Features:
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Sensitivity: determines when the effect will trigger
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Peak: boosts the center frequency for a more dramatic filtering (like a Resonance control on a synthesizer)
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Filter (LP/BP/HP): Selects the type of filter — Lowpass, Bandpass or Highpass.
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Drive (Up/Down): Selects the direction of the filter sweep — upwards or downwards.
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Range (High/Low): Selects the frequency range of the filter.
A review of this effect as well as later models can be found here.