The tightly bound nucleotides of the beff-heart mitochondrial ATPase are released during cold inactivation followed by ammonium sulfate precipitation. During incubation at 0 degrees C the sedimentation coefficient (S20W) of the ATPase first declines from 12.1S to 9S. Prolonged incubation or precipitation with ammonium sulfate leads to dissociation of the 9S component into subunits with S20W of 3.5S. The 9S component still bears bound nucleotides which exchange more extensively and rapidly with added nucleotides than those bound to the active 12.1S component. The bound nucleotides are lost when the 9S form dissociates into the smaller subunits. Thus, firm binding of nucleotides is a property of the quarternary structure of the enzyme. The exchangeability of the nucleotides bound to the ATPase of chloroplast membranes is greatly increased in membranes illuminated in the presence of pyocyanine. Pi can exchange into both the beta and gamma positions of the bound nucleotides when the membranes are energized in the presence of Mg2+. The exchange of the nucleotides and the incorporation of Pi are insensitive to the inhibitor Dio-9 but are inhibited by the uncoupler S13. This inhibition by S13 parallels that of the inhibition of photosynthetic phosphorylation. These findings are discussed with regard to our hypothesis that electron transfer causes release of preformed tightly bound ATP from the ATPase by inducing a conformational change.