A control valve assembly (43) for use in a system in which a pump-motor unit (35) can either receive drive torque from a drive-line (17) or transmit torque thereto. The system includes a high pressure accumulator (41) and the control valve assembly is disposed between the pump-motor unit and the accumulator, and includes a mode valve (45) normally biased closed by pressure in a control cavity (89), the fluid pressure in which is controlled by a pilot valve assembly (49) in response to an electrical signal (133). A step-orifice valve (47) associated with the mode valve poppet member (79) provides a relatively larger orifice (115) into the control cavity (89) when pressure therein is high, and a relatively smaller orifice (119) into the control cavity when pressure therein is low, i.e., when the pilot valve assembly (49) is open. Thus, a large volume of flow can occur from the accumulator to the unit (35) in a motoring mode, with a relatively low pressure drop, while the poppet member is able to have softer, relatively longer opening time, but a relatively faster closing time.