The Spence NLD Series Free-Floating Lever Drainer is a float operated valve that has a modulating flow characteristic. It will drain liquids from compressed air systems with minimum air loss. The valve and seat assembly, inside the drainer, are connected to a stainless steel float that is in a closed position. As liquid flows into the drainer, the float rises, lifting the plug off of the valve seat to discharge the liquid at the same rate as it is received.