Capitalized coupon upon automatic early redemption

The investor receives a capitalized coupon (memory) if the underlying is above the early redemption level during an observation or above the semi-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. Capital is protected up to the protection level (activation depends on the type of protection).