Torque Converter DRAINBACK Valve: Operation
WARNING: This page is about a different car, the 2003 Dodge Dakota. However, it is still accessible from the selected car via links, so may be relevant.
The valve prevents fluid from draining from the converter into the cooler and lines when the vehicle is shut down for lengthy periods. Production valves have a hose nipple at one end, while the opposite end is threaded for a flare fitting. All valves have an arrow (or similar mark) to indicate direction of flow through the valve.