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A model of an associative network of spiking neurons with stationary states, globally locked oscillations, and weakly locked oscillatory states is presented and analyzed. The network is close to biology in the following sense. First, the neurons spike and our model includes an absolute refractory period after each spike. Second, we consider a distribution of axonal delay times. Finally, we describe synaptic signal transmission by excitatory and inhibitory potentials (EPSP and IPSP) with a realistic shape, that is, through a response kernel. During retrieval of a pattern, all active neurons exhibit periodic spike bursts which may or may not be synchronized (‘locked’) into a coherent oscillation. We derive an analytical condition of locking and calculate the period of collective activity during oscillatory retrieval. In a stationary retrieval state, the overlap assumes a constant value proportional to the mean firing rate of the neurons. It is argued that in a biological network an intermediate scenario of “weak locking” is most likely.