Memory is an effect which allows you to sample and remix your beats or other material on the fly.
It works by allowing you to loop the input it recieves and also change the length of the loop. To use the Memory, it's best to set it up as an inline effect (or as a 100% wet send). Just start playing some input into it and click on the pad. The pad allows you to control the length of the loop and also the cutoff of a filter on the loop. Pad motions are sent as automated parameters, so you can record those parameters in your track as you would record knob tweaks on any synth. Memory can also be triggered via MIDI notes if your host supports sending notes to effects. The usable MIDI range starts around C2 or C3. Each semitone above that represents a different loop value.