The investor receives a capitalized coupon (memory) if the underlying is above the early redemption level during an observation or above the airbag level at maturity. Every coupon not detached is added in memory and can be perceived on a future observation date. The automatic early redemption mechanism is then activated and the product stops. On the last observation, the airbag is activated and  Capital is protected up to the protection level (activation depends on the type of protection).