Lo Overrun Valve
WARNING: This page is about a different car, the 2010 GMC Sierra and 2010 Chevrolet Silverado. However, it is still accessible from the selected car via links, so may be relevant.
Spring force closes the valve when the PR fluid pressure exhausts. Lo/reverse fluid exhausts through the valve, into the Lo/1st fluid circuit, past the 1-2 shift valve, into the Lo fluid circuit and through an exhaust port at the manual valve.