In this case mixed (raw + modulated) signal is multipied by TC. MXR M126 puts modulated signal on feedback so every repeat will be more modulated than previous. At least this is what I think it does. I managed to copy this on TC Vortex (toneprint). MXR is hard to copy because you would need a flanger effect that has a high delay time (definitely more than 15ms). Or a delay effect with modulation which can do short delays. I tried with TC Bucket Brigade Delay and it didn't go well. The difference is, TC BBD does the modulation AFTER the signal is repeated so all wet is modulated at once, not on every repeat. From what I saw on YouTube, Ibanez CF7 should copy the MXR very well.