The dynamical evolution of a system of integrate-and-fire units with d
elayed excitatory coupling is analyzed. The connectivity is arbitrary
except for a normalization of the total input to each unit. It is show
n that the system converges to a periodic solution where all units are
phase locked but do not necessarily fire in unison. In the case of di
screte and uniform delays, a periodic solution is reached after a fini
te time. For a delay distribution with finite support, an attractor is
, in general, only reached asymptotically.