Characteristic optical properties of the reduced nicotinamide group of the coenzyme NADPH (absorbance, fluorescence, and circular dichroism) have enabled us to describe the sequential formation of two transients during the oxidative deamination of l-glutamste catalyzed by l-glutamate dehydrogenase in the presence of NADP. The first transient detected, called complex I, is characterized by a reduced nicotinamide absorption maximum at 333 nm and a very low specific NADPH fluorescence (Fs∼ 0.2). This complex is identified as the E · NADPH · 2-oxoglutarate complex which is known to possess very similar optical properties. The second transient, called complex II, is characterized and identified as the E · NADPH ·l-glutamate complex by the detection of an unique negative ellipticity during the steady-state phases. Using certain kinetic arguments, the formation of complex II (i.e., binding of l-glutamate to E · NADPH) is shown to be rate-limited by the dissociation of 2-oxoglutarate from complex II (i.e., E · NADPH · 2-oxo-glutarate). The conclusion is also drawn that the complex II accumulates prior to the liberation of the free product NADPH during the presteady-states phases. The rate-limiting step of the overall reaction is the dissociation of NADPH from the complex II which attains a, steady-state concentration level corresponding to 80% of the total enzyme concentration under our experimental conditions. The influence of the known catalytic effectors GTP and ADP on the accumulation of these transients has also been studied. The inhibitor GTP, under these same conditions, allows the accumulation of complex I, although its rate of formation is slower (2-fold), but thereafter blocks the reaction (>90%) by inhibiting the liberation of the products, especially that of 2-oxoglutarate. There is no formation of complex II which confirms the fact that 2-oxoglutarate is retained under the complex E · NADPH · 2-oxoglutarate form. The complex I accumulates to the same maximal concentration (∼ 50%, total available enzyme sites) as the reaction in the absence of effector. It is not known whether the extremely slow increase in absorbance which follows is due to a slow binding of the substrate (2-oxoglutarate) to the remaining sites and/or to a very slow liberation of NADPH permitting the enzyme turnover. The activator ADP modulates the accumulation of these two transients in a different fashion. The complex I is also formed more slowly (2-fold) but it then decomposes more quickly (2-oxoglutarate liberated twice as fast). Its maximal accumulation is thus lower than in the reaction in the absence of ADP (∼ 30%). The formation of complex II however does occur and accumulates to about 80% of the enzyme concentration. Here again the enzyme turnover is thought to be governed by the release of NADPH from complex II, which is about 2–3 times faster than the reaction without effector. This fact suffices to explain the activation (2–3 times) observed by classical steady-state kinetics.