According to Scheme 2, CO binding under non-denaturing conditions can be expressed in terms of the following reaction mechanism (Scheme 3) where the rate constants k
NM and k
MN describe the structural transition between the N and M-states, k
on M is the second-order CO binding rate to the M-state and k
off M represents the corresponding dissociation rate. We already know one of the rate constants in this scheme, namely that of the late folding event, k
MN = 8.3 × 10
4 s
−1, which was measured by Pabit et al. 25 in their flash photolysis experiments starting from the metastable M-CO
ms state. Since the N ⬄ M equilibrium is strongly displaced towards N at low denaturant concentrations, we have k
MN ≫ k
NM. Judging from the magnitude of the CO binding rate to U (Table 2), we also expect that k
MN ≫ k
on M. Under these conditions (analogous to hydrogen exchange in the EX
2 limit), the observed rate for CO binding, k
obs, can be approximated as (1)

where k
NM/k
MN is the equilibrium constant for the N ⬄ M pre-equilibrium, K
NM, and k
on M is the apparent rate for CO binding to the M-state at a given CO concentrations (e.g., 1 mM in a saturated solution at 1 atm). Since K
NM ≪ 1 under native conditions, Eq. 1 explains how the apparent rate of CO binding at low denaturant concentration can be very slow, even if the intrinsic CO binding rate to the M-state is relatively fast.