Amplitude modulator and ring modulator. Parameters: Freq (frequency of the modulating wave), Amp (amplitude of the modulating wave) and Stereo (phase difference between the two stereo channels; from 0 - no phase difference - and 1 - left and right channels are modulated in alternance through the phase offset of the modulator of the right channel). In the "Type" menu, you can choose between amplitude modulation (Amplitude) and ring modulation (RingMod) or bypass the effect.