Abstract: A holding valve for use in a hydraulic operating system of a machine which is adapted to perform both lifting and digging functions is disclosed. The holding valve includes a conventional poppet assembly for modulating the rate at which hydraulic fluid flows from a hydraulic cylinder when the machine is used for lifting functions. The poppet assembly regulates the speed at which a heavy load can be lowered. The holding valve further includes a pilot actuated piston assembly which is operated only when the machine is used for digging functions. When so actuated, the piston assembly engages the poppet assembly and moves it to a fully opened position. In this fully opened position, the poppet assembly is prevented from modulating the flow rate of hydraulic fluid therethrough, effectively removing the holding valve from the hydraulic circuit. Consequently, hydraulic fluid can flow to and from the digging device without interference from the holding valve.