER AGENT NAMED ON THE FACE HEREOF.

                          --------------------------
                                ABBREVIATIONS

    The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

TEN COM - as tenants in common
TEN ENT - as tenants by the entireties
JT TEN  - as joint tenants with right of
          survivorship and not as tenants
          in common

UNIF GIFT MIN ACT - ___________ Custodian ___________
                      (Cust)                (Minor)

                      under Uniform Gifts to Minors
                      Act _________________________
                                 (State)

UNIF TRF MIN ACT - ___________ Custodian (until a g  4)
                   ___________ under Uniform Transfers
                     (Minor)

                   to Minors Act _____________________
                                      (State)

    Additional abbreviations may also be used though not in the above list.
                         ------------------------------

For Value Received, ____________________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE
--------------------------------------

--------------------------------------

------------------------------------------------------------------------------
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

------------------------------------------------------------------------------

------------------------------------------------------------------------------

----------------------------------------------------------------- common shares
of La Quinta Properties, Inc. and a like number of common shares of La Quinta
Corporation represented by the within certificates, and do hereby irrevocably
constitute and appoint

---------------------------------------------------------------------- Attorney
to transfer the said stock on the books of the within named companies with
full power of substitution in the premises.

Dated
     ---------------------------

                                                Signature(s) of Stockholder(s)

                                ----------------------------------------------

Signature(s) Guaranteed:
                        ------------------------------------------------------
                        The signature(s) must be guaranteed by an eligible
                        guarantor institution (Banks, Stockbrokers,

NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS
WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

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