Common use of The Subscription Clause in Contracts

The Subscription. Seritage hereby issues and delivers to SHC, and SHC hereby subscribes for, [—] unitized Rights, each with the right when exercised to purchase one Seritage Common Share from Seritage, subject to certain conditions and on the terms and in the manner described in “The Rights Offering” section of the Form S-11, the receipt of which Rights by SHC is hereby acknowledged.

The Subscription. Seritage hereby issues and delivers to SHC, and SHC hereby subscribes for, [—●] unitized Rights, each with the right when exercised to purchase one Seritage Common Share from Seritage, subject to certain conditions and on the terms and in the manner described in “The Rights Offering” section of the Form S-11, the receipt of which Rights by SHC is hereby acknowledged.