On the first observation, the investor receives a guaranteed coupon and a partial repayment of the principal invested. Every coupon not detached is added in memory and can be perceived on a future observation date. On subsequent observations, the investor receives a capitalized coupon (memory) if the underlying is above the redemption level. The automatic early redemption mechanism is then activated and the product stops. The capital is protected up to the protection level (activation depends on the type of protection).