It says if you let "ALL your subscriptions expire". I read that to mean after you have no active subscriptions, you can use the software. Seems absolutely crazy, but that's what it says. It seems more clear to me in the detailed contract version it says clearly 'use or execute':
This clause is almost certainly to prevent folks from having a single subscription and then using that to update all the others in the environment. I don't have a problem with it; we do have several hundred RHEL systems. There are alternatives though. CentOS works for many companies. Even Oracle manages to rebuild the Red Hat packages and sell support around it.