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Question:

The modulating control valve allows you to control the

A spring brakes.
Explaination

In some vehicles a control handle on the dash board may be used to apply the spring brakes gradually. This is called a modulating valve. It is spring-loaded so you have a feel for the braking action. The more you move the control lever, the harder the spring brakes come on. They work this way so you can control the spring brakes if the service brakes fail. When parking a vehicle with a modulating control valve, move the lever as far as it will go and hold it in place with the locking device.