Spinal neurons in the lamprey have been subjected to a voltage clamp analysis of the excitatory currents generated during fictive locomotion with particular reference to the phasic activation of voltage dependent N-methyl-D-aspartate (NMDA) receptors. Voltage-clamped neurons observed during NMDA-induced fictive swimming show excitatory and inhibitory synaptic currents in phase with the ipsilateral and contralateral ventral root discharges, respectively. The excitatory synaptic currents showed a marked voltage dependence suggesting that potential sensitive conductances such as the NMDA ionophore are involved in the synaptic events underlying rhythmic locomotor activity. The effect of NMDA receptor activation during application of tetrodotoxin has also been analyzed during NMDA-induced pacemaker-like oscillations. Such NMDA-induced oscillations are essentially abolished during the voltage clamp. In the presence of NMDA current voltage plots reveal a negative slope conductance in the potential range of the inherent oscillations. The addition of tetraethyl ammonium (TEA) to NMDA solution enhanced a net steady state inward current by more than 10-fold due to a partial block of the outward currents. A kinetic analysis was done with a frequency domain technique using a white noise stimulus to linearly perturb the membrane potential over a wide range of frequencies. The analysis revealed that the induced negative conductance leads to a response which is nearly 180 degrees out of phase with the stimulus at low frequencies. This is an unstable condition which leads to the depolarizing phase of the induced oscillations.