Reaction scheme of the trans hammerhead ribozyme cleavage and ligation reaction. R is the ribozyme strand, S is the substrate strand, and P1 and P2 are the 5' and 3' cleavage products, respectively. kcleave is the cleavage rate constant, kligate is the ligation rate constant, koff is the P1 dissociation rate constant, kon is the P1 association rate constant. Keqint is the equilibrium constant for the cleavage-ligation step of the reaction, and Kdiss is the equilibrium constant for dissociation of P1. The asterisks indicate the catalytically active forms of the cleaved and ligated complexes.