The Michaelis constant describes the equilibrium dissociation constant of the dissociation of the enzyme substrate complex back into the enzyme and the substrate. So in such a case, Km describes the equilibrium constant of the enzyme substrate complex dissociation. And to see why that's so, let's take a look at this equation. So we basically take this equation and we flip it going this way. And we obtain this. So the enzyme substrate complex dissociates back into the enzyme and a substrate and the rate constant going this way is given to decay minus one.