Exhibit 99.1



|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | November 15, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|October 2002                         |  | Payment Date # |  | 6                



NET CHANGE IN DPV OF PORTFOLIO



|                                                                                                  |  |                                                                |  |        |                |   |               |  |            |  
|------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------- |  | ------ | -------------- | - | ------------- |  | ---------- | -
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                                                                |  | $      | 609,003,612.27 |   |               | 
|                                                                                                  |  |                                                                |  |       
|Less:                                                                                             |  | Lease Payments Due - current month                             |  | Oct-02 |                | $ | 17,983,654.24 |  |            |  
|Add:                                                                                              |  | Interest (@ Discount Rate of 5.130%)                           |  |        |                | $ | 2,603,490.44  |  |            |  
|Less:                                                                                             |  | DPV Non-Performing Leases - Current monthover 120 days, etc   |  | Oct-02 |                | $ | 502,717.96    |  |            |  
|Less:                                                                                             |  | DPV Amounts on Early Termination Leases                        |  | Oct-02 |                | $ | 373,793.25    |  |            |  
|Add:                                                                                              |  | DPV Substitute Leases                                          |  | Oct-02 |                | $ | 502,718.00    |  |            |  
|Add:                                                                                              |  | DPV Additional Leases                                          |  |        |                | $ |              |  |            |  
|                                                                                                  |  |                                                                |  |        |                |   |               |  |            |  
|Ending Balance (DPVL as of current Determination Date)                                            |  |                                                                |  | $      | 593,249,655.26 |   |               | 
|                                                                                                  |  |                                                                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                | 
|Beginning Balance                                                                                 |  |                                                                |  |        | 3,010,327.75   |   |               | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                   |  |                                                                |  |        |                |   |               | 
|Less:                                                                                             |  | Past Dues on Terminated & Non-Performing                       |  |        |                |   |              |  |            |  
|Less:                                                                                             |  | Repurchased Leases                                             |  |        |                |   |               |  |            |  
|Less:                                                                                             |  | Reimburse Servicer Advances owed to IOS not prev reimbursed    |  | Oct-02 |                |   | 2,994,900.59  |  |            |  
|                                                                                                  |  |                                                                |  |        |                |   |               |  |            |  
|                                                                                                  |  | Total Cash to be reimbursed to IOS                             |  |        |                |   | 2,994,900.59  |  |            |  
|Add:                                                                                              |  | Servicer Adv for scheduled payments not made in current period |  | Oct-02 |                |   | 2,498,378.98  |  |            |  
|                                                                                                  |  |                                                                |  |        |                |   |               |  |            |  
|Ending Balance                                                                                    |  |                                                                |  |        | 2,513,806.14   |   |               | 
|                                                                                                  |  |                                                                | 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                       |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                | 
|Beginning Balance                                                                                 |  |                                                                |  |        | 559,659.25     |   |               | 
|Less:                                                                                             |  | Applied to Current from Prepaid                                |  | Oct-02 |                |   | 1,682,565.73  |  |            |  
|Less:                                                                                             |  | Repurchased Leases                                             |  |        |                |   |              |  |            |  
|Less:                                                                                             |  | Advance Payments on Non-Performing Leases                      |  |        |                |   |              |  |            |  
|Add:                                                                                              |  | Received This Month                                            |  |        |                |   | 1,730,705.28  |  |            |  
|Add:                                                                                              |  | Received in Prior Month                                        |  |        |                |   |              |  | (48,139.55 | )
|                                                                                                  |  |                                                                |  |        |                |   |               |  |            |  
|Ending Balance                                                                                    |  |                                                                |  |        | 607,798.80     |   |               | 
|                                                                                                  |  |                                                                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                | 
|Beginning Balance                                                                                 |  | Oct-02                                                         |  |        | 6,900,189.27   |   |               | 
|Less:                                                                                             |  | Deposit to Collection Account (if any)                         |  |        |                |   |              |  |            |  
|Ending Balance                                                                                    |  |                                                                |  |        | 6,900,189.27   |   |               | 
|                                                                                                  |  |                                                                | 
|Required Reserve Account                                                                          |  |                                                                |  |        |                |   |               | 
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                                                                |  |        | 6,900,189.27   |   |               | 
|                                                                                                  |  |                                                                | 
|Reserve Account in excess of Required Reserve                                                     |  |                                                                |  |        |               |   |               | 
|Deposits into Reserve Account                                                                     |  |                                                                |  |        |               |   |               | 
|Amounts Released to Issuer                                                                        |  |                                                                |  |        |               |   |               | 
|                                                                                                  |  |                                                                |  |        |                |   |               |  |            |  
|Ending Balance                                                                                    |  |                                                                |  |        | 6,900,189.27   |   |               | 
|                                                                                                  |  |                                                                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                        |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                | 
|Beginning Balance                                                                                 |  | Oct-02                                                         |  |        | 33,039.77      |   |               | 
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                                                                |  |        |               |   |               | 
|Add Additional Security Deposits collected on leases                                              |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                |  |        |                |   |               |  |            |  
|Ending Balance                                                                                    |  | Oct-02                                                         |  |        | 33,039.77      |   |               | 
|                                                                                                  |  |                                                                | 
|RECONCILIATION OF RENEWAL ACCOUNT                                                                 |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                | 
|Beginning Balance                                                                                 |  |                                                                |  |        |               |   |               | 
|Less:                                                                                             |  | Deposit to Collection Account (if any)                         |  |        |                |   |              |  |            |  
|Plus:                                                                                             |  | Deposit to Renewal Account                                     |  |        |                |   |              |  |            |  
|                                                                                                  |  |                                                                |  |        |                |   |               |  |            |  
|Ending Balance                                                                                    |  |                                                                |  |        |               |   |               | 
|                                                                                                  |  |                                                                | 
|Renewal Account Deposit Required                                                                  |  |                                                                |  |        | N              |   |               | 
|Renewal Deposit                                                                                   |  |                                                                |  |        |               |   |               | 



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | November 15, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|October 2002                         |  | Payment Date # |  | 6                



|                                                                                                                    |  |                                                 |        |   |                |               |   |      |   |  |                  
|------------------------------------------------------------------------------------------------------------------- |  | ----------------------------------------------- | ------ | - | -------------- | ------------- | - | ---- | - |  | -----------------
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occurring)                                   |  |                                                 |        |   |                |               |   |      |  
|Lesser of:                                                                                                          |  | 2% of Discounted PV of Leases as of Cutoff Date |        | $ | 12,180,072.25  |               |   |      |   |  |                  
|                                                                                                                    |  | Outstanding Balance of Notes minus Reserves     |        | $ | 531,130,538.48 |               |   |      |   |  |                  
|                                                                                                                    |  |                                                 |       
|COMPLIANCE RATIO CALCULATIONS                                                                                       |  |                                                 |        |   |                |               |   |      |  
|Calculate Annualized Default Rate                                                                                   |  |                                                 |        |   |                |               |   |      |  
|# of days delinquent to declare Defaulted Lease                                                                     |  |                                                 |        |   |                | 121           |   |      |  
|                                                                                                                    |  |                                                 |       
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                     |  |                                                 |        |   |                |               |   |      |  
|                                                                                                                    |  | This Month                                      |        |   |                |               |   | 0.99 | % |  | Annualized Oct 02
|                                                                                                                    |  | Last Month                                      |        |   |                |               |   | 1.02 | % |  | Annualized Sep 02
|                                                                                                                    |  | Two Months ago                                  |        |   |                |               |   | 1.12 | % |  | Annualized Aug 02
|                                                                                                                    |  |                                                 |       
|3 mos. Average                                                                                                      |  |                                                 |        |   |                | 1.04          | % |      |  
|                                                                                                                    |  |                                                 |       
|Calculate Delinquent Rate                                                                                           |  |                                                 |        |   |                |               |   |      |  
|# of days delinquent to declare Delinquent Lease                                                                    |  |                                                 |        |   |                | 63            |   |      |  
|                                                                                                                    |  |                                                 |       
|Discounted Present Value of Delinquent Leases:                                                                      |  |                                                 |        |   |                |               |   |      |  
|                                                                                                                    |  | This Month                                      |        |   |                |               |   | 1.53 | % |  |                  
|                                                                                                                    |  | Last Month                                      |        |   |                |               |   | 1.97 | % |  |                  
|                                                                                                                    |  | Two Months ago                                  |        |   |                |               |   | 1.76 | % |  |                  
|                                                                                                                    |  |                                                 |       
|3 mos. Average                                                                                                      |  |                                                 |        |   |                | 1.75          | % |      |  
|                                                                                                                    |  |                                                 |       
|Calculate Renewal Trigger Ratio                                                                                     |  |                                                 |        |   |                |               |   |      |  
|                                                                                                                    |  |                                                 |       
|Aggregate number of Leases for which the oblgors have elected not to extend during the last 3 preceding Due
Periods |  |                                                 |        |   |                |              |   |      |  
|                                                                                                                    |  | This Month                                      |        |   | 0              |               |   |      |   |  |                  
|                                                                                                                    |  | Last Month                                      |        |   | 0              |               |   |      |   |  |                  
|                                                                                                                    |  | Two Months ago                                  |        |   | 0              |               |   |      |   |  |                  
|Aggregate number of leases of leases which have reached their stated maturity during last 3 preceding Due Periods   |  |                                                 |        |   |                |              |   |      |  
|                                                                                                                    |  | This Month                                      |        |   | 0              |               |   |      |   |  |                  
|                                                                                                                    |  | Last Month                                      |        |   | 0              |               |   |      |   |  |                  
|                                                                                                                    |  | Two Months ago                                  |        |   | 0              |               |   |      |   |  |                  
|                                                                                                                    |  |                                                 |        |  
|                                                                                                                    |  | Renewal Trigger Ratio                           |        |   |                |               |   | 0.00 | % |  |                  
|                                                                                                                    |  |                                                 |       
|Acceleration Event                                                                                                  |  |                                                 |        |   |                |               |   |      |  
|Triggered if                                                                                                        |  |                                                 |        |   |                |               |   |      |  
|                                                                                                                    |  | Annualized Default Rate greater than            |        |   | 6.25           | %             |   |      |   |  |                  
|                                                                                                                    |  | Delinquent Rate greater than                    |        |   | 8.00           | %             |   |      |   |  |                  
|                                                                                                                    |  |                                                 |       
|Acceleration Event Triggered? (Y/N)                                                                                 |  |                                                 |        |   |                | N             |   |      |  
|                                                                                                                    |  |                                                 |       
|Renewal Trigger Event                                                                                               |  |                                                 |        |   |                |               |   |      |  
|Triggered if Renewal Trigger Ratio is less than 20%                                                                 |  |                                                 |        |   |                |               |   |      |  
|                                                                                                                    |  |                                                 |       
|Trigger? (Y/N)                                                                                                      |  |                                                 |        |   |                | N             |   |      |  
|                                                                                                                    |  |                                                 |       
|Servicer Event of Default                                                                                           |  |                                                 |        |   |                |               |   |      |  
|Triggered if                                                                                                        |  |                                                 |        |   |                |               |   |      |  
|                                                                                                                    |  | Annualized Default Rate greater than            |        |   | 8.00           | %             |   |      |   |  |                  
|                                                                                                                    |  | Delinquent Rate greater than                    |        |   | 10.00          | %             |   |      |   |  |                  
|                                                                                                                    |  |                                                 |       
|Servicer Event Triggered? (Y/N)                                                                                     |  |                                                 |        |   |                | N             |   |      |  
|                                                                                                                    |  |                                                 |       
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT                                           |  |                                                 |        |   |                |               |   |      |  
|                                                                                                                    |  |                                                 |       
|Deposits by or on behalf of the Servicer:                                                                           |  |                                                 |        |   |                |               |   |      |  
|                                                                                                                    |  |                                                 |       
|Lease Payments received calendar month                                                                              |  |                                                 | Oct-02 |   |                | 16,797,610.12 |   |      |  
|Lease Payments received on Prior Months Receivables                                                                 |  |                                                 | Oct-02 |   |                |              |   |      |  
|Lease payments received in current month available for distribution                                                 |  |                                                 | Oct-02 |   |                | 16,797,610.12 |   |      |  
|Reimbursed Servicer Advances                                                                                        |  |                                                 |        |   |                |              |   |      |  
|Amounts on early Terminations to extent Additional Lease not Provided                                               |  |                                                 |        |   |                | 373,793.25    |   |      |  
|Advanced Payments Applied to Current                                                                                |  |                                                 |        |   |                | 1,682,565.73  |   |      |  
|Lease Purchase Amounts                                                                                              |  |                                                 |        |   |                |              |   |      |  
|Recoveries to the Extent IOS Capital does not substitute                                                            |  |                                                 |        |   |                |              |   |      |  



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | November 15, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|October 2002                         |  | Payment Date # |  | 6                



|                                                                       |  |        |  |          
|---------------------------------------------------------------------- |  | ------ |  | ---------
|Late charges on delinquent Lease payments not advanced by the Servicer |  |        |  |         
|Current Renewals                                                       |  |        |  |         
|Investment Earnings on Accounts:                                       |  |        |  |          
|Collection Account                                                     |  | Oct-02 |  | 18,347.91
|Reserve Account                                                        |  | Oct-02 |  | 6,300.98 
|Security Deposit Account                                               |  | Oct-02 |  | 32.03    
|Casualty Payments                                                      |  |        |  |         
|Servicer Adv for scheduled payments not made in current period         |  |        |  |         
|Funds For Redemption (Optional Clean-Up Call)                          |  |        |  |         
|                                                                       |  |        |  |          



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | November 15, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|October 2002                         |  | Payment Date # |  | 6                



|                                                                        |  |                                                                                  |   |        |   |                |   |                                |  |                      
|----------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - | ------ | - | -------------- | - | ------------------------------ |  | ---------------------
|                                                                        |  | Total amounts in the Collection Account related to the Current Collection Period |   |        |   |                |   | 18,878,650.02                  |  |                      
|                                                                        |  |                                                                                  |  
|Transfers made by Trustee to the Collection Account                     |  |                                                                                  |   |        |   |                |   |                               
|                                                                        |  | Optional Payments Received from AMBAC                                            |   |        |   |                |   |                                |  |                      
|                                                                        |  | Insured Payments Received from AMBAC                                             |   |        |   |                |   |                               |  |                      
|                                                                        |  | Shortfall Required to be Deposited From Renewal Account                          |   |        |   |                |   |                               |  |                      
|                                                                        |  | Shortfall Required to be Deposited From Reserve Account                          |   |        |   |                |   |                               |  |                      
|                                                                        |  |                                                                                  |   |       
|                                                                        |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   | Oct-02 |   |                |   |                               |  |                      
|                                                                        |  |                                                                                  |   |        |   |                |   |                                |  |                      
|Less                                                                    |  | Credit for payments applied in prior period                                      |   |        |   |                |   |                               |  |                      
|                                                                        |  |                                                                                  |  
|Total deposited into the Collection Account                             |  |                                                                                  |   |        |   | 18,878,650.02  |   |                               
|                                                                        |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                   |  |                                                                                  |   |        |   |                |   |                               
|                                                                        |  |                                                                                  |  
|Surety Fee                                                              |  | 0.30                                                                             | % |        |   | 138,446.17     |   | Surety Fee October 2002       
|                                                                        |  | 0.30 % of Outstanding Principal Amount of the Notes                              |   |        |   |                |   |                                |  |                      
|                                                                        |  |                                                                                  |  
|Transfer TO Advance Payment Que in Collection Account                   |  | Oct-02                                                                           |   |        |   | 48,139.55      |   | INCREASES Balance in Adv que  
|Transfer from Security Deposit Account to Collection Act                |  | Oct-02                                                                           |   |        |   |               |   | Decreases balance in Sec Dep  
|                                                                        |  |                                                                                  |  
|Servicing Fee                                                           |  | 0.75                                                                             | % |        |   | 346,115.43     |   | No Distribution on this Amount
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV |  |                                                                                  |   |        |   |                |   |                               
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes       |  | 0.0012500                                                                        | % |        |   | 634.38         |   | Trustee Fees - Oct 2002       
|                                                                        |  | Minimum Fee = $ 250.00                                                           |   |        |   |                |   |                                |  |                      
|                                                                        |  | Service Fee Less Trustee Fee                                                     |   |        |   |                |   | 345,481.05                     |  | IOS Net Servicing Fee
|                                                                        |  |                                                                                  |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed             |  |                                                                                  |   |        |   |               |   | Svc Advance Reimbusement      
|                                                                        |  |                                                                                  |   |        |   |                |   |                                |  |                      
|                                                                        |  |                                                                                  |  
|Remaining Available to be Distributed to Noteholders                    |  |                                                                                  |   |        |   | 18,345,948.87  |   |                               
|                                                                        |  |                                                                                  |  
|Disbursements                                                           |  |                                                                                  |   |        |   |                |   | Actual Days for A1            
|Class A-1 Interest Due (Act/360 Basis)                                  |  | 2.04400                                                                          | % |        | $ | 158,383.04     |   | 31                            
|Class A-2 Interest Due (30/360 Basis)                                   |  | 2.91000                                                                          | % |        | $ | 111,550.00     |   |                               
|Class A-3 Interest Due (30/360 Basis)                                   |  | 3.90000                                                                          | % |        | $ | 865,800.00     |   |                               
|Class A-4 Interest Due (30/360 Basis)                                   |  | 4.68000                                                                          | % |        | $ | 590,460.00     |   |                               
|                                                                        |  |                                                                                  |   |        |   |                |   |                                |  |                      
|                                                                        |  | Total Class A Interest Due                                                       |   |        |   |                | $ | 1,726,193.04                   |  |                      
|Class A Interest Paid                                                   |  |                                                                                  |   |        | $ | 1,726,193.04   |   |                               
|Cumulative Outstanding Amounts Owed to AMBAC                            |  |                                                                                  |   |        | $ |               |   |                               
|Reimburse Amounts due AMBAC                                             |  |                                                                                  |   |        | $ |               |   |                               
|Beginning Aggregate Class A Note Balance                                |  |                                                                                  |   |        | $ | 553,784,684.76 |   |                               
|Class A Principal Payment While Class A-1 Outstanding                   |  |                                                                                  |   |        | $ | 15,753,957.01  |   | 17,480,150.05                 
|Class A Principal Payment After Class A-1 Retired                       |  | 89.36090                                                                         | % |        | $ |               |   |                               
|Aggregate Class A Principal Payment                                     |  |                                                                                  |   |        | $ | 15,753,957.01  |   |                               
|Class A Principal Paid                                                  |  |                                                                                  |   |        | $ | 15,753,957.01  |   |                               
|Ending Aggregate Class A Note Balance                                   |  |                                                                                  |   |        | $ | 538,030,727.75 |   |                               
|Overcollateralization Floor                                             |  |                                                                                  |   |        |   |                |   |                               
|                                                                        |  | 2.5% of $690,018,927.51                                                          |   |        |   |                | $ | 17,250,473.19                  |  |                      
|                                                                        |  | Plus: Cumulative Loss Amount                                                     |   |        |   |                | $ |                               |  |                      
|                                                                        |  | Less: Reserve Account Ending Balance                                             |   |        |   |                | $ | 6,900,189.27                   |  |                      
|                                                                        |  | Overcollateralization Floor                                                      |   |        |   |                | $ | 10,350,283.92                  |  | N                    
|Additional Class A Principal                                            |  |                                                                                  |   |        | $ |               |   |                               
|Additional Principal Class A Paid                                       |  |                                                                                  |   |        | $ |               |   |                               
|End of Period Class A Note Balance                                      |  |                                                                                  |   |        | $ | 538,030,727.75 |   |                               



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | November 15, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|October 2002                         |  | Payment Date # |  | 6                



|                                                         |  |  |  |              |  |   |              
|-------------------------------------------------------- |  |  |  | ------------ |  | - | -------------
|Remaining Collections After Distributions to Noteholders |  |  |  |              |  | $ | 865,798.82   
|                                                         |  |  | 
|Distribution to Noteholder for Clean-up Call             |  |  |  |              |  | $ |             
|                                                         |  |  | 
|Reserve Account Deposit                                  |  |  |  |              |  | $ |             
|                                                         |  |  | 
|Renewal Account Deposit                                  |  |  |  |              |  | $ |             
|                                                         |  |  | 
|Additional Funds Available for Distribution to IOS       |  |  |  |              |  | $ | 865,798.82   
|                                                         |  |  | 
|Total Distribution from the Collection Account           |  |  |  |              |  | $ | 18,878,650.02
|                                                         |  |  | 
|Amounts to IOS Capital for current period                |  |  |  |              |  |   |              
|Adv Payments                                             |  |  |  | 0.00         |  |   |              
|Sec Deposits                                             |  |  |  | 0.00         |  |   |              
|Remaining Coll                                           |  |  |  | 865,798.82   |  |   |              
|Service Fees                                             |  |  |  | 345,481.05   |  |   |              
|                                                         |  |  |  |              |  |   |              
|                                                         |  |  |  | 1,211,279.87 |  |   | Oct-02       



|                                                                                |  |                                                      |  |   |                |   |                |   |               
|------------------------------------------------------------------------------- |  | ---------------------------------------------------- |  | - | -------------- | - | -------------- | - | --------------
|RECONCILIATION OF NOTES                                                         |  |                                                      |  |   |                |   |               
|                                                                                |  |                                                     
|Beginning Discounted Present Value of the Leases                                |  |                                                      |  |   |                | $ | 609,003,612.27
|                                                                                |  |                                                     
|Discounted Present Value of the Performing Leases as of this Determination Date |  |                                                      |  |   |                | $ | 593,249,655.26
|                                                                                |  |                                                     
|Class A Principal and Additional Principal to be Paid in Current Period         |  |                                                      |  |   |                | $ | 15,753,957.01 
|                                                                                |  |                                                      | 
|Class A -1                                                                      |  |                                                      |  |   |                |   |                |   |               
|                                                                                |  | Beginning Class A Principal Balance                  |  |   | Oct-02         |   |                | $ | 89,984,684.76 
|                                                                                |  | Principal in Current Period                          |  |   |                |   |                | $ | 15,753,957.01 
|                                                                                |  | Ending Class A-1 Principal Balance                   |  |   |                |   |                | $ | 74,230,727.75 
|                                                                                |  |                                                      | 
|                                                                                |  | Interest due this Due Period                         |  |   |                | % |                | $ | 158,383.04    
|                                                                                |  |                                                      | 
|                                                                                |  | Interest Paid Per $1,000                             |  | $ | 0.9262166285   |   |                | $ | 158,383.04    
|                                                                                |  | Original Class A-1 Face                              |  |   | 171,000,000.00 |   |                |   |               
|                                                                                |  |                                                      | 
|                                                                                |  | Principal Paid Per $1,000                            |  | $ | 92.1284035529  |   |                | $ | 15,753,957.01 
|                                                                                |  | Original Class A-1 Face                              |  |   | 171,000,000.00 |   |                |   |               
|                                                                                |  |                                                      | 
|                                                                                |  | Ending Principal Balance Factor                      |  |   |                |   |                |   |               
|                                                                                |  | (Ending Class A Principal/Original Class A-1 Face)   |  |   | 43.4097823114  | % |                |   |               
|                                                                                |  |                                                      | 
|Class A-2                                                                       |  |                                                      |  |   |                |   |                |   |               
|                                                                                |  | Beginning Class A-2 Principal Balance                |  |   | Oct-02         |   |                | $ | 46,000,000.00 
|                                                                                |  | Principal in Current Period                          |  |   |                |   |                | $ |              
|                                                                                |  | Ending Class A-2 Principal Balance                   |  |   |                |   |                | $ | 46,000,000.00 
|                                                                                |  |                                                      | 
|                                                                                |  | Interest due this Due Period                         |  |   |                | % |                | $ | 111,550.00    
|                                                                                |  |                                                      | 
|                                                                                |  | Interest Paid Per $1,000                             |  | $ | 2.4250000000   |   |                | $ | 111,550.00    
|                                                                                |  | Original Class A-2 Face                              |  |   | 46,000,000.00  |   |                |   |               
|                                                                                |  |                                                      | 
|                                                                                |  | Principal Paid Per $1,000                            |  | $ |               |   |                | $ |              
|                                                                                |  | Original Class A-2 Face                              |  |   | 46,000,000.00  |   |                |   |               
|                                                                                |  |                                                      | 
|                                                                                |  | Ending Principal Balance Factor                      |  |   |                |   |                |   |               
|                                                                                |  | (Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 100.0000000000 | % |                |   |               
|                                                                                |  |                                                      | 
|Class A-3                                                                       |  |                                                      |  |   |                |   |                |   |               
|                                                                                |  | Beginning Class A-3 Principal Balance                |  |   | Oct-02         |   |                | $ | 266,400,000.00
|                                                                                |  | Principal in Current Period                          |  |   |                |   |                | $ |              
|                                                                                |  | Ending Class A-3 Principal Balance                   |  |   |                |   |                | $ | 266,400,000.00
|                                                                                |  |                                                      | 
|                                                                                |  | Interest due this Due Period                         |  |   |                | % |                | $ | 865,800.00    
|                                                                                |  |                                                      | 
|                                                                                |  | Interest Paid Per $1,000                             |  | $ | 3.2500000000   |   |                | $ | 865,800.00    
|                                                                                |  | Original Class A-3 Face                              |  |   | 266,400,000.00 |   |                |   |               
|                                                                                |  |                                                      | 
|                                                                                |  | Principal Paid Per $1,000                            |  | $ |               |   |                | $ |              
|                                                                                |  | Original Class A-3 Face                              |  |   | 266,400,000.00 |   |                |   |               



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | November 15, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|October 2002                         |  | Payment Date # |  | 6                



|                                                                                       |  |                                                      |   |  |  |        |   |                |   |               |   |                |   |  | 
|-------------------------------------------------------------------------------------- |  | ---------------------------------------------------- | - |  |  | ------ | - | -------------- | - | ------------- | - | -------------- | - |  | 
|                                                                                       |  | Ending Principal Balance Factor                      |   |  |  |        |   |                |   |               |   |                |   |  | 
|                                                                                       |  | (Ending Class A-3 Principal/Original Class A-3 Face) |   |  |  |        |   | 100.0000000000 | % |               |   |                |   |  | 
|                                                                                       |  |                                                      |   |  | 
|Class A-4                                                                              |  |                                                      |   |  |  |        |   |                |   |               |   |                |   |  | 
|                                                                                       |  |                                                      |   |  | 
|                                                                                       |  | Beginning Class A-4 Principal Balance                |   |  |  |        |   | Oct-02         |   |               | $ | 151,400,000.00 |   |  | 
|                                                                                       |  | Principal in Current Period                          |   |  |  |        |   |                |   |               | $ |               |   |  | 
|                                                                                       |  | Ending Class A-4 Principal Balance                   |   |  |  |        |   |                |   |               | $ | 151,400,000.00 |   |  | 
|                                                                                       |  |                                                      |   |  | 
|                                                                                       |  | Interest due this Due Period                         |   |  |  |        |   |                | % |               | $ | 590,460.00     |   |  | 
|                                                                                       |  |                                                      |   |  | 
|                                                                                       |  | Interest Paid Per $1,000                             |   |  |  |        | $ | 3.9000000000   |   |               | $ | 590,460.00     |   |  | 
|                                                                                       |  | Original Class A-4 Face                              |   |  |  |        |   | 151,400,000.00 |   |               |   |                |   |  | 
|                                                                                       |  |                                                      |   |  | 
|                                                                                       |  | Principal Paid Per $1,000                            |   |  |  |        | $ |               |   |               | $ |               |   |  | 
|                                                                                       |  | Original Class A-4 Face                              |   |  |  |        |   | 151,400,000.00 |   |               |   |                |   |  | 
|                                                                                       |  |                                                      |   |  | 
|                                                                                       |  | Ending Principal Balance Factor                      |   |  |  |        |   |                |   |               |   |                |   |  | 
|                                                                                       |  | (Ending Class A-4 Principal/Original Class A-4 Face) |   |  |  |        |   | 100.0000000000 | % |               |   |                |   |  | 
|                                                                                       |  |                                                      |   | 
|Overcollateralization Amount                                                           |  |                                                      |   |  |  |        |   |                | $ | 55,218,927.51 |   | 9.3078735      | %
|                                                                                       |  |                                                      |   | 
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                               |  |                                                      |   |  |  |        |   |                |   |               |   |                |  
|                                                                                       |  |                                                      |   | 
|Discounted Present Value of the Leases which are:                                      |  |                                                      |   |  |  |        |   |                |   |               |   |                |  
|                                                                                       |  | 31-60 DAYS OVERDUE                                   |   |  |  |        |   | Oct-02         |   |               | $ | 28,296,650.61  |   |  | 
|                                                                                       |  | 61-90 DAYS OVERDUE                                   |   |  |  |        |   | Oct-02         |   |               | $ | 6,408,550.31   |   |  | 
|                                                                                       |  | 91-120 DAYS OVERDUE                                  |   |  |  |        |   | Oct-02         |   |               | $ | 2,687,411.31   |   |  | 
|                                                                                       |  |                                                      |   | 
|Servicer Advance since previous months report                                         |  |                                                      |   |  |  |        |   |                | $ |              |   |                |  
|                                                                                       |  |                                                      |   | 
|Other Information to be provided                                                       |  |                                                      |   |  |  |        |   |                |   |               |   |                |  
|                                                                                       |  |                                                      |   | 
|Total amount of Lease Payments received during prior Period                            |  |                                                      |   |  |  |        |   |                | $ | 16,797,610.12 |   |                |  
|                                                                                       |  |                                                      |   | 
|Total amount of Casualty Payments received during prior Period                         |  |                                                      |   |  |  |        |   |                | $ |              |   |                |  
|                                                                                       |  |                                                      |   | 
|Total amount of Termination Payments received during prior Period                      |  |                                                      |   |  |  |        |   |                | $ | 373,793.25    |   |                |  
|                                                                                       |  |                                                      |   | 
|Total amount of Non-Performing Lease Payments received during prior Period             |  |                                                      |   |  |  |        |   |                | $ |              |   |                |  
|                                                                                       |  |                                                      |   | 
|Retainable Deposits on Deposit                                                         |  |                                                      |   |  |  |        |   |                | $ | 33,039.77     |   |                |  
|                                                                                       |  |                                                      |   | 
|Lease Repurchase Amounts                                                               |  |                                                      |   |  |  |        |   |                | $ |              |   |                |  
|                                                                                       |  |                                                      |   | 
|Occurrence of an Event of Default Under the Indenture                                  |  |                                                      |   |  |  |        |   |                |   | N             |   |                |  
|Occurrence of a Servicer Event of Default Under the Contribution & Servicing Agreement |  |                                                      |   |  |  |        |   |                |   | N             |   |                |  
|                                                                                       |  |                                                      |   | 
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing                |  |                                                      |   |  |  |        |   |                |   |               |   |                |  
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                       |  | 10.0000                                              | % |  |  |        |   |                | $ | 69,001,892.75 |   |                |  
|                                                                                       |  |                                                      |   | 
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |                                                      |   |  |  | Oct-02 |   |                | $ | 2,927,747.00  |   | 2,927,747.00   |  
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.0000                                              | % |  |  |        |   |                | $ | 69,001,892.75 |   |                |  



|             |  |                              
|------------ |  | -----------------------------
|             | 
|Prepared by: |  | Ernie Whitley                
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | November 11, 2002            
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | November 11, 2002            



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | December 16, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|November 2002                        |  | Payment Date # |  | 7                



NET CHANGE IN DPV OF PORTFOLIO



|                                                                                                  |  |                                                                |  |        |                |   |               |  |         |  
|------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------- |  | ------ | -------------- | - | ------------- |  | ------- | -
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                                                                |  | $      | 593,249,655.26 |   |               | 
|                                                                                                  |  |                                                                |  |       
|Less:                                                                                             |  | Lease Payments Due - current month                             |  | Nov-02 |                | $ | 17,839,358.40 |  |         |  
|Add:                                                                                              |  | Interest (@ Discount Rate of 5.130%)                           |  |        |                | $ | 2,536,142.28  |  |         |  
|Less:                                                                                             |  | DPV Non-Performing Leases - Current monthover 120 days, etc   |  | Nov-02 |                | $ | 711,831.41    |  |         |  
|Less:                                                                                             |  | DPV Amounts on Early Termination Leases                        |  | Nov-02 |                | $ | 221,857.88    |  |         |  
|Add:                                                                                              |  | DPV Substitute Leases                                          |  | Nov-02 |                | $ | 711,832.00    |  |         |  
|Add:                                                                                              |  | DPV Additional Leases                                          |  |        |                | $ |              |  |         |  
|                                                                                                  |  |                                                                |  |        |                |   |               |  |         |  
|                                                                                                  |  |                                                                | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                                                                |  | $      | 577,724,581.85 |   |               | 
|                                                                                                  |  |                                                                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                | 
|Beginning Balance                                                                                 |  |                                                                |  |        | 2,513,806.14   |   |               | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                   |  |                                                                |  |        |                |   |               | 
|Less:                                                                                             |  | Past Dues on Terminated & Non-Performing                       |  |        |                |   |              |  |         |  
|Less:                                                                                             |  | Repurchased Leases                                             |  |        |                |   |               |  |         |  
|Less:                                                                                             |  | Reimburse Servicer Advances owed to IOS not prev reimbursed    |  | Nov-02 |                |   | 2,315,034.16  |  |         |  
|                                                                                                  |  |                                                                |  |        |                |   |               |  |         |  
|                                                                                                  |  | Total Cash to be reimbursed to IOS                             |  |        |                |   | 2,315,034.16  |  |         |  
|Add:                                                                                              |  | Servicer Adv for scheduled payments not made in current period |  | Nov-02 |                |   | 3,079,515.48  |  |         |  
|                                                                                                  |  |                                                                |  |        |                |   |               |  |         |  
|Ending Balance                                                                                    |  |                                                                |  |        | 3,278,287.46   |   |               | 
|                                                                                                  |  |                                                                | 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                       |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                | 
|Beginning Balance                                                                                 |  |                                                                |  |        | 607,798.80     |   |               | 
|Less:                                                                                             |  | Applied to Current from Prepaid                                |  | Nov-02 |                |   | 1,743,467.52  |  |         |  
|Less:                                                                                             |  | Repurchased Leases                                             |  |        |                |   |              |  |         |  
|Less:                                                                                             |  | Advance Payments on Non-Performing Leases                      |  |        |                |   |              |  |         |  
|Add:                                                                                              |  | Received This Month                                            |  |        |                |   | 1,743,805.26  |  |         |  
|Add:                                                                                              |  | Received in Prior Month                                        |  |        |                |   |              |  | (337.74 | )
|                                                                                                  |  |                                                                |  |        |                |   |               |  |         |  
|Ending Balance                                                                                    |  |                                                                |  |        | 608,136.54     |   |               | 
|                                                                                                  |  |                                                                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                | 
|Beginning Balance                                                                                 |  | Nov-02                                                         |  |        | 6,900,189.27   |   |               | 
|Less:                                                                                             |  | Deposit to Collection Account (if any)                         |  |        |                |   |              |  |         |  
|Ending Balance                                                                                    |  |                                                                |  |        | 6,900,189.27   |   |               | 
|                                                                                                  |  |                                                                | 
|Required Reserve Account                                                                          |  |                                                                |  |        |                |   |               | 
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                                                                |  |        | 6,900,189.27   |   |               | 
|                                                                                                  |  |                                                                | 
|Reserve Account in excess of Required Reserve                                                     |  |                                                                |  |        |               |   |               | 
|Deposits into Reserve Account                                                                     |  |                                                                |  |        |               |   |               | 
|Amounts Released to Issuer                                                                        |  |                                                                |  |        |               |   |               | 
|                                                                                                  |  |                                                                |  |        |                |   |               |  |         |  
|Ending Balance                                                                                    |  |                                                                |  |        | 6,900,189.27   |   |               | 
|                                                                                                  |  |                                                                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                        |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                | 
|Beginning Balance                                                                                 |  | Nov-02                                                         |  |        | 33,039.77      |   |               | 
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                                                                |  |        |               |   |               | 
|Add Additional Security Deposits collected on leases                                              |  |                                                                |  |        |                |   |               | 
|                                                                                                  |  |                                                                |  |        |                |   |               |  |         |  
|Ending Balance                                                                                    |  | Nov-02                                                         |  |        | 33,039.77      |   |               | 



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | December 16, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|November 2002                        |  | Payment Date # |  | 7                



RECONCILIATION OF RENEWAL ACCOUNT



|                                                                                                                    |  |                                                                 |  |   |                |   |  |      |   |  |                  
|------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------- |  | - | -------------- | - |  | ---- | - |  | -----------------
|Beginning Balance                                                                                                   |  |                                                                 |  |   |                |  |  |      |  
|Less:            Deposit to Collection Account (if
any)                                                             |  |                                                                 |  |   |                |  |  |      |  
|Plus:             Deposit to Renewal Account                                                                        |  |                                                                 |  |   |                |  |  |      |  
|                                                                                                                    |  |                                                                 |  |   |                |   |  |      |   |  |                  
|Ending Balance                                                                                                      |  |                                                                 |  |   |                |  |  |      |  
|                                                                                                                    |  |                                                                 | 
|Renewal Account Deposit Required                                                                                    |  |                                                                 |  |   |                | N |  |      |  
|Renewal Deposit                                                                                                     |  |                                                                 |  |   |                |  |  |      |  
|                                                                                                                    |  |                                                                 | 
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occurring)                                   |  |                                                                 |  |   |                |  |  |      |  
|Lesser of:                                                                                                          |  | 2% of Discounted PV of Leases as of Cutoff Date                 |  | $ | 11,864,993.11  |   |  |      |   |  |                  
|                                                                                                                    |  | Outstanding Balance of Notes minus Reserves                     |  | $ | 515,605,465.07 |   |  |      |   |  |                  
|                                                                                                                    |  |                                                                 | 
|COMPLIANCE RATIO CALCULATIONS                                                                                       |  |                                                                 |  |   |                |   |  |      |  
|Calculate Annualized Default Rate                                                                                   |  |                                                                 |  |   |                |   |  |      |  
|                                                                                                                    |  | # of days delinquent to declare Defaulted Lease                 |  |   |                |   |  | 121  |   |  |                  
|                                                                                                                    |  |                                                                 |  |  
|                                                                                                                    |  | Discounted Present Value of Defaulted Leases (Less Recoveries): |  |   |                |   |  |      |   |  |                  
|                                                                                                                    |  | This Month                                                      |  |   |                |   |  | 1.44 | % |  | Annualized Nov 02
|                                                                                                                    |  | Last Month                                                      |  |   |                |   |  | 0.99 | % |  | Annualized Oct 02
|                                                                                                                    |  | Two Months ago                                                  |  |   |                |   |  | 1.02 | % |  | Annualized Sep 02
|                                                                                                                    |  |                                                                 |  |  
|                                                                                                                    |  | 3 mos. Average                                                  |  |   |                |   |  | 1.15 | % |  |                  
|                                                                                                                    |  |                                                                 | 
|Calculate Delinquent Rate                                                                                           |  |                                                                 |  |   |                |   |  |      |  
|                                                                                                                    |  | # of days delinquent to declare Delinquent Lease                |  |   |                |   |  | 63   |   |  |                  
|                                                                                                                    |  |                                                                 |  |  
|                                                                                                                    |  | Discounted Present Value of Delinquent Leases:                  |  |   |                |   |  |      |   |  |                  
|                                                                                                                    |  | This Month                                                      |  |   |                |   |  | 1.36 | % |  |                  
|                                                                                                                    |  | Last Month                                                      |  |   |                |   |  | 1.53 | % |  |                  
|                                                                                                                    |  | Two Months ago                                                  |  |   |                |   |  | 1.97 | % |  |                  
|                                                                                                                    |  |                                                                 |  |  
|                                                                                                                    |  | 3 mos. Average                                                  |  |   |                |   |  | 1.62 | % |  |                  
|                                                                                                                    |  |                                                                 | 
|Calculate Renewal Trigger Ratio                                                                                     |  |                                                                 |  |   |                |   |  |      |  
|                                                                                                                    |  |                                                                 | 
|Aggregate number of Leases for which the oblgors have elected not to extend during the last 3 preceding Due
Periods |  |                                                                 |  |   |                |  |  |      |  
|                                                                                                                    |  | This Month                                                      |  |   | 0              |   |  |      |   |  |                  
|                                                                                                                    |  | Last Month                                                      |  |   | 0              |   |  |      |   |  |                  
|                                                                                                                    |  | Two Months ago                                                  |  |   | 0              |   |  |      |   |  |                  
|Aggregate number of leases of leases which have reached their stated maturity during last 3 preceding Due Periods   |  |                                                                 |  |   |                |  |  |      |  
|                                                                                                                    |  | This Month                                                      |  |   | 0              |   |  |      |   |  |                  
|                                                                                                                    |  | Last Month                                                      |  |   | 0              |   |  |      |   |  |                  
|                                                                                                                    |  | Two Months ago                                                  |  |   | 0              |   |  |      |   |  |                  
|                                                                                                                    |  |                                                                 |  |  
|                                                                                                                    |  | Renewal Trigger Ratio                                           |  |   |                |   |  | 0.00 | % |  |                  
|                                                                                                                    |  |                                                                 | 
|Acceleration Event                                                                                                  |  |                                                                 |  |   |                |   |  |      |  
|Triggered if                                                                                                        |  |                                                                 |  |   |                |   |  |      |  
|                                                                                                                    |  | Annualized Default Rate greater than                            |  |   | 6.25           | % |  |      |   |  |                  
|                                                                                                                    |  | Delinquent Rate greater than                                    |  |   | 8.00           | % |  |      |   |  |                  
|                                                                                                                    |  |                                                                 | 
|Acceleration Event Triggered? (Y/N)                                                                                 |  |                                                                 |  |   |                | N |  |      |  
|                                                                                                                    |  |                                                                 | 
|Renewal Trigger Event                                                                                               |  |                                                                 |  |   |                |   |  |      |  
|                                                                                                                    |  | Triggered if Renewal Trigger Ratio is less than 20%             |  |   |                |   |  |      |   |  |                  
|                                                                                                                    |  |                                                                 |  |  
|                                                                                                                    |  | Trigger? (Y/N)                                                  |  |   |                |   |  | N    |   |  |                  



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | December 16, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|November 2002                        |  | Payment Date # |  | 7                



Servicer Event of Default



|                                                                          |  |                                                                                  |   |        |               |  |                                |  |                      
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - | ------ | ------------- |  | ------------------------------ |  | ---------------------
|                                                                          |  | Triggered if                                                                     |   |        |               |  |                                |  |                      
|                                                                          |  | Annualized Default Rate greater than                                             |   | 8.00   | %             |  |                                |  |                      
|                                                                          |  | Delinquent Rate greater than                                                     |   | 10.00  | %             |  |                                |  |                      
|                                                                          |  |                                                                                  |   |       
|                                                                          |  | Servicer Event Triggered? (Y/N)                                                  |   |        |               |  | N                              |  |                      
|                                                                          |  |                                                                                  |  
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT |  |                                                                                  |   |        |               |  |                               
|                                                                          |  |                                                                                  |  
|Deposits by or on behalf of the Servicer:                                 |  |                                                                                  |   |        |               |  |                               
|                                                                          |  |                                                                                  |   |       
|                                                                          |  | Lease Payments received calendar month                                           |   | Nov-02 |               |  | 15,831,409.56                  |  |                      
|                                                                          |  | Lease Payments received on Prior Months Receivables                              |   | Nov-02 |               |  |                               |  |                      
|                                                                          |  | Lease payments received in current month available for distribution              |   | Nov-02 |               |  | 15,831,409.56                  |  |                      
|                                                                          |  | Reimbursed Servicer Advances                                                     |   |        |               |  |                               |  |                      
|                                                                          |  | Amounts on early Terminations to extent Additional Lease not Provided            |   |        |               |  | 221,857.88                     |  |                      
|                                                                          |  | Advanced Payments Applied to Current                                             |   |        |               |  | 1,743,467.52                   |  |                      
|                                                                          |  | Lease Purchase Amounts                                                           |   |        |               |  |                               |  |                      
|                                                                          |  | Recoveries to the Extent IOS Capital does not substitute                         |   |        |               |  |                               |  |                      
|                                                                          |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |        |               |  |                               |  |                      
|                                                                          |  | Current Renewals                                                                 |   |        |               |  |                               |  |                      
|                                                                          |  | Investment Earnings on Accounts:                                                 |   |        |               |  |                                |  |                      
|                                                                          |  | Collection Account                                                               |   | Nov-02 |               |  | 15,448.11                      |  |                      
|                                                                          |  | Reserve Account                                                                  |   | Nov-02 |               |  | 5,037.49                       |  |                      
|                                                                          |  | Security Deposit Account                                                         |   | Nov-02 |               |  | 24.22                          |  |                      
|                                                                          |  | Casualty Payments                                                                |   |        |               |  |                               |  |                      
|                                                                          |  | Servicer Adv for scheduled payments not made in current period                   |   |        |               |  |                               |  |                      
|                                                                          |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |        |               |  |                               |  |                      
|                                                                          |  |                                                                                  |   |        |               |  |                                |  |                      
|                                                                          |  | Total amounts in the Collection Account related to the Current Collection Period |   |        |               |  | 17,817,244.78                  |  |                      
|                                                                          |  |                                                                                  |  
|Transfers made by Trustee to the Collection Account                       |  |                                                                                  |   |        |               |  |                               
|                                                                          |  | Optional Payments Received from AMBAC                                            |   |        |               |  |                                |  |                      
|                                                                          |  | Insured Payments Received from AMBAC                                             |   |        |               |  |                               |  |                      
|                                                                          |  | Shortfall Required to be Deposited From Renewal Account                          |   |        |               |  |                               |  |                      
|                                                                          |  | Shortfall Required to be Deposited From Reserve Account                          |   |        |               |  |                               |  |                      
|                                                                          |  |                                                                                  |   |       
|                                                                          |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   | Nov-02 |               |  |                               |  |                      
|                                                                          |  |                                                                                  |   |        |               |  |                                |  |                      
|Less                                                                      |  | Credit for payments applied in prior period                                      |   |        |               |  |                               |  |                      
|                                                                          |  |                                                                                  |  
|Total deposited into the Collection Account                               |  |                                                                                  |   |        | 17,817,244.78 |  |                               
|                                                                          |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                     |  |                                                                                  |   |        |               |  |                               
|                                                                          |  |                                                                                  |  
|Surety Fee                                                                |  | 0.30                                                                             | % |        | 134,507.68    |  | Surety Fee November 2002      
|                                                                          |  | 0.30 % of Outstanding Principal Amount of the Notes                              |   |        |               |  |                                |  |                      
|                                                                          |  |                                                                                  |  
|Transfer TO Advance Payment Que in Collection Account                     |  | Nov-02                                                                           |   |        | 337.74        |  | INCREASES Balance in Adv que  
|Transfer from Security Deposit Account to Collection Act                  |  | Nov-02                                                                           |   |        |              |  | Decreases balance in Sec Dep  
|                                                                          |  |                                                                                  |  
|Servicing Fee                                                             |  | 0.75                                                                             | % |        | 336,269.20    |  | No Distribution on this Amount
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV   |  |                                                                                  |   |        |               |  |                               
|                                                                          |  |                                                                                  |  
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes         |  | 0.0012500                                                                        | % |        | 617.97        |  | Trustee Fees - Nov 2002       
|                                                                          |  | Minimum Fee = $ 250.00                                                           |   |        |               |  |                                |  |                      
|                                                                          |  | Service Fee Less Trustee Fee                                                     |   |        |               |  | 335,651.24                     |  | IOS Net Servicing Fee



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | December 16, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|November 2002                        |  | Payment Date # |  | 7                



|                                                                                |  |            |   |  |   |                |  |                         
|------------------------------------------------------------------------------- |  | ---------- | - |  | - | -------------- |  | ------------------------
|Reimburse Servicer Advances owed to IOS not prev reimbursed                     |  |            |   |  |   |               |  | Svc Advance Reimbusement
|                                                                                |  |            |   |  |   |                |  |                         
|Remaining Available to be Distributed to Noteholders                            |  |            |   |  |   | 17,346,130.15  |  |                         
|                                                                                |  |            |  
|Disbursements                                                                   |  |            |   |  |   |                |  | Actual Days for A1      
|Class A-1 Interest Due (Act/360 Basis)                                          |  | 2.04400    | % |  | $ | 130,654.33     |  | 31                      
|Class A-2 Interest Due (30/360 Basis)                                           |  | 2.91000    | % |  | $ | 111,550.00     |  |                         
|Class A-3 Interest Due (30/360 Basis)                                           |  | 3.90000    | % |  | $ | 865,800.00     |  |                         
|Class A-4 Interest Due (30/360 Basis)                                           |  | 4.68000    | % |  | $ | 590,460.00     |  |                         
|                                                                                |  |            |   |  |   |                |  |                         
|Total Class A Interest Due                                                      |  |            |   |  | $ | 1,698,464.33   |  |                         
|Class A Interest Paid                                                           |  |            |   |  | $ | 1,698,464.33   |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                    |  |            |   |  | $ |               |  |                         
|Reimburse Amounts due AMBAC                                                     |  |            |   |  | $ |               |  |                         
|Beginning Aggregate Class A Note Balance                                        |  |            |   |  | $ | 538,030,727.75 |  |                         
|Class A Principal Payment While Class A-1 Outstanding                           |  |            |   |  | $ | 15,525,073.41  |  | 17,223,537.74           
|Class A Principal Payment After Class A-1 Retired                               |  | 89.36090   | % |  | $ |               |  |                         
|Aggregate Class A Principal Payment                                             |  |            |   |  | $ | 15,525,073.41  |  |                         
|Class A Principal Paid                                                          |  |            |   |  | $ | 15,525,073.41  |  |                         
|Ending Aggregate Class A Note Balance                                           |  |            |   |  | $ | 522,505,654.34 |  |                         
|Overcollateralization Floor                                                     |  |            |   |  |   |                |  |                         
|2.5% of $690,018,927.51                                                         |  |            |   |  | $ | 17,250,473.19  |  |                         
|Plus: Cumulative Loss Amount                                                    |  |            |   |  | $ |               |  |                         
|Less: Reserve Account Ending Balance                                            |  |            |   |  | $ | 6,900,189.27   |  |                         
|Overcollateralization Floor                                                     |  |            |   |  | $ | 10,350,283.92  |  | N                       
|Additional Class A Principal                                                    |  |            |   |  | $ |               |  |                         
|Additional Principal Class A Paid                                               |  |            |   |  | $ |               |  |                         
|End of Period Class A Note Balance                                              |  |            |   |  | $ | 522,505,654.34 |  |                         
|                                                                                |  |            |  
|Remaining Collections After Distributions to Noteholders                        |  |            |   |  | $ | 122,592.41     |  |                         
|                                                                                |  |            |  
|Distribution to Noteholder for Clean-up Call                                    |  |            |   |  | $ |               |  |                         
|                                                                                |  |            |  
|Reserve Account Deposit                                                         |  |            |   |  | $ |               |  |                         
|                                                                                |  |            |  
|Renewal Account Deposit                                                         |  |            |   |  | $ |               |  |                         
|                                                                                |  |            |  
|Additional Funds Available for Distribution to IOS                              |  |            |   |  | $ | 122,592.41     |  |                         
|                                                                                |  |            |  
|Total Distribution from the Collection Account                                  |  |            |   |  | $ | 17,817,244.78  |  |                         
|                                                                                |  |            |  
|Amounts to IOS Capital for current period                                       |  |            |   |  |   |                |  |                         
|Adv Payments                                                                    |  | 0.00       |   |  |   |                |  |                         
|Sec Deposits                                                                    |  | 0.00       |   |  |   |                |  |                         
|Remaining Coll                                                                  |  | 122,592.41 |   |  |   |                |  |                         
|Service Fees                                                                    |  | 335,651.24 |   |  |   |                |  |                         
|                                                                                |  |            |   |  |   |                |  |                         
|                                                                                |  | 458,243.65 |   |  |   | Nov-02         |  |                         
|                                                                                |  |            |  
|RECONCILIATION OF NOTES                                                         |  |            |   |  |   |                |  |                         
|                                                                                |  |            |  
|Beginning Discounted Present Value of the Leases                                |  |            |   |  | $ | 593,249,655.26 |  |                         
|                                                                                |  |            |  
|Discounted Present Value of the Performing Leases as of this Determination Date |  |            |   |  | $ | 577,724,581.85 |  |                         
|                                                                                |  |            |  
|Class A Principal and Additional Principal to be Paid in Current Period         |  |            |   |  | $ | 15,525,073.41  |  |                         



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | December 16, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|November 2002                        |  | Payment Date # |  | 7                



|                             |  |                                                      |  |   |                |   |               |   |                |           |   |  | 
|---------------------------- |  | ---------------------------------------------------- |  | - | -------------- | - | ------------- | - | -------------- | --------- | - |  | 
|Class A-1                    |  |                                                      |  |   |                |   |               |   |                |           |   |  | 
|                             |  | Beginning Class A Principal Balance                  |  |   | Nov-02         |   |               | $ | 74,230,727.75  |           |   |  | 
|                             |  | Principal in Current Period                          |  |   |                |   |               | $ | 15,525,073.41  |           |   |  | 
|                             |  | Ending Class A-1 Principal Balance                   |  |   |                |   |               | $ | 58,705,654.34  |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Interest due this Due Period                         |  |   |                | % |               | $ | 130,654.33     |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Interest Paid Per $1,000                             |  | $ | 0.7640604017   |   |               | $ | 130,654.33     |           |   |  | 
|                             |  | Original Class A-1 Face                              |  |   | 171,000,000.00 |   |               |   |                |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Principal Paid Per $1,000                            |  | $ | 90.7899030045  |   |               | $ | 15,525,073.41  |           |   |  | 
|                             |  | Original Class A-1 Face                              |  |   | 171,000,000.00 |   |               |   |                |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Ending Principal Balance Factor                      |  |   |                |   |               |   |                |           |   |  | 
|                             |  | (Ending Class A Principal/Original Class A-1 Face)   |  |   | 34.3307920095  | % |               |   |                |           |   |  | 
|Class A-2                    |  |                                                      |  |   |                |   |               |   |                |           |   |  | 
|                             |  | Beginning Class A-2 Principal Balance                |  |   | Nov-02         |   |               | $ | 46,000,000.00  |           |   |  | 
|                             |  | Principal in Current Period                          |  |   |                |   |               | $ |               |           |   |  | 
|                             |  | Ending Class A-2 Principal Balance                   |  |   |                |   |               | $ | 46,000,000.00  |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Interest due this Due Period                         |  |   |                | % |               | $ | 111,550.00     |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Interest Paid Per $1,000                             |  | $ | 2.4250000000   |   |               | $ | 111,550.00     |           |   |  | 
|                             |  | Original Class A-2 Face                              |  |   | 46,000,000.00  |   |               |   |                |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Principal Paid Per $1,000                            |  | $ |               |   |               | $ |               |           |   |  | 
|                             |  | Original Class A-2 Face                              |  |   | 46,000,000.00  |   |               |   |                |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Ending Principal Balance Factor                      |  |   |                |   |               |   |                |           |   |  | 
|                             |  | (Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 100.0000000000 | % |               |   |                |           |   |  | 
|Class A-3                    |  |                                                      |  |   |                |   |               |   |                |           |   |  | 
|                             |  | Beginning Class A-3 Principal Balance                |  |   | Nov-02         |   |               | $ | 266,400,000.00 |           |   |  | 
|                             |  | Principal in Current Period                          |  |   |                |   |               | $ |               |           |   |  | 
|                             |  | Ending Class A-3 Principal Balance                   |  |   |                |   |               | $ | 266,400,000.00 |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Interest due this Due Period                         |  |   |                | % |               | $ | 865,800.00     |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Interest Paid Per $1,000                             |  | $ | 3.2500000000   |   |               | $ | 865,800.00     |           |   |  | 
|                             |  | Original Class A-3 Face                              |  |   | 266,400,000.00 |   |               |   |                |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Principal Paid Per $1,000                            |  | $ |               |   |               | $ |               |           |   |  | 
|                             |  | Original Class A-3 Face                              |  |   | 266,400,000.00 |   |               |   |                |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Ending Principal Balance Factor                      |  |   |                |   |               |   |                |           |   |  | 
|                             |  | (Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 100.0000000000 | % |               |   |                |           |   |  | 
|Class A-4                    |  |                                                      |  |   |                |   |               |   |                |           |   |  | 
|                             |  | Beginning Class A-4 Principal Balance                |  |   | Nov-02         |   |               | $ | 151,400,000.00 |           |   |  | 
|                             |  | Principal in Current Period                          |  |   |                |   |               | $ |               |           |   |  | 
|                             |  | Ending Class A-4 Principal Balance                   |  |   |                |   |               | $ | 151,400,000.00 |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Interest due this Due Period                         |  |   |                | % |               | $ | 590,460.00     |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Interest Paid Per $1,000                             |  | $ | 3.9000000000   |   |               | $ | 590,460.00     |           |   |  | 
|                             |  | Original Class A-4 Face                              |  |   | 151,400,000.00 |   |               |   |                |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Principal Paid Per $1,000                            |  | $ |               |   |               | $ |               |           |   |  | 
|                             |  | Original Class A-4 Face                              |  |   | 151,400,000.00 |   |               |   |                |           |   |  | 
|                             |  |                                                      |  |  
|                             |  | Ending Principal Balance Factor                      |  |   |                |   |               |   |                |           |   |  | 
|                             |  | (Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |               |   |                |           |   |  | 
|                             |  |                                                      | 
|Overcollateralization Amount |  |                                                      |  |   |                | $ | 55,218,927.51 |   | $              | 9.5580021 | %



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | December 16, 2002
|MONTHLY SERVICER REPORT              |  |                |  |                  
|November 2002                        |  | Payment Date # |  | 7                



|                                                                                       |  |         |   |  |        |  |   |               |  |             
|-------------------------------------------------------------------------------------- |  | ------- | - |  | ------ |  | - | ------------- |  | ------------
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                               |  |         |   |  |        |  |   |               |  |             
|                                                                                       |  |         |   | 
|Discounted Present Value of the Leases which are:                                      |  |         |   |  |        |  |   |               |  |             
|31-60 DAYS OVERDUE                                                                     |  |         |   |  | Nov-02 |  | $ | 25,219,590.89 |  |             
|61-90 DAYS OVERDUE                                                                     |  |         |   |  | Nov-02 |  | $ | 6,067,571.13  |  |             
|91-120 DAYS OVERDUE                                                                    |  |         |   |  | Nov-02 |  | $ | 1,776,470.72  |  |             
|                                                                                       |  |         |   | 
|Servicer Advance since previous months report                                         |  |         |   |  |        |  | $ |              |  |             
|                                                                                       |  |         |   | 
|Other Information to be provided                                                       |  |         |   |  |        |  |   |               |  |             
|                                                                                       |  |         |   | 
|Total amount of Lease Payments received during prior Period                            |  |         |   |  |        |  | $ | 15,831,409.56 |  |             
|                                                                                       |  |         |   | 
|Total amount of Casualty Payments received during prior Period                         |  |         |   |  |        |  | $ |              |  |             
|                                                                                       |  |         |   | 
|Total amount of Termination Payments received during prior Period                      |  |         |   |  |        |  | $ | 221,857.88    |  |             
|                                                                                       |  |         |   | 
|Total amount of Non-Performing Lease Payments received during prior Period             |  |         |   |  |        |  | $ |              |  |             
|                                                                                       |  |         |   | 
|Retainable Deposits on Deposit                                                         |  |         |   |  |        |  | $ | 33,039.77     |  |             
|                                                                                       |  |         |   | 
|Lease Repurchase Amounts                                                               |  |         |   |  |        |  | $ |              |  |             
|                                                                                       |  |         |   | 
|Occurrence of an Event of Default Under the Indenture                                  |  |         |   |  |        |  |   | N             |  |             
|Occurrence of a Servicer Event of Default Under the Contribution & Servicing Agreement |  |         |   |  |        |  |   | N             |  |             
|                                                                                       |  |         |   | 
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing                |  |         |   |  |        |  |   |               |  |             
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                       |  | 10.0000 | % |  |        |  | $ | 69,001,892.75 |  |             
|                                                                                       |  |         |   | 
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |         |   |  | Nov-02 |  | $ | 3,639,579.00  |  | 3,639,579.00
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.0000 | % |  |        |  | $ | 69,001,892.75 |  |             



|             |  |                              
|------------ |  | -----------------------------
|             | 
|Prepared by: |  | Ernie Whitley                
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | December 11, 2002            
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | December 11, 2002            



---

|                                     |  |                |  |                 
|------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC        |  |                |  |                 
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | January 15, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                 
|December 2002                        |  | Payment Date # |  | 8               



NET CHANGE IN DPV OF PORTFOLIO



|                                                                                                  |  |                                                                |            |        |                |   |               |  |            |  
|------------------------------------------------------------------------------------------------- |  | -------------------------------------------------------------- | ---------- | ------ | -------------- | - | ------------- |  | ---------- | -
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                                                                |            | $      | 577,724,581.85 |   |               | 
|                                                                                                  |  |                                                                |            |       
|Less:                                                                                             |  | Lease Payments Due - current month                             |            | Dec-02 |                | $ | 17,901,033.11 |  |            |  
|Add:                                                                                              |  | Interest (@ Discount Rate of 5.130%)                           |            |        |                | $ | 2,469,772.59  |  |            |  
|Less:                                                                                             |  | DPV Non-Performing Leases - Current monthover 120 days, etc   |            | Dec-02 |                | $ | 769,312.24    |  |            |  
|Less:                                                                                             |  | DPV Amounts on Early Termination Leases                        |            | Dec-02 |                | $ | 331,431.25    |  |            |  
|Add:                                                                                              |  | DPV Substitute Leases                                          |            | Dec-02 |                | $ | 769,315.00    |  |            |  
|Add:                                                                                              |  | DPV Additional Leases                                          |            |        |                | $ |              |  |            |  
|                                                                                                  |  |                                                                |            |        |                |   |               |  |            |  
|Ending Balance (DPVL as of current Determination Date)                                            |  |                                                                |            | $      | 561,961,892.84 |   |               | 
|                                                                                                  |  |                                                                |           
|OVERDUE LEASE PAYMENTS                                                                            |  |                                                                |            |        |                |   |               | 
|                                                                                                  |  |                                                                |           
|Beginning Balance                                                                                 |  |                                                                |            |        | 3,278,287.46   |   |               | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                   |  |                                                                |            |        |                |   |               | 
|Less:                                                                                             |  | Past Dues on Terminated & Non-Performing                       |            |        |                |   |              |  |            |  
|Less:                                                                                             |  | Repurchased Leases                                             |            |        |                |   |               |  |            |  
|Less:                                                                                             |  | Reimburse Servicer Advances owed to IOS not prev reimbursed    |            | Dec-02 |                |   | 2,651,146.40  |  |            |  
|                                                                                                  |  |                                                                |            |        |                |   |               |  |            |  
|                                                                                                  |  | Total Cash to be reimbursed to IOS                             |            |        |                |   | 2,651,146.40  |  |            |  
|Add:                                                                                              |  | Servicer Adv for scheduled payments not made in current period |            | Dec-02 |                |   | 2,973,081.86  |  |            |  
|                                                                                                  |  |                                                                |            |        |                |   |               |  |            |  
|Ending Balance                                                                                    |  |                                                                |            |        | 3,600,222.92   |   |               | 
|                                                                                                  |  |                                                                |           
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                       |  |                                                                |            |        |                |   |               | 
|                                                                                                  |  |                                                               
|Beginning Balance                                                                                 |  |                                                                | 608,136.54 |        |                |  
|Less:                                                                                             |  | Applied to Current from Prepaid                                |            | Dec-02 |                |   | 1,542,632.73  |  |            |  
|Less:                                                                                             |  | Repurchased Leases                                             |            |        |                |   |              |  |            |  
|Less:                                                                                             |  | Advance Payments on Non-Performing Leases                      |            |        |                |   |              |  |            |  
|Add:                                                                                              |  | Received This Month                                            |            |        |                |   | 1,554,917.56  |  |            |  
|Add:                                                                                              |  | Received in Prior Month                                        |            |        |                |   |              |  | (12,284.83 | )
|                                                                                                  |  |                                                                |            |        |                |   |               |  |            |  
|Ending Balance                                                                                    |  |                                                                |            |        | 620,421.37     |   |               | 
|                                                                                                  |  |                                                                |           
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |                                                                |            |        |                |   |               | 
|                                                                                                  |  |                                                                |           
|Beginning Balance                                                                                 |  | Dec-02                                                         |            |        | 6,900,189.27   |   |               | 
|Less:                                                                                             |  | Deposit to Collection Account (if any)                         |            |        |                |   |              |  |            |  
|Ending Balance                                                                                    |  |                                                                |            |        | 6,900,189.27   |   |               | 
|                                                                                                  |  |                                                                |           
|Required Reserve Account                                                                          |  |                                                                |            |        |                |   |               | 
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                                                                |            |        | 6,900,189.27   |   |               | 
|                                                                                                  |  |                                                                |           
|Reserve Account in excess of Required Reserve                                                     |  |                                                                |            |        |               |   |               | 
|Deposits into Reserve Account                                                                     |  |                                                                |            |        |               |   |               | 
|Amounts Released to Issuer                                                                        |  |                                                                |            |        |               |   |               | 
|                                                                                                  |  |                                                                |            |        |                |   |               |  |            |  
|Ending Balance                                                                                    |  |                                                                |            |        | 6,900,189.27   |   |               | 
|                                                                                                  |  |                                                                |           
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                        |  |                                                                |            |        |                |   |               | 
|                                                                                                  |  |                                                                |           
|Beginning Balance                                                                                 |  | Dec-02                                                         |            |        | 33,039.77      |   |               | 
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                                                                |            |        |               |   |               | 
|Add Additional Security Deposits collected on leases                                              |  |                                                                |            |        |                |   |               | 
|                                                                                                  |  |                                                                |            |        |                |   |               |  |            |  
|Ending Balance                                                                                    |  | Dec-02                                                         |            |        | 33,039.77      |   |               | 



---

|                                     |  |                |  |                 
|------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC        |  |                |  |                 
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | January 15, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                 
|December 2002                        |  | Payment Date # |  | 8               



|                                                                                                                    |  |   |                |   |  |      |   |  |                  
|------------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ---- | - |  | -----------------
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                   |  |   |                |   |  |      |   |  |                  
|                                                                                                                    |  |   |               
|Beginning Balance                                                                                                   |  |   |                |   |  |     |   |  |                  
|Less:            Deposit to Collection Account (if any)                                                             |  |   |                |   |  |     |   |  |                  
|Plus:             Deposit to Renewal Account                                                                        |  |   |                |   |  |     |   |  |                  
|                                                                                                                    |  |   |                |   |  |      |   |  |                  
|Ending Balance                                                                                                      |  |   |                |   |  |     |   |  |                  
|                                                                                                                    |  |   |               
|Renewal Account Deposit Required                                                                                    |  |   |                |   |  | N    |   |  |                  
|Renewal Deposit                                                                                                     |  |   |                |   |  |     |   |  |                  
|                                                                                                                    |  |   |               
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                    |  |   |                |   |  |     |   |  |                  
|Lesser of:    2% of Discounted PV of Leases as of Cutoff Date                                                       |  | $ | 11,554,491.64  |   |  |      |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                         |  | $ | 499,842,776.06 |   |  |      |   |  |                  
|                                                                                                                    |  |   |               
|COMPLIANCE RATIO CALCULATIONS                                                                                       |  |   |                |   |  |      |   |  |                  
|Calculate Annualized Default Rate                                                                                   |  |   |                |   |  |      |   |  |                  
|# of days delinquent to declare Defaulted Lease                                                                     |  |   |                |   |  | 121  |   |  |                  
|                                                                                                                    |  |   |               
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                     |  |   |                |   |  |      |   |  |                  
|This Month                                                                                                          |  |   |                |   |  | 1.60 | % |  | Annualized Dec 02
|Last Month                                                                                                          |  |   |                |   |  | 1.44 | % |  | Annualized Nov 02
|Two Months ago                                                                                                      |  |   |                |   |  | 0.99 | % |  | Annualized Oct 02
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 1.34 | % |  |                  
|                                                                                                                    |  |   |               
|Calculate Delinquent Rate                                                                                           |  |   |                |   |  |      |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                    |  |   |                |   |  | 63   |   |  |                  
|                                                                                                                    |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                      |  |   |                |   |  |      |   |  |                  
|This Month                                                                                                          |  |   |                |   |  | 1.99 | % |  |                  
|Last Month                                                                                                          |  |   |                |   |  | 1.36 | % |  |                  
|Two Months ago                                                                                                      |  |   |                |   |  | 1.53 | % |  |                  
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 1.63 | % |  |                  
|                                                                                                                    |  |   |               
|Calculate Renewal Trigger Ratio                                                                                     |  |   |                |   |  |      |   |  |                  
|                                                                                                                    |  |   |               
|Aggregate number of Leases for which the oblgors have elected not to extend during the last 3 preceding Due Periods |  |   |                |   |  |     |   |  |                  
|This Month                                                                                                          |  |   | 0              |   |  |      |   |  |                  
|Last Month                                                                                                          |  |   | 0              |   |  |      |   |  |                  
|Two Months ago                                                                                                      |  |   | 0              |   |  |      |   |  |                  
|Aggregate number of leases of leases which have reached their stated maturity during last 3 preceding Due Periods   |  |   |                |   |  |     |   |  |                  
|This Month                                                                                                          |  |   | 0              |   |  |      |   |  |                  
|Last Month                                                                                                          |  |   | 0              |   |  |      |   |  |                  
|Two Months ago                                                                                                      |  |   | 0              |   |  |      |   |  |                  
|                                                                                                                    |  |   |               
|Renewal Trigger Ratio                                                                                               |  |   |                |   |  | 0.00 | % |  |                  
|                                                                                                                    |  |   |               
|Acceleration Event                                                                                                  |  |   |                |   |  |      |   |  |                  
|Triggered if                                                                                                        |  |   |                |   |  |      |   |  |                  
|Annualized Default Rate greater than                                                                                |  |   | 6.25           | % |  |      |   |  |                  
|Delinquent Rate greater than                                                                                        |  |   | 8.00           | % |  |      |   |  |                  
|                                                                                                                    |  |   |               
|Acceleration Event Triggered? (Y/N)                                                                                 |  |   |                |   |  | N    |   |  |                  
|                                                                                                                    |  |   |               
|Renewal Trigger Event                                                                                               |  |   |                |   |  |      |   |  |                  
|Triggered if Renewal Trigger Ratio is less than 20%                                                                 |  |   |                |   |  |      |   |  |                  
|                                                                                                                    |  |   |               
|Trigger? (Y/N)                                                                                                      |  |   |                |   |  | N    |   |  |                  
|                                                                                                                    |  |   |               
|Servicer Event of Default                                                                                           |  |   |                |   |  |      |   |  |                  
|Triggered if                                                                                                        |  |   |                |   |  |      |   |  |                  
|Annualized Default Rate greater than                                                                                |  |   | 8.00           | % |  |      |   |  |                  
|Delinquent Rate greater than                                                                                        |  |   | 10.00          | % |  |      |   |  |                  
|                                                                                                                    |  |   |               
|Servicer Event Triggered? (Y/N)                                                                                     |  |   |                |   |  | N    |   |  |                  



---

|                                     |  |                |  |                 
|------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC        |  |                |  |                 
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | January 15, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                 
|December 2002                        |  | Payment Date # |  | 8               



AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT



|                                                                                 |  |           |   |  |               |  |                               
|-------------------------------------------------------------------------------- |  | --------- | - |  | ------------- |  | ------------------------------
|Deposits by or on behalf of the Servicer:                                        |  |           |   |  |               |  |                               
|                                                                                 |  |           |  
|Lease Payments received calendar month                                           |  | Dec-02    |   |  | 16,036,464.92 |  |                               
|Lease Payments received on Prior Months Receivables                              |  | Dec-02    |   |  |              |  |                               
|Lease payments received in current month available for distribution              |  | Dec-02    |   |  | 16,036,464.92 |  |                               
|Reimbursed Servicer Advances                                                     |  |           |   |  |              |  |                               
|Amounts on early Terminations to extent Additional Lease not Provided            |  |           |   |  | 331,431.25    |  |                               
|Advanced Payments Applied to Current                                             |  |           |   |  | 1,542,632.73  |  |                               
|Lease Purchase Amounts                                                           |  |           |   |  |              |  |                               
|Recoveries to the Extent IOS Capital does not substitute                         |  |           |   |  |              |  |                               
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |           |   |  |              |  |                               
|Current Renewals                                                                 |  |           |   |  |              |  |                               
|Investment Earnings on Accounts:                                                 |  |           |   |  |               |  |                               
|Collection Account                                                               |  | Nov-02    |   |  | 13,133.00     |  |                               
|Reserve Account                                                                  |  | Nov-02    |   |  | 4,285.56      |  |                               
|Security Deposit Account                                                         |  | Nov-02    |   |  | 20.63         |  |                               
|Casualty Payments                                                                |  |           |   |  |              |  |                               
|Servicer Adv for scheduled payments not made in current period                   |  |           |   |  |              |  |                               
|Funds For Redemption (Optional Clean-Up Call)                                    |  |           |   |  |              |  |                               
|                                                                                 |  |           |   |  |               |  |                               
|Total amounts in the Collection Account related to the Current Collection Period |  |           |   |  | 17,927,968.09 |  |                               
|                                                                                 |  |           |  
|Transfers made by Trustee to the Collection Account                              |  |           |   |  |               |  |                               
|Optional Payments Received from AMBAC                                            |  |           |   |  |               |  |                               
|Insured Payments Received from AMBAC                                             |  |           |   |  |              |  |                               
|Shortfall Required to be Deposited From Renewal Account                          |  |           |   |  |              |  |                               
|Shortfall Required to be Deposited From Reserve Account                          |  |           |   |  |              |  |                               
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Dec-02    |   |  |              |  |                               
|                                                                                 |  |           |   |  |               |  |                               
|Less            Credit for payments applied in prior period                      |  |           |   |  |              |  |                               
|                                                                                 |  |           |  
|Total deposited into the Collection Account                                      |  |           |   |  | 17,927,968.09 |  |                               
|                                                                                 |  |           |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                            |  |           |   |  |               |  |                               
|                                                                                 |  |           |  
|Surety Fee                                                                       |  | 0.30      | % |  | 130,626.41    |  | Surety Fee December 2002      
|0.30 % of Outstanding Principal Amount of the Notes                              |  |           |   |  |               |  |                               
|                                                                                 |  |           |  
|Transfer TO Advance Payment Que in Collection Account                            |  | Dec-02    |   |  | 12,284.83     |  | INCREASES Balance in Adv que  
|Transfer from Security Deposit Account to Collection Act                         |  | Dec-02    |   |  |              |  | Decreases balance in Sec Dep  
|                                                                                 |  |           |  
|Servicing Fee                                                                    |  | 0.75      | % |  | 326,566.03    |  | No Distribution on this Amount
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV          |  |           |   |  |               |  |                               
|                                                                                 |  |           |  
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes                |  | 0.0012500 | % |  | 601.80        |  | Trustee Fees - Dec 2002       
|Minimum Fee = $ 250.00                                                           |  |           |   |  |               |  |                               
|Service Fee Less Trustee Fee                                                     |  |           |   |  | 325,964.24    |  | IOS Net Servicing Fee         
|                                                                                 |  |           |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed                      |  |           |   |  |              |  | Svc Advance Reimbusement      
|                                                                                 |  |           |   |  |               |  |                               
|Remaining Available to be Distributed to Noteholders                             |  |           |   |  | 17,458,490.81 |  |                               



---

|                                     |  |                |  |                 
|------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC        |  |                |  |                 
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | January 15, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                 
|December 2002                        |  | Payment Date # |  | 8               



|                                                                                  |  |   |                |   |  |   |                |  |                   
|--------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | ------------------
|Disbursements                                                                     |  |   |                |   |  |   |                |  | Actual Days for A1
|Class A-1 Interest Due (Act/360 Basis)                                            |  |   | 2.04400        | % |  | $ | 99,995.30      |  | 30                
|Class A-2 Interest Due (30/360 Basis)                                             |  |   | 2.91000        | % |  | $ | 111,550.00     |  |                   
|Class A-3 Interest Due (30/360 Basis)                                             |  |   | 3.90000        | % |  | $ | 865,800.00     |  |                   
|Class A-4 Interest Due (30/360 Basis)                                             |  |   | 4.68000        | % |  | $ | 590,460.00     |  |                   
|                                                                                  |  |   |                |   |  |   |                |  |                   
|Total Class A Interest Due                                                        |  |   |                |   |  | $ | 1,667,805.30   |  |                   
|Class A Interest Paid                                                             |  |   |                |   |  | $ | 1,667,805.30   |  |                   
|Cumulative Outstanding Amounts Owed to AMBAC                                      |  |   |                |   |  | $ |               |  |                   
|Reimburse Amounts due AMBAC                                                       |  |   |                |   |  | $ |               |  |                   
|Beginning Aggregate Class A Note Balance                                          |  |   |                |   |  | $ | 522,505,654.34 |  |                   
|Class A Principal Payment While Class A-1 Outstanding                             |  |   |                |   |  | $ | 15,762,689.01  |  | 17,430,494.31     
|Class A Principal Payment After Class A-1 Retired                                 |  |   | 89.36090       | % |  | $ |               |  |                   
|Aggregate Class A Principal Payment                                               |  |   |                |   |  | $ | 15,762,689.01  |  |                   
|Class A Principal Paid                                                            |  |   |                |   |  | $ | 15,762,689.01  |  |                   
|Ending Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 506,742,965.33 |  |                   
|Overcollateralization Floor                                                       |  |   |                |   |  |   |                |  |                   
|2.5% of $690,018,927.51                                                           |  |   |                |   |  | $ | 17,250,473.19  |  |                   
|Plus: Cumulative Loss Amount                                                      |  |   |                |   |  |   |                |  |                   
|Less: Reserve Account Ending Balance                                              |  |   |                |   |  | $ | 6,900,189.27   |  |                   
|Overcollateralization Floor                                                       |  |   |                |   |  | $ | 10,350,283.92  |  | N                 
|Additional Class A Principal                                                      |  |   |                |   |  | $ |               |  |                   
|Additional Principal Class A Paid                                                 |  |   |                |   |  | $ |               |  |                   
|End of Period Class A Note Balance                                                |  |   |                |   |  | $ | 506,742,965.33 |  |                   
|                                                                                  |  |   |               
|Remaining Collections After Distributions to Noteholders                          |  |   |                |   |  | $ | 27,996.50      |  |                   
|                                                                                  |  |   |               
|Distribution to Noteholder for Clean-up Call                                      |  |   |                |   |  | $ |               |  |                   
|                                                                                  |  |   |               
|Reserve Account Deposit                                                           |  |   |                |   |  | $ |               |  |                   
|                                                                                  |  |   |               
|Renewal Account Deposit                                                           |  |   |                |   |  | $ |               |  |                   
|                                                                                  |  |   |               
|Additional Funds Available for Distribution to IOS                                |  |   |                |   |  | $ | 27,996.50      |  |                   
|                                                                                  |  |   |               
|Total Distribution from the Collection Account                                    |  |   |                |   |  | $ | 17,927,968.09  |  |                   
|                                                                                  |  |   |               
|Amounts to IOS Capital for current period                                         |  |   |                |   |  |   |                |  |                   
|Adv Payments                                                                      |  |   | 0.00           |   |  |   |                |  |                   
|Sec Deposits                                                                      |  |   | 0.00           |   |  |   |                |  |                   
|Remaining Coll                                                                    |  |   | 27,996.50      |   |  |   |                |  |                   
|Service Fees                                                                      |  |   | 325,964.24     |   |  |   |                |  |                   
|                                                                                  |  |   |                |   |  |   |                |  |                   
|                                                                                  |  |   | 353,960.74     |   |  |   | Dec-02         |  |                   
|                                                                                  |  |   |               
|RECONCILIATION OF NOTES                                                           |  |   |                |   |  |   |                |  |                   
|                                                                                  |  |   |               
|Beginning Discounted Present Value of the Leases                                  |  |   |                |   |  | $ | 577,724,581.85 |  |                   
|                                                                                  |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date   |  |   |                |   |  | $ | 561,961,892.84 |  |                   
|                                                                                  |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period           |  |   |                |   |  | $ | 15,762,689.01  |  |                   
|                                                                                  |  |   |               
|Class A - 1                                                                       |  |   |                |   |  |   |                |  |                   
|Beginning Class A Principal Balance                                               |  |   | Dec-02         |   |  | $ | 58,705,654.34  |  |                   
|Principal in Current Period                                                       |  |   |                |   |  | $ | 15,762,689.01  |  |                   
|Ending Class A-1 Principal Balance                                                |  |   |                |   |  | $ | 42,942,965.33  |  |                   
|                                                                                  |  |   |               
|Interest due this Due Period                                                      |  |   |                | % |  | $ | 99,995.30      |  |                   
|                                                                                  |  |   |               
|Interest Paid Per $1,000                                                          |  | $ | 0.5847678239   |   |  | $ | 99,995.30      |  |                   
|Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                |  |                   
|                                                                                  |  |   |               
|Principal Paid Per $1,000                                                         |  | $ | 92.1794679099  |   |  | $ | 15,762,689.01  |  |                   
|Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                |  |                   
|                                                                                  |  |   |               
|Ending Principal Balance Factor(Ending Class A Principal/Original Class A-1 Face) |  |   | 25.1128452207  | % |  |   |                |  |                   



---

|                                     |  |                |  |                 
|------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC        |  |                |  |                 
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | January 15, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                 
|December 2002                        |  | Payment Date # |  | 8               



|                                                                                    |  |   |                |   |  |   |                |  |           |  
|----------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | --------- | -
|Class A-2                                                                           |  |   |                |   |  |   |                |  |           |  
|Beginning Class A-2 Principal Balance                                               |  |   | Dec-02         |   |  | $ | 46,000,000.00  |  |           |  
|Principal in Current Period                                                         |  |   |                |   |  | $ |               |  |           |  
|Ending Class A-2 Principal Balance                                                  |  |   |                |   |  | $ | 46,000,000.00  |  |           |  
|                                                                                    |  |   |               
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 111,550.00     |  |           |  
|                                                                                    |  |   |               
|Interest Paid Per $1,000                                                            |  | $ | 2.4250000000   |   |  | $ | 111,550.00     |  |           |  
|Original Class A-2 Face                                                             |  |   | 46,000,000.00  |   |  |   |                |  |           |  
|                                                                                    |  |   |               
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |               |  |           |  
|Original Class A-2 Face                                                             |  |   | 46,000,000.00  |   |  |   |                |  |           |  
|                                                                                    |  |   |               
|Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 100.0000000000 | % |  |   |                |  |           |  
|Class A-3                                                                           |  |   |                |   |  |   |                |  |           |  
|Beginning Class A-3 Principal Balance                                               |  |   | Dec-02         |   |  | $ | 266,400,000.00 |  |           |  
|Principal in Current Period                                                         |  |   |                |   |  | $ |               |  |           |  
|Ending Class A-3 Principal Balance                                                  |  |   |                |   |  | $ | 266,400,000.00 |  |           |  
|                                                                                    |  |   |               
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 865,800.00     |  |           |  
|                                                                                    |  |   |               
|Interest Paid Per $1,000                                                            |  | $ | 3.2500000000   |   |  | $ | 865,800.00     |  |           |  
|Original Class A-3 Face                                                             |  |   | 266,400,000.00 |   |  |   |                |  |           |  
|                                                                                    |  |   |               
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |               |  |           |  
|Original Class A-3 Face                                                             |  |   | 266,400,000.00 |   |  |   |                |  |           |  
|                                                                                    |  |   |               
|Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 100.0000000000 | % |  |   |                |  |           |  
|Class A-4                                                                           |  |   |                |   |  |   |                |  |           |  
|Beginning Class A-4 Principal Balance                                               |  |   | Dec-02         |   |  | $ | 151,400,000.00 |  |           |  
|Principal in Current Period                                                         |  |   |                |   |  | $ |               |  |           |  
|Ending Class A-4 Principal Balance                                                  |  |   |                |   |  | $ | 151,400,000.00 |  |           |  
|                                                                                    |  |   |               
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 590,460.00     |  |           |  
|                                                                                    |  |   |               
|Interest Paid Per $1,000                                                            |  | $ | 3.9000000000   |   |  | $ | 590,460.00     |  |           |  
|Original Class A-4 Face                                                             |  |   | 151,400,000.00 |   |  |   |                |  |           |  
|                                                                                    |  |   |               
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |               |  |           |  
|Original Class A-4 Face                                                             |  |   | 151,400,000.00 |   |  |   |                |  |           |  
|                                                                                    |  |   |               
|Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |  |   |                |  |           |  
|Overcollateralization Amount                                                        |  |   |                |   |  | $ | 55,218,927.51  |  | 9.8260982 | %
|                                                                                    |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            |  |   |                |   |  |   |                |  |           |  
|                                                                                    |  |   |               
|Discounted Present Value of the Leases which are:                                   |  |   |                |   |  |   |                |  |           |  
|31-60 DAYS OVERDUE                                                                  |  |   | Dec-02         |   |  | $ | 29,137,554.49  |  |           |  
|61-90 DAYS OVERDUE                                                                  |  |   | Dec-02         |   |  | $ | 7,745,858.14   |  |           |  
|91-120 DAYS OVERDUE                                                                 |  |   | Dec-02         |   |  | $ | 3,457,769.59   |  |           |  
|                                                                                    |  |   |               
|Servicer Advance since previous months report                                      |  |   |                |   |  | $ |               |  |           |  
|                                                                                    |  |   |               
|Other Information to be provided                                                    |  |   |                |   |  |   |                |  |           |  
|                                                                                    |  |   |               
|Total amount of Lease Payments received during prior Period                         |  |   |                |   |  | $ | 16,036,464.92  |  |           |  
|                                                                                    |  |   |               
|Total amount of Casualty Payments received during prior Period                      |  |   |                |   |  | $ |               |  |           |  
|                                                                                    |  |   |               
|Total amount of Termination Payments received during prior Period                   |  |   |                |   |  | $ | 331,431.25     |  |           |  
|                                                                                    |  |   |               
|Total amount of Non-Performing Lease Payments received during prior Period          |  |   |                |   |  | $ |               |  |           |  
|                                                                                    |  |   |               
|Retainable Deposits on Deposit                                                      |  |   |                |   |  | $ | 33,039.77      |  |           |  
|                                                                                    |  |   |               
|Lease Repurchase Amounts                                                            |  |   |                |   |  | $ |               |  |           |  



---

|                                     |  |                |  |                 
|------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC        |  |                |  |                 
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | January 15, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                 
|December 2002                        |  | Payment Date # |  | 8               



|                                                                                       |  |         |   |  |        |  |   |               |  |             
|-------------------------------------------------------------------------------------- |  | ------- | - |  | ------ |  | - | ------------- |  | ------------
|Occurrence of an Event of Default Under the Indenture                                  |  |         |   |  |        |  |   | N             |  |             
|Occurrence of a Servicer Event of Default Under the Contribution & Servicing Agreement |  |         |   |  |        |  |   | N             |  |             
|                                                                                       |  |         |   | 
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing                |  |         |   |  |        |  |   |               |  |             
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                       |  | 10.0000 | % |  |        |  | $ | 69,001,892.75 |  |             
|                                                                                       |  |         |   | 
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |         |   |  | Dec-02 |  | $ | 4,408,894.00  |  | 4,408,894.00
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.0000 | % |  |        |  | $ | 69,001,892.75 |  |             



|             |  |                              
|------------ |  | -----------------------------
|Prepared by: |  | Ernie Whitley                
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | January 9, 2002              
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | January 9, 2002              



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | February 18, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                  
|January 2003                         |  | Payment Date # |  | 9                



|                                                                                                  |  |        |  |   |                |  |            |  
|------------------------------------------------------------------------------------------------- |  | ------ |  | - | -------------- |  | ---------- | -
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |        |  |   |                |  |            |  
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |        |  | $ | 561,961,892.84 |  |            |  
|                                                                                                  |  |        | 
|Less:            Lease Payments Due - current month                                               |  | Jan-03 |  | $ | 17,668,717.95  |  |            |  
|Add:            Interest (@ Discount Rate of 5.130%)                                              |  |        |  | $ | 2,402,387.09   |  |            |  
|Less:            DPV Non-Performing Leases - Current monthover 120 days,
etc                     |  | Jan-03 |  | $ | 908,388.96     |  |            |  
|Less:            DPV Amounts on Early Termination Leases                                          |  | Jan-03 |  | $ | 3,118,419.20   |  |            |  
|Add:             DPV Substitute Leases                                                            |  | Jan-03 |  | $ | 908,390.00     |  |            |  
|Add:             DPV Additional Leases                                                            |  | Jan-03 |  | $ |               |  |            |  
|                                                                                                  |  |        |  |   |                |  |            |  
|Ending Balance (DPVL as of current Determination Date)                                            |  |        |  | $ | 543,577,143.82 |  |            |  
|                                                                                                  |  |        | 
|OVERDUE LEASE PAYMENTS                                                                            |  |        |  |   |                |  |            |  
|                                                                                                  |  |        | 
|Beginning Balance                                                                                 |  |        |  |   | 3,600,222.92   |  |            |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                   |  |        |  |   |                |  |            |  
|Less:            Past Dues on Terminated & Non-Performing                                         |  |        |  |   |               |  |            |  
|Less:            Repurchased Leases                                                               |  |        |  |   |                |  |            |  
|Less:            Reimburse Servicer Advances owed to IOS not prev
reimbursed                      |  | Jan-03 |  |   | 3,815,707.22   |  |            |  
|                                                                                                  |  |        |  |   |                |  |            |  
|Total Cash to be reimbursed to IOS                                                                |  |        |  |   | 3,815,707.22   |  |            |  
|Add:            Servicer Adv for scheduled payments not made in current
period                    |  | Jan-03 |  |   | 2,671,815.00   |  |            |  
|                                                                                                  |  |        |  |   |                |  |            |  
|Ending Balance                                                                                    |  |        |  |   | 2,456,330.70   |  |            |  
|                                                                                                  |  |        | 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                       |  |        |  |   |                |  |            |  
|                                                                                                  |  |        | 
|Beginning Balance                                                                                 |  |        |  |   | 620,421.37     |  |            |  
|Less:            Applied to Current from Prepaid                                                  |  | Jan-03 |  |   | 1,720,287.72   |  |            |  
|Less:            Repurchased Leases                                                               |  |        |  |   |               |  |            |  
|Less:            Advance Payments on Non-Performing Leases                                        |  |        |  |   |               |  |            |  
|Add:             Received This Month                                                              |  |        |  |   | 1,817,331.70   |  |            |  
|Add:             Received in Prior Month                                                          |  |        |  |   |               |  | (97,043.98 | )
|                                                                                                  |  |        |  |   |                |  |            |  
|Ending Balance                                                                                    |  |        |  |   | 717,465.35     |  |            |  
|                                                                                                  |  |        | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |        |  |   |                |  |            |  
|Beginning Balance                                                                                 |  | Jan-03 |  |   | 6,900,189.27   |  |            |  
|Less:            Deposit to Collection Account (if any)                                           |  |        |  |   |               |  |            |  
|Ending Balance                                                                                    |  |        |  |   | 6,900,189.27   |  |            |  
|                                                                                                  |  |        | 
|Required Reserve Account                                                                          |  |        |  |   |                |  |            |  
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |        |  |   | 6,900,189.27   |  |            |  
|                                                                                                  |  |        | 
|Reserve Account in excess of Required Reserve                                                     |  |        |  |   |               |  |            |  
|Deposits into Reserve Account                                                                     |  |        |  |   |               |  |            |  
|Amounts Released to Issuer                                                                        |  |        |  |   |               |  |            |  
|                                                                                                  |  |        |  |   |                |  |            |  
|Ending Balance                                                                                    |  |        |  |   | 6,900,189.27   |  |            |  
|                                                                                                  |  |        | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                        |  |        |  |   |                |  |            |  
|                                                                                                  |  |        | 
|Beginning Balance                                                                                 |  | Jan-03 |  |   | 33,039.77      |  |            |  
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |        |  |   |               |  |            |  
|Add Additional Security Deposits collected on leases                                              |  |        |  |   |                |  |            |  
|                                                                                                  |  |        |  |   |                |  |            |  
|                                                                                                  |  |        | 
|Ending Balance                                                                                    |  | Jan-03 |  |   | 33,039.77      |  |            |  



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | February 18, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                  
|January 2003                         |  | Payment Date # |  | 9                



|                                                                                                                    |  |   |                |   |  |       |   |  |                  
|------------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----- | - |  | -----------------
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                   |  |   |                |   |  |       |   |  |                  
|                                                                                                                    |  |   |               
|Beginning Balance                                                                                                   |  |   |                |   |  |      |   |  |                  
|Less:            Deposit to Collection Account (if any)                                                             |  |   |                |   |  |      |   |  |                  
|Plus:             Deposit to Renewal Account                                                                        |  |   |                |   |  |      |   |  |                  
|                                                                                                                    |  |   |                |   |  |       |   |  |                  
|Ending Balance                                                                                                      |  |   |                |   |  |      |   |  |                  
|                                                                                                                    |  |   |               
|Renewal Account Deposit Required                                                                                    |  |   |                |   |  | N     |   |  |                  
|Renewal Deposit                                                                                                     |  |   |                |   |  |      |   |  |                  
|                                                                                                                    |  |   |               
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                    |  |   |                |   |  |      |   |  |                  
|Lesser of:    2% of Discounted PV of Leases as of Cutoff Date                                                       |  | $ | 11,239,237.86  |   |  |       |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                         |  | $ | 481,458,027.04 |   |  |       |   |  |                  
|                                                                                                                    |  |   |               
|COMPLIANCE RATIO CALCULATIONS                                                                                       |  |   |                |   |  |       |   |  |                  
|Calculate Annualized Default Rate                                                                                   |  |   |                |   |  |       |   |  |                  
|# of days delinquent to declare Defaulted Lease                                                                     |  |   |                |   |  | 121   |   |  |                  
|                                                                                                                    |  |   |               
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                     |  |   |                |   |  |       |   |  |                  
|This Month                                                                                                          |  |   |                |   |  | 1.94  | % |  | Annualized Jan 03
|Last Month                                                                                                          |  |   |                |   |  | 1.60  | % |  | Annualized Dec 02
|Two Months ago                                                                                                      |  |   |                |   |  | 1.44  | % |  | Annualized Nov 02
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 1.66  | % |  |                  
|                                                                                                                    |  |   |               
|Calculate Delinquent Rate                                                                                           |  |   |                |   |  |       |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                    |  |   |                |   |  | 63    |   |  |                  
|                                                                                                                    |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                      |  |   |                |   |  |       |   |  |                  
|This Month                                                                                                          |  |   |                |   |  | 2.02  | % |  |                  
|Last Month                                                                                                          |  |   |                |   |  | 1.99  | % |  |                  
|Two Months ago                                                                                                      |  |   |                |   |  | 1.36  | % |  |                  
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 1.79  | % |  |                  
|                                                                                                                    |  |   |               
|Calculate Renewal Trigger Ratio                                                                                     |  |   |                |   |  |       |   |  |                  
|                                                                                                                    |  |   |               
|Aggregate number of Leases for which the oblgors have elected not to extend during the last 3 preceding Due Periods |  |   |                |   |  | 199   |   |  |                  
|This Month                                                                                                          |  |   | 125            |   |  |       |   |  |                  
|Last Month                                                                                                          |  |   | 48             |   |  |       |   |  |                  
|Two Months ago                                                                                                      |  |   | 26             |   |  |       |   |  |                  
|Aggregate number of leases of leases which have reached their stated maturity during last 3 preceding Due Periods   |  |   |                |   |  | 312   |   |  |                  
|This Month                                                                                                          |  |   | 148            |   |  |       |   |  |                  
|Last Month                                                                                                          |  |   | 85             |   |  |       |   |  |                  
|Two Months ago                                                                                                      |  |   | 79             |   |  |       |   |  |                  
|                                                                                                                    |  |   |               
|Renewal Trigger Ratio                                                                                               |  |   |                |   |  | 63.78 | % |  |                  
|                                                                                                                    |  |   |               
|Acceleration Event                                                                                                  |  |   |                |   |  |       |   |  |                  
|Triggered if                                                                                                        |  |   |                |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                                |  |   | 6.25           | % |  |       |   |  |                  
|Delinquent Rate greater than                                                                                        |  |   | 8.00           | % |  |       |   |  |                  
|                                                                                                                    |  |   |               
|Acceleration Event Triggered? (Y/N)                                                                                 |  |   |                |   |  | N     |   |  |                  
|                                                                                                                    |  |   |               
|Renewal Trigger Event                                                                                               |  |   |                |   |  |       |   |  |                  
|Triggered if Renewal Trigger Ratio is less than 20%                                                                 |  |   |                |   |  |       |   |  |                  
|                                                                                                                    |  |   |               
|Trigger? (Y/N)                                                                                                      |  |   |                |   |  | N     |   |  |                  
|                                                                                                                    |  |   |               
|Servicer Event of Default                                                                                           |  |   |                |   |  |       |   |  |                  
|Triggered if                                                                                                        |  |   |                |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                                |  |   | 8.00           | % |  |       |   |  |                  
|Delinquent Rate greater than                                                                                        |  |   | 10.00          | % |  |       |   |  |                  
|                                                                                                                    |  |   |               
|Servicer Event Triggered? (Y/N)                                                                                     |  |   |                |   |  | N     |   |  |                  



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | February 18, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                  
|January 2003                         |  | Payment Date # |  | 9                



AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT



|                                                                                 |  |           |   |  |               |  |                               
|-------------------------------------------------------------------------------- |  | --------- | - |  | ------------- |  | ------------------------------
|Deposits by or on behalf of the Servicer:                                        |  |           |   |  |               |  |                               
|                                                                                 |  |           |  
|Lease Payments received calendar month                                           |  | Jan-03    |   |  | 16,087,520.39 |  |                               
|Lease Payments received on Prior Months Receivables                              |  | Jan-03    |   |  |              |  |                               
|Lease payments received in current month available for distribution              |  | Jan-03    |   |  | 16,087,520.39 |  |                               
|Reimbursed Servicer Advances                                                     |  |           |   |  |              |  |                               
|Amounts on early Terminations to extent Additional Lease not Provided            |  |           |   |  | 3,118,419.20  |  |                               
|Advanced Payments Applied to Current                                             |  |           |   |  | 1,720,287.72  |  |                               
|Lease Purchase Amounts                                                           |  |           |   |  |              |  |                               
|Recoveries to the Extent IOS Capital does not substitute                         |  |           |   |  |              |  |                               
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |           |   |  |              |  |                               
|Current Renewals                                                                 |  |           |   |  |              |  |                               
|Investment Earnings on Accounts:                                                 |  |           |   |  |               |  |                               
|Collection Account                                                               |  | Jan-03    |   |  | 11,938.61     |  |                               
|Reserve Account                                                                  |  | Jan-03    |   |  | 4,058.66      |  |                               
|Security Deposit Account                                                         |  | Jan-03    |   |  | 19.55         |  |                               
|Casualty Payments                                                                |  |           |   |  |              |  |                               
|Servicer Adv for scheduled payments not made in current period                   |  |           |   |  |              |  |                               
|Funds For Redemption (Optional Clean-Up Call)                                    |  |           |   |  |              |  |                               
|                                                                                 |  |           |   |  |               |  |                               
|Total amounts in the Collection Account related to the Current Collection Period |  |           |   |  | 20,942,244.13 |  |                               
|                                                                                 |  |           |  
|Transfers made by Trustee to the Collection Account                              |  |           |   |  |               |  |                               
|Optional Payments Received from AMBAC                                            |  |           |   |  |               |  |                               
|Insured Payments Received from AMBAC                                             |  |           |   |  |              |  |                               
|Shortfall Required to be Deposited From Renewal Account                          |  |           |   |  |              |  |                               
|Shortfall Required to be Deposited From Reserve Account                          |  |           |   |  |              |  |                               
|                                                                                 |  |           |  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Jan-03    |   |  |              |  |                               
|                                                                                 |  |           |   |  |               |  |                               
|Less            Credit for payments applied in prior period                      |  |           |   |  |              |  |                               
|                                                                                 |  |           |  
|Total deposited into the Collection Account                                      |  |           |   |  | 20,942,244.13 |  |                               
|                                                                                 |  |           |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                            |  |           |   |  |               |  |                               
|                                                                                 |  |           |  
|Surety Fee                                                                       |  | 0.30      | % |  | 126,685.74    |  | Surety Fee January 03         
|0.30 % of Outstanding Principal Amount of the Notes                              |  |           |   |  |               |  |                               
|                                                                                 |  |           |  
|Transfer TO Advance Payment Que in Collection Account                            |  | Jan-03    |   |  | 97,043.98     |  | INCREASES Balance in Adv que  
|Transfer from Security Deposit Account to Collection Act                         |  | Jan-03    |   |  |              |  | Decreases balance in Sec Dep  
|                                                                                 |  |           |  
|Servicing Fee                                                                    |  | 0.75      | % |  | 316,714.35    |  | No Distribution on this Amount
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV          |  |           |   |  |               |  |                               
|                                                                                 |  |           |  
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes                |  | 0.0012500 | % |  | 585.38        |  | Trustee Fees - Jan 2003       
|Minimum Fee = $ 250.00                                                           |  |           |   |  |               |  |                               
|Service Fee Less Trustee Fee                                                     |  |           |   |  | 316,128.98    |  | IOS Net Servicing Fee         
|                                                                                 |  |           |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed                      |  |           |   |  |              |  | Svc Advance Reimbursement     
|                                                                                 |  |           |   |  |               |  |                               
|Remaining Available to be Distributed to Noteholders                             |  |           |   |  | 20,401,800.06 |  |                               



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | February 18, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                  
|January 2003                         |  | Payment Date # |  | 9                



|                                                                                  |  |   |                |   |  |   |                |  |                   
|--------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | ------------------
|Disbursements                                                                     |  |   |                |   |  |   |                |  | Actual Days for A1
|Class A-1 Interest Due (Act/360 Basis)                                            |  |   | 2.04400        | % |  | $ | 82,899.01      |  | 34                
|Class A-2 Interest Due (30/360 Basis)                                             |  |   | 2.91000        | % |  | $ | 111,550.00     |  |                   
|Class A-3 Interest Due (30/360 Basis)                                             |  |   | 3.90000        | % |  | $ | 865,800.00     |  |                   
|Class A-4 Interest Due (30/360 Basis)                                             |  |   | 4.68000        | % |  | $ | 590,460.00     |  |                   
|                                                                                  |  |   |                |   |  |   |                |  |                   
|Total Class A Interest Due                                                        |  |   |                |   |  | $ | 1,650,709.01   |  |                   
|Class A Interest Paid                                                             |  |   |                |   |  | $ | 1,650,709.01   |  |                   
|Cumulative Outstanding Amounts Owed to AMBAC                                      |  |   |                |   |  | $ |               |  |                   
|Reimburse Amounts due AMBAC                                                       |  |   |                |   |  | $ |               |  |                   
|Beginning Aggregate Class A Note Balance                                          |  |   |                |   |  | $ | 506,742,965.33 |  |                   
|Class A Principal Payment While Class A-1 Outstanding                             |  |   |                |   |  | $ | 18,384,749.02  |  | 20,035,458.03     
|Class A Principal Payment After Class A-1 Retired                                 |  |   | 89.36090       | % |  | $ |               |  |                   
|Aggregate Class A Principal Payment                                               |  |   |                |   |  | $ | 18,384,749.02  |  |                   
|Class A Principal Paid                                                            |  |   |                |   |  | $ | 18,384,749.02  |  |                   
|Ending Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 488,358,216.31 |  |                   
|Overcollateralization Floor                                                       |  |   |                |   |  |   |                |  |                   
|2.5% of $690,018,927.51                                                           |  |   |                |   |  | $ | 17,250,473.19  |  |                   
|Plus: Cumulative Loss Amount                                                      |  |   |                |   |  | $ |               |  |                   
|Less: Reserve Account Ending Balance                                              |  |   |                |   |  | $ | 6,900,189.27   |  |                   
|Overcollateralization Floor                                                       |  |   |                |   |  | $ | 10,350,283.92  |  | N                 
|Additional Class A Principal                                                      |  |   |                |   |  | $ |               |  |                   
|Additional Principal Class A Paid                                                 |  |   |                |   |  | $ |               |  |                   
|End of Period Class A Note Balance                                                |  |   |                |   |  | $ | 488,358,216.31 |  |                   
|                                                                                  |  |   |               
|Remaining Collections After Distributions to Noteholders                          |  |   |                |   |  | $ | 366,342.03     |  |                   
|                                                                                  |  |   |               
|Distribution to Noteholder for Clean-up Call                                      |  |   |                |   |  | $ |               |  |                   
|                                                                                  |  |   |               
|Reserve Account Deposit                                                           |  |   |                |   |  | $ |               |  |                   
|                                                                                  |  |   |               
|Renewal Account Deposit                                                           |  |   |                |   |  | $ |               |  |                   
|                                                                                  |  |   |               
|Additional Funds Available for Distribution to IOS                                |  |   |                |   |  | $ | 366,342.03     |  |                   
|                                                                                  |  |   |               
|Total Distribution from the Collection Account                                    |  |   |                |   |  | $ | 20,942,244.13  |  |                   
|                                                                                  |  |   |               
|Amounts to IOS Capital for current period                                         |  |   |                |   |  |   |                |  |                   
|Adv Payments                                                                      |  |   | 0.00           |   |  |   |                |  |                   
|Sec Deposits                                                                      |  |   | 0.00           |   |  |   |                |  |                   
|Remaining Coll                                                                    |  |   | 366,342.03     |   |  |   |                |  |                   
|Service Fees                                                                      |  |   | 316,128.98     |   |  |   |                |  |                   
|                                                                                  |  |   |                |   |  |   |                |  |                   
|                                                                                  |  |   | 682,471.00     |   |  |   | Jan-03         |  |                   
|                                                                                  |  |   |               
|RECONCILIATION OF NOTES                                                           |  |   |                |   |  |   |                |  |                   
|                                                                                  |  |   |               
|Beginning Discounted Present Value of the Leases                                  |  |   |                |   |  | $ | 561,961,892.84 |  |                   
|                                                                                  |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date   |  |   |                |   |  | $ | 543,577,143.82 |  |                   
|                                                                                  |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period           |  |   |                |   |  | $ | 18,384,749.02  |  |                   
|                                                                                  |  |   |               
|Class A - 1                                                                       |  |   |                |   |  |   |                |  |                   
|Beginning Class A Principal Balance                                               |  |   | Jan-03         |   |  | $ | 42,942,965.33  |  |                   
|Principal in Current Period                                                       |  |   |                |   |  | $ | 18,384,749.02  |  |                   
|Ending Class A-1 Principal Balance                                                |  |   |                |   |  | $ | 24,558,216.31  |  |                   
|                                                                                  |  |   |               
|Interest due this Due Period                                                      |  |   |                | % |  | $ | 82,899.01      |  |                   
|                                                                                  |  |   |               
|Interest Paid Per $1,000                                                          |  | $ | 0.4847895254   |   |  | $ | 82,899.01      |  |                   
|Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                |  |                   
|                                                                                  |  |   |               
|Principal Paid Per $1,000                                                         |  | $ | 107.5131521527 |   |  | $ | 18,384,749.02  |  |                   
|Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                |  |                   
|                                                                                  |  |   |               
|Ending Principal Balance Factor(Ending Class A Principal/Original Class A-1 Face) |  |   | 14.3615300070  | % |  |   |                |  |                   



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | February 18, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                  
|January 2003                         |  | Payment Date # |  | 9                



|                                                                                    |  |   |                |   |  |   |                |  |            |  
|----------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | ---------- | -
|Class A-2                                                                           |  |   |                |   |  |   |                |  |            |  
|Beginning Class A-2 Principal Balance                                               |  |   | Jan-03         |   |  | $ | 46,000,000.00  |  |            |  
|Principal in Current Period                                                         |  |   |                |   |  | $ |               |  |            |  
|Ending Class A-2 Principal Balance                                                  |  |   |                |   |  | $ | 46,000,000.00  |  |            |  
|                                                                                    |  |   |               
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 111,550.00     |  |            |  
|                                                                                    |  |   |               
|Interest Paid Per $1,000                                                            |  | $ | 2.4250000000   |   |  | $ | 111,550.00     |  |            |  
|Original Class A-2 Face                                                             |  |   | 46,000,000.00  |   |  |   |                |  |            |  
|                                                                                    |  |   |               
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |               |  |            |  
|Original Class A-2 Face                                                             |  |   | 46,000,000.00  |   |  |   |                |  |            |  
|                                                                                    |  |   |               
|Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 100.0000000000 | % |  |   |                |  |            |  
|                                                                                    |  |   |               
|Class A-3                                                                           |  |   |                |   |  |   |                |  |            |  
|Beginning Class A-3 Principal Balance                                               |  |   | Jan-03         |   |  | $ | 266,400,000.00 |  |            |  
|Principal in Current Period                                                         |  |   |                |   |  | $ |               |  |            |  
|Ending Class A-3 Principal Balance                                                  |  |   |                |   |  | $ | 865,800.00     |  |            |  
|                                                                                    |  |   |               
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 865,800.00     |  |            |  
|                                                                                    |  |   |               
|Interest Paid Per $1,000                                                            |  | $ | 3.2500000000   |   |  |   |                |  |            |  
|Original Class A-3 Face                                                             |  |   | 266,400,000.00 |   |  |   |                |  |            |  
|                                                                                    |  |   |               
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |               |  |            |  
|Original Class A-3 Face                                                             |  |   | 266,400,000.00 |   |  |   |                |  |            |  
|                                                                                    |  |   |               
|Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 100.0000000000 | % |  |   |                |  |            |  
|                                                                                    |  |   |               
|Class A-4                                                                           |  |   |                |   |  |   |                |  |            |  
|Beginning Class A-4 Principal Balance                                               |  |   | Jan-03         |   |  | $ | 151,400,000.00 |  |            |  
|Principal in Current Period                                                         |  |   |                |   |  | $ |               |  |            |  
|Ending Class A-4 Principal Balance                                                  |  |   |                |   |  | $ | 151,400,000.00 |  |            |  
|                                                                                    |  |   |               
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 590,460.00     |  |            |  
|                                                                                    |  |   |               
|Interest Paid Per $1,000                                                            |  | $ | 3.9000000000   |   |  | $ | 590,460.00     |  |            |  
|Original Class A-4 Face                                                             |  |   | 151,400,000.00 |   |  |   |                |  |            |  
|                                                                                    |  |   |               
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |               |  |            |  
|Original Class A-4 Face                                                             |  |   | 151,400,000.00 |   |  |   |                |  |            |  
|                                                                                    |  |   |               
|Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |  |   |                |  |            |  
|                                                                                    |  |   |               
|Overcollateralization Amount                                                        |  |   |                |   |  | $ | 55,218,927.51  |  | 10.1584344 | %
|                                                                                    |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            |  |   |                |   |  |   |                |  |            |  
|                                                                                    |  |   |               
|Discounted Present Value of the Leases which are:                                   |  |   |                |   |  |   |                |  |            |  
|31-60 DAYS OVERDUE                                                                  |  |   | Jan-03         |   |  | $ | 22,539,257.35  |  |            |  
|61-90 DAYS OVERDUE                                                                  |  |   | Jan-03         |   |  | $ | 7,773,319.89   |  |            |  
|91-120 DAYS OVERDUE                                                                 |  |   | Jan-03         |   |  | $ | 3,218,225.03   |  |            |  
|                                                                                    |  |   |               
|Servicer Advance since previous months report                                      |  |   |                |   |  | $ |               |  |            |  
|                                                                                    |  |   |               
|Other Information to be provided                                                    |  |   |                |   |  |   |                |  |            |  
|                                                                                    |  |   |               
|Total amount of Lease Payments received during prior Period                         |  |   |                |   |  | $ | 16,087,520.39  |  |            |  
|                                                                                    |  |   |               
|Total amount of Casualty Payments received during prior Period                      |  |   |                |   |  | $ |               |  |            |  
|                                                                                    |  |   |               
|Total amount of Termination Payments received during prior Period                   |  |   |                |   |  | $ | 3,118,419.20   |  |            |  
|                                                                                    |  |   |               
|Total amount of Non-Performing Lease Payments received during prior Period          |  |   |                |   |  | $ |               |  |            |  
|                                                                                    |  |   |               
|Retainable Deposits on Deposit                                                      |  |   |                |   |  | $ | 33,039.77      |  |            |  
|                                                                                    |  |   |               
|Lease Repurchase Amounts                                                            |  |   |                |   |  | $ |               |  |            |  



---

|                                     |  |                |  |                  
|------------------------------------ |  | -------------- |  | -----------------
|IKON Receivables Funding, LLC        |  |                |  |                  
|BOA Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | February 18, 2003
|MONTHLY SERVICER REPORT              |  |                |  |                  
|January 2003                         |  | Payment Date # |  | 9                



|                                                                                       |  |         |   |  |   |               |  |             
|-------------------------------------------------------------------------------------- |  | ------- | - |  | - | ------------- |  | ------------
|Occurrence of an Event of Default Under the Indenture                                  |  |         |   |  |   | N             |  |             
|Occurrence of a Servicer Event of Default Under the Contribution & Servicing Agreement |  |         |   |  |   | N             |  |             
|                                                                                       |  |         |  
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing                |  |         |   |  |   |               |  |             
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                       |  | 10.0000 | % |  | $ | 69,001,892.75 |  |             
|                                                                                       |  |         |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Jan-03  |   |  | $ | 5,317,284.00  |  | 5,317,284.00
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.0000 | % |  | $ | 69,001,892.75 |  |             



|             |  |                              
|------------ |  | -----------------------------
|Prepared by: |  | Ernie Whitley                
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | February 13, 2002            
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | February 13, 2002            



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  | Final         
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | March 17, 2003
|MONTHLY SERVICER REPORT (FOOTNOTE 1)             |  |                |  |               
|February 2003                                    |  | Payment Date # |  | 10            



|                                                                                                                                 |  |   |               
|-------------------------------------------------------------------------------------------------------------------------------- |  | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                                                                                   |  |   |               
|Beginning Balance (DPVL as of last date of previous Due Period)                                                                  |  | $ | 543,577,143.82
|                                                                                                                                 | 
|Less:            DPV Principal Payments Due on Leases - Current
Month                                                            |  |   | 15,318,963.78 
|Less:            DPV Non-Performing Leases - current monthover 120 days,
etc                                                    |  |   | 1,686,771.22  
|Less:            DPV Adjusted / Warranty Leases                                                                                  |  |   | 486,346.66    
|Less:            DPV Amounts on Early Termination Leases                                                                         |  |   | 1,406,083.19  
|                                                                                                                                 |  |   |               
|Subtotal:                                                                                                                        |  | $ | 524,678,978.97
|                                                                                                                                 | 
|Add:             DPV Substitute Leases (FOOTNOTE 2)                                                                              |  |   |               
|Non-performing                                                                                                                   |  |   | 1,686,771.22  
|Adjusted / Warranty                                                                                                              |  |   | 486,346.66    
|Add:             DPV Additional Leases for Early Terminations (FOOTNOTE
2)                                                       |  |   | 1,406,083.19  
|                                                                                                                                 |  |   |               
|Ending Balance (DPVL as of last date of current Due Period)                                                                      |  | $ | 528,258,180.04
|                                                                                                                                 | 
|OVERDUE LEASE PAYMENTS                                                                                                           |  |   |               
|                                                                                                                                 | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                                                  |  |   |               
|                                                                                                                                 | 
|Beginning outstanding servicer advances                                                                                          |  |   | 2,456,330.70  
|Less:            Reimburse Servicer Advances owed to IOSC not prev
reimbursed                                                    |  |   | 1,810,497.16  
|Add:             Servicer Adv for scheduled payments not made in current
period                                                  |  |   | 4,421,758.32  
|                                                                                                                                 |  |   |               
|Ending outstanding servicer advances                                                                                             |  |   | 5,067,591.86  
|                                                                                                                                 | 
|ADVANCE LEASE PAYMENTS                                                                                                           |  |   |               
|                                                                                                                                 | 
|Beginning amount of lease payments to be applied in future                                                                       |  |   | 717,465.35    
|Less:            Applied to Current from Prepaid - including intermonth
activity                                                 |  |   | 1,501,340.24  
|Less:            Repurchased Leases                                                                                              |  |   |              
|Less:            Advance Payments on Non-Performing Leases                                                                       |  |   |              
|Add:             Received This Month - including intermonth
activity                                                             |  |   | 1,537,831.03  
|Add:             Received in Prior Month                                                                                         |  |   |              
|                                                                                                                                 |  |   |               
|Ending amount of lease payments to be applied in future                                                                          |  |   | 753,956.14    
|                                                                                                                                 | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                                                |  |   |               
|                                                                                                                                 | 
|Beginning Balance                                                                                                                |  |   | 6,900,189.27  
|Less:            Deposit to Collection Account (if any)                                                                          |  |   |              
|Ending Balance                                                                                                                   |  |   | 6,900,189.27  
|                                                                                                                                 | 
|Required Reserve Account                                                                                                         |  |   |               
|Lesser of 1% of $ and Outstanding Note Amount                                                                                    |  |   | 6,900,189.27  
|                                                                                                                                 | 
|Reserve Account in excess of Required Reserve                                                                                    |  |   |              
|Deposits into Reserve Account                                                                                                    |  |   |              
|Amounts Released to Issuer                                                                                                       |  |   |              
|                                                                                                                                 |  |   |               
|Ending Balance                                                                                                                   |  |   | 6,900,189.27  
|                                                                                                                                 | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                                                       |  |   |               
|                                                                                                                                 | 
|Beginning Balance                                                                                                                |  |   | 33,039.77     
|Less:            Retainable Deposits to be Deposited into Collection Account
and                    Amounts Repayable to Lessees |  |   |               
|Add:             Additional Security Deposits collected on
leases                                                                |  |   |              
|                                                                                                                                 |  |   |               
|Ending Balance                                                                                                                   |  |   | 33,039.77     



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  | Final         
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | March 17, 2003
|MONTHLY SERVICER REPORT (FOOTNOTE 1)             |  |                |  |               
|February 2003                                    |  | Payment Date # |  | 10            



|                                                                                                                 |  |   |                |   |  |       |   |  |                  
|---------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----- | - |  | -----------------
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                |  |   |                |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Beginning Balance                                                                                                |  |   |                |   |  |      |   |  |                  
|Less:            Deposit to Collection Account (if any)                                                          |  |   |                |   |  |      |   |  |                  
|Plus:             Deposit to Renewal Account                                                                     |  |   |                |   |  |      |   |  |                  
|                                                                                                                 |  |   |                |   |  |       |   |  |                  
|Ending Balance                                                                                                   |  |   |                |   |  |      |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Account Deposit Required                                                                                 |  |   |                |   |  | N     |   |  |                  
|Renewal Deposit                                                                                                  |  |   |                |   |  |      |   |  |                  
|                                                                                                                 |  |   |               
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                 |  |   |                |   |  |      |   |  |                  
|Lesser of:    2% of Discounted PV of Leases as of the initial Cutoff Date                                        |  | $ | 13,800,378.54  |   |  |       |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                      |  | $ | 466,139,063.26 |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|COMPLIANCE RATIO CALCULATIONS (FOOTNOTE 3)                                                                       |  |   |                |   |  |       |   |  |                  
|Calculate Annualized Default Rate                                                                                |  |   |                |   |  |       |   |  |                  
|# of days delinquent to declare Defaulted Lease                                                                  |  |   |                |   |  | 121   |   |  |                  
|                                                                                                                 |  |   |               
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |   |                |   |  |       |   |  |                  
|This Month                                                                                                       |  |   |                |   |  | 2.78  | % |  | Annualized Feb 03
|Last Month                                                                                                       |  |   |                |   |  | 2.93  | % |  | Annualized Jan 03
|Two Months ago                                                                                                   |  |   |                |   |  | 3.34  | % |  | Annualized Dec 02
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 3.02  | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Delinquency Rate                                                                                       |  |   |                |   |  |       |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                 |  |   |                |   |  | 61    |   |  |                  
|                                                                                                                 |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                   |  |   |                |   |  |       |   |  |                  
|This Month                                                                                                       |  |   |                |   |  | 1.97  | % |  |                  
|Last Month                                                                                                       |  |   |                |   |  | 2.02  | % |  |                  
|Two Months ago                                                                                                   |  |   |                |   |  | 2.09  | % |  |                  
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 2.03  | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Renewal Trigger Ratio                                                                                  |  |   |                |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |   |                |   |  | 120   |   |  |                  
|This Month                                                                                                       |  |   | 26             |   |  |       |   |  |                  
|Last Month                                                                                                       |  |   | 36             |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  |   | 58             |   |  |       |   |  |                  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |   |                |   |  | 273   |   |  |                  
|This Month                                                                                                       |  |   | 109            |   |  |       |   |  |                  
|Last Month                                                                                                       |  |   | 85             |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  |   | 79             |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Trigger Ratio                                                                                            |  |   |                |   |  | 43.96 | % |  |                  
|                                                                                                                 |  |   |               
|Acceleration Event                                                                                               |  |   |                |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |   |                |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  |   | 6.25           | % |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  |   | 8.00           | % |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Acceleration Event Triggered? (Y/N)                                                                              |  |   |                |   |  | N     |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Trigger Event                                                                                            |  |   |                |   |  |       |   |  |                  
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |   |                |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Trigger? (Y/N)                                                                                                   |  |   |                |   |  | N     |   |  |                  
|                                                                                                                 |  |   |               
|Servicer Event of Default                                                                                        |  |   |                |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |   |                |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  |   | 8.00           | % |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  |   | 10.00          | % |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Servicer Event Triggered? (Y/N)                                                                                  |  |   |                |   |  | N     |   |  |                  



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  | Final         
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | March 17, 2003
|MONTHLY SERVICER REPORT (FOOTNOTE 1)             |  |                |  |               
|February 2003                                    |  | Payment Date # |  | 10            



AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT



|                                                                            |  |                                                                                  |   |  |               |  |                                 |  |                                    
|--------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | ------------------------------- |  | -----------------------------------
|Deposits by or on behalf of the Servicer:                                   |  |                                                                                  |   |  |               |  |                                
|                                                                            |  |                                                                                  |   | 
|Section 3.03 (a) (i)                                                        |  | Total lease payments applied for current due period                              |   |  |               |  | 13,394,681.77                   |  |                                    
|Section 3.03 (a) (i)                                                        |  | Lease payments received on current months receivables                           |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (i)                                                        |  | Lease payments received on prior months receivables                             |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (i)                                                        |  | Renewal payments                                                                 |   |  |               |  | 266,766.64                      |  |                                    
|Section 3.03 (a) (i)                                                        |  | Early Termination cash                                                           |   |  |               |  |                                 |  |                                    
|                                                                            |  | Advance payments for current month                                               |   |  |               |  | 1,501,340.24                    |  |                                    
|                                                                            |  | Advance payments for future months                                               |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (iv, x)                                                    |  | Lease Purchase amounts for breaches of reps and/or early terminations            |   |  |               |  |                                 |  |                                    
|Section 3.03 (a) (ii)                                                       |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (iii)                                                      |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                  |   | 
|Section 3.03 (a) (v)                                                        |  | Investment Earnings on Accounts:                                                 |   |  |               |  |                                 |  |                                    
|Section 3.03 (a) (v)                                                        |  | Collection Account                                                               |   |  |               |  | 10,752.94                       |  |                                    
|Section 3.03 (a) (v)                                                        |  | Reserve Account                                                                  |   |  |               |  | 3,457.03                        |  |                                    
|Section 3.03 (a) (v)                                                        |  | Security Deposit Account                                                         |   |  |               |  | 16.65                           |  |                                    
|Section 3.03 (a) (vi)                                                       |  | Casualty Payments                                                                |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (vii)                                                      |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 4,421,758.32                    |  |                                    
|Section 3.03 (a) (viii)                                                     |  | Retainable Security Deposits                                                     |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (xi)                                                       |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                  |   |  |               |  |                                 |  |                                    
|                                                                            |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |  | 19,598,773.59                   |  |                                    
|                                                                            |  |                                                                                  |  
|Transfers made by Trustee to the Collection Account                         |  |                                                                                  |   |  |               |  |                                
|                                                                            |  | Optional Payments Received from AMBAC                                            |   |  |               |  |                                 |  |                                    
|                                                                            |  | Insured Payments Received from AMBAC                                             |   |  |               |  |                                |  |                                    
|                                                                            |  | Shortfall Required to be Deposited From Renewal Account                          |   |  |               |  |                                |  |                                    
|                                                                            |  | Shortfall Required to be Deposited From Reserve Account                          |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                  |   | 
|                                                                            |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |  |               |  |                                |  |                                    
|Less                                                                        |  | Credit for payments applied in prior period                                      |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                  |   |  |               |  |                                 |  |                                    
|Total deposited into the Collection Account                                 |  |                                                                                  |   |  | 19,598,773.59 |  |                                
|                                                                            |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                       |  |                                                                                  |   |  |               |  |                                
|                                                                            |  |                                                                                  |  
|Surety Fee                                                                  |  | 0.30                                                                             | % |  | 122,089.55    |  | Surety Fee February 03         
|(i) Section 3.03 (b) (i) 0.30% of Outstanding Principal Amount of the Notes |  |                                                                                  |   |  |               |  |                                
|                                                                            |  |                                                                                  |  
|(ii) Section 3.03 (b) (ii)                                                  |  |                                                                                  |   |  |               |  |                                
|                                                                            |  |                                                                                  |  
|Servicing Fee                                                               |  | 0.75                                                                             | % |  | 305,223.89    |  | No Distribution on this Amount 
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV     |  |                                                                                  |   |  |               |  |                                
|(iii) Section 3.03 (b) (iii)                                                |  |                                                                                  |   |  |               |  |                                
|                                                                            |  |                                                                                  |  
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes           |  | 0.0012500                                                                        | % |  | 566.23        |  | Trustee Fees - Bank of New York
|                                                                            |  |                                                                                  |   |  |               |  |                                 |  |                                    
|                                                                            |  | Minimum Fee = $ 250.00                                                           |   |  |               |  |                                 |  |                                    
|                                                                            |  | Servicing Fee Less Trustee Fee                                                   |   |  |               |  | 304,657.66                      |  | IOSC Net Servicing Fee Distribution
|                                                                            |  |                                                                                  |  
|(iv) Section 3.03 (b) (iv)                                                  |  |                                                                                  |   |  |               |  |                                
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                |  |                                                                                  |   |  | 1,810,497.16  |  | IOSC Svc Advance reimbursement 
|                                                                            |  |                                                                                  |   |  |               |  |                                 |  |                                    
|Remaining Available to be Distributed to Noteholders                        |  |                                                                                  |   |  | 17,360,962.99 |  |                                



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  | Final         
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | March 17, 2003
|MONTHLY SERVICER REPORT (FOOTNOTE 1)             |  |                |  |               
|February 2003                                    |  | Payment Date # |  | 10            



|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                   
|------ |  | --------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ------------------------ |  | ------------------
|(v)    |  | Disbursements Section 3.03 (b) (v)                                                |  |   |                |   |  |   |                          |  | Actual Days for A1
|       |  | Class A-1 Interest Due (Act/360 Basis)                                            |  |   | 2.04400        | % |  | $ | 37,647.75                |  | 27                
|       |  | Class A-2 Interest Due (30/360 Basis)                                             |  |   | 2.91000        | % |  | $ | 111,550.00               |  |                   
|       |  | Class A-3 Interest Due (30/360 Basis)                                             |  |   | 3.90000        | % |  | $ | 865,800.00               |  |                   
|       |  | Class A-4 Interest Due (30/360 Basis)                                             |  |   | 4.68000        | % |  | $ | 590,460.00               |  |                   
|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                   
|       |  | Total Class A Interest Due                                                        |  |   |                |   |  | $ | 1,605,457.75             |  |                   
|       |  | Class A Interest Paid                                                             |  |   |                |   |  | $ | 1,605,457.75             |  |                   
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                      |  |   |                |   |  | $ |                         |  |                   
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                                 |  |   |                |   |  | $ |                         |  |                   
|       |  | Beginning Aggregate Class A Note Balance                                          |  |   |                |   |  | $ | 488,358,216.31           |  |                   
|       |  | Class A Principal Payment While Class A-1 Outstanding                             |  |   |                |   |  | $ | 15,318,963.78            |  |                   
|       |  | Class A Principal Payment After Class A-1 Retired                                 |  |   | 89.36090       | % |  | $ |                         |  |                   
|       |  | Aggregate Class A Principal Payment                                               |  |   |                |   |  | $ | 15,318,963.78            |  |                   
|(vii)  |  | Class A Principal Paid                                                            |  |   |                |   |  | $ | 15,318,963.78            |  |                   
|       |  | Ending Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 473,039,252.53           |  |                   
|       |  | Overcollateralization Floor                                                       |  |   |                |   |  |   |                          |  |                   
|       |  | 2.5% of $690,018,927.51                                                           |  |   |                |   |  | $ | 17,250,473.19            |  |                   
|       |  | Plus: Cumulative Loss Amount                                                      |  |   |                |   |  | $ |                         |  |                   
|       |  | Less: Reserve Account Ending Balance                                              |  |   |                |   |  | $ | 6,900,189.27             |  |                   
|       |  | Overcollateralization Floor                                                       |  |   |                |   |  | $ | 10,350,283.92            |  | N                 
|(viii) |  | Additional Class A Principal                                                      |  |   |                |   |  | $ |                         |  |                   
|       |  | Additional Principal Class A Paid                                                 |  |   |                |   |  | $ |                         |  |                   
|       |  | End of Period Class A Note Balance                                                |  |   |                |   |  | $ | 473,039,252.53           |  |                   
|       |  |                                                                                   |  |  
|       |  | Remaining Collections After Distributions to Noteholders                          |  |   |                |   |  | $ | 436,541.47               |  |                   
|       |  |                                                                                   |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                   |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                   |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                   |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                   |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))       |  |   |                |   |  | $ | 436,541.47               |  |                   
|       |  |                                                                                   |  |  
|       |  | Total Distribution from the Collection Account                                    |  |   |                |   |  | $ | 19,598,773.59            |  |                   
|       |  |                                                                                   |  |  
|       |  | Trustee Transfer to IOSC                                                          |  |   |                |   |  |   | IOSC Transfer to Trustee |  |                   
|       |  |                                                                                   |  |  
|       |  | Reimburse Servicer Advances                                                       |  |   | 1,810,497.16   |   |  |   |                          |  |                   
|       |  | Remaining Coll                                                                    |  |   | 436,541.47     |   |  |   | 36,490.79                |  | Adv Payments      
|       |  | Servicing Fee Less Trustee Fee                                                    |  |   | 304,657.66     |   |  |   | 4,421,758.32             |  | Servicer Advances 
|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                   
|       |  |                                                                                   |  |   | 2,551,696.27   |   |  |   | 4,458,249.11             |  |                   
|       |  |                                                                                   |  |  
|       |  | RECONCILIATION OF NOTES                                                           |  |   |                |   |  |   |                          |  |                   
|       |  |                                                                                   |  |  
|       |  | Beginning Discounted Present Value of the Leases                                  |  |   |                |   |  | $ | 543,577,143.82           |  |                   
|       |  |                                                                                   |  |  
|       |  | Discounted Present Value of the Performing Leases as of the Current Due Period    |  |   |                |   |  | $ | 528,258,180.04           |  |                   
|       |  |                                                                                   |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period           |  |   |                |   |  | $ | 15,318,963.78            |  |                   
|       |  |                                                                                   |  |  
|       |  | Class A- 1                                                                        |  |   |                |   |  |   |                          |  |                   
|       |  | Beginning Class A Principal Balance                                               |  |   |                |   |  | $ | 24,558,216.31            |  |                   
|       |  | Principal in Current Period                                                       |  |   |                |   |  | $ | 15,318,963.78            |  |                   
|       |  | Ending Class A-1 Principal Balance                                                |  |   |                |   |  | $ | 9,239,252.53             |  |                   
|       |  |                                                                                   |  |  
|       |  | Interest due this Due Period                                                      |  |   |                | % |  | $ | 37,647.75                |  |                   
|       |  |                                                                                   |  |  
|       |  | Interest Paid Per $1,000                                                          |  | $ | 0.2201622550   |   |  | $ | 37,647.75                |  |                   
|       |  | Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                          |  |                   
|       |  |                                                                                   |  |  
|       |  | Principal Paid Per $1,000                                                         |  | $ | 89.5845835088  |   |  | $ | 15,318,963.78            |  |                   
|       |  | Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                          |  |                   
|       |  |                                                                                   |  |  
|       |  | Ending Principal Balance Factor(Ending Class A Principal/Original Class A-1 Face) |  |   | 5.4030716550   | % |  |   |                          |  |                   



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  | Final         
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | March 17, 2003
|MONTHLY SERVICER REPORT (FOOTNOTE 1)             |  |                |  |               
|February 2003                                    |  | Payment Date # |  | 10            



|                                                                                     |  |   |                |   |  |   |               
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | --------------
|Class A-2                                                                            |  |   |                |   |  |   |               
|Beginning Class A-2 Principal Balance                                                |  |   |                |   |  | $ | 46,000,000.00 
|Principal in Current Period                                                          |  |   |                |   |  | $ |              
|Ending Class A-2 Principal Balance                                                   |  |   |                |   |  | $ | 46,000,000.00 
|                                                                                     |  |  
|Interest due this Due Period                                                         |  |   |                | % |  | $ | 111,550.00    
|                                                                                     |  |  
|Interest Paid Per $1,000                                                             |  | $ | 2.4250000000   |   |  | $ | 111,550.00    
|Original Class A-2 Face                                                              |  |   | 46,000,000.00  |   |  |   |               
|                                                                                     |  |  
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |              
|Original Class A-2 Face                                                              |  |   | 46,000,000.00  |   |  |   |               
|                                                                                     |  |  
|Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face)  |  |   | 100.0000000000 | % |  |   |               
|Class A-3                                                                            |  |   |                |   |  |   |               
|Beginning Class A-3 Principal Balance                                                |  |   |                |   |  | $ | 266,400,000.00
|Principal in Current Period                                                          |  |   |                |   |  | $ |              
|Ending Class A-3 Principal Balance                                                   |  |   |                |   |  | $ | 266,400,000.00
|                                                                                     |  |  
|Interest due this Due Period                                                         |  |   |                | % |  | $ | 865,800.00    
|                                                                                     |  |  
|Interest Paid Per $1,000                                                             |  | $ | 3.2500000000   |   |  | $ | 865,800.00    
|Original Class A-3 Face                                                              |  |   | 266,400,000.00 |   |  |   |               
|                                                                                     |  |  
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |              
|Original Class A-3 Face                                                              |  |   | 266,400,000.00 |   |  |   |               
|                                                                                     |  |  
|Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face)  |  |   | 100.0000000000 | % |  |   |               
|Class A-4                                                                            |  |   |                |   |  |   |               
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 151,400,000.00
|Principal in Current Period                                                          |  |   |                |   |  | $ |              
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 151,400,000.00
|                                                                                     |  |  
|Interest due this Due Period                                                         |  |   |                | % |  | $ | 590,460.00    
|                                                                                     |  |  
|Interest Paid Per $1,000                                                             |  | $ | 3.9000000000   |   |  | $ | 590,460.00    
|Original Class A-4 Face                                                              |  |   | 151,400,000.00 |   |  |   |               
|                                                                                     |  |  
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |              
|Original Class A-4 Face                                                              |  |   | 151,400,000.00 |   |  |   |               
|                                                                                     |  |  
|Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face)  |  |   | 100.0000000000 | % |  |   |               
|                                                                                     |  |  
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 55,218,927.51 
|                                                                                     |  |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |   |                |   |  |   |               
|                                                                                     |  |  
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |               
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 26,133,036.97 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 7,753,877.44  
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 2,668,174.36  
|                                                                                     |  |  
|Other Information to be provided                                                     |  |   |                |   |  |   |               
|                                                                                     |  |  
|Occurrence of an Event of Default Under the Indenture                                |  |   |                |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |   |                |   |  |   | N             
|                                                                                     |  |  
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing (FOOTNOTE 4) |  |   | 0.07           | % |  | $ | 486,346.66    
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00          | % |  | $ | 69,001,892.75 
|                                                                                     |  |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 1.02           | % |  | $ | 7,004,032.93  
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00          | % |  | $ | 69,001,892.75 
|                                                                                     |  |  
|Cumulative Additions made for Early Terminated Leases since Closing (FOOTNOTE 4)     |  |   | 1.33           | % |  | $ | 9,170,453.41  
|Maximum Allowable Additions for Early Terminated Leases                              |  |   | 20.00          | % |  | $ | 138,003,785.50



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  | Final         
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | March 17, 2003
|MONTHLY SERVICER REPORT (FOOTNOTE 1)             |  |                |  |               
|February 2003                                    |  | Payment Date # |  | 10            



|             |  |                                               
|------------ |  | ----------------------------------------------
|Prepared by: |  | Jeffry D. Everett                             
|             | 
|Title:       |  | Controller - IOS Capital, LLC                 
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Harry G. Kozee                                
|             | 
|Title:       |  | VP - Finance - IOS Capital, LLC               
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Kathleen M. Burns                             
|             | 
|Title:       |  | VP and Treasurer - IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                               



FOOTNOTES:



|1 | General Footnote:
|- | -----------------



The formatting in certain sections of this Servicer Report has been revised for greater clarity.



|2 | Excess Substitutions:
|- | ---------------------



No actual substitutions were made during the referenced Due Period because the Beginning Balance (DPVL as of the Last Due Date) includes Leases previously
substituted in excess of the amounts reported in prior Monthly Servicer Reports.



|3 | Compliance Ratio Calculations:
|- | ------------------------------



The Last Month and Two Months Ago calculations relating to the Annualized Default Rate, Delinquency Rate and Renewal Trigger Ratio
have each been recalculated in accordance with the definitions set forth in the Indenture and the Assignment and Servicing Agreement. The previously reported calculations and the calculations in accordance with the documentation are as follows:



|                         |  |            |   |  |                |  
|------------------------ |  | ---------- | - |  | -------------- | -
|                         |  | Last Month |   |  | Two Months Ago |  
|Annualized Default Rate: |  |            |   |  |                |  
|Previously Reported      |  | 1.94       | % |  | 1.60           | %
|New Calculation          |  | 2.93       | % |  | 3.34           | %
|Delinquency Rate:        |  |            |   |  |                |  
|Previously Reported      |  | 2.02       | % |  | 1.99           | %
|New Calculation          |  | 2.02       | % |  | 2.09           | %



|4 | Cumulative Substitutions:
|- | -------------------------



Beginning with the February Due Period, the Servicer Report includes Cumulative Substitutions for Warranty and Adjusted Leases and Cumulative
Substitutions for Early Terminated Leases because such Cumulative Substitutions are limited pursuant to Section 11.01 (a) of the Assignments and Servicing Agreement.



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  |               
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | April 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |               
|March 2003                                       |  | Payment Date # |  | 11            



|                                                                                                              |  |   |               
|------------------------------------------------------------------------------------------------------------- |  | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                                                                |  |   |               
|Beginning Balance (DPVL as of last date of previous Due Period)                                               |  | $ | 528,258,180.04
|                                                                                                              | 
|Less:            DPV Principal Payments Due on Leases - Current
Month                                         |  |   | 15,605,395.82 
|Less:            DPV Non-Performing Leases - current monthover 120 days,
etc                                 |  |   | 890,643.05    
|Less:            DPV Adjusted / Warranty Leases                                                               |  |   | 41,849.93     
|Less:            DPV Amounts on Early Termination Leases                                                      |  |   | 2,999,512.75  
|                                                                                                              |  |   |               
|Subtotal:                                                                                                     |  | $ | 508,720,778.49
|                                                                                                              | 
|Add:             DPV Substitute Leases (FOOTNOTE 1)                                                           |  |   |               
|Non-performing                                                                                                |  |   | 890,643.05    
|Adjusted / Warranty                                                                                           |  |   | 41,849.93     
|Add:             DPV Additional Leases for Early Terminations (FOOTNOTE
1)                                    |  |   | 1,587,658.17  
|                                                                                                              |  |   |               
|Ending Balance (DPVL as of last date of current Due Period)                                                   |  | $ | 511,240,929.64
|                                                                                                              | 
|OVERDUE LEASE PAYMENTS                                                                                        |  |   |               
|                                                                                                              | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                               |  |   |               
|                                                                                                              | 
|Beginning outstanding servicer advances                                                                       |  |   | 5,067,591.86  
|Less:            Reimburse Servicer Advances owed to IOSC not prev
reimbursed                                 |  |   | 2,031,907.22  
|Add:            Servicer Adv for scheduled payments not made in current
period                                |  |   | 4,309,315.11  
|                                                                                                              |  |   |               
|Ending outstanding servicer advances                                                                          |  |   | 7,344,999.75  
|                                                                                                              | 
|ADVANCE LEASE PAYMENTS                                                                                        |  |   |               
|                                                                                                              | 
|Beginning amount of lease payments to be applied in future                                                    |  |   | 753,956.14    
|Less:            Applied to Current from Prepaid - including intermonth
activity                              |  |   | 1,959,134.89  
|Less:            Repurchased Leases                                                                           |  |   |              
|Less:            Advance Payments on Non-Performing Leases                                                    |  |   |              
|Add:            Received This Month - including intermonth
activity                                           |  |   | 2,007,368.18  
|Add:            Received in Prior Month                                                                       |  |   |              
|                                                                                                              |  |   |               
|Ending amount of lease payments to be applied in future                                                       |  |   | 802,189.43    
|                                                                                                              | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                             |  |   |               
|                                                                                                              | 
|Beginning Balance                                                                                             |  |   | 6,900,189.27  
|Less:            Deposit to Collection Account (if any)                                                       |  |   |              
|Ending Balance                                                                                                |  |   | 6,900,189.27  
|                                                                                                              | 
|Required Reserve Account                                                                                      |  |   |               
|Lesser of 1% of $ or Outstanding Note Amount                                                                  |  |   | 6,900,189.27  
|                                                                                                              | 
|Reserve Account in excess of Required Reserve                                                                 |  |   |              
|Deposits into Reserve Account                                                                                 |  |   |              
|Amounts Released to Issuer                                                                                    |  |   |              
|                                                                                                              |  |   |               
|Ending Balance                                                                                                |  |   | 6,900,189.27  
|                                                                                                              | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                                    |  |   |               
|                                                                                                              | 
|Beginning Balance                                                                                             |  |   | 33,039.77     
|Less:            Retainable Deposits to be Deposited into Collection Account and
Amounts Repayable to Lessees |  |   |              
|Add:            Additional Security Deposits collected on leases                                              |  |   |              
|                                                                                                              |  |   |               
|Ending Balance                                                                                                |  |   | 33,039.77     



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  |               
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | April 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |               
|March 2003                                       |  | Payment Date # |  | 11            



|                                                                                                                 |  |   |                |   |  |       |   |  |                  
|---------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----- | - |  | -----------------
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                |  |   |                |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Beginning Balance                                                                                                |  |   |                |   |  |      |   |  |                  
|Less:            Deposit to Collection Account (if any)                                                          |  |   |                |   |  |      |   |  |                  
|Plus:            Deposit to Renewal Account                                                                      |  |   |                |   |  |      |   |  |                  
|                                                                                                                 |  |   |                |   |  |       |   |  |                  
|Ending Balance                                                                                                   |  |   |                |   |  |      |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Account Deposit Required                                                                                 |  |   |                |   |  | N     |   |  |                  
|Renewal Deposit                                                                                                  |  |   |                |   |  |      |   |  |                  
|                                                                                                                 |  |   |               
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                 |  |   |                |   |  |      |   |  |                  
|Lesser of:    2% of Discounted PV of Leases as of the initial Cutoff Date                                        |  | $ | 13,800,378.54  |   |  |       |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                      |  | $ | 449,949,321.83 |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|COMPLIANCE RATIO CALCULATIONS                                                                                    |  |   |                |   |  |       |   |  |                  
|Calculate Annualized Default Rate (FOOTNOTE 2)                                                                   |  |   |                |   |  |       |   |  |                  
|# of days delinquent to declare Defaulted Lease                                                                  |  |   |                |   |  | 121   |   |  |                  
|                                                                                                                 |  |   |               
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |   |                |   |  |       |   |  |                  
|This Month                                                                                                       |  |   |                |   |  | 1.19  | % |  | Annualized Mar 03
|Last Month                                                                                                       |  |   |                |   |  | 2.81  | % |  | Annualized Feb 03
|Two Months ago                                                                                                   |  |   |                |   |  | 1.59  | % |  | Annualized Jan 03
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 1.86  | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Delinquency Rate                                                                                       |  |   |                |   |  |       |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                 |  |   |                |   |  | 61    |   |  |                  
|                                                                                                                 |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                   |  |   |                |   |  |       |   |  |                  
|This Month                                                                                                       |  |   |                |   |  | 1.77  | % |  |                  
|Last Month                                                                                                       |  |   |                |   |  | 1.97  | % |  |                  
|Two Months ago                                                                                                   |  |   |                |   |  | 2.02  | % |  |                  
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 1.92  | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Renewal Trigger Ratio                                                                                  |  |   |                |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |   |                |   |  | 190   |   |  |                  
|This Month                                                                                                       |  |   | 54             |   |  |       |   |  |                  
|Last Month                                                                                                       |  |   | 71             |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  |   | 65             |   |  |       |   |  |                  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |   |                |   |  | 283   |   |  |                  
|This Month                                                                                                       |  |   | 89             |   |  |       |   |  |                  
|Last Month                                                                                                       |  |   | 109            |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  |   | 85             |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Trigger Ratio                                                                                            |  |   |                |   |  | 67.14 | % |  |                  
|                                                                                                                 |  |   |               
|Acceleration Event                                                                                               |  |   |                |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |   |                |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  |   | 6.25           | % |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  |   | 8.00           | % |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Acceleration Event Triggered? (Y/N)                                                                              |  |   |                |   |  | N     |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Trigger Event                                                                                            |  |   |                |   |  |       |   |  |                  
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |   |                |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Trigger? (Y/N)                                                                                                   |  |   |                |   |  | N     |   |  |                  
|                                                                                                                 |  |   |               
|Servicer Event of Default                                                                                        |  |   |                |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |   |                |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  |   | 8.00           | % |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  |   | 10.00          | % |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Servicer Event Triggered? (Y/N)                                                                                  |  |   |                |   |  | N     |   |  |                  



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  |               
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | April 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |               
|March 2003                                       |  | Payment Date # |  | 11            



AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT



|                                                                           |  |                                                                                  |   |  |               |  |                                     |  | 
|-------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | ----------------------------------- |  | 
|Deposits by or on behalf of the Servicer:                                  |  |                                                                                  |   |  |               |  |                                    
|                                                                           |  |                                                                                  |   | 
|Section 3.03 (a) (i)                                                       |  | Total lease payments applied for current due period                              |   |  |               |  | 20,165,168.44                       |  | 
|Section 3.03 (a) (i)                                                       |  | Lease payments received on current months receivables                           |   |  |               |  | 12,910,381.33                       |  | 
|Section 3.03 (a) (i)                                                       |  | Lease payments received on prior months receivables                             |   |  |               |  | 7,254,787.11                        |  | 
|Section 3.03 (a) (i)                                                       |  | Renewal payments                                                                 |   |  |               |  |                                    |  | 
|Section 3.03 (a) (i)                                                       |  | Early Termination cash                                                           |   |  |               |  | 2,999,512.75                        |  | 
|                                                                           |  | Advance payments for current month                                               |   |  |               |  | 1,959,134.89                        |  | 
|                                                                           |  | Advance payments for future months                                               |   |  |               |  |                                    |  | 
|Section 3.03 (a) (iv, x)                                                   |  | Lease Purchase amounts for breaches of reps and/or early terminations            |   |  |               |  |                                     |  | 
|Section 3.03 (a) (ii)                                                      |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |   |  |               |  |                                    |  | 
|Section 3.03 (a) (iii)                                                     |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |  |               |  |                                    |  | 
|                                                                           |  |                                                                                  |   | 
|Section 3.03 (a) (v)                                                       |  | Investment Earnings on Accounts:                                                 |   |  |               |  |                                     |  | 
|Section 3.03 (a) (v)                                                       |  | Collection Account                                                               |   |  |               |  | 8,839.79                            |  | 
|Section 3.03 (a) (v)                                                       |  | Reserve Account                                                                  |   |  |               |  | 3,407.34                            |  | 
|Section 3.03 (a) (v)                                                       |  | Security Deposit Account                                                         |   |  |               |  | 16.44                               |  | 
|Section 3.03 (a) (vi)                                                      |  | Casualty Payments                                                                |   |  |               |  |                                    |  | 
|Section 3.03 (a) (vii)                                                     |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 4,309,315.11                        |  | 
|Section 3.03 (a) (viii)                                                    |  | Retainable Security Deposits                                                     |   |  |               |  |                                    |  | 
|Section 3.03 (a) (xi)                                                      |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |  |                                    |  | 
|                                                                           |  |                                                                                  |   |  |               |  |                                     |  | 
|                                                                           |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |  | 29,445,394.76                       |  | 
|                                                                           |  |                                                                                  |  
|Transfers made by Trustee to the Collection Account                        |  |                                                                                  |   |  |               |  |                                    
|                                                                           |  | Optional Payments Received from AMBAC                                            |   |  |               |  |                                     |  | 
|                                                                           |  | Insured Payments Received from AMBAC                                             |   |  |               |  |                                    |  | 
|                                                                           |  | Shortfall Required to be Deposited From Renewal Account                          |   |  |               |  |                                    |  | 
|                                                                           |  | Shortfall Required to be Deposited From Reserve Account                          |   |  |               |  |                                    |  | 
|                                                                           |  |                                                                                  |   | 
|                                                                           |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |  |               |  |                                    |  | 
|                                                                           |  |                                                                                  |   | 
|Less                                                                       |  | Credit for payments applied in prior period                                      |   |  |               |  |                                    |  | 
|                                                                           |  |                                                                                  |   |  |               |  |                                     |  | 
|Total deposited into the Collection Account                                |  |                                                                                  |   |  | 29,445,394.76 |  |                                    
|                                                                           |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTIONACCOUNT                                       |  |                                                                                  |   |  |               |  |                                    
|                                                                           |  |                                                                                  |  
|Surety Fee                                                                 |  | 0.30                                                                             | % |  | 118,259.81    |  | Surety Fee February 03             
|(i) Section 3.03 (b) (i) 0.30% of Outstanding Principal Amountof the Notes |  |                                                                                  |   |  |               |  |                                    
|                                                                           |  |                                                                                  |  
|(ii) Section 3.03 (b) (ii)                                                 |  |                                                                                  |   |  |               |  |                                    
|                                                                           |  |                                                                                  |  
|Servicing Fee                                                              |  | 0.75                                                                             | % |  | 295,649.53    |  | No Distribution on this Amount     
|0.75% of the Lesser of Outstanding Principal Amount ofthe Notes or DPV     |  |                                                                                  |   |  |               |  |                                    
|(iii) Section 3.03 (b) (iii)                                               |  |                                                                                  |   |  |               |  |                                    
|                                                                           |  |                                                                                  |  
|Trustee Fee .001250% of Outstanding Principal Amount ofthe Notes           |  | 0.0012500                                                                        | % |  | 550.27        |  | Trustee Fees - Bank of New York    
|                                                                           |  |                                                                                  |   |  |               |  |                                     |  | 
|Minimum Fee = $ 250.00                                                     |  |                                                                                  |   |  |               |  |                                    
|Servicing Fee Less Trustee Fee                                             |  |                                                                                  |   |  | 295,099.26    |  | IOSC Net Servicing Fee Distribution
|                                                                           |  |                                                                                  |  
|(iv) Section 3.03 (b) (iv)                                                 |  |                                                                                  |   |  |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prevreimbursed                |  |                                                                                  |   |  | 2,031,907.22  |  | IOSC Svc Advance reimbursement     
|                                                                           |  |                                                                                  |   |  |               |  |                                     |  | 
|Remaining Available to be Distributed to Noteholders                       |  |                                                                                  |   |  | 26,999,578.19 |  |                                    



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  |               
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | April 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |               
|March 2003                                       |  | Payment Date # |  | 11            



|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                   
|------ |  | --------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ------------------------ |  | ------------------
|(v)    |  | Disbursements Section 3.03 (b) (v)                                                |  |   |                |   |  |   |                          |  | Actual Days for A1
|       |  | Class A-1 Interest Due (Act/360 Basis)                                            |  |   | 2.04400        | % |  | $ | 15,212.94                |  | 29                
|       |  | Class A-2 Interest Due (30/360 Basis)                                             |  |   | 2.91000        | % |  | $ | 111,550.00               |  |                   
|       |  | Class A-3 Interest Due (30/360 Basis)                                             |  |   | 3.90000        | % |  | $ | 865,800.00               |  |                   
|       |  | Class A-4 Interest Due (30/360 Basis)                                             |  |   | 4.68000        | % |  | $ | 590,460.00               |  |                   
|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                   
|       |  | Total Class A Interest Due                                                        |  |   |                |   |  | $ | 1,583,022.94             |  |                   
|       |  | Class A Interest Paid                                                             |  |   |                |   |  | $ | 1,583,022.94             |  |                   
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                      |  |   |                |   |  | $ |                         |  |                   
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                                 |  |   |                |   |  | $ |                         |  |                   
|       |  | Beginning Aggregate Class A Note Balance                                          |  |   |                |   |  | $ | 473,039,252.53           |  |                   
|       |  | Class A Principal Payment While Class A-1 Outstanding                             |  |   |                |   |  | $ | 9,239,252.53             |  |                   
|       |  | Class A Principal Payment After Class A-1 Retired                                 |  |   | 89.36090       | % |  | $ | 6,950,488.90             |  |                   
|       |  | Aggregate Class A Principal Payment                                               |  |   |                |   |  | $ | 16,189,741.43            |  |                   
|(vii)  |  | Class A Principal Paid                                                            |  |   |                |   |  | $ | 16,189,741.43            |  |                   
|       |  | Ending Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 456,849,511.10           |  |                   
|       |  | Overcollateralization Floor                                                       |  |   |                |   |  |   |                          |  |                   
|       |  | 2.5% of $690,018,927.51                                                           |  |   |                |   |  | $ | 17,250,473.19            |  |                   
|       |  | Plus: Cumulative Loss Amount                                                      |  |   |                |   |  | $ |                         |  |                   
|       |  | Less: Reserve Account Ending Balance                                              |  |   |                |   |  | $ | 6,900,189.27             |  |                   
|       |  | Overcollateralization Floor                                                       |  |   |                |   |  | $ | 10,350,283.92            |  | N                 
|(viii) |  | Additional Class A Principal                                                      |  |   |                |   |  | $ |                         |  |                   
|       |  | Additional Principal Class A Paid                                                 |  |   |                |   |  | $ |                         |  |                   
|       |  | End of Period Class A Note Balance                                                |  |   |                |   |  | $ | 456,849,511.10           |  |                   
|       |  |                                                                                   |  |  
|       |  | Remaining Collections After Distributions to Noteholders                          |  |   |                |   |  | $ | 9,226,813.82             |  |                   
|       |  |                                                                                   |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                   |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                   |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                   |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                   |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))       |  |   |                |   |  | $ | 9,226,813.82             |  |                   
|       |  |                                                                                   |  |  
|       |  | Total Distribution from the Collection Account                                    |  |   |                |   |  | $ | 29,445,394.76            |  |                   
|       |  |                                                                                   |  |  
|       |  | Trustee Transfer to IOSC                                                          |  |   |                |   |  |   | IOSC Transfer to Trustee |  |                   
|       |  |                                                                                   |  |  
|       |  | Reimburse Servicer Advances                                                       |  |   | 2,031,907.22   |   |  |   | 2,999,512.75             |  | Early Terms       
|       |  | Remaining Coll                                                                    |  |   | 9,226,813.82   |   |  |   | 48,233.29                |  | Adv Payments      
|       |  | Servicing Fee Less Trustee Fee                                                    |  |   | 295,099.26     |   |  |   | 4,309,315.11             |  | Servicer Advances 
|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                   
|       |  |                                                                                   |  |   | 11,553,820.30  |   |  |   | 7,357,061.15             |  |                   
|       |  |                                                                                   |  |  
|       |  | RECONCILIATION OF NOTES                                                           |  |   |                |   |  |   |                          |  |                   
|       |  |                                                                                   |  |  
|       |  | Beginning Discounted Present Value of the Leases                                  |  |   |                |   |  | $ | 528,258,180.04           |  |                   
|       |  |                                                                                   |  |  
|       |  | Discounted Present Value of the Performing Leases as of the Current Due Period    |  |   |                |   |  | $ | 511,240,929.64           |  |                   
|       |  |                                                                                   |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period           |  |   |                |   |  | $ | 16,189,741.43            |  |                   
|       |  |                                                                                   |  |  
|       |  | Class A - 1                                                                       |  |   |                |   |  |   |                          |  |                   
|       |  | Beginning Class A Principal Balance                                               |  |   |                |   |  | $ | 9,239,252.53             |  |                   
|       |  | Principal in Current Period                                                       |  |   |                |   |  | $ | 9,239,252.53             |  |                   
|       |  | Ending Class A-1 Principal Balance                                                |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                   |  |  
|       |  | Interest due this Due Period                                                      |  |   |                | % |  | $ | 15,212.94                |  |                   
|       |  |                                                                                   |  |  
|       |  | Interest Paid Per $1,000                                                          |  | $ | 0.0889645765   |   |  | $ | 15,212.94                |  |                   
|       |  | Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                          |  |                   
|       |  |                                                                                   |  |  
|       |  | Principal Paid Per $1,000                                                         |  | $ | 54.0307165497  |   |  | $ | 9,239,252.53             |  |                   
|       |  | Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                          |  |                   
|       |  |                                                                                   |  |  
|       |  | Ending Principal Balance Factor(Ending Class A Principal/Original Class A-1 Face) |  |   | 0.0000000000   | % |  |   |                          |  |                   



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  |               
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | April 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |               
|March 2003                                       |  | Payment Date # |  | 11            



|                                                                                     |  |   |                |   |  |   |               
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | --------------
|Class A-2                                                                            |  |   |                |   |  |   |               
|Beginning Class A-2 Principal Balance                                                |  |   |                |   |  | $ | 46,000,000.00 
|Principal in Current Period                                                          |  |   |                |   |  | $ | 6,950,488.90  
|Ending Class A-2 Principal Balance                                                   |  |   |                |   |  | $ | 39,049,511.10 
|                                                                                     |  |  
|Interest due this Due Period                                                         |  |   |                | % |  | $ | 111,550.00    
|                                                                                     |  |  
|Interest Paid Per $1,000                                                             |  | $ | 2.4250000000   |   |  | $ | 111,550.00    
|Original Class A-2 Face                                                              |  |   | 46,000,000.00  |   |  |   |               
|                                                                                     |  |  
|Principal Paid Per $1,000                                                            |  | $ | 151.0975847525 |   |  | $ | 6,950,488.90  
|Original Class A-2 Face                                                              |  |   | 46,000,000.00  |   |  |   |               
|                                                                                     |  |  
|Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face)  |  |   | 84.8902415248  | % |  |   |               
|Class A-3                                                                            |  |   |                |   |  |   |               
|Beginning Class A-3 Principal Balance                                                |  |   |                |   |  | $ | 266,400,000.00
|Principal in Current Period                                                          |  |   |                |   |  | $ |              
|Ending Class A-3 Principal Balance                                                   |  |   |                |   |  | $ | 266,400,000.00
|                                                                                     |  |  
|Interest due this Due Period                                                         |  |   |                | % |  | $ | 865,800.00    
|                                                                                     |  |  
|Interest Paid Per $1,000                                                             |  | $ | 3.2500000000   |   |  | $ | 865,800.00    
|Original Class A-3 Face                                                              |  |   | 266,400,000.00 |   |  |   |               
|                                                                                     |  |  
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |              
|Original Class A-3 Face                                                              |  |   | 266,400,000.00 |   |  |   |               
|                                                                                     |  |  
|Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face)  |  |   | 100.0000000000 | % |  |   |               
|Class A-4                                                                            |  |   |                |   |  |   |               
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 151,400,000.00
|Principal in Current Period                                                          |  |   |                |   |  | $ |              
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 151,400,000.00
|                                                                                     |  |  
|Interest due this Due Period                                                         |  |   |                | % |  | $ | 590,460.00    
|                                                                                     |  |  
|Interest Paid Per $1,000                                                             |  | $ | 3.9000000000   |   |  | $ | 590,460.00    
|Original Class A-4 Face                                                              |  |   | 151,400,000.00 |   |  |   |               
|                                                                                     |  |  
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |              
|Original Class A-4 Face                                                              |  |   | 151,400,000.00 |   |  |   |               
|                                                                                     |  |  
|Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face)  |  |   | 100.0000000000 | % |  |   |               
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 54,391,418.54 
|                                                                                     |  |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |   |                |   |  |   |               
|                                                                                     |  |  
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |               
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 24,634,372.87 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 6,748,569.30  
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 2,286,481.12  
|                                                                                     |  |  
|Other Information to be provided                                                     |  |   |                |   |  |   |               
|                                                                                     |  |  
|Occurrence of an Event of Default Under the Indenture                                |  |   |                |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |   |                |   |  |   | N             
|                                                                                     |  |  
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  |   | 0.07           | % |  | $ | 486,346.66    
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00          | % |  | $ | 69,001,892.75 
|                                                                                     |  |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 1.02           | % |  | $ | 7,004,032.93  
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00          | % |  | $ | 69,001,892.75 
|                                                                                     |  |  
|Cumulative Additions made for Early Termination Leases since Closing                 |  |   | 1.33           | % |  | $ | 9,170,453.41  
|Maximum Allowable Additions for Early Termination Leases                             |  |   | 20.00          | % |  | $ | 138,003,785.50



---

|                                                 |  |                |  |               
|------------------------------------------------ |  | -------------- |  | --------------
|IKON Receivables Funding, LLC                    |  |                |  |               
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | April 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |               
|March 2003                                       |  | Payment Date # |  | 11            



|             |  |                                               
|------------ |  | ----------------------------------------------
|Prepared by: |  | Harold M. Bright                              
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC       
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Harry G. Kozee                                
|             | 
|Title:       |  | VP - Finance - IOS Capital, LLC               
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Kathleen M. Burns                             
|             | 
|Title:       |  | VP and Treasurer - IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                               



FOOTNOTES:



|1 | Excess Substitutions:
|- | ---------------------



Actual substitutions made during the referenced Due Period were less than reported substitutions because the Beginning Balance (DPV as of the Pervious Due
Date) includes Leases previously substituted in excess of the amounts reported in prior Monthly Servicer Reports. The actual substitutions in this Due Period was $0.00.



|2 | Compliance Ratio Calculations:
|- | ------------------------------



The Annualized Default Rates for December 2002, January 2003 and February 2003 included in the February Monthly Servicer Report were reported on a three
month rolling average basis rather than on a monthly basis. The Annualized Default Rates for each month are as follows:



|              |  |      |  
|------------- |  | ---- | -
|December 2002 |  | 2.67 | %
|January 2003  |  | 2.08 | %
|February 2003 |  | 3.43 | %



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 12          



|                                                                                                              |  |   |               
|------------------------------------------------------------------------------------------------------------- |  | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                                                                |  |   |               
|Beginning Balance (DPVL as of last date of previous Due Period)                                               |  | $ | 511,240,929.64
|                                                                                                              | 
|Less:            DPV Principal Payments Due on Leases - Current
Month                                         |  |   | 15,824,959.22 
|Less:            DPV Non-Performing Leases - current monthover 120 days,
etc                                 |  |   | 1,054,651.45  
|Less:            DPV Adjusted / Warranty Leases                                                               |  |   |              
|Less:            DPV Amounts on Early Termination Leases                                                      |  |   | 1,373,254.63  
|                                                                                                              |  |   |               
|Subtotal:                                                                                                     |  | $ | 492,988,064.34
|                                                                                                              | 
|Add:             DPV Substitute Leases                                                                        |  |   |               
|Non-performing                                                                                                |  |   | 1,054,705.01  
|Adjusted / Warranty                                                                                           |  |   |              
|Add:             DPV Additional Leases for Early Terminations                                                 |  |   |              
|                                                                                                              |  |   |               
|Ending Balance (DPVL as of last date of current Due Period)                                                   |  | $ | 494,042,769.35
|                                                                                                              | 
|OVERDUE LEASE PAYMENTS                                                                                        |  |   |               
|                                                                                                              | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                               |  |   |               
|                                                                                                              | 
|Beginning outstanding servicer advances                                                                       |  |   | 7,344,999.75  
|Less:            Reimburse Servicer Advances owed to IOSC not prev
reimbursed                                 |  |   | 2,988,585.25  
|Add:             Servicer Adv for scheduled payments not made in current
period                               |  |   | 3,065,952.04  
|                                                                                                              |  |   |               
|Ending outstanding servicer advances                                                                          |  |   | 7,422,366.54  
|                                                                                                              | 
|ADVANCE LEASE PAYMENTS                                                                                        |  |   |               
|                                                                                                              | 
|Beginning amount of lease payments to be applied in future                                                    |  |   | 802,189.43    
|Less:            Applied to Current from Prepaid - including intermonth
activity                              |  |   | 1,241,049.39  
|Less:            Repurchased Leases                                                                           |  |   |              
|Less:            Advance Payments on Non-Performing Leases                                                    |  |   |              
|Add:             Received This Month - including intermonth
activity                                          |  |   | 1,200,478.68  
|Add:             Received in Prior Month                                                                      |  |   |              
|                                                                                                              |  |   |               
|Ending amount of lease payments to be applied in future                                                       |  |   | 761,618.72    
|                                                                                                              | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                             |  |   |               
|                                                                                                              | 
|Beginning Balance                                                                                             |  |   | 6,900,189.27  
|Less:            Deposit to Collection Account (if any)                                                       |  |   |              
|Ending Balance                                                                                                |  |   | 6,900,189.27  
|                                                                                                              | 
|Required Reserve Account                                                                                      |  |   |               
|Lesser of 1% of $ or Outstanding Notes Amount                                                                 |  |   | 6,900,189.27  
|                                                                                                              | 
|Reserve Account in excess of Required Reserve                                                                 |  |   |              
|Deposits into Reserve Account                                                                                 |  |   |              
|Amounts Released to Issuer                                                                                    |  |   |              
|                                                                                                              |  |   |               
|Ending Balance                                                                                                |  |   | 6,900,189.27  
|                                                                                                              | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                                    |  |   |               
|                                                                                                              | 
|Beginning Balance                                                                                             |  |   | 33,039.77     
|Less:            Retainable Deposits to be Deposited into Collection Account and
Amounts Repayable to Lessees |  |   |              
|Add:             Additional Security Deposits collected on
leases                                             |  |   |              
|                                                                                                              |  |   |               
|Ending Balance                                                                                                |  |   | 33,039.77     



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 12          



|                                                                                                                 |  |   |                |   |  |       |   |  |                  
|---------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----- | - |  | -----------------
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                |  |   |                |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Beginning Balance                                                                                                |  |   |                |   |  |      |   |  |                  
|Less:            Deposit to Collection Account (if any)                                                          |  |   |                |   |  |      |   |  |                  
|Plus:             Deposit to Renewal Account                                                                     |  |   |                |   |  |      |   |  |                  
|                                                                                                                 |  |   |                |   |  |       |   |  |                  
|Ending Balance                                                                                                   |  |   |                |   |  |      |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Account Deposit Required                                                                                 |  |   |                |   |  | N     |   |  |                  
|Renewal Deposit                                                                                                  |  |   |                |   |  |      |   |  |                  
|                                                                                                                 |  |   |               
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                 |  |   |                |   |  |      |   |  |                  
|Lesser of:    2% of Discounted PV of Leases as of the initial Cutoff Date                                        |  | $ | 13,800,378.54  |   |  |       |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                      |  | $ | 434,580,891.01 |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|COMPLIANCE RATIO CALCULATIONS                                                                                    |  |   |                |   |  |       |   |  |                  
|Calculate Annualized Default Rate                                                                                |  |   |                |   |  |       |   |  |                  
|# of days delinquent to declare Defaulted Lease                                                                  |  |   |                |   |  | 121   |   |  |                  
|                                                                                                                 |  |   |               
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |   |                |   |  |       |   |  |                  
|This Month                                                                                                       |  |   |                |   |  | 1.82  | % |  | Annualized Apr 03
|Last Month                                                                                                       |  |   |                |   |  | 1.19  | % |  | Annualized Mar 03
|Two Months ago                                                                                                   |  |   |                |   |  | 2.81  | % |  | Annualized Feb 03
|3 mos. Average                                                                                                   |  |   |                |   |  | 1.94  | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Delinquency Rate                                                                                       |  |   |                |   |  |       |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                 |  |   |                |   |  | 61    |   |  |                  
|                                                                                                                 |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                   |  |   |                |   |  |       |   |  |                  
|This Month                                                                                                       |  |   |                |   |  | 1.91  | % |  |                  
|Last Month                                                                                                       |  |   |                |   |  | 1.77  | % |  |                  
|Two Months ago                                                                                                   |  |   |                |   |  | 1.97  | % |  |                  
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 1.88  | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Renewal Trigger Ratio                                                                                  |  |   |                |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |   |                |   |  | 188   |   |  |                  
|This Month                                                                                                       |  |   | 40             |   |  |       |   |  |                  
|Last Month                                                                                                       |  |   | 70             |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  |   | 78             |   |  |       |   |  |                  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |   |                |   |  | 286   |   |  |                  
|This Month                                                                                                       |  |   | 63             |   |  |       |   |  |                  
|Last Month                                                                                                       |  |   | 114            |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  |   | 109            |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Trigger Ratio                                                                                            |  |   |                |   |  | 65.73 | % |  |                  
|                                                                                                                 |  |   |               
|Acceleration Event                                                                                               |  |   |                |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |   |                |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  |   | 6.25           | % |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  |   | 8.00           | % |  |       |   |  |                  
|Acceleration Event Triggered? (Y/N)                                                                              |  |   |                |   |  | N     |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Trigger Event                                                                                            |  |   |                |   |  |       |   |  |                  
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |   |                |   |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Trigger? (Y/N)                                                                                                   |  |   |                |   |  | N     |   |  |                  
|                                                                                                                 |  |   |               
|Servicer Event of Default                                                                                        |  |   |                |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |   |                |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  |   | 8.00           | % |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  |   | 10.00          | % |  |       |   |  |                  
|                                                                                                                 |  |   |               
|Servicer Event Triggered? (Y/N)                                                                                  |  |   |                |   |  | N     |   |  |                  



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 12          



AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT



|                                                                                |  |                                                                                  |   |  |               |  |                                     |  | 
|------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | ----------------------------------- |  | 
|Deposits by or on behalf of the Servicer:                                       |  |                                                                                  |   |  |               |  |                                    
|                                                                                |  |                                                                                  |   | 
|Section 3.03 (a) (i)                                                            |  | Total lease payments applied for current due period                              |   |  |               |  | 15,672,891.21                       |  | 
|Section 3.03 (a) (i)                                                            |  | Lease payments received on current months receivables                           |   |  |               |  | 10,666,065.01                       |  | 
|Section 3.03 (a) (i)                                                            |  | Lease payments received on prior months receivables                             |   |  |               |  | 5,006,826.20                        |  | 
|Section 3.03 (a) (i)                                                            |  | Renewal payments                                                                 |   |  |               |  |                                    |  | 
|Section 3.03 (a) (i)                                                            |  | Early Termination cash                                                           |   |  |               |  | 1,373,254.63                        |  | 
|                                                                                |  | Advance payments for current month                                               |   |  |               |  | 1,241,049.39                        |  | 
|                                                                                |  | Advance payments for future months                                               |   |  |               |  |                                    |  | 
|Section 3.03 (a) (iv, x)                                                        |  | Lease Purchase amounts for breaches of reps and/or early terminations            |   |  |               |  |                                     |  | 
|Section 3.03 (a) (ii)                                                           |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |   |  |               |  |                                    |  | 
|Section 3.03 (a) (iii)                                                          |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |  |               |  |                                    |  | 
|                                                                                |  |                                                                                  |   | 
|Section 3.03 (a) (v)                                                            |  | Investment Earnings on Accounts:                                                 |   |  |               |  |                                     |  | 
|Section 3.03 (a) (v)                                                            |  | Collection Account                                                               |   |  |               |  | 7,369.62                            |  | 
|Section 3.03 (a) (v)                                                            |  | Reserve Account                                                                  |   |  |               |  | 2,901.10                            |  | 
|Section 3.03 (a) (v)                                                            |  | Security Deposit Account                                                         |   |  |               |  | 6.69                                |  | 
|Section 3.03 (a) (vi)                                                           |  | Casualty Payments                                                                |   |  |               |  |                                    |  | 
|Section 3.03 (a) (vii)                                                          |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 3,065,952.04                        |  | 
|Section 3.03 (a) (viii)                                                         |  | Retainable Security Deposits                                                     |   |  |               |  |                                    |  | 
|Section 3.03 (a) (xi)                                                           |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |  |                                    |  | 
|                                                                                |  |                                                                                  |   |  |               |  |                                     |  | 
|                                                                                |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |  | 21,363,424.68                       |  | 
|                                                                                |  |                                                                                  |  
|Transfers made by Trustee to the Collection Account                             |  |                                                                                  |   |  |               |  |                                    
|                                                                                |  | Optional Payments Received from AMBAC                                            |   |  |               |  |                                     |  | 
|                                                                                |  | Insured Payments Received from AMBAC                                             |   |  |               |  |                                    |  | 
|                                                                                |  | Shortfall Required to be Deposited From Renewal Account                          |   |  |               |  |                                    |  | 
|                                                                                |  | Shortfall Required to be Deposited From Reserve Account                          |   |  |               |  |                                    |  | 
|                                                                                |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |  |               |  |                                    |  | 
|Less                                                                            |  | Credit for payments applied in prior period                                      |   |  |               |  |                                    |  | 
|                                                                                |  |                                                                                  |   |  |               |  |                                     |  | 
|Total deposited into the Collection Account                                     |  |                                                                                  |   |  | 21,363,424.68 |  |                                    
|                                                                                |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                           |  |                                                                                  |   |  |               |  |                                    
|                                                                                |  |                                                                                  |  
|Surety Fee                                                                      |  | 0.30                                                                             | % |  | 114,212.38    |  | Surety Fee March 03                
|(i) Section 3.03 (b) (i) 0.30% of Outstanding Principal Amount     of the Notes |  |                                                                                  |   |  |               |  |                                    
|                                                                                |  |                                                                                  |  
|(ii) Section 3.03 (b) (ii)                                                      |  |                                                                                  |   |  |               |  |                                    
|                                                                                |  |                                                                                  |  
|Servicing Fee                                                                   |  | 0.75                                                                             | % |  | 285,530.94    |  | No Distribution on this Amount     
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV         |  |                                                                                  |   |  |               |  |                                    
|                                                                                |  |                                                                                  |  
|(iii) Section 3.03 (b) (iii)                                                    |  |                                                                                  |   |  |               |  |                                    
|                                                                                |  |                                                                                  |  
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes               |  | 0.0012500                                                                        | % |  | 475.88        |  | Trustee Fees - Bank of New York    
|                                                                                |  |                                                                                  |   |  |               |  |                                     |  | 
|Minimum Fee = $ 250.00                                                          |  |                                                                                  |   |  |               |  |                                    
|Servicing Fee Less Trustee Fee                                                  |  |                                                                                  |   |  | 285,055.06    |  | IOSC Net Servicing Fee Distribution
|                                                                                |  |                                                                                  |  
|(iv) Section 3.03 (b) (iv)                                                      |  |                                                                                  |   |  |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                    |  |                                                                                  |   |  | 2,988,585.25  |  | IOSC Svc Advance reimbusement      
|                                                                                |  |                                                                                  |   |  |               |  |                                     |  | 



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 12          



|       |  |                                                                                   |  |   |                |   |  |   |                         |  |                   
|------ |  | --------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------------- |  | ------------------
|       |  | Remaining Available to be Distributed to Noteholders                              |  |   |                |   |  |   | 17,975,096.11           |  |                   
|(v)    |  | Disbursements Section 3.03 (b) (v)                                                |  |   |                |   |  |   |                         |  | Actual Days for A1
|       |  | Class A-1 Interest Due (Act/360 Basis)                                            |  |   | 2.04400        | % |  | $ |                        |  | 30                
|       |  | Class A-2 Interest Due (30/360 Basis)                                             |  |   | 2.91000        | % |  | $ | 94,695.06               |  |                   
|       |  | Class A-3 Interest Due (30/360 Basis)                                             |  |   | 3.90000        | % |  | $ | 865,800.00              |  |                   
|       |  | Class A-4 Interest Due (30/360 Basis)                                             |  |   | 4.68000        | % |  | $ | 590,460.00              |  |                   
|       |  |                                                                                   |  |   |                |   |  |   |                         |  |                   
|       |  | Total Class A Interest Due                                                        |  |   |                |   |  | $ | 1,550,955.06            |  |                   
|       |  | Class A Interest Paid                                                             |  |   |                |   |  | $ | 1,550,955.06            |  |                   
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                      |  |   |                |   |  | $ |                        |  |                   
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                                 |  |   |                |   |  | $ |                        |  |                   
|       |  | Beginning Aggregate Class A Note Balance                                          |  |   |                |   |  | $ | 456,849,511.10          |  |                   
|       |  | Class A Principal Payment While Class A-1 Outstanding                             |  |   |                |   |  | $ |                        |  |                   
|       |  | Class A Principal Payment After Class A-1 Retired                                 |  |   | 89.36090       | % |  | $ | 15,368,430.82           |  |                   
|       |  | Aggregate Class A Principal Payment                                               |  |   |                |   |  | $ | 15,368,430.82           |  |                   
|(vii)  |  | Class A Principal Paid                                                            |  |   |                |   |  | $ | 15,368,430.82           |  |                   
|       |  | Ending Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 441,481,080.28          |  |                   
|       |  | Overcollateralization Floor                                                       |  |   |                |   |  |   |                         |  |                   
|       |  | 2.5% of $690,018,927.51                                                           |  |   |                |   |  | $ | 17,250,473.19           |  |                   
|       |  | Plus: Cumulative Loss Amount                                                      |  |   |                |   |  | $ | 774,019.25              |  |                   
|       |  | Less: Reserve Account Ending Balance                                              |  |   |                |   |  | $ | 6,900,189.27            |  |                   
|       |  | Overcollateralization Floor                                                       |  |   |                |   |  | $ | 11,124,303.16           |  | N                 
|(viii) |  | Additional Class A Principal                                                      |  |   |                |   |  | $ |                        |  |                   
|       |  | Additional Principal Class A Paid                                                 |  |   |                |   |  | $ |                        |  |                   
|       |  | End of Period Class A Note Balance                                                |  |   |                |   |  | $ | 441,481,080.28          |  |                   
|       |  |                                                                                   |  |  
|       |  | Remaining Collections After Distributions to Noteholders                          |  |   |                |   |  | $ | 1,055,710.22            |  |                   
|       |  |                                                                                   |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                   |  |   |                |   |  | $ |                        |  |                   
|       |  |                                                                                   |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                   |  |   |                |   |  | $ |                        |  |                   
|       |  |                                                                                   |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))       |  |   |                |   |  | $ | 1,055,710.22            |  |                   
|       |  |                                                                                   |  |  
|       |  | Total Distribution from the Collection Account                                    |  |   |                |   |  | $ | 21,363,424.68           |  |                   
|       |  |                                                                                   |  |  
|       |  | Trustee Transfer to IOSC                                                          |  |   |                |   |  |   | IOSC Transferto Trustee |  |                   
|       |  | Adv Payments                                                                      |  |   | 40,570.71      |   |  |   |                         |  |                   
|       |  | Reimburse Servicer Advances                                                       |  |   | 2,988,585.25   |   |  |   | 1,373,254.63            |  | Early Terms       
|       |  | Remaining Coll                                                                    |  |   | 1,055,710.22   |   |  |   |                        |  | Adv Payments      
|       |  | Servicing Fee Less Trustee Fee                                                    |  |   | 285,055.06     |   |  |   | 3,065,952.04            |  | Servicer Advances 
|       |  |                                                                                   |  |   |                |   |  |   |                         |  |                   
|       |  |                                                                                   |  |   | 4,369,921.24   |   |  |   | 4,439,206.67            |  |                   
|       |  |                                                                                   |  |  
|       |  | RECONCILIATION OF NOTES                                                           |  |   |                |   |  |   |                         |  |                   
|       |  |                                                                                   |  |  
|       |  | Beginning Discounted Present Value of the Leases                                  |  |   |                |   |  | $ | 511,240,929.64          |  |                   
|       |  |                                                                                   |  |  
|       |  | Discounted Present Value of the Performing Leases as of the Current Due Period    |  |   |                |   |  | $ | 494,042,769.35          |  |                   
|       |  |                                                                                   |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period           |  |   |                |   |  | $ | 15,368,430.82           |  |                   
|       |  |                                                                                   |  |  
|       |  | Class A - 1                                                                       |  |   |                |   |  |   |                         |  |                   
|       |  | Beginning Class A Principal Balance                                               |  |   |                |   |  | $ |                        |  |                   
|       |  | Principal in Current Period                                                       |  |   |                |   |  | $ |                        |  |                   
|       |  | Ending Class A-1 Principal Balance                                                |  |   |                |   |  | $ |                        |  |                   
|       |  |                                                                                   |  |  
|       |  | Interest due this Due Period                                                      |  |   |                | % |  | $ |                        |  |                   
|       |  |                                                                                   |  |  
|       |  | Interest Paid Per $1,000                                                          |  | $ |               |   |  | $ |                        |  |                   
|       |  | Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                         |  |                   
|       |  |                                                                                   |  |  
|       |  | Principal Paid Per $1,000                                                         |  | $ |               |   |  | $ |                        |  |                   
|       |  | Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                         |  |                   
|       |  |                                                                                   |  |  
|       |  | Ending Principal Balance Factor(Ending Class A Principal/Original Class A-1 Face) |  |   | 0.0000000000   | % |  |   |                         |  |                   



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 12          



|                                                                                     |  |                                                                                     |       |   |                |   |                |   |               
|------------------------------------------------------------------------------------ |  | ----------------------------------------------------------------------------------- | ----- | - | -------------- | - | -------------- | - | --------------
|Class A-2                                                                            |  |                                                                                     |       |   |                |   |                |   |               
|                                                                                     |  | Beginning Class A-2 Principal Balance                                               |       |   |                |   |                | $ | 39,049,511.10 
|                                                                                     |  | Principal in Current Period                                                         |       |   |                |   |                | $ | 15,368,430.82 
|                                                                                     |  | Ending Class A-2 Principal Balance                                                  |       |   |                |   |                | $ | 23,681,080.28 
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Interest due this Due Period                                                        |       |   |                | % |                | $ | 94,695.06     
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Interest Paid Per $1,000                                                            |       | $ | 2.0585883570   |   |                | $ | 94,695.06     
|                                                                                     |  | Original Class A-2 Face                                                             |       |   | 46,000,000.00  |   |                |   |               
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Principal Paid Per $1,000                                                           |       | $ | 334.0963221432 |   |                | $ | 15,368,430.82 
|                                                                                     |  | Original Class A-2 Face                                                             |       |   | 46,000,000.00  |   |                |   |               
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |       |   | 51.4806093104  | % |                |   |               
|Class A-3                                                                            |  |                                                                                     |       |   |                |   |                |   |               
|                                                                                     |  | Beginning Class A-3 Principal Balance                                               |       |   |                |   |                | $ | 266,400,000.00
|                                                                                     |  | Principal in Current Period                                                         |       |   |                |   |                | $ |              
|                                                                                     |  | Ending Class A-3 Principal Balance                                                  |       |   |                |   |                | $ | 266,400,000.00
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Interest due this Due Period                                                        |       |   |                | % |                | $ | 865,800.00    
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Interest Paid Per $1,000                                                            |       | $ | 3.2500000000   |   |                | $ | 865,800.00    
|                                                                                     |  | Original Class A-3 Face                                                             |       |   | 266,400,000.00 |   |                |   |               
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Principal Paid Per $1,000                                                           |       | $ |               |   |                | $ |              
|                                                                                     |  | Original Class A-3 Face                                                             |       |   | 266,400,000.00 |   |                |   |               
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |       |   | 100.0000000000 | % |                |   |               
|Class A-4                                                                            |  |                                                                                     |       |   |                |   |                |   |               
|                                                                                     |  | Beginning Class A-4 Principal Balance                                               |       |   |                |   |                | $ | 151,400,000.00
|                                                                                     |  | Principal in Current Period                                                         |       |   |                |   |                | $ |              
|                                                                                     |  | Ending Class A-4 Principal Balance                                                  |       |   |                |   |                | $ | 151,400,000.00
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Interest due this Due Period                                                        |       |   |                | % |                | $ | 590,460.00    
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Interest Paid Per $1,000                                                            |       | $ | 3.9000000000   |   |                | $ | 590,460.00    
|                                                                                     |  | Original Class A-4 Face                                                             |       |   | 151,400,000.00 |   |                |   |               
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Principal Paid Per $1,000                                                           |       | $ |               |   |                | $ |              
|                                                                                     |  | Original Class A-4 Face                                                             |       |   | 151,400,000.00 |   |                |   |               
|                                                                                     |  |                                                                                     |      
|                                                                                     |  | Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |       |   | 100.0000000000 | % |                |   |               
|                                                                                     |  |                                                                                    
|Overcollateralization Amount                                                         |  |                                                                                     |       |   |                | $ | 52,561,689.07 
|                                                                                     |  |                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |                                                                                     |       |   |                |   |               
|                                                                                     |  |                                                                                    
|Discounted Present Value of the Leases which are:                                    |  |                                                                                     |       |   |                |   |               
|                                                                                     |  | 31-60 DAYS OVERDUE                                                                  |       |   |                |   |                | $ | 20,355,514.48 
|                                                                                     |  | 61-90 DAYS OVERDUE                                                                  |       |   |                |   |                | $ | 6,469,392.83  
|                                                                                     |  | 91-120 DAYS OVERDUE                                                                 |       |   |                |   |                | $ | 2,958,106.21  
|                                                                                     |  |                                                                                    
|Other Information to be provided                                                     |  |                                                                                     |       |   |                |   |               
|                                                                                     |  |                                                                                    
|Occurrence of an Event of Default Under the Indenture                                |  |                                                                                     |       |   |                |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |                                                                                     |       |   |                |   | N             
|                                                                                     |  |                                                                                    
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  |                                                                                     | 0.07  | % |                | $ | 486,346.66    
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |                                                                                     | 10.00 | % |                | $ | 69,001,892.75 
|                                                                                     |  |                                                                                    
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |                                                                                     | 1.17  | % |                | $ | 8,058,737.94  
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |                                                                                     | 10.00 | % |                | $ | 69,001,892.75 
|                                                                                     |  |                                                                                    
|Cumulative Additions made for Early Termination Leases since Closing                 |  |                                                                                     | 1.33  | % |                | $ | 9,170,453.41  
|Maximum Allowable Additions for Early Termination Leases                             |  |                                                                                     | 20.00 | % |                | $ | 138,003,785.50



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 12          



|             |  |                                               
|------------ |  | ----------------------------------------------
|Prepared by: |  | Harold M. Bright                              
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC       
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Harry G. Kozee                                
|             | 
|Title:       |  | VP - Finance - IOS Capital, LLC               
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Kathleen M. Burns                             
|             | 
|Title:       |  | VP and Treasurer - IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                               



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 13           



|                                                                                                                                |  |   |                |  |   |               
|------------------------------------------------------------------------------------------------------------------------------- |  | - | -------------- |  | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                                                                                  |  |   |                |  |   |               
|Beginning Balance (DPVL as of last date of previous Due Period)                                                                 |  |   |                |  | $ | 494,042,769.35
|                                                                                                                                |  |  
|Less:            DPV Principal Payments Due on Leases - Current
Month                                                           |  |   |                |  |   | 15,088,197.98 
|Less:            DPV Non-Performing Leases - current monthover 120 days,
etc                                                   |  |   |                |  |   | 1,826,495.63  
|Less:            DPV Adjusted / Warranty Leases                                                                                 |  |   |                |  |   | 6,251.71      
|Less:            DPV Amounts on Early Termination Leases                                                                        |  |   |                |  |   | 3,097,059.94  
|                                                                                                                                |  |   |                |  |   |               
|Subtotal:                                                                                                                       |  |   |                |  | $ | 474,024,764.09
|                                                                                                                                |  |  
|Add:             DPV Substitute Leases                                                                                          |  |   |                |  |   |               
|Non-performing                                                                                                                  |  |   |                |  |   | 1,827,471.65  
|Adjusted / Warranty                                                                                                             |  |   |                |  |   | 6,251.71      
|Add:             DPV Additional Leases for Early Terminations                                                                   |  |   |                |  |   |              
|                                                                                                                                |  |   |                |  |   |               
|Ending Balance (DPVL as of last date of current Due Period)                                                                     |  |   |                |  | $ | 475,858,487.45
|                                                                                                                                |  |  
|OVERDUE LEASE PAYMENTS                                                                                                          |  |   |                |  |   |               
|                                                                                                                                |  |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                                                 |  |   |                |  |   |               
|                                                                                                                                |  |  
|Beginning outstanding servicer advances                                                                                         |  |   |                |  |   | 7,422,366.54  
|Less:            Reimburse Servicer Advances owed to IOSC not prev
reimbursed                                                   |  |   |                |  |   | 4,517,212.89  
|Add:             Servicer Adv for scheduled payments not made in current
period                                                 |  |   |                |  |   | 5,115,743.50  
|                                                                                                                                |  |   |                |  |   |               
|Ending outstanding servicer advances                                                                                            |  |   |                |  |   | 8,020,897.15  
|                                                                                                                                |  |  
|ADVANCE LEASE PAYMENTS                                                                                                          |  |   |                |  |   |               
|                                                                                                                                |  |  
|Beginning amount of lease payments to be applied in future                                                                      |  |   |                |  |   | 761,618.72    
|Less:            Applied to Current from Prepaid - including intermonth
activity                                                |  |   |                |  |   | 1,054,737.53  
|Less:            Repurchased Leases                                                                                             |  |   |                |  |   |              
|Less:            Advance Payments on Non-Performing Leases                                                                      |  |   |                |  |   |              
|Add:             Received This Month - including intermonth
activity                                                            |  |   |                |  |   | 931,354.44    
|Add:             Received in Prior Month                                                                                        |  |   |                |  |   |              
|                                                                                                                                |  |   |                |  |   |               
|Ending amount of lease payments to be applied in future                                                                         |  |   |                |  |   | 638,235.63    
|                                                                                                                                |  |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                                               |  |   |                |  |   |               
|                                                                                                                                |  |  
|Beginning Balance                                                                                                               |  |   |                |  |   | 6,900,189.27  
|Less:            Deposit to Collection Account (if any)                                                                         |  |   |                |  |   |              
|Ending Balance                                                                                                                  |  |   |                |  |   | 6,900,189.27  
|                                                                                                                                |  |  
|Required Reserve Account                                                                                                        |  |   |                |  |   |               
|Lesser of 1% of $ or Outstanding Notes Amount                                                                                   |  |   |                |  |   | 6,900,189.27  
|                                                                                                                                |  |  
|Reserve Account in excess of Required Reserve                                                                                   |  |   |                |  |   |              
|Deposits into Reserve Account                                                                                                   |  |   |                |  |   |              
|Amounts Released to Issuer                                                                                                      |  |   |                |  |   |              
|                                                                                                                                |  |   |                |  |   |               
|Ending Balance                                                                                                                  |  |   |                |  |   | 6,900,189.27  
|                                                                                                                                |  |  
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                                                      |  |   |                |  |   |               
|                                                                                                                                |  |  
|Beginning Balance                                                                                                               |  |   |                |  |   | 33,039.77     
|Less:            Retainable Deposits to be Deposited into Collection Account and
Amounts                   Repayable to Lessees |  |   |                |  |   |              
|Add:            Additional Security Deposits collected on leases                                                                |  |   |                |  |   |              
|                                                                                                                                |  |   |                |  |   |               
|Ending Balance                                                                                                                  |  |   |                |  |   | 33,039.77     
|                                                                                                                                |  |  
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                               |  |   |                |  |   |               
|                                                                                                                                |  |  
|Beginning Balance                                                                                                               |  |   |                |  |   |              
|Less:            Deposit to Collection Account (if any)                                                                         |  |   |                |  |   |              
|Plus:             Deposit to Renewal Account                                                                                    |  |   |                |  |   |              
|                                                                                                                                |  |   |                |  |   |               
|Ending Balance                                                                                                                  |  |   |                |  |   |              
|                                                                                                                                |  |  
|Renewal Account Deposit Required                                                                                                |  |   |                |  |   | N             
|Renewal Deposit                                                                                                                 |  |   |                |  |   |              
|                                                                                                                                |  |   |                |  |   |               
|                                                                                                                                |  |  
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                                |  |   |                |  |   |              
|Lesser of:    2% of Discounted PV of Leases as of the initial Cutoff Date                                                       |  | $ | 13,800,378.54  |  |   |               
|Outstanding Balance of Notes minus Reserves                                                                                     |  | $ | 418,331,253.05 |  |   |               



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 13           



|                                                                                                                 |  |       |   |  |       |   |  |                  
|---------------------------------------------------------------------------------------------------------------- |  | ----- | - |  | ----- | - |  | -----------------
|COMPLIANCE RATIO CALCULATIONS                                                                                    |  |       |   |  |       |   |  |                  
|Calculate Annualized Default Rate                                                                                |  |       |   |  |       |   |  |                  
|# of days delinquent to declare Defaulted Lease                                                                  |  |       |   |  | 121   |   |  |                  
|                                                                                                                 |  |       |  
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |       |   |  |       |   |  |                  
|This Month                                                                                                       |  |       |   |  | 3.74  | % |  | Annualized May 03
|Last Month                                                                                                       |  |       |   |  | 1.82  | % |  | Annualized Apr 03
|Two Months ago                                                                                                   |  |       |   |  | 1.19  | % |  | Annualized Mar 03
|                                                                                                                 |  |       |  
|3 mos. Average                                                                                                   |  |       |   |  | 2.25  | % |  |                  
|                                                                                                                 |  |       |  
|Calculate Delinquency Rate                                                                                       |  |       |   |  |       |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                 |  |       |   |  | 61    |   |  |                  
|                                                                                                                 |  |       |  
|Discounted Present Value of Delinquent Leases:                                                                   |  |       |   |  |       |   |  |                  
|This Month                                                                                                       |  |       |   |  | 1.55  | % |  |                  
|Last Month                                                                                                       |  |       |   |  | 1.91  | % |  |                  
|Two Months ago                                                                                                   |  |       |   |  | 1.77  | % |  |                  
|                                                                                                                 |  |       |  
|3 mos. Average                                                                                                   |  |       |   |  | 1.74  | % |  |                  
|                                                                                                                 |  |       |  
|Calculate Renewal Trigger Ratio                                                                                  |  |       |   |  |       |   |  |                  
|                                                                                                                 |  |       |  
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |       |   |  | 159   |   |  |                  
|This Month                                                                                                       |  | 38    |   |  |       |   |  |                  
|Last Month                                                                                                       |  | 49    |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  | 72    |   |  |       |   |  |                  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |       |   |  | 280   |   |  |                  
|This Month                                                                                                       |  | 103   |   |  |       |   |  |                  
|Last Month                                                                                                       |  | 63    |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  | 114   |   |  |       |   |  |                  
|                                                                                                                 |  |       |  
|Renewal Trigger Ratio                                                                                            |  |       |   |  | 56.79 | % |  |                  
|                                                                                                                 |  |       |  
|Acceleration Event                                                                                               |  |       |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |       |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  | 6.25  | % |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  | 8.00  | % |  |       |   |  |                  
|                                                                                                                 |  |       |  
|Acceleration Event Triggered? (Y/N)                                                                              |  |       |   |  | N     |   |  |                  
|                                                                                                                 |  |       |  
|Renewal Trigger Event                                                                                            |  |       |   |  |       |   |  |                  
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |       |   |  |       |   |  |                  
|                                                                                                                 |  |       |  
|Trigger? (Y/N)                                                                                                   |  |       |   |  | N     |   |  |                  
|                                                                                                                 |  |       |  
|Servicer Event of Default                                                                                        |  |       |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |       |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  | 8.00  | % |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  | 10.00 | % |  |       |   |  |                  
|                                                                                                                 |  |       |  
|Servicer Event Triggered? (Y/N)                                                                                  |  |       |   |  | N     |   |  |                  



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 13           



AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT



|                                                                               |  |                                                                                  |   |  |               |  |                                     |  | 
|------------------------------------------------------------------------------ |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | ----------------------------------- |  | 
|Deposits by or on behalf of the Servicer:                                      |  |                                                                                  |   |  |               |  |                                    
|                                                                               |  |                                                                                  |   | 
|Section 3.03 (a) (i)                                                           |  | Total lease payments applied for current due period                              |   |  |               |  | 16,631,126.83                       |  | 
|Section 3.03 (a) (i)                                                           |  | Lease payments received on current months receivables                           |   |  |               |  | 12,113,913.94                       |  | 
|Section 3.03 (a) (i)                                                           |  | Lease payments received on prior months receivables                             |   |  |               |  | 4,517,212.89                        |  | 
|Section 3.03 (a) (i)                                                           |  | Renewal payments                                                                 |   |  |               |  |                                    |  | 
|Section 3.03 (a) (i)                                                           |  | Early Termination cash                                                           |   |  |               |  | 3,097,059.94                        |  | 
|                                                                               |  | Advance payments for current month                                               |   |  |               |  | 1,054,737.53                        |  | 
|                                                                               |  | Advance payments for future months                                               |   |  |               |  |                                    |  | 
|Section 3.03 (a) (iv, x)                                                       |  | Lease Purchase amounts for breaches of reps and/or early terminations            |   |  |               |  |                                     |  | 
|Section 3.03 (a) (ii)                                                          |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |   |  |               |  |                                    |  | 
|Section 3.03 (a) (iii)                                                         |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |  |               |  |                                    |  | 
|                                                                               |  |                                                                                  |   | 
|Section 3.03 (a) (v)                                                           |  | Investment Earnings on Accounts:                                                 |   |  |               |  |                                     |  | 
|Section 3.03 (a) (v)                                                           |  | Collection Account                                                               |   |  |               |  | 6,087.37                            |  | 
|Section 3.03 (a) (v)                                                           |  | Reserve Account                                                                  |   |  |               |  | 2,790.29                            |  | 
|Section 3.03 (a) (v)                                                           |  | Security Deposit Account                                                         |   |  |               |  | 3.92                                |  | 
|Section 3.03 (a) (vi)                                                          |  | Casualty Payments                                                                |   |  |               |  |                                    |  | 
|Section 3.03 (a) (vii)                                                         |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 5,115,743.50                        |  | 
|Section 3.03 (a) (viii)                                                        |  | Retainable Security Deposits                                                     |   |  |               |  |                                    |  | 
|Section 3.03 (a) (xi)                                                          |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |  |                                    |  | 
|                                                                               |  |                                                                                  |   |  |               |  |                                     |  | 
|                                                                               |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |  | 25,907,549.38                       |  | 
|                                                                               |  |                                                                                  |  
|Transfers made by Trustee to the Collection Account                            |  |                                                                                  |   |  |               |  |                                    
|                                                                               |  | Optional Payments Received from AMBAC                                            |   |  |               |  |                                     |  | 
|                                                                               |  | Insured Payments Received from AMBAC                                             |   |  |               |  |                                    |  | 
|                                                                               |  | Shortfall Required to be Deposited From Renewal Account                          |   |  |               |  |                                    |  | 
|                                                                               |  | Shortfall Required to be Deposited From Reserve Account                          |   |  |               |  |                                    |  | 
|                                                                               |  |                                                                                  |   | 
|                                                                               |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |  |               |  |                                    |  | 
|                                                                               |  |                                                                                  |   | 
|Less                                                                           |  | Credit for payments applied in prior period                                      |   |  |               |  |                                    |  | 
|                                                                               |  |                                                                                  |   |  |               |  |                                     |  | 
|Total deposited into the Collection Account                                    |  |                                                                                  |   |  | 25,907,549.38 |  |                                    
|                                                                               |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTIONACCOUNT                                           |  |                                                                                  |   |  |               |  |                                    
|                                                                               |  |                                                                                  |  
|Surety Fee                                                                     |  | 0.30                                                                             | % |  | 110,370.27    |  | Surety Fee May 03                  
|(i) Section 3.03 (b) (i) 0.30% of Outstanding Principal Amount    of the Notes |  |                                                                                  |   |  |               |  |                                    
|(ii) Section 3.03 (b) (ii)                                                     |  |                                                                                  |   |  |               |  |                                    
|                                                                               |  |                                                                                  |  
|Servicing Fee                                                                  |  | 0.75                                                                             | % |  | 275,925.68    |  | No Distribution on this Amount     
|0.75% of the Lesser of Outstanding Principal Amount ofthe Notes or DPV         |  |                                                                                  |   |  |               |  |                                    
|(iii) Section 3.03 (b) (iii)                                                   |  |                                                                                  |   |  |               |  |                                    
|                                                                               |  |                                                                                  |  
|Trustee Fee .001250% of Outstanding Principal Amount ofthe Notes               |  | 0.0012500                                                                        | % |  | 459.88        |  | Trustee Fees - Bank of New York    
|                                                                               |  |                                                                                  |   |  |               |  |                                     |  | 
|Minimum Fee = $ 250.00                                                         |  |                                                                                  |   |  |               |  |                                    
|Servicing Fee Less Trustee Fee                                                 |  |                                                                                  |   |  | 275,465.80    |  | IOSC Net Servicing Fee Distribution
|                                                                               |  |                                                                                  |  
|(iv) Section 3.03 (b) (iv)                                                     |  |                                                                                  |   |  |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prevreimbursed                    |  |                                                                                  |   |  | 4,517,212.89  |  | IOSC Svc Advance reimbusement      
|                                                                               |  |                                                                                  |   |  |               |  |                                     |  | 
|Remaining Available to be Distributed to Noteholders                           |  |                                                                                  |   |  | 21,004,040.54 |  |                                    



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 13           



|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                   
|------ |  | --------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ------------------------ |  | ------------------
|(v)    |  | Disbursements Section 3.03 (b) (v)                                                |  |   |                |   |  |   |                          |  | Actual Days for A1
|       |  | Class A-1 Interest Due (Act/360 Basis)                                            |  |   | 2.04400        | % |  | $ |                         |  | 32                
|       |  | Class A-2 Interest Due (30/360 Basis)                                             |  |   | 2.91000        | % |  | $ | 57,426.62                |  |                   
|       |  | Class A-3 Interest Due (30/360 Basis)                                             |  |   | 3.90000        | % |  | $ | 865,800.00               |  |                   
|       |  | Class A-4 Interest Due (30/360 Basis)                                             |  |   | 4.68000        | % |  | $ | 590,460.00               |  |                   
|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                   
|       |  | Total Class A Interest Due                                                        |  |   |                |   |  | $ | 1,513,686.62             |  |                   
|       |  | Class A Interest Paid                                                             |  |   |                |   |  | $ | 1,513,686.62             |  |                   
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                      |  |   |                |   |  | $ |                         |  |                   
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                                 |  |   |                |   |  | $ |                         |  |                   
|       |  | Beginning Aggregate Class A Note Balance                                          |  |   |                |   |  | $ | 441,481,080.28           |  |                   
|       |  | Class A Principal Payment While Class A-1 Outstanding                             |  |   |                |   |  | $ |                         |  |                   
|       |  | Class A Principal Payment After Class A-1 Retired                                 |  |   | 89.36090       | % |  | $ | 16,249,637.96            |  |                   
|       |  | Aggregate Class A Principal Payment                                               |  |   |                |   |  | $ | 16,249,637.96            |  |                   
|(vii)  |  | Class A Principal Paid                                                            |  |   |                |   |  | $ | 16,249,637.96            |  |                   
|       |  | Ending Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 425,231,442.32           |  |                   
|       |  | Overcollateralization Floor                                                       |  |   |                |   |  |   |                          |  |                   
|       |  | 2.5% of $690,018,927.51                                                           |  |   |                |   |  | $ | 17,250,473.19            |  |                   
|       |  | Plus: Cumulative Loss Amount                                                      |  |   |                |   |  | $ |                         |  |                   
|       |  | Less: Reserve Account Ending Balance                                              |  |   |                |   |  | $ | 6,900,189.27             |  |                   
|       |  | Overcollateralization Floor                                                       |  |   |                |   |  | $ | 10,350,283.92            |  | N                 
|(viii) |  | Additional Class A Principal                                                      |  |   |                |   |  | $ |                         |  |                   
|       |  | Additional Principal Class A Paid                                                 |  |   |                |   |  | $ |                         |  |                   
|       |  | End of Period Class A Note Balance                                                |  |   |                |   |  | $ | 425,231,442.32           |  |                   
|       |  |                                                                                   |  |  
|       |  | Remaining Collections After Distributions to Noteholders                          |  |   |                |   |  | $ | 3,240,715.96             |  |                   
|       |  |                                                                                   |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                   |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                   |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                   |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                   |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))       |  |   |                |   |  | $ | 3,240,715.96             |  |                   
|       |  |                                                                                   |  |  
|       |  | Total Distribution from the Collection Account                                    |  |   |                |   |  | $ | 25,907,549.38            |  |                   
|       |  |                                                                                   |  |  
|       |  | Trustee Transfer to IOSC                                                          |  |   |                |   |  |   | IOSC Transfer to Trustee |  |                   
|       |  | Adv Payments                                                                      |  |   | 123,383.09     |   |  |   |                          |  |                   
|       |  | Reimburse Servicer Advances                                                       |  |   | 4,517,212.89   |   |  |   | 3,097,059.94             |  | Early Terms       
|       |  | Remaining Coll                                                                    |  |   | 3,240,715.96   |   |  |   |                         |  | Adv Payments      
|       |  | Servicing Fee Less Trustee Fee                                                    |  |   | 275,465.80     |   |  |   | 5,115,743.50             |  | Servicer Advances 
|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                   
|       |  |                                                                                   |  |   | 8,156,777.74   |   |  |   | 8,212,803.44             |  |                   
|       |  |                                                                                   |  |  
|       |  | RECONCILIATION OF NOTES                                                           |  |   |                |   |  |   |                          |  |                   
|       |  |                                                                                   |  |  
|       |  | Beginning Discounted Present Value of the Leases                                  |  |   |                |   |  | $ | 494,042,769.35           |  |                   
|       |  |                                                                                   |  |  
|       |  | Discounted Present Value of the Performing Leases as of the Current Due Period    |  |   |                |   |  | $ | 475,858,487.45           |  |                   
|       |  |                                                                                   |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period           |  |   |                |   |  | $ | 16,249,637.96            |  |                   
|       |  |                                                                                   |  |  
|       |  | Class A -1                                                                        |  |   |                |   |  |   |                          |  |                   
|       |  | Beginning Class A Principal Balance                                               |  |   |                |   |  | $ |                         |  |                   
|       |  | Principal in Current Period                                                       |  |   |                |   |  | $ |                         |  |                   
|       |  | Ending Class A-1 Principal Balance                                                |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                   |  |  
|       |  | Interest due this Due Period                                                      |  |   |                | % |  | $ |                         |  |                   
|       |  |                                                                                   |  |  
|       |  | Interest Paid Per $1,000                                                          |  | $ |               |   |  | $ |                         |  |                   
|       |  | Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                          |  |                   
|       |  |                                                                                   |  |  
|       |  | Principal Paid Per $1,000                                                         |  | $ |               |   |  | $ |                         |  |                   
|       |  | Original Class A-1 Face                                                           |  |   | 171,000,000.00 |   |  |   |                          |  |                   
|       |  |                                                                                   |  |  
|       |  | Ending Principal Balance Factor(Ending Class A Principal/Original Class A-1 Face) |  |   | 0.0000000000   | % |  |   |                          |  |                   



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 13           



|                                                                                    |  |   |                |   |  |   |               
|----------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | --------------
|Class A-2                                                                           |  |   |                |   |  |   |               
|Beginning Class A-2 Principal Balance                                               |  |   |                |   |  | $ | 23,681,080.28 
|Principal in Current Period                                                         |  |   |                |   |  | $ | 16,249,637.96 
|Ending Class A-2 Principal Balance                                                  |  |   |                |   |  | $ | 7,431,442.32  
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 57,426.62     
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 1.2484047758   |   |  | $ | 57,426.62     
|Original Class A-2 Face                                                             |  |   | 46,000,000.00  |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ | 353.2529992256 |   |  | $ | 16,249,637.96 
|Original Class A-2 Face                                                             |  |   | 46,000,000.00  |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 16.1553093879  | % |  |   |               
|Class A-3                                                                           |  |   |                |   |  |   |               
|Beginning Class A-3 Principal Balance                                               |  |   |                |   |  | $ | 266,400,000.00
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-3 Principal Balance                                                  |  |   |                |   |  | $ | 266,400,000.00
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 865,800.00    
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 3.2500000000   |   |  | $ | 865,800.00    
|Original Class A-3 Face                                                             |  |   | 266,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-3 Face                                                             |  |   | 266,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 100.0000000000 | % |  |   |               
|Class A-4                                                                           |  |   |                |   |  |   |               
|Beginning Class A-4 Principal Balance                                               |  |   |                |   |  | $ | 151,400,000.00
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-4 Principal Balance                                                  |  |   |                |   |  | $ | 151,400,000.00
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 590,460.00    
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 3.9000000000   |   |  | $ | 590,460.00    
|Original Class A-4 Face                                                             |  |   | 151,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-4 Face                                                             |  |   | 151,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |  |   |               
|                                                                                    |  |  
|Overcollateralization Amount                                                        |  |   |                |   |  | $ | 50,627,045.13 



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 13           



|                                                                                     |  |       |   |  |   |               
|------------------------------------------------------------------------------------ |  | ----- | - |  | - | --------------
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |       |   |  |   |               
|                                                                                     |  |      
|Discounted Present Value of the Leases which are:                                    |  |       |   |  |   |               
|31-60 DAYS OVERDUE                                                                   |  |       |   |  | $ | 19,936,696.90 
|61-90 DAYS OVERDUE                                                                   |  |       |   |  | $ | 4,761,367.71  
|91-120 DAYS OVERDUE                                                                  |  |       |   |  | $ | 2,624,533.92  
|                                                                                     |  |      
|Other Information to be provided                                                     |  |       |   |  |   |               
|                                                                                     |  |      
|Occurrence of an Event of Default Under the Indenture                                |  |       |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |       |   |  |   | N             
|                                                                                     |  |      
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.07  | % |  | $ | 492,598.37    
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00 | % |  | $ | 69,001,892.75 
|                                                                                     |  |      
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 1.43  | % |  | $ | 9,886,209.23  
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00 | % |  | $ | 69,001,892.75 
|                                                                                     |  |      
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 1.33  | % |  | $ | 9,170,453.41  
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00 | % |  | $ | 138,003,785.50



|             |  |                                               
|------------ |  | ----------------------------------------------
|Prepared by: |  | Harold M. Bright                              
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC       
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Harry G. Kozee                                
|             | 
|Title:       |  | VP - Finance - IOS Capital, LLC               
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Kathleen M. Burns                             
|             | 
|Title:       |  | VP and Treasurer - IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                               



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 14           



|                                                                                                                                 |  |   |                |  |   |               
|-------------------------------------------------------------------------------------------------------------------------------- |  | - | -------------- |  | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                                                                                   |  |   |                |  |   |               
|Beginning Balance (DPVL as of last date of previous Due Period)                                                                  |  |   |                |  | $ | 475,858,487.45
|                                                                                                                                 |  |  
|Less:            DPV Principal Payments Due on Leases - Current
Month                                                            |  |   |                |  |   | 15,626,363.04 
|Less:            DPV Non-Performing Leases - current monthover 120 days,
etc                                                    |  |   |                |  |   | 1,723,415.66  
|Less:            DPV Adjusted / Warranty Leases                                                                                  |  |   |                |  |   |              
|Less:            DPV Amounts on Early Termination Leases                                                                         |  |   |                |  |   | 2,244,989.55  
|                                                                                                                                 |  |   |                |  |   |               
|Subtotal:                                                                                                                        |  |   |                |  | $ | 456,263,719.20
|Add:            DPV Substitute Leases                                                                                            |  |   |                |  |   |               
|Non-performing                                                                                                                   |  |   |                |  |   | 1,725,836.87  
|Adjusted / Warranty                                                                                                              |  |   |                |  |   |              
|Add:            DPV Additional Leases for Early Terminations                                                                     |  |   |                |  |   |              
|                                                                                                                                 |  |   |                |  |   |               
|Ending Balance (DPVL as of last date of current Due Period)                                                                      |  |   |                |  | $ | 457,989,556.07
|                                                                                                                                 |  |  
|OVERDUE LEASE PAYMENTS                                                                                                           |  |   |                |  |   |               
|                                                                                                                                 |  |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                                                  |  |   |                |  |   |               
|                                                                                                                                 |  |  
|Beginning outstanding servicer advances                                                                                          |  |   |                |  |   | 8,020,897.15  
|Less:            Reimburse Servicer Advances owed to IOSC not prev
reimbursed                                                    |  |   |                |  |   | 2,582,873.76  
|Add:             Servicer Adv for scheduled payments not made in current
period                                                  |  |   |                |  |   | 2,462,189.95  
|                                                                                                                                 |  |   |                |  |   |               
|Ending outstanding servicer advances                                                                                             |  |   |                |  |   | 7,900,213.34  
|                                                                                                                                 |  |  
|ADVANCE LEASE PAYMENTS                                                                                                           |  |   |                |  |   |               
|                                                                                                                                 |  |  
|Beginning amount of lease payments to be applied in future                                                                       |  |   |                |  |   | 638,235.63    
|Less:            Applied to Current from Prepaid - including intermonth
activity                                                 |  |   |                |  |   | 1,744,843.58  
|Less:            Repurchased Leases                                                                                              |  |   |                |  |   |              
|Less:            Advance Payments on Non-Performing Leases                                                                       |  |   |                |  |   |              
|Add:             Received This Month - including intermonth
activity                                                             |  |   |                |  |   | 1,820,958.22  
|Add:             Received in Prior Month                                                                                         |  |   |                |  |   |              
|Ending amount of lease payments to be applied in future                                                                          |  |   |                |  |   | 714,350.27    
|                                                                                                                                 |  |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                                                |  |   |                |  |   |               
|                                                                                                                                 |  |  
|Beginning Balance                                                                                                                |  |   |                |  |   | 6,900,189.27  
|Less:            Deposit to Collection Account (if any)                                                                          |  |   |                |  |   |              
|Ending Balance                                                                                                                   |  |   |                |  |   | 6,900,189.27  
|                                                                                                                                 |  |  
|Required Reserve Account                                                                                                         |  |   |                |  |   |               
|Lesser of 1% of $ or Outstanding Notes Amount                                                                                    |  |   |                |  |   | 6,900,189.27  
|                                                                                                                                 |  |  
|Reserve Account in excess of Required Reserve                                                                                    |  |   |                |  |   |              
|Deposits into Reserve Account                                                                                                    |  |   |                |  |   |              
|Amounts Released to Issuer                                                                                                       |  |   |                |  |   |              
|                                                                                                                                 |  |   |                |  |   |               
|Ending Balance                                                                                                                   |  |   |                |  |   | 6,900,189.27  
|                                                                                                                                 |  |  
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                                                       |  |   |                |  |   |               
|                                                                                                                                 |  |  
|Beginning Balance                                                                                                                |  |   |                |  |   | 33,039.77     
|Less:            Retainable Deposits to be Deposited into Collection Account
and                    Amounts Repayable to Lessees |  |   |                |  |   |              
|Add:             Additional Security Deposits collected on
leases                                                                |  |   |                |  |   |              
|                                                                                                                                 |  |   |                |  |   |               
|Ending Balance                                                                                                                   |  |   |                |  |   | 33,039.77     
|                                                                                                                                 |  |  
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                                |  |   |                |  |   |               
|                                                                                                                                 |  |  
|Beginning Balance                                                                                                                |  |   |                |  |   |              
|Less:            Deposit to Collection Account (if any)                                                                          |  |   |                |  |   |              
|Plus:            Deposit to Renewal Account                                                                                      |  |   |                |  |   |              
|                                                                                                                                 |  |   |                |  |   |               
|Ending Balance                                                                                                                   |  |   |                |  |   |              
|                                                                                                                                 |  |  
|Renewal Account Deposit Required                                                                                                 |  |   |                |  |   | N             
|Renewal Deposit                                                                                                                  |  |   |                |  |   |              
|                                                                                                                                 |  |  
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                                 |  |   |                |  |   |              
|Lesser of:    2% of Discounted PV of Leases as of the initial Cutoff Date                                                        |  | $ | 13,800,378.54  |  |   |               
|Outstanding Balance of Notes minus Reserves                                                                                      |  | $ | 402,363,415.15 |  |   |               



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 14           



|                                                                                                                 |  |       |   |  |       |   |  |                   
|---------------------------------------------------------------------------------------------------------------- |  | ----- | - |  | ----- | - |  | ------------------
|COMPLIANCE RATIO CALCULATIONS                                                                                    |  |       |   |  |       |   |  |                   
|Calculate Annualized Default Rate                                                                                |  |       |   |  |       |   |  |                   
|# of days delinquent to declare Defaulted Lease                                                                  |  |       |   |  | 121   |   |  |                   
|                                                                                                                 |  |       |  
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |       |   |  |       |   |  |                   
|This Month                                                                                                       |  |       |   |  | 3.52  | % |  | Annualized June 03
|Last Month                                                                                                       |  |       |   |  | 3.74  | % |  | Annualized May 03 
|Two Months ago                                                                                                   |  |       |   |  | 1.82  | % |  | Annualized Apr 03 
|3 mos. Average                                                                                                   |  |       |   |  | 3.03  | % |  |                   
|                                                                                                                 |  |       |  
|Calculate Delinquency Rate                                                                                       |  |       |   |  |       |   |  |                   
|# of days delinquent to declare Delinquent Lease                                                                 |  |       |   |  | 61    |   |  |                   
|                                                                                                                 |  |       |  
|Discounted Present Value of Delinquent Leases:                                                                   |  |       |   |  |       |   |  |                   
|This Month                                                                                                       |  |       |   |  | 1.81  | % |  |                   
|Last Month                                                                                                       |  |       |   |  | 1.55  | % |  |                   
|Two Months ago                                                                                                   |  |       |   |  | 1.91  | % |  |                   
|                                                                                                                 |  |       |  
|3 mos. Average                                                                                                   |  |       |   |  | 1.76  | % |  |                   
|                                                                                                                 |  |       |  
|Calculate Renewal Trigger Ratio                                                                                  |  |       |   |  |       |   |  |                   
|                                                                                                                 |  |       |  
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |       |   |  | 198   |   |  |                   
|This Month                                                                                                       |  | 82    |   |  |       |   |  |                   
|Last Month                                                                                                       |  | 62    |   |  |       |   |  |                   
|Two Months ago                                                                                                   |  | 54    |   |  |       |   |  |                   
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |       |   |  | 303   |   |  |                   
|This Month                                                                                                       |  | 137   |   |  |       |   |  |                   
|Last Month                                                                                                       |  | 103   |   |  |       |   |  |                   
|Two Months ago                                                                                                   |  | 63    |   |  |       |   |  |                   
|                                                                                                                 |  |       |  
|Renewal Trigger Ratio                                                                                            |  |       |   |  | 65.35 | % |  |                   
|                                                                                                                 |  |       |  
|Acceleration Event                                                                                               |  |       |   |  |       |   |  |                   
|Triggered if                                                                                                     |  |       |   |  |       |   |  |                   
|Annualized Default Rate greater than                                                                             |  | 6.25  | % |  |       |   |  |                   
|Delinquency Rate greater than                                                                                    |  | 8.00  | % |  |       |   |  |                   
|                                                                                                                 |  |       |  
|Acceleration Event Triggered? (Y/N)                                                                              |  |       |   |  | N     |   |  |                   
|                                                                                                                 |  |       |  
|Renewal Trigger Event                                                                                            |  |       |   |  |       |   |  |                   
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |       |   |  |       |   |  |                   
|                                                                                                                 |  |       |  
|Trigger? (Y/N)                                                                                                   |  |       |   |  | N     |   |  |                   
|                                                                                                                 |  |       |  
|Servicer Event of Default                                                                                        |  |       |   |  |       |   |  |                   
|Triggered if                                                                                                     |  |       |   |  |       |   |  |                   
|Annualized Default Rate greater than                                                                             |  | 8.00  | % |  |       |   |  |                   
|Delinquency Rate greater than                                                                                    |  | 10.00 | % |  |       |   |  |                   
|                                                                                                                 |  |       |  
|Servicer Event Triggered? (Y/N)                                                                                  |  |       |   |  | N     |   |  |                   



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 14           



|                         |  |                                                                           |  |                                                                                  |   |  |               |  |                               |  |                                  
|------------------------ |  | ------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | ----------------------------- |  | ---------------------------------
|                         |  | AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT |  |                                                                                  |   |  |              
|                         |  |                                                                           | 
|                         |  | Deposits by or on behalf of the Servicer:                                 |  |                                                                                  |   |  |              
|                         |  |                                                                           |  |                                                                                 
|Section 3.03 (a) (i)     |  | Total lease payments applied for current due period                       |  |                                                                                  |   |  | 14,772,905.37 |  |                              
|Section 3.03 (a) (i)     |  | Lease payments received on current months receivables                    |  |                                                                                  |   |  | 12,190,031.61 |  |                              
|Section 3.03 (a) (i)     |  | Lease payments received on prior months receivables                      |  |                                                                                  |   |  | 2,582,873.76  |  |                              
|Section 3.03 (a) (i)     |  | Renewal payments                                                          |  |                                                                                  |   |  |              |  |                              
|Section 3.03 (a) (i)     |  | Early Termination cash                                                    |  |                                                                                  |   |  | 2,244,989.55  |  |                              
|                         |  | Advance payments for current month                                        |  |                                                                                  |   |  | 1,744,843.58  |  |                              
|                         |  | Advance payments for future months                                        |  |                                                                                  |   |  |              |  |                              
|Section 3.03 (a) (iv, x) |  | Lease Purchase amounts for breaches of reps and/or early terminations     |  |                                                                                  |   |  |               |  |                              
|Section 3.03 (a) (ii)    |  | Recoveries to the Extent IOS Capital does not substitute - if applicable  |  |                                                                                  |   |  |              |  |                              
|Section 3.03 (a) (iii)   |  | Late charges on delinquent Lease payments not advanced by the Servicer    |  |                                                                                  |   |  |              |  |                              
|                         |  |                                                                           |  |                                                                                 
|Section 3.03 (a) (v)     |  | Investment Earnings on Accounts:                                          |  |                                                                                  |   |  |               |  |                              
|Section 3.03 (a) (v)     |  | Collection Account                                                        |  |                                                                                  |   |  | 6,134.46      |  |                              
|Section 3.03 (a) (v)     |  | Reserve Account                                                           |  |                                                                                  |   |  | 2,545.37      |  |                              
|Section 3.03 (a) (v)     |  | Security Deposit Account                                                  |  |                                                                                  |   |  | 12.32         |  |                              
|Section 3.03 (a) (vi)    |  | Casualty Payments                                                         |  |                                                                                  |   |  |              |  |                              
|Section 3.03 (a) (vii)   |  | Servicer Adv for scheduled payments not made in current period            |  |                                                                                  |   |  | 2,462,189.95  |  |                              
|Section 3.03 (a) (viii)  |  | Retainable Security Deposits                                              |  |                                                                                  |   |  |              |  |                              
|Section 3.03 (a) (xi)    |  |                                                                           |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |  |                              |  |                                  
|                         |  |                                                                           |  |                                                                                  |   |  |               |  |                               |  |                                  
|                         |  |                                                                           |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |  | 21,233,620.60                 |  |                                  
|                         |  |                                                                           |  |                                                                                 
|                         |  | Transfers made by Trustee to the Collection Account                       |  |                                                                                  |   |  |               |  |                              
|                         |  |                                                                           |  | Optional Payments Received from AMBAC                                            |   |  |               |  |                               |  |                                  
|                         |  |                                                                           |  | Insured Payments Received from AMBAC                                             |   |  |               |  |                              |  |                                  
|                         |  |                                                                           |  | Shortfall Required to be Deposited From Renewal Account                          |   |  |               |  |                              |  |                                  
|                         |  |                                                                           |  | Shortfall Required to be Deposited From Reserve Account                          |   |  |               |  |                              |  |                                  
|                         |  |                                                                           |  |                                                                                  |  
|                         |  |                                                                           |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |  |               |  |                              |  |                                  
|                         |  |                                                                           |  |                                                                                  |  
|                         |  | Less                                                                      |  | Credit for payments applied in prior period                                      |   |  |               |  |                              |  |                                  
|                         |  |                                                                           |  |                                                                                  |   |  |               |  |                               |  |                                  
|                         |  | Total deposited into the Collection Account                               |  |                                                                                  |   |  | 21,233,620.60 |  |                              
|                         |  |                                                                           |  |                                                                                 
|                         |  | DISBURSEMENTS FROM COLLECTION ACCOUNT                                     |  |                                                                                  |   |  |               |  |                              
|                         |  |                                                                           |  |                                                                                 
|                         |  | Surety Fee                                                                |  | 0.30                                                                             | % |  | 106,307.86    |  | Surety FeeMay 03             
|(i)                      |  | Section 3.03 (b) (i) 0.30% of Outstanding Principal Amount of the Notes   |  |                                                                                  |   |  |               |  |                              
|                         |  |                                                                           |  |                                                                                 
|(ii)                     |  | Section 3.03 (b) (ii)                                                     |  |                                                                                  |   |  |               |  |                              
|                         |  |                                                                           |  |                                                                                 
|                         |  | Servicing Fee                                                             |  | 0.75                                                                             | % |  | 265,769.65    |  | NoDistributionon thisAmount  
|                         |  | 0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV   |  |                                                                                  |   |  |               |  |                              
|(iii)                    |  | Section 3.03 (b) (iii)                                                    |  |                                                                                  |   |  |               |  |                              
|                         |  |                                                                           |  |                                                                                 
|                         |  | Trustee Fee .001250% of Outstanding Principal Amount of the Notes         |  | 0.0012500                                                                        | % |  | 442.95        |  | Trustee Fees -Bank of NewYork
|                         |  |                                                                           |  |                                                                                  |   |  |               |  |                               |  |                                  
|                         |  |                                                                           |  | Minimum Fee = $ 250.00                                                           |   |  |               |  |                               |  |                                  
|                         |  |                                                                           |  | Servicing Fee Less Trustee Fee                                                   |   |  |               |  | 265,326.70                    |  | IOSC NetServicing FeeDistribution
|                         |  |                                                                           |  |                                                                                 
|(iv)                     |  | Section 3.03 (b) (iv)                                                     |  |                                                                                  |   |  |               |  |                              
|                         |  | Reimburse Servicer Advances owed to IOSC not prev reimbursed              |  |                                                                                  |   |  | 2,582,873.76  |  | IOSC SvcAdvancereimbursement 
|                         |  |                                                                           |  |                                                                                  |   |  |               |  |                               |  |                                  
|                         |  | Remaining Available to be Distributed to Noteholders                      |  |                                                                                  |   |  | 18,278,669.33 |  |                              



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 14           



|       |  |                                                                                |  |   |                |   |  |   |                          |  |                   
|------ |  | ------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | ------------------------ |  | ------------------
|(v)    |  | Disbursements Section 3.03 (b) (v)                                             |  |   |                |   |  |   |                          |  | Actual Days for A1
|       |  | Class A-1 Interest Due (Act/360 Basis)                                         |  |   | 2.04400        | % |  | $ |                         |  | 29                
|       |  | Class A-2 Interest Due (30/360 Basis)                                          |  |   | 2.91000        | % |  | $ | 18,021.25                |  |                   
|       |  | Class A-3 Interest Due (30/360 Basis)                                          |  |   | 3.90000        | % |  | $ | 865,800.00               |  |                   
|       |  | Class A-4 Interest Due (30/360 Basis)                                          |  |   | 4.68000        | % |  | $ | 590,460.00               |  |                   
|       |  |                                                                                |  |   |                |   |  |   |                          |  |                   
|       |  | Total Class A Interest Due                                                     |  |   |                |   |  | $ | 1,474,281.25             |  |                   
|       |  | Class A Interest Paid                                                          |  |   |                |   |  | $ | 1,474,281.25             |  |                   
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                   |  |   |                |   |  | $ |                         |  |                   
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                              |  |   |                |   |  | $ |                         |  |                   
|       |  | Beginning Aggregate Class A Note Balance                                       |  |   |                |   |  | $ | 425,231,442.32           |  |                   
|       |  | Class A Principal Payment While Class A-1 Outstanding                          |  |   |                |   |  | $ |                         |  |                   
|       |  | Class A Principal Payment After Class A-1 Retired                              |  |   | 89.36090       | % |  | $ | 15,967,837.90            |  |                   
|       |  | Aggregate Class A Principal Payment                                            |  |   |                |   |  | $ | 15,967,837.90            |  |                   
|(vii)  |  | Class A Principal Paid                                                         |  |   |                |   |  | $ | 15,967,837.90            |  |                   
|       |  | Ending Aggregate Class A Note Balance                                          |  |   |                |   |  | $ | 409,263,604.42           |  |                   
|       |  | Overcollateralization Floor                                                    |  |   |                |   |  |   |                          |  |                   
|       |  | 2.5% of $690,018,927.51                                                        |  |   |                |   |  | $ | 17,250,473.19            |  |                   
|       |  | Plus: Cumulative Loss Amount                                                   |  |   |                |   |  | $ | 1,064,543.30             |  |                   
|       |  | Less: Reserve Account Ending Balance                                           |  |   |                |   |  | $ | 6,900,189.27             |  |                   
|       |  | Overcollateralization Floor                                                    |  |   |                |   |  | $ | 11,414,827.22            |  | N                 
|(viii) |  | Additional Class A Principal                                                   |  |   |                |   |  | $ |                         |  |                   
|       |  | Additional Principal Class A Paid                                              |  |   |                |   |  | $ |                         |  |                   
|       |  | End of Period Class A Note Balance                                             |  |   |                |   |  | $ | 409,263,604.42           |  |                   
|       |  |                                                                                |  |  
|       |  | Remaining Collections After Distributions to Noteholders                       |  |   |                |   |  | $ | 836,550.18               |  |                   
|       |  |                                                                                |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))    |  |   |                |   |  | $ | 836,550.18               |  |                   
|       |  |                                                                                |  |  
|       |  | Total Distribution from the Collection Account                                 |  |   |                |   |  | $ | 21,233,620.60            |  |                   
|       |  |                                                                                |  |  
|       |  | Trustee Transfer to IOSC                                                       |  |   |                |   |  |   | IOSC Transfer to Trustee |  |                   
|       |  |                                                                                |  |  
|       |  | Reimburse Servicer Advances                                                    |  |   | 2,582,873.76   |   |  |   | 2,244,989.55             |  | Early Terms       
|       |  | Remaining Coll                                                                 |  |   | 836,550.18     |   |  |   | 76,114.64                |  | Adv Payments      
|       |  | Servicing Fee Less Trustee Fee                                                 |  |   | 265,326.70     |   |  |   | 2,462,189.95             |  | Servicer Advances 
|       |  |                                                                                |  |   |                |   |  |   |                          |  |                   
|       |  |                                                                                |  |   | 3,684,750.64   |   |  |   | 4,783,294.14             |  |                   
|       |  |                                                                                |  |  
|       |  | RECONCILIATION OF NOTES                                                        |  |   |                |   |  |   |                          |  |                   
|       |  |                                                                                |  |  
|       |  | Beginning Discounted Present Value of the Leases                               |  |   |                |   |  | $ | 475,858,487.45           |  |                   
|       |  |                                                                                |  |  
|       |  | Discounted Present Value of the Performing Leases as of the Current Due Period |  |   |                |   |  | $ | 457,989,556.07           |  |                   
|       |  |                                                                                |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period        |  |   |                |   |  | $ | 15,967,837.90            |  |                   
|       |  |                                                                                |  |  
|       |  | Class A -1                                                                     |  |   |                |   |  |   |                          |  |                   
|       |  | Beginning Class A Principal Balance                                            |  |   |                |   |  | $ |                         |  |                   
|       |  | Principal in Current Period                                                    |  |   |                |   |  | $ |                         |  |                   
|       |  | Ending Class A-1 Principal Balance                                             |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                |  |  
|       |  | Interest due this Due Period                                                   |  |   |                | % |  | $ |                         |  |                   
|       |  |                                                                                |  |  
|       |  | Interest Paid Per $1,000                                                       |  | $ |               |   |  | $ |                         |  |                   
|       |  | Original Class A-1 Face                                                        |  |   | 171,000,000.00 |   |  |   |                          |  |                   
|       |  |                                                                                |  |  
|       |  | Principal Paid Per $1,000                                                      |  | $ |               |   |  | $ |                         |  |                   
|       |  | Original Class A-1 Face                                                        |  |   | 171,000,000.00 |   |  |   |                          |  |                   
|       |  |                                                                                |  |  
|       |  | Ending Principal Balance Factor                                                |  |   |                |   |  |   |                          |  |                   
|       |  | (Ending Class A Principal/Original Class A-1 Face)                             |  |   | 0.0000000000   | % |  |   |                          |  |                   



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 14           



|                             |  |                                                      |  |   |                |   |               |   |               
|---------------------------- |  | ---------------------------------------------------- |  | - | -------------- | - | ------------- | - | --------------
|                             |  |                                                      | 
|                             |  | Class A-2                                            |  |   |                |   |               |   |               
|                             |  | Beginning Class A-2 Principal Balance                |  |   |                |   |               | $ | 7,431,442.32  
|                             |  | Principal in Current Period                          |  |   |                |   |               | $ | 7,431,442.32  
|                             |  | Ending Class A-2 Principal Balance                   |  |   |                |   |               | $ |              
|                             |  |                                                      | 
|                             |  | Interest due this Due Period                         |  |   |                | % |               | $ | 18,021.25     
|                             |  |                                                      | 
|                             |  | Interest Paid Per $1,000                             |  | $ | 0.3917662527   |   |               | $ | 18,021.25     
|                             |  | Original Class A-2 Face                              |  |   | 46,000,000.00  |   |               |   |               
|                             |  |                                                      | 
|                             |  | Principal Paid Per $1,000                            |  | $ | 161.5530938788 |   |               | $ | 7,431,442.32  
|                             |  | Original Class A-2 Face                              |  |   | 46,000,000.00  |   |               |   |               
|                             |  |                                                      | 
|                             |  | Ending Principal Balance Factor                      |  |   |                |   |               |   |               
|                             |  | (Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 0.0000000000   | % |               |   |               
|                             |  |                                                      | 
|                             |  | Class A-3                                            |  |   |                |   |               |   |               
|                             |  | Beginning Class A-3 Principal Balance                |  |   |                |   |               | $ | 266,400,000.00
|                             |  | Principal in Current Period                          |  |   |                |   |               | $ | 8,536,395.58  
|                             |  | Ending Class A-3 Principal Balance                   |  |   |                |   |               | $ | 257,863,604.42
|                             |  |                                                      | 
|                             |  | Interest due this Due Period                         |  |   |                | % |               | $ | 865,800.00    
|                             |  |                                                      | 
|                             |  | Interest Paid Per $1,000                             |  | $ | 3.2500000000   |   |               | $ | 865,800.00    
|                             |  | Original Class A-3 Face                              |  |   | 266,400,000.00 |   |               |   |               
|                             |  |                                                      | 
|                             |  | Principal Paid Per $1,000                            |  | $ | 32.0435269637  |   |               | $ | 8,536,395.58  
|                             |  | Original Class A-3 Face                              |  |   | 266,400,000.00 |   |               |   |               
|                             |  |                                                      | 
|                             |  | Ending Principal Balance Factor                      |  |   |                |   |               |   |               
|                             |  | (Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 96.7956473036  | % |               |   |               
|                             |  |                                                      | 
|                             |  | Class A-4                                            |  |   |                |   |               |   |               
|                             |  | Beginning Class A-4 Principal Balance                |  |   |                |   |               | $ | 151,400,000.00
|                             |  | Principal in Current Period                          |  |   |                |   |               | $ |              
|                             |  | Ending Class A-4 Principal Balance                   |  |   |                |   |               | $ | 151,400,000.00
|                             |  |                                                      | 
|                             |  | Interest due this Due Period                         |  |   |                | % |               | $ | 590,460.00    
|                             |  |                                                      | 
|                             |  | Interest Paid Per $1,000                             |  | $ | 3.9000000000   |   |               | $ | 590,460.00    
|                             |  | Original Class A-4 Face                              |  |   | 151,400,000.00 |   |               |   |               
|                             |  |                                                      | 
|                             |  | Principal Paid Per $1,000                            |  | $ |               |   |               | $ |              
|                             |  | Original Class A-4 Face                              |  |   | 151,400,000.00 |   |               |   |               
|                             |  |                                                      | 
|                             |  | Ending Principal Balance Factor                      |  |   |                |   |               |   |               
|                             |  | (Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |               |   |               
|                             |  |                                                     
|Overcollateralization Amount |  |                                                      |  |   |                | $ | 48,725,951.65



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 14           



|                                                                                     |  |        |   |  |   |               
|------------------------------------------------------------------------------------ |  | ------ | - |  | - | --------------
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |        |   |  |   |               
|                                                                                     |  |       
|Discounted Present Value of the Leases which are:                                    |  |        |   |  |   |               
|31-60 DAYS OVERDUE                                                                   |  |        |   |  | $ | 16,479,610.06 
|61-90 DAYS OVERDUE                                                                   |  |        |   |  | $ | 6,477,918.58  
|91-120 DAYS OVERDUE                                                                  |  |        |   |  | $ | 1,826,626.31  
|                                                                                     |  |       
|Other Information to be provided                                                     |  |        |   |  |   |               
|Total Contracts for Reporting Period                                                 |  | Jun-03 |   |  |   | 35,533        
|                                                                                     |  |       
|Occurrence of an Event of Default Under the Indenture                                |  |        |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |        |   |  |   | N             
|                                                                                     |  |       
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.07   | % |  | $ | 492,598.37    
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00  | % |  | $ | 69,001,892.75 
|                                                                                     |  |       
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 1.68   | % |  | $ | 11,612,046.10 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00  | % |  | $ | 69,001,892.75 
|                                                                                     |  |       
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 1.33   | % |  | $ | 9,170,453.41  
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00  | % |  | $ | 138,003,785.50



|             |  |                                               
|------------ |  | ----------------------------------------------
|             | 
|Prepared by: |  | Harold M. Bright                              
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC       
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Harry G. Kozee                                
|             | 
|Title:       |  | VP - Finance - IOS Capital, LLC               
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Kathleen M. Burns                             
|             | 
|Title:       |  | VP and Treasurer - IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                               



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 15             



|                                                                                                              |  |   |               
|------------------------------------------------------------------------------------------------------------- |  | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                                                                |  |   |               
|Beginning Balance (DPVL as of last date of previous Due Period)                                               |  | $ | 457,989,556.07
|                                                                                                              | 
|Less:            DPV Principal Payments Due on Leases - Current
Month                                         |  |   | 15,150,945.60 
|Less:            DPV Non-Performing Leases - current monthover 120 days,
etc                                 |  |   | 1,118,494.42  
|Less:            DPV Adjusted / Warranty Leases                                                               |  |   |              
|Less:            DPV Amounts on Early Termination Leases                                                      |  |   | 1,659,515.10  
|                                                                                                              |  |   |               
|Subtotal:                                                                                                     |  | $ | 440,060,600.95
|Add:            DPV Substitute Leases                                                                         |  |   |               
|Non-performing                                                                                                |  |   | 1,118,811.27  
|Adjusted / Warranty                                                                                           |  |   |              
|Add:            DPV Additional Leases for Early Terminations                                                  |  |   |              
|                                                                                                              |  |   |               
|Ending Balance (DPVL as of last date of current Due Period)                                                   |  | $ | 441,179,412.22
|                                                                                                              | 
|OVERDUE LEASE PAYMENTS                                                                                        |  |   |               
|                                                                                                              | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                               |  |   |               
|                                                                                                              | 
|Beginning outstanding servicer advances                                                                       |  |   | 7,900,213.34  
|Less:            Reimburse Servicer Advances owed to IOSC not prev
reimbursed                                 |  |   | 2,585,896.63  
|Add:            Servicer Adv for scheduled payments not made in current
period                                |  |   | 2,557,815.78  
|                                                                                                              |  |   |               
|Ending outstanding servicer advances                                                                          |  |   | 7,872,132.49  
|                                                                                                              | 
|ADVANCE LEASE PAYMENTS                                                                                        |  |   |               
|                                                                                                              | 
|Beginning amount of lease payments to be applied in future                                                    |  |   | 714,350.27    
|Less:            Applied to Current from Prepaid - including intermonth
activity                              |  |   | 1,840,268.87  
|Less:            Repurchased Leases                                                                           |  |   |              
|Less:            Advance Payments on Non-Performing Leases                                                    |  |   |              
|Add:            Received This Month - including intermonth
activity                                           |  |   | 1,889,479.45  
|Add:            Received in Prior Month                                                                       |  |   |              
|                                                                                                              |  |   |               
|Ending amount of lease payments to be applied in future                                                       |  |   | 763,560.84    
|                                                                                                              | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                             |  |   |               
|                                                                                                              | 
|Beginning Balance                                                                                             |  |   | 6,900,189.27  
|Less:            Deposit to Collection Account (if any)                                                       |  |   |              
|Ending Balance                                                                                                |  |   | 6,900,189.27  
|                                                                                                              | 
|Required Reserve Account                                                                                      |  |   |               
|Lesser of 1% of $ or Outstanding Notes Amount                                                                 |  |   | 6,900,189.27  
|                                                                                                              | 
|Reserve Account in excess of Required Reserve                                                                 |  |   |              
|Deposits into Reserve Account                                                                                 |  |   |              
|Amounts Released to Issuer                                                                                    |  |   |              
|                                                                                                              |  |   |               
|Ending Balance                                                                                                |  |   | 6,900,189.27  
|                                                                                                              | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                                    |  |   |               
|                                                                                                              | 
|Beginning Balance                                                                                             |  |   | 33,039.77     
|Less:            Retainable Deposits to be Deposited into Collection Account and
Amounts Repayable to Lessees |  |   |              
|Add:            Additional Security Deposits collected on leases                                              |  |   |              
|                                                                                                              |  |   |               
|Ending Balance                                                                                                |  |   | 33,039.77     



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 15             



|                                                                                                                  |  |   |                |   |  |       |   |  |                   
|----------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----- | - |  | ------------------
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                 |  |   |                |   |  |       |   |  |                   
|                                                                                                                  |  |   |               
|Beginning Balance                                                                                                 |  |   |                |   |  |      |   |  |                   
|Less:             Deposit to Collection Account (if any)                                                          |  |   |                |   |  |      |   |  |                   
|Plus:              Deposit to Renewal Account                                                                     |  |   |                |   |  |      |   |  |                   
|                                                                                                                  |  |   |                |   |  |       |   |  |                   
|Ending Balance                                                                                                    |  |   |                |   |  |      |   |  |                   
|                                                                                                                  |  |   |               
|Renewal Account Deposit Required                                                                                  |  |   |                |   |  | N     |   |  |                   
|Renewal Deposit                                                                                                   |  |   |                |   |  |      |   |  |                   
|                                                                                                                  |  |   |               
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                  |  |   |                |   |  |      |   |  |                   
|Lesser of:    2% of Discounted PV of Leases as of the initial Cutoff Date                                         |  | $ | 13,800,378.54  |   |  |       |   |  |                   
|Outstanding Balance of Notes minus Reserves                                                                       |  | $ | 387,341,719.31 |   |  |       |   |  |                   
|                                                                                                                  |  |   |               
|COMPLIANCE RATIO CALCULATIONS                                                                                     |  |   |                |   |  |       |   |  |                   
|Calculate Annualized Default Rate                                                                                 |  |   |                |   |  |       |   |  |                   
|# of days delinquent to declare Defaulted Lease                                                                   |  |   |                |   |  | 121   |   |  |                   
|                                                                                                                  |  |   |               
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                   |  |   |                |   |  |       |   |  |                   
|This Month                                                                                                        |  |   |                |   |  | 1.62  | % |  | Annualized July 03
|Last Month                                                                                                        |  |   |                |   |  | 3.52  | % |  | Annualized June 03
|Two Months ago                                                                                                    |  |   |                |   |  | 3.74  | % |  | Annualized May 03 
|                                                                                                                  |  |   |               
|3 mos. Average                                                                                                    |  |   |                |   |  | 2.96  | % |  |                   
|                                                                                                                  |  |   |               
|Calculate Delinquency Rate                                                                                        |  |   |                |   |  |       |   |  |                   
|# of days delinquent to declare Delinquent Lease                                                                  |  |   |                |   |  | 61    |   |  |                   
|                                                                                                                  |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                    |  |   |                |   |  |       |   |  |                   
|This Month                                                                                                        |  |   |                |   |  | 1.33  | % |  |                   
|Last Month                                                                                                        |  |   |                |   |  | 1.81  | % |  |                   
|Two Months ago                                                                                                    |  |   |                |   |  | 1.55  | % |  |                   
|                                                                                                                  |  |   |               
|3 mos. Average                                                                                                    |  |   |                |   |  | 1.56  | % |  |                   
|                                                                                                                  |  |   |               
|Calculate Renewal Trigger Ratio                                                                                   |  |   |                |   |  |       |   |  |                   
|Aggregate number of Leases for which the obligors have elected to 
extend during the last 3 preceding Due Periods |  |   |                |   |  | 247   |   |  |                   
|This Month                                                                                                        |  |   | 80             |   |  |       |   |  |                   
|Last Month                                                                                                        |  |   | 91             |   |  |       |   |  |                   
|Two Months ago                                                                                                    |  |   | 76             |   |  |       |   |  |                   
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods           |  |   |                |   |  | 384   |   |  |                   
|This Month                                                                                                        |  |   | 144            |   |  |       |   |  |                   
|Last Month                                                                                                        |  |   | 137            |   |  |       |   |  |                   
|Two Months ago                                                                                                    |  |   | 103            |   |  |       |   |  |                   
|                                                                                                                  |  |   |               
|Renewal Trigger Ratio                                                                                             |  |   |                |   |  | 64.32 | % |  |                   
|                                                                                                                  |  |   |               
|Acceleration Event                                                                                                |  |   |                |   |  |       |   |  |                   
|Triggered if                                                                                                      |  |   |                |   |  |       |   |  |                   
|Annualized Default Rate greater than                                                                              |  |   | 6.25           | % |  |       |   |  |                   
|Delinquency Rate greater than                                                                                     |  |   | 8.00           | % |  |       |   |  |                   
|                                                                                                                  |  |   |               
|Acceleration Event Triggered? (Y/N)                                                                               |  |   |                |   |  | N     |   |  |                   
|                                                                                                                  |  |   |               
|Renewal Trigger Event                                                                                             |  |   |                |   |  |       |   |  |                   
|Triggered if Renewal Trigger Ratio is less than 20%                                                               |  |   |                |   |  |       |   |  |                   
|                                                                                                                  |  |   |               
|Trigger? (Y/N)                                                                                                    |  |   |                |   |  | N     |   |  |                   
|                                                                                                                  |  |   |               
|Servicer Event of Default                                                                                         |  |   |                |   |  |       |   |  |                   
|Triggered if                                                                                                      |  |   |                |   |  |       |   |  |                   
|Annualized Default Rate greater than                                                                              |  |   | 8.00           | % |  |       |   |  |                   
|Delinquency Rate greater than                                                                                     |  |   | 10.00          | % |  |       |   |  |                   
|                                                                                                                  |  |   |               
|Servicer Event Triggered? (Y/N)                                                                                   |  |   |                |   |  | N     |   |  |                   



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 15             



|                                                                             |  |                                                                                  |   |  |               |  |                                 |  |                                    
|---------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | ------------------------------- |  | -----------------------------------
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT    |  |                                                                                  |   |  |               |  |                                
|                                                                             |  |                                                                                  |  
|Deposits by or on behalf of the Servicer:                                    |  |                                                                                  |   |  |               |  |                                
|                                                                             |  |                                                                                  |   | 
|Section 3.03 (a) (i)                                                         |  | Total lease payments applied for current due period                              |   |  |               |  | 15,032,563.91                   |  |                                    
|Section 3.03 (a) (i)                                                         |  | Lease payments received on current months receivables                           |   |  |               |  | 12,446,667.28                   |  |                                    
|Section 3.03 (a) (i)                                                         |  | Lease payments received on prior months receivables                             |   |  |               |  | 2,585,896.63                    |  |                                    
|Section 3.03 (a) (i)                                                         |  | Renewal payments                                                                 |   |  |               |  | 137,680.58                      |  |                                    
|Section 3.03 (a) (i)                                                         |  | Early Termination cash                                                           |   |  |               |  | 1,659,515.10                    |  |                                    
|                                                                             |  | Advance payments for current month                                               |   |  |               |  | 1,840,268.87                    |  |                                    
|                                                                             |  | Advance payments for future months                                               |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (iv, x)                                                     |  | Lease Purchase amounts for breaches of reps and/or early terminations            |   |  |               |  |                                 |  |                                    
|Section 3.03 (a) (ii)                                                        |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (iii)                                                       |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |  |               |  |                                |  |                                    
|                                                                             |  |                                                                                  |   | 
|Section 3.03 (a) (v)                                                         |  | Investment Earnings on Accounts:                                                 |   |  |               |  |                                 |  |                                    
|Section 3.03 (a) (v)                                                         |  | Collection Account                                                               |   |  |               |  | 4,127.13                        |  |                                    
|Section 3.03 (a) (v)                                                         |  | Reserve Account                                                                  |   |  |               |  | 1,983.34                        |  |                                    
|Section 3.03 (a) (v)                                                         |  | Security Deposit Account                                                         |   |  |               |  | 9.58                            |  |                                    
|Section 3.03 (a) (vi)                                                        |  | Casualty Payments                                                                |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (vii)                                                       |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 2,557,815.78                    |  |                                    
|Section 3.03 (a) (viii)                                                      |  | Retainable Security Deposits                                                     |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (xi)                                                        |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |  |                                |  |                                    
|                                                                             |  |                                                                                  |   |  |               |  |                                 |  |                                    
|                                                                             |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |  | 21,233,964.29                   |  |                                    
|Transfers made by Trustee to the Collection Account                          |  |                                                                                  |   |  |               |  |                                
|                                                                             |  | Optional Payments Received from AMBAC                                            |   |  |               |  |                                 |  |                                    
|                                                                             |  | Insured Payments Received from AMBAC                                             |   |  |               |  |                                |  |                                    
|                                                                             |  | Shortfall Required to be Deposited From Renewal Account                          |   |  |               |  |                                |  |                                    
|                                                                             |  | Shortfall Required to be Deposited From Reserve Account                          |   |  |               |  |                                |  |                                    
|                                                                             |  |                                                                                  |   | 
|                                                                             |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |  |               |  |                                |  |                                    
|                                                                             |  |                                                                                  |   | 
|Less                                                                         |  | Credit for payments applied in prior period                                      |   |  |               |  |                                |  |                                    
|                                                                             |  |                                                                                  |   |  |               |  |                                 |  |                                    
|Total deposited into the Collection Account                                  |  |                                                                                  |   |  | 21,233,964.29 |  |                                
|                                                                             |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                        |  |                                                                                  |   |  |               |  |                                
|                                                                             |  |                                                                                  |  
|Surety Fee                                                                   |  | 0.30                                                                             | % |  | 102,315.90    |  | Surety Fee May 03              
|(i)  Section 3.03 (b) (i) 0.30% of Outstanding Principal Amount of the Notes |  |                                                                                  |   |  |               |  |                                
|                                                                             |  |                                                                                  |  
|(ii) Section 3.03 (b) (ii)                                                   |  |                                                                                  |   |  |               |  |                                
|                                                                             |  |                                                                                  |  
|Servicing Fee                                                                |  | 0.75                                                                             | % |  | 255,789.75    |  | No Distribution on this Amount 
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV      |  |                                                                                  |   |  |               |  |                                
|(iii) Section 3.03 (b) (iii)                                                 |  |                                                                                  |   |  |               |  |                                
|                                                                             |  |                                                                                  |  
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes            |  | 0.0012500                                                                        | % |  | 426.32        |  | Trustee Fees - Bank of New York
|                                                                             |  |                                                                                  |   |  |               |  |                                 |  |                                    
|                                                                             |  | Minimum Fee = $ 250.00                                                           |   |  |               |  |                                 |  |                                    
|                                                                             |  | Servicing Fee Less Trustee Fee                                                   |   |  |               |  | 255,363.44                      |  | IOSC Net Servicing Fee Distribution
|                                                                             |  |                                                                                  |  
|(iv) Section 3.03 (b) (iv)                                                   |  |                                                                                  |   |  |               |  |                                
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                 |  |                                                                                  |   |  | 2,585,896.63  |  | IOSC Svc Advance reimbursement 
|                                                                             |  |                                                                                  |   |  |               |  |                                 |  |                                    
|Remaining Available to be Distributed to Noteholders                         |  |                                                                                  |   |  | 18,289,962.01 |  |                                



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 15             



|       |  |                                                                                |  |   |                |   |  |   |                          |  |                   
|------ |  | ------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | ------------------------ |  | ------------------
|(v)    |  | Disbursements Section 3.03 (b) (v)                                             |  |   |                |   |  |   |                          |  | Actual Days for A1
|       |  | Class A-1 Interest Due (Act/360 Basis)                                         |  |   | 2.04400        | % |  | $ |                         |  | 31                
|       |  | Class A-2 Interest Due (30/360 Basis)                                          |  |   | 2.91000        | % |  | $ |                         |  |                   
|       |  | Class A-3 Interest Due (30/360 Basis)                                          |  |   | 3.90000        | % |  | $ | 838,056.71               |  |                   
|       |  | Class A-4 Interest Due (30/360 Basis)                                          |  |   | 4.68000        | % |  | $ | 590,460.00               |  |                   
|       |  |                                                                                |  |   |                |   |  |   |                          |  |                   
|       |  | Total Class A Interest Due                                                     |  |   |                |   |  | $ | 1,428,516.71             |  |                   
|       |  | Class A Interest Paid                                                          |  |   |                |   |  | $ | 1,428,516.71             |  |                   
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                   |  |   |                |   |  | $ |                         |  |                   
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                              |  |   |                |   |  | $ |                         |  |                   
|       |  | Beginning Aggregate Class A Note Balance                                       |  |   |                |   |  | $ | 409,263,604.42           |  |                   
|       |  | Class A Principal Payment While Class A-1 Outstanding                          |  |   |                |   |  | $ |                         |  |                   
|       |  | Class A Principal Payment After Class A-1 Retired                              |  |   | 89.36090       | % |  | $ | 15,021,695.84            |  |                   
|       |  | Aggregate Class A Principal Payment                                            |  |   |                |   |  | $ | 15,021,695.84            |  |                   
|(vii)  |  | Class A Principal Paid                                                         |  |   |                |   |  | $ | 15,021,695.84            |  |                   
|       |  | Ending Aggregate Class A Note Balance                                          |  |   |                |   |  | $ | 394,241,908.58           |  |                   
|       |  | Overcollateralization Floor                                                    |  |   |                |   |  |   |                          |  |                   
|       |  | 2.5% of $690,018,927.51                                                        |  |   |                |   |  | $ | 17,250,473.19            |  |                   
|       |  | Plus: Cumulative Loss Amount                                                   |  |   |                |   |  | $ |                         |  |                   
|       |  | Less: Reserve Account Ending Balance                                           |  |   |                |   |  | $ | 6,900,189.27             |  |                   
|       |  | Overcollateralization Floor                                                    |  |   |                |   |  | $ | 10,350,283.92            |  | N                 
|(viii) |  | Additional Class A Principal                                                   |  |   |                |   |  | $ |                         |  |                   
|       |  | Additional Principal Class A Paid                                              |  |   |                |   |  | $ |                         |  |                   
|       |  | End of Period Class A Note Balance                                             |  |   |                |   |  | $ | 394,241,908.58           |  |                   
|       |  |                                                                                |  |  
|       |  | Remaining Collections After Distributions to Noteholders                       |  |   |                |   |  | $ | 1,839,749.46             |  |                   
|       |  |                                                                                |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))    |  |   |                |   |  | $ | 1,839,749.46             |  |                   
|       |  |                                                                                |  |  
|       |  | Total Distribution from the Collection Account                                 |  |   |                |   |  | $ | 21,233,964.29            |  |                   
|       |  |                                                                                | 
|       |  | Trustee Transfer to IOSC                                                       |  |   |                |   |  |   | IOSC Transfer to Trustee
|       |  |                                                                                |  |  
|       |  | Reimburse Servicer Advances                                                    |  | $ | 2,585,896.63   |   |  | $ | 1,659,515.10             |  | Early Terms       
|       |  | Remaining Coll                                                                 |  |   | 1,839,749.46   |   |  |   | 49,210.58                |  | Adv Payments      
|       |  | Servicing Fee Less Trustee Fee                                                 |  |   | 255,363.44     |   |  |   | 2,557,815.78             |  | Servicer Advances 
|       |  |                                                                                |  |   |                |   |  |   |                          |  |                   
|       |  |                                                                                |  |   | 4,681,009.52   |   |  |   | 4,266,541.46             |  |                   
|       |  |                                                                                |  |  
|       |  | RECONCILIATION OF NOTES                                                        |  |   |                |   |  |   |                          |  |                   
|       |  |                                                                                |  |  
|       |  | Beginning Discounted Present Value of the Leases                               |  |   |                |   |  | $ | 457,989,556.07           |  |                   
|       |  |                                                                                |  |  
|       |  | Discounted Present Value of the Performing Leases as of the Current Due Period |  |   |                |   |  | $ | 441,179,412.22           |  |                   
|       |  |                                                                                |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period        |  |   |                |   |  | $ | 15,021,695.84            |  |                   
|       |  |                                                                                |  |  
|       |  | Class A -1                                                                     |  |   |                |   |  |   |                          |  |                   
|       |  | Beginning Class A Principal Balance                                            |  |   |                |   |  | $ |                         |  |                   
|       |  | Principal in Current Period                                                    |  |   |                |   |  | $ |                         |  |                   
|       |  | Ending Class A-1 Principal Balance                                             |  |   |                |   |  | $ |                         |  |                   
|       |  |                                                                                |  |  
|       |  | Interest due this Due Period                                                   |  |   |                | % |  | $ |                         |  |                   
|       |  |                                                                                |  |  
|       |  | Interest Paid Per $1,000                                                       |  | $ |               |   |  | $ |                         |  |                   
|       |  | Original Class A-1 Face                                                        |  |   | 171,000,000.00 |   |  |   |                          |  |                   
|       |  |                                                                                |  |  
|       |  | Principal Paid Per $1,000                                                      |  | $ |               |   |  | $ |                         |  |                   
|       |  | Original Class A-1 Face                                                        |  |   | 171,000,000.00 |   |  |   |                          |  |                   
|       |  |                                                                                |  |  
|       |  | Ending Principal Balance Factor                                                |  |   |                |   |  |   |                          |  |                   
|       |  | (Ending Class A Principal/Original Class A-1 Face)                             |  |   | 0.0000000000   | % |  |   |                          |  |                   



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 15             



|                             |  |                                                      |  |   |                |   |               |   |               
|---------------------------- |  | ---------------------------------------------------- |  | - | -------------- | - | ------------- | - | --------------
|Class A-2                    |  |                                                      |  |   |                |   |               |   |               
|                             |  | Beginning Class A-2 Principal Balance                |  |   |                |   |               | $ |              
|                             |  | Principal in Current Period                          |  |   |                |   |               | $ |              
|                             |  | Ending Class A-2 Principal Balance                   |  |   |                |   |               | $ |              
|                             |  |                                                      | 
|                             |  | Interest due this Due Period                         |  |   |                | % |               | $ |              
|                             |  |                                                      | 
|                             |  | Interest Paid Per $1,000                             |  | $ |               |   |               | $ |              
|                             |  | Original Class A-2 Face                              |  |   | 46,000,000.00  |   |               |   |               
|                             |  |                                                      | 
|                             |  | Principal Paid Per $1,000                            |  | $ |               |   |               | $ |              
|                             |  | Original Class A-2 Face                              |  |   | 46,000,000.00  |   |               |   |               
|                             |  |                                                      | 
|                             |  | Ending Principal Balance Factor                      |  |   |                |   |               |   |               
|                             |  | (Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 0.0000000000   | % |               |   |               
|Class A-3                    |  |                                                      |  |   |                |   |               |   |               
|                             |  | Beginning Class A-3 Principal Balance                |  |   |                |   |               | $ | 257,863,604.42
|                             |  | Principal in Current Period                          |  |   |                |   |               | $ | 15,021,695.84 
|                             |  | Ending Class A-3 Principal Balance                   |  |   |                |   |               | $ | 242,841,908.58
|                             |  |                                                      | 
|                             |  | Interest due this Due Period                         |  |   |                | % |               | $ | 838,056.71    
|                             |  |                                                      | 
|                             |  | Interest Paid Per $1,000                             |  | $ | 3.1458585374   |   |               | $ | 838,056.71    
|                             |  | Original Class A-3 Face                              |  |   | 266,400,000.00 |   |               |   |               
|                             |  |                                                      | 
|                             |  | Principal Paid Per $1,000                            |  | $ | 56.3877471308  |   |               | $ | 15,021,695.84 
|                             |  | Original Class A-3 Face                              |  |   | 266,400,000.00 |   |               |   |               
|                             |  |                                                      | 
|                             |  | Ending Principal Balance Factor                      |  |   |                |   |               |   |               
|                             |  | (Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 91.1568725905  | % |               |   |               
|Class A-4                    |  |                                                      |  |   |                |   |               |   |               
|                             |  | Beginning Class A-4 Principal Balance                |  |   |                |   |               | $ | 151,400,000.00
|                             |  | Principal in Current Period                          |  |   |                |   |               | $ |              
|                             |  | Ending Class A-4 Principal Balance                   |  |   |                |   |               | $ | 151,400,000.00
|                             |  |                                                      | 
|                             |  | Interest due this Due Period                         |  |   |                | % |               | $ | 590,460.00    
|                             |  |                                                      | 
|                             |  | Interest Paid Per $1,000                             |  | $ | 3.9000000000   |   |               | $ | 590,460.00    
|                             |  | Original Class A-4 Face                              |  |   | 151,400,000.00 |   |               |   |               
|                             |  |                                                      | 
|                             |  | Principal Paid Per $1,000                            |  | $ |               |   |               | $ |              
|                             |  | Original Class A-4 Face                              |  |   | 151,400,000.00 |   |               |   |               
|                             |  |                                                      | 
|                             |  | Ending Principal Balance Factor                      |  |   |                |   |               |   |               
|                             |  | (Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |               |   |               
|                             |  |                                                     
|Overcollateralization Amount |  |                                                      |  |   |                | $ | 46,937,503.64



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 15             



|                                                                                     |  |        |   |  |   |               
|------------------------------------------------------------------------------------ |  | ------ | - |  | - | --------------
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |        |   |  |   |               
|                                                                                     |  |       
|Discounted Present Value of the Leases which are:                                    |  |        |   |  |   |               
|31-60 DAYS OVERDUE                                                                   |  |        |   |  | $ | 16,020,127.36 
|61-90 DAYS OVERDUE                                                                   |  |        |   |  | $ | 4,885,665.60  
|91-120 DAYS OVERDUE                                                                  |  |        |   |  | $ | 975,123.52    
|                                                                                     |  |       
|Other Information to be provided                                                     |  |        |   |  |   |               
|Total Contracts for Reporting Period                                                 |  | Jul-03 |   |  |   | 35,209        
|                                                                                     |  |       
|Occurrence of an Event of Default Under the Indenture                                |  |        |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |        |   |  |   | N             
|                                                                                     |  |       
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.07   | % |  | $ | 492,598.37    
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00  | % |  | $ | 69,001,892.75 
|                                                                                     |  |       
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 1.85   | % |  | $ | 12,730,857.37 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00  | % |  | $ | 69,001,892.75 
|                                                                                     |  |       
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 1.33   | % |  | $ | 9,170,453.41  
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00  | % |  | $ | 138,003,785.50



|             |  |                                               
|------------ |  | ----------------------------------------------
|             | 
|Prepared by: |  | Harold M. Bright                              
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC       
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Harry G. Kozee                                
|             | 
|Title:       |  | VP - Finance - IOS Capital, LLC               
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Kathleen M. Burns                             
|             | 
|Title:       |  | VP and Treasurer - IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                               



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 16                



|                                                                |  |                                                                 |                |  |              
|--------------------------------------------------------------- |  | --------------------------------------------------------------- | -------------- |  | -------------
|NET CHANGE IN DPV OF PORTFOLIO                                  |  |                                                                 |               
|Beginning Balance (DPVL as of last date of previous Due Period) |  | $                                                               | 441,179,412.22
|                                                                |  |                                                                
|Less:                                                           |  | DPV Principal Payments Due on LeasesCurrent Month              |                |  | 15,355,551.00
|Less:                                                           |  | DPV Non-Performing Leasescurrent monthover 120 days, etc      |                |  | 517,380.11   
|Less:                                                           |  | DPV Adjusted / Warranty Leases                                  |                |  |             
|Less:                                                           |  | DPV Amounts on Early Termination Leases                         |                |  | 1,531,625.64 
|                                                                |  |                                                                 |                |  |              
|Subtotal:                                                       |  | $                                                               | 423,774,855.47
|                                                                |  |                                                                
|Add:                                                            |  | DPV Substitute Leases                                           |                |  |              
|                                                                |  | Non-performing                                                  |                |  | 517,393.82   
|                                                                |  | Adjusted / Warranty                                             |                |  |             
|Add:                                                            |  | DPV Additional Leases for Early Terminations                    |                |  |             
|                                                                |  |                                                                 |                |  |              
|Ending Balance (DPVL as of last date of current Due Period)     |  | $                                                               | 424,292,249.29
|                                                                | 
|OVERDUE LEASE PAYMENTS                                          |  |                                                                 |               
|                                                                | 
|Reimburse Servicer Advances relating to the prior Payment Date: |  |                                                                 |               
|                                                                | 
|Beginning outstanding servicer advances                         |  |                                                                 | 7,872,132.49  
|Less:                                                           |  | Reimburse Servicer Advances owed to IOSC not prev reimbursed    |                |  | 2,206,134.68 
|Add:                                                            |  | Servicer Adv for scheduled payments not made in current period  |                |  | 2,411,942.12 
|                                                                |  |                                                                 |                |  |              
|Ending outstanding servicer advances                            |  |                                                                 | 8,077,939.93  
|                                                                | 
|ADVANCE LEASE PAYMENTS                                          |  |                                                                 |               
|                                                                | 
|Beginning amount of lease payments to be applied in future      |  |                                                                 | 763,560.84    
|Less:                                                           |  | Applied to Current from Prepaidincluding intermonth activity   |                |  | 1,808,432.37 
|Less:                                                           |  | Repurchased Leases                                              |                |  |             
|Less:                                                           |  | Advance Payments on Non-Performing Leases                       |                |  |             
|Add:                                                            |  | Received This Monthincluding intermonth activity               |                |  | 1,792,540.54 
|Add:                                                            |  | Received in Prior Month                                         |                |  |             
|                                                                |  |                                                                 |                |  |              
|Ending amount of lease payments to be applied in future         |  |                                                                 | 747,669.01    
|                                                                | 
|RECONCILIATION OF RESERVE ACCOUNT                               |  |                                                                 |               
|                                                                | 
|Beginning Balance                                               |  |                                                                 | 6,900,189.27  
|Less:                                                           |  | Deposit to Collection Account (if any)                          |                |  |             
|Ending Balance                                                  |  |                                                                 | 6,900,189.27  
|                                                                | 
|Required Reserve Account                                        |  |                                                                 |               
|Lesser of 1% of $ or Outstanding Notes Amount                   |  |                                                                 | 6,900,189.27  
|                                                                | 
|Reserve Account in excess of Required Reserve                   |  |                                                                 |              
|Deposits into Reserve Account                                   |  |                                                                 |              
|Amounts Released to Issuer                                      |  |                                                                 |              
|                                                                |  |                                                                 |                |  |              
|Ending Balance                                                  |  |                                                                 | 6,900,189.27  
|                                                                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                      |  |                                                                 |               
|                                                                | 
|Beginning Balance                                               |  |                                                                 | 33,039.77     
|Less:                                                           |  | Retainable Deposits to be Deposited into Collection Account and |                |  |              
|                                                                |  | Amounts Repayable to Lessees                                    |                |  |             
|Add:                                                            |  | Additional Security Deposits collected on leases                |                |  |             
|                                                                |  |                                                                 |                |  |              
|Ending Balance                                                  |  |                                                                 | 33,039.77     



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 16                



|                                                                                                                 |  |   |                |   |  |       |   |  |                     
|---------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----- | - |  | --------------------
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                |  |   |                |   |  |       |   |  |                     
|                                                                                                                 |  |   |               
|Begginning Balance                                                                                               |  |   |                |   |  |      |   |  |                     
|Less:            Deposit to Collection Account (if any)                                                          |  |   |                |   |  |      |   |  |                     
|Plus:             Deposit to Renewal Account                                                                     |  |   |                |   |  |      |   |  |                     
|                                                                                                                 |  |   |                |   |  |       |   |  |                     
|Ending Balance                                                                                                   |  |   |                |   |  |      |   |  |                     
|                                                                                                                 |  |   |               
|Renewal Account Deposit Required                                                                                 |  |   |                |   |  |       | N |  |                     
|Renewal Deposit                                                                                                  |  |   |                |   |  |      |   |  |                     
|                                                                                                                 |  |   |               
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                 |  |   |                |   |  |      |   |  |                     
|Lesser of:      2% of Discounted PV of Leases as of the initial Cutoff Date                                      |  | $ | 13,800,378.54  |   |  |       |   |  |                     
|Outstanding Balance of Notes minus Reserves                                                                      |  | $ | 372,251,198.53 |   |  |       |   |  |                     
|                                                                                                                 |  |   |               
|COMPLIANCE RATIO CALCULATIONS                                                                                    |  |   |                |   |  |       |   |  |                     
|Calculate Annualized Default Rate                                                                                |  |   |                |   |  |       |   |  |                     
|# of days delinquent to declare Defaulted Lease                                                                  |  |   |                |   |  | 121   |   |  |                     
|                                                                                                                 |  |   |               
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |   |                |   |  |       |   |  |                     
|This Month                                                                                                       |  |   |                |   |  | 0.49  | % |  | Annualized August 03
|Last Month                                                                                                       |  |   |                |   |  | 1.62  | % |  | Annualized July 03  
|Two Months ago                                                                                                   |  |   |                |   |  | 3.52  | % |  | Annualized June 03  
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 1.88  | % |  |                     
|                                                                                                                 |  |   |               
|Calculate Delinquency Rate                                                                                       |  |   |                |   |  |       |   |  |                     
|# of days delinquent to declare Delinquent Lease                                                                 |  |   |                |   |  | 61    |   |  |                     
|                                                                                                                 |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                   |  |   |                |   |  |       |   |  |                     
|This Month                                                                                                       |  |   |                |   |  | 1.65  | % |  |                     
|Last Month                                                                                                       |  |   |                |   |  | 1.33  | % |  |                     
|Two Months ago                                                                                                   |  |   |                |   |  | 1.81  | % |  |                     
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 1.60  | % |  |                     
|                                                                                                                 |  |   |               
|Calculate Renewal Trigger Ratio                                                                                  |  |   |                |   |  |       |   |  |                     
|                                                                                                                 |  |   |               
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |   |                |   |  | 257   |   |  |                     
|This Month                                                                                                       |  |   | 72             |   |  |       |   |  |                     
|Last Month                                                                                                       |  |   | 89             |   |  |       |   |  |                     
|Two Months ago                                                                                                   |  |   | 96             |   |  |       |   |  |                     
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |   |                |   |  | 433   |   |  |                     
|This Month                                                                                                       |  |   | 152            |   |  |       |   |  |                     
|Last Month                                                                                                       |  |   | 144            |   |  |       |   |  |                     
|Two Months ago                                                                                                   |  |   | 137            |   |  |       |   |  |                     
|                                                                                                                 |  |   |               
|Renewal Trigger Ratio                                                                                            |  |   |                |   |  | 59.35 | % |  |                     
|                                                                                                                 |  |   |               
|Acceleration Event                                                                                               |  |   |                |   |  |       |   |  |                     
|Triggered if                                                                                                     |  |   |                |   |  |       |   |  |                     
|Annualized Default Rate greater than                                                                             |  |   | 6.25           | % |  |       |   |  |                     
|Delinquency Rate greater than                                                                                    |  |   | 8.00           | % |  |       |   |  |                     
|                                                                                                                 |  |   |               
|Acceleration Event Triggered? (Y/N)                                                                              |  |   |                |   |  |       | N |  |                     
|                                                                                                                 |  |   |               
|Renewal Trigger Event                                                                                            |  |   |                |   |  |       |   |  |                     
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |   |                |   |  |       |   |  |                     
|                                                                                                                 |  |   |               
|Trigger? (Y/N)                                                                                                   |  |   |                |   |  |       | N |  |                     
|                                                                                                                 |  |   |               
|Servicer Event of Default                                                                                        |  |   |                |   |  |       |   |  |                     
|Triggered if                                                                                                     |  |   |                |   |  |       |   |  |                     
|Annualized Default Rate greater than                                                                             |  |   | 8.00           | % |  |       |   |  |                     
|Delinquency Rate greater than                                                                                    |  |   | 10.00          | % |  |       |   |  |                     
|                                                                                                                 |  |   |               
|Servicer Event Triggered? (Y/N)                                                                                  |  |   |                |   |  |       | N |  |                     



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 16                



AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT



|                                                                            |  |                                                                                  |   |  |               |  |                                     |  | 
|--------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | ----------------------------------- |  | 
|Deposits by or on behalf of the Servicer:                                   |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  |                                                                                  |   | 
|Section 3.03 (a) (i)                                                        |  | Total lease payments applied for current due period                              |   |  |               |  | 14,434,337.81                       |  | 
|Section 3.03 (a) (i)                                                        |  | Lease payments received on current months receivables                           |   |  |               |  | 12,228,203.13                       |  | 
|Section 3.03 (a) (i)                                                        |  | Lease payments received on prior months receivables                             |   |  |               |  | 2,206,134.68                        |  | 
|Section 3.03 (a) (i)                                                        |  | Renewal payments                                                                 |   |  |               |  | 94,885.03                           |  | 
|Section 3.03 (a) (i)                                                        |  | Early Termination cash                                                           |   |  |               |  | 1,531,625.64                        |  | 
|                                                                            |  | Advance payments for current month                                               |   |  |               |  | 1,808,432.37                        |  | 
|                                                                            |  | Advance payments for future months                                               |   |  |               |  |                                    |  | 
|Section 3.03 (a) (iv, x)                                                    |  | Lease Purchase amounts for breaches of reps and/or early terminations            |   |  |               |  |                                     |  | 
|Section 3.03 (a) (ii)                                                       |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |   |  |               |  |                                    |  | 
|Section 3.03 (a) (iii)                                                      |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |  |               |  |                                    |  | 
|Section 3.03 (a) (v)                                                        |  | Investment Earnings on Accounts:                                                 |   |  |               |  |                                     |  | 
|Section 3.03 (a) (v)                                                        |  | Collection Account                                                               |   |  |               |  | 3,822.46                            |  | 
|Section 3.03 (a) (v)                                                        |  | Reserve Account                                                                  |   |  |               |  | 1,826.98                            |  | 
|Section 3.03 (a) (v)                                                        |  | Security Deposit Account                                                         |   |  |               |  | 8.85                                |  | 
|Section 3.03 (a) (vi)                                                       |  | Casualty Payments                                                                |   |  |               |  |                                    |  | 
|Section 3.03 (a) (vii)                                                      |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 2,411,942.12                        |  | 
|Section 3.03 (a) (viii)                                                     |  | Retainable Security Deposits                                                     |   |  |               |  |                                    |  | 
|Section 3.03 (a) (xi)                                                       |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |  |                                    |  | 
|                                                                            |  |                                                                                  |   |  |               |  |                                     |  | 
|                                                                            |  |                                                                                  |   | 
|                                                                            |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |  | 20,286,881.26                       |  | 
|                                                                            |  |                                                                                  |  
|Transfers made by Trustee to the Collection Account                         |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  | Optional Payments Received from AMBAC                                            |   |  |               |  |                                     |  | 
|                                                                            |  | Insured Payments Received from AMBAC                                             |   |  |               |  |                                    |  | 
|                                                                            |  | Shortfall Required to be Deposited From Renewal Account                          |   |  |               |  |                                    |  | 
|                                                                            |  | Shortfall Required to be Deposited From Reserve Account                          |   |  |               |  |                                    |  | 
|                                                                            |  |                                                                                  |   | 
|                                                                            |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |  |               |  |                                    |  | 
|                                                                            |  |                                                                                  |   | 
|Less                                                                        |  | Credit for payments applied in prior period                                      |   |  |               |  |                                    |  | 
|                                                                            |  |                                                                                  |   |  |               |  |                                     |  | 
|                                                                            |  |                                                                                  |  
|Total deposited into the Collection Account                                 |  |                                                                                  |   |  | 20,286,881.26 |  |                                    
|                                                                            |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                       |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  |                                                                                  |  
|Surety Fee                                                                  |  | 0.30                                                                             | % |  | 98,560.48     |  | Surety Fee August 03               
|(i) Section 3.03 (b) (i) 0.30% of Outstanding Principal Amount of the Notes |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  |                                                                                  |  
|(ii) Section 3.03 (b) (ii)                                                  |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  |                                                                                  |  
|Servicing Fee                                                               |  | 0.75                                                                             | % |  | 246,401.19    |  | No Distribution on this Amount     
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV     |  |                                                                                  |   |  |               |  |                                    
|(iii) Section 3.03 (b) (iii)                                                |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  |                                                                                  |  
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes           |  | 0.0012500                                                                        | % |  | 410.67        |  | Trustee Fees - Bank of New York    
|                                                                            |  |                                                                                  |   |  |               |  |                                     |  | 
|Minimum Fee = $ 250.00                                                      |  |                                                                                  |   |  |               |  |                                    
|Servicing Fee Less Trustee Fee                                              |  |                                                                                  |   |  | 245,990.52    |  | IOSC Net Servicing Fee Distribution
|                                                                            |  |                                                                                  |  
|(iv) Section 3.03 (b) (iv)                                                  |  |                                                                                  |   |  |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                |  |                                                                                  |   |  | 2,206,134.68  |  | IOSC Svc Advance reimbursement     
|                                                                            |  |                                                                                  |   |  |               |  |                                     |  | 
|                                                                            |  |                                                                                  |  
|Remaining Available to be Distributed to Noteholders                        |  |                                                                                  |   |  | 17,735,784.91 |  |                                    



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 16                



|                                                                                 |  |   |                |                          |  |   |                |  |                   
|-------------------------------------------------------------------------------- |  | - | -------------- | ------------------------ |  | - | -------------- |  | ------------------
|(v) DisbursementsSection 3.03 (b) (v)                                            |  |   |                |                          |  |   |                |  | Actual Days for A1
|Class A-1 Interest Due (Act/360 Basis)                                           |  |   | 2.04400        | %                        |  | $ |               |  | 31                
|Class A-2 Interest Due (30/360 Basis)                                            |  |   | 2.91000        | %                        |  | $ |               |  |                   
|Class A-3 Interest Due (30/360 Basis)                                            |  |   | 3.90000        | %                        |  | $ | 789,236.20     |  |                   
|Class A-4 Interest Due (30/360 Basis)                                            |  |   | 4.68000        | %                        |  | $ | 590,460.00     |  |                   
|                                                                                 |  |   |                |                          |  |   |                |  |                   
|Total Class A Interest Due                                                       |  |   |                |                          |  | $ | 1,379,696.20   |  |                   
|Class A Interest Paid                                                            |  |   |                |                          |  | $ | 1,379,696.20   |  |                   
|Cumulative Outstanding Amounts Owed to AMBAC                                     |  |   |                |                          |  | $ |               |  |                   
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                       |  |   |                |                          |  | $ |               |  |                   
|Beginning Aggregate Class A Note Balance                                         |  |   |                |                          |  | $ | 394,241,908.58 |  |                   
|Class A Principal Payment While Class A-1 Outstanding                            |  |   |                |                          |  | $ |               |  |                   
|Class A Principal Payment After Class A-1 Retired                                |  |   | 89.36090       | %                        |  | $ | 15,090,520.78  |  |                   
|Aggregate Class A Principal Payment                                              |  |   |                |                          |  | $ | 15,090,520.78  |  |                   
|(vii)    Class A Principal Paid                                                  |  |   |                |                          |  | $ | 15,090,520.78  |  |                   
|Ending Aggregate Class A Note Balance                                            |  |   |                |                          |  | $ | 379,151,387.80 |  |                   
|Overcollateralization Floor                                                      |  |   |                |                          |  |   |                |  |                   
|2.5% of $690,018,927.51                                                          |  |   |                |                          |  | $ | 17,250,473.19  |  |                   
|Plus: Cumulative Loss Amount                                                     |  |   |                |                          |  | $ | 531,074.22     |  |                   
|Less: Reserve Account Ending Balance                                             |  |   |                |                          |  | $ | 6,900,189.27   |  |                   
|Overcollateralization Floor                                                      |  |   |                |                          |  | $ | 10,881,358.14  |  | N                 
|(viii)   Additional Class A Principal                                            |  |   |                |                          |  | $ |               |  |                   
|Additional Principal Class A Paid                                                |  |   |                |                          |  | $ |               |  |                   
|End of Period Class A Note Balance                                               |  |   |                |                          |  | $ | 379,151,387.80 |  |                   
|                                                                                 |  |   |               
|Remaining Collections After Distributions to Noteholders                         |  |   |                |                          |  | $ | 1,265,567.93   |  |                   
|                                                                                 |  |   |               
|(ix) Reserve Account Deposit (section 3.03 (b) (ix))                             |  |   |                |                          |  | $ |               |  |                   
|                                                                                 |  |   |               
|(x) Renewal Account Deposit (section 3.03) (b) (x))                              |  |   |                |                          |  | $ |               |  |                   
|                                                                                 |  |   |               
|(xi) Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |   |                |                          |  | $ | 1,265,567.93   |  |                   
|                                                                                 |  |   |               
|Total Distribution from the Collection Account                                   |  |   |                |                          |  | $ | 20,286,881.26  |  |                   
|                                                                                 | 
|Trustee Transfer to IOSC                                                         |  |   |                | IOSC Transfer to Trustee
|                                                                                 |  |   |               
|Adv Payments                                                                     |  | $ | 15,891.83      |                          |  |   |                |  |                   
|Reimburse Servicer Advances                                                      |  |   | 2,206,134.68   |                          |  |   |                |  |                   
|Remaining Coll                                                                   |  |   | 1,265,567.93   |                          |  | $ | 1,531,625.64   |  | Early Terms       
|Servicing Fee Less Trustee Fee                                                   |  |   | 245,990.52     |                          |  |   | 2,411,942.12   |  | Servicer Advances 
|                                                                                 |  |   |                |                          |  |   |                |  |                   
|                                                                                 |  |   | 3,733,584.96   |                          |  |   | 3,943,567.76   |  |                   
|                                                                                 |  |   |               
|RECONCILIATION OF NOTES                                                          |  |   |                |                          |  |   |                |  |                   
|                                                                                 |  |   |               
|Beginning Discounted Present Value of the Leases                                 |  |   |                |                          |  | $ | 441,179,412.22 |  |                   
|                                                                                 |  |   |               
|Discounted Present Value of the Performing Leases as of the Current Due Period   |  |   |                |                          |  | $ | 424,292,249.29 |  |                   
|                                                                                 |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period          |  |   |                |                          |  | $ | 15,090,520.78  |  |                   
|                                                                                 |  |   |               
|Class A - 1                                                                      |  |   |                |                          |  |   |                |  |                   
|                                                                                 |  |   |               
|Beginning Class A Principal Balance                                              |  |   |                |                          |  | $ |               |  |                   
|Principal in Current Period                                                      |  |   |                |                          |  | $ |               |  |                   
|Ending Class A-1 Principal Balance                                               |  |   |                |                          |  | $ |               |  |                   
|                                                                                 |  |   |               
|Interest due this Due Period                                                     |  |   |                | %                        |  | $ |               |  |                   
|                                                                                 |  |   |               
|Interest Paid Per $1,000                                                         |  | $ |               |                          |  | $ |               |  |                   
|Original Class A-1 Face                                                          |  |   | 171,000,000.00 |                          |  |   |                |  |                   
|                                                                                 |  |   |               
|Principal Paid Per $1,000                                                        |  | $ |               |                          |  | $ |               |  |                   
|Original Class A-1 Face                                                          |  |   | 171,000,000.00 |                          |  |   |                |  |                   
|                                                                                 |  |   |               
|Ending Principal Balance Factor                                                  |  |   |                |                          |  |   |                |  |                   
|(Ending Class A Principal/Original Class A-1 Face)                               |  |   | 0.0000000000   | %                        |  |   |                |  |                   



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 16                



|                                                     |  |   |                |   |  |   |               
|---------------------------------------------------- |  | - | -------------- | - |  | - | --------------
|Class A-2                                            |  |   |                |   |  |   |               
|Beginning Class A-2 Principal Balance                |  |   |                |   |  | $ |              
|Principal in Current Period                          |  |   |                |   |  | $ |              
|Ending Class A-2 Principal Balance                   |  |   |                |   |  | $ |              
|                                                     |  |  
|Interest due this Due Period                         |  |   |                | % |  | $ |              
|                                                     |  |  
|Interest Paid Per $1,000                             |  | $ |               |   |  | $ |              
|Original Class A-2 Face                              |  |   | 46,000,000.00  |   |  |   |               
|                                                     |  |  
|Principal Paid Per $1,000                            |  | $ |               |   |  | $ |              
|Original Class A-2 Face                              |  |   | 46,000,000.00  |   |  |   |               
|                                                     |  |  
|Ending Principal Balance Factor                      |  |   |                |   |  |   |               
|(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 0.0000000000   | % |  |   |               
|                                                     |  |  
|Class A-3                                            |  |   |                |   |  |   |               
|Beginning Class A-3 Principal Balance                |  |   |                |   |  | $ | 242,841,908.58
|Principal in Current Period                          |  |   |                |   |  | $ | 15,090,520.78 
|Ending Class A-3 Principal Balance                   |  |   |                |   |  | $ | 227,751,387.80
|                                                     |  |  
|Interest due this Due Period                         |  |   |                | % |  | $ | 789,236.20    
|                                                     |  |  
|Interest Paid Per $1,000                             |  | $ | 2.9625983592   |   |  | $ | 789,236.20    
|Original Class A-3 Face                              |  |   | 266,400,000.00 |   |  |   |               
|                                                     |  |  
|Principal Paid Per $1,000                            |  | $ | 56.6460990192  |   |  | $ | 15,090,520.78 
|Original Class A-3 Face                              |  |   | 266,400,000.00 |   |  |   |               
|                                                     |  |  
|Ending Principal Balance Factor                      |  |   |                |   |  |   |               
|(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 85.4922626886  | % |  |   |               
|                                                     |  |  
|Class A-4                                            |  |   |                |   |  |   |               
|Beginning Class A-4 Principal Balance                |  |   |                |   |  | $ | 151,400,000.00
|Principal in Current Period                          |  |   |                |   |  | $ |              
|Ending Class A-4 Principal Balance                   |  |   |                |   |  | $ | 151,400,000.00
|                                                     |  |  
|Interest due this Due Period                         |  |   |                | % |  | $ | 590,460.00    
|                                                     |  |  
|Interest Paid Per $1,000                             |  | $ | 3.9000000000   |   |  | $ | 590,460.00    
|Original Class A-4 Face                              |  |   | 151,400,000.00 |   |  |   |               
|                                                     |  |  
|Principal Paid Per $1,000                            |  | $ |               |   |  | $ |              
|Original Class A-4 Face                              |  |   | 151,400,000.00 |   |  |   |               
|                                                     |  |  
|Ending Principal Balance Factor                      |  |   |                |   |  |   |               
|(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |  |   |               
|                                                     |  |  
|Overcollateralization Amount                         |  |   |                |   |  | $ | 45,140,861.49 
|                                                     |  |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED             |  |   |                |   |  |   |               
|                                                     |  |  
|Discounted Present Value of the Leases which are:    |  |   |                |   |  |   |               
|31-60 DAYS OVERDUE                                   |  |   |                |   |  | $ | 16,803,607.80 
|61-90 DAYS OVERDUE                                   |  |   |                |   |  | $ | 5,204,709.41  
|91-120 DAYS OVERDUE                                  |  |   |                |   |  | $ | 1,780,954.07  



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 16                



|                                                                                     |  |        |   |  |   |               
|------------------------------------------------------------------------------------ |  | ------ | - |  | - | --------------
|Other Information to be provided                                                     |  |        |   |  |   |               
|Total Contracts for Reporting Period                                                 |  | Aug-03 |   |  |   | 34,888        
|                                                                                     |  |       
|Occurrence of an Event of Default Under the Indenture                                |  |        |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |        |   |  |   | N             
|                                                                                     |  |       
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.07   | % |  | $ | 492,598.37    
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00  | % |  | $ | 69,001,892.75 
|                                                                                     |  |       
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 1.92   | % |  | $ | 13,248,251.19 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00  | % |  | $ | 69,001,892.75 
|                                                                                     |  |       
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 1.33   | % |  | $ | 9,170,453.41  
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00  | % |  | $ | 138,003,785.50



|             |  |                                               
|------------ |  | ----------------------------------------------
|             | 
|Prepared by: |  | Harold M. Bright                              
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC       
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Harry G. Kozee                                
|             | 
|Title:       |  | VP - Finance - IOS Capital, LLC               
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Kathleen M. Burns                             
|             | 
|Title:       |  | VP and Treasurer - IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                               



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 17              



|                                                                |  |                                                                                              |                |   |               
|--------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------- | -------------- | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                  |  |                                                                                              |               
|Beginning Balance (DPVL as of last date of previous Due Period) |  | $                                                                                            | 424,292,249.29
|                                                                |  |                                                                                             
|Less:                                                           |  | DPV Principal Payments Due on Leases - Current Month                                         |                |   | 14,542,612.89 
|Less:                                                           |  | DPV Non-Performing Leases - current monthover 120 days, etc                                 |                |   | 810,398.19    
|Less:                                                           |  | DPV Adjusted / Warranty Leases                                                               |                |   |              
|Less:                                                           |  | DPV Amounts on Early Termination Leases                                                      |                |   | 3,210,216.40  
|                                                                |  |                                                                                              |                |   |               
|                                                                |  |                                                                                             
|Subtotal:                                                       |  |                                                                                              |                | $ | 405,729,021.81
|                                                                |  |                                                                                             
|Add:                                                            |  | DPV Substitute Leases                                                                        |                |   |               
|                                                                |  | Non-performing                                                                               |                |   | 811,012.42    
|                                                                |  | Adjusted / Warranty                                                                          |                |   |              
|Add:                                                            |  | DPV Additional Leases for Early Terminations                                                 |                |   |              
|                                                                |  |                                                                                              |                |   |               
|Ending Balance (DPVL as of last date of current Due Period)     |  | $                                                                                            | 406,540,034.23
|                                                                | 
|OVERDUE LEASE PAYMENTS                                          |  |                                                                                              |               
|                                                                | 
|Reimburse Servicer Advances relating to the prior Payment Date: |  |                                                                                              |               
|                                                                | 
|Beginning outstanding servicer advances                         |  |                                                                                              | 8,077,939.93  
|Less:                                                           |  | Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |                |   | 2,241,596.78  
|Add:                                                            |  | Servicer Adv for scheduled payments not made in current period                               |                |   | 2,265,999.81  
|                                                                |  |                                                                                              |                |   |               
|Ending outstanding servicer advances                            |  |                                                                                              | 8,102,342.96  
|                                                                | 
|ADVANCE LEASE PAYMENTS                                          |  |                                                                                              |               
|                                                                | 
|Beginning amount of lease payments to be applied in future      |  |                                                                                              | 747,669.01    
|Less:                                                           |  | Applied to Current from Prepaid - including intermonth activity                              |                |   | 1,835,976.08  
|Less:                                                           |  | Repurchased Leases                                                                           |                |   |              
|Less:                                                           |  | Advance Payments on Non-Performing Leases                                                    |                |   |              
|Add:                                                            |  | Received This Month - including intermonth activity                                          |                |   | 1,863,775.82  
|Add:                                                            |  | Received in Prior Month                                                                      |                |   |              
|                                                                |  |                                                                                              |                |   |               
|Ending amount of lease payments to be applied in future         |  |                                                                                              | 775,468.75    
|                                                                | 
|RECONCILIATION OF RESERVE ACCOUNT                               |  |                                                                                              |               
|                                                                | 
|Beginning Balance                                               |  |                                                                                              | 6,900,189.27  
|Less:                                                           |  | Deposit to Collection Account (if any)                                                       |                |   |              
|Ending Balance                                                  |  |                                                                                              | 6,900,189.27  
|                                                                | 
|Required Reserve Account                                        |  |                                                                                              |               
|Lesser of 1% of $ or Outstanding Notes Amount                   |  |                                                                                              | 6,900,189.27  
|                                                                | 
|Reserve Account in excess of Required Reserve                   |  |                                                                                              |              
|Deposits into Reserve Account                                   |  |                                                                                              |              
|Amounts Released to Issuer                                      |  |                                                                                              |              
|                                                                |  |                                                                                              |                |   |               
|Ending Balance                                                  |  |                                                                                              | 6,900,189.27  
|                                                                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                      |  |                                                                                              |               
|                                                                | 
|Beginning Balance                                               |  |                                                                                              | 33,039.77     
|Less:                                                           |  | Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |                |   |              
|Add:                                                            |  | Additional Security Deposits collected on leases                                             |                |   |              
|                                                                |  |                                                                                              |                |   |               
|                                                                | 
|Ending Balance                                                  |  |                                                                                              | 33,039.77     



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 17              



|                                                                                                                 |  |                                                                 |  |   |                |     |  |       |   |  |                        
|---------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------- |  | - | -------------- | --- |  | ----- | - |  | -----------------------
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                |  |                                                                 |  |   |                |     |  |       |  
|                                                                                                                 |  |                                                                 | 
|Beginning Balance                                                                                                |  |                                                                 |  |   |                |    |  |       |  
|Less:                                                                                                            |  | Deposit to Collection Account (if any)                          |  |   |                |     |  |      |   |  |                        
|Plus:                                                                                                            |  | Deposit to Renewal Account                                      |  |   |                |     |  |      |   |  |                        
|                                                                                                                 |  |                                                                 |  |   |                |     |  |       |   |  |                        
|Ending Balance                                                                                                   |  |                                                                 |  |   |                |    |  |       |  
|                                                                                                                 |  |                                                                 | 
|Renewal Account Deposit Required                                                                                 |  |                                                                 |  |   |                | N   |  |       |  
|Renewal Deposit                                                                                                  |  |                                                                 |  |   |                |    |  |       |  
|                                                                                                                 |  |                                                                 | 
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                 |  |                                                                 |  |   |                |    |  |       |  
|Lesser of:                                                                                                       |  | 2% of Discounted PV of Leases as of the initial Cutoff Date     |  | $ | 13,800,378.54  |     |  |       |   |  |                        
|                                                                                                                 |  | Outstanding Balance of Notes minus Reserves                     |  | $ | 356,387,659.38 |     |  |       |   |  |                        
|                                                                                                                 |  |                                                                 | 
|COMPLIANCE RATIO CALCULATIONS                                                                                    |  |                                                                 |  |   |                |     |  |       |  
|Calculate Annualized Default Rate                                                                                |  |                                                                 |  |   |                |     |  |       |  
|                                                                                                                 |  | # of days delinquent to declare Defaulted Lease                 |  |   |                |     |  | 121   |   |  |                        
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Discounted Present Value of Defaulted Leases (Less Recoveries): |  |   |                |     |  |       |   |  |                        
|                                                                                                                 |  | This Month                                                      |  |   |                |     |  | 1.25  | % |  | Annualized September 03
|                                                                                                                 |  | Last Month                                                      |  |   |                |     |  | 0.49  | % |  | Annualized August 03   
|                                                                                                                 |  | Two Months ago                                                  |  |   |                |     |  | 1.62  | % |  | Annualized July 03     
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | 3 mos. Average                                                  |  |   |                |     |  | 1.12  | % |  |                        
|                                                                                                                 |  |                                                                 | 
|Calculate Delinquency Rate                                                                                       |  |                                                                 |  |   |                |     |  |       |  
|                                                                                                                 |  | # of days delinquent to declare Delinquent Lease                |  |   |                |     |  | 61    |   |  |                        
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Discounted Present Value of Delinquent Leases:                  |  |   |                |     |  |       |   |  |                        
|                                                                                                                 |  | This Month                                                      |  |   |                |     |  | 1.39  | % |  |                        
|                                                                                                                 |  | Last Month                                                      |  |   |                |     |  | 1.65  | % |  |                        
|                                                                                                                 |  | Two Months ago                                                  |  |   |                |     |  | 1.33  | % |  |                        
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | 3 mos. Average                                                  |  |   |                |     |  | 1.46  | % |  |                        
|                                                                                                                 |  |                                                                 | 
|Calculate Renewal Trigger Ratio                                                                                  |  |                                                                 |  |   |                |     |  |       |  
|                                                                                                                 |  |                                                                 | 
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |                                                                 |  |   |                | 267 |  |       |  
|                                                                                                                 |  | This Month                                                      |  |   | 88             |     |  |       |   |  |                        
|                                                                                                                 |  | Last Month                                                      |  |   | 86             |     |  |       |   |  |                        
|                                                                                                                 |  | Two Months ago                                                  |  |   | 93             |     |  |       |   |  |                        
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |                                                                 |  |   |                | 410 |  |       |  
|                                                                                                                 |  | This Month                                                      |  |   | 114            |     |  |       |   |  |                        
|                                                                                                                 |  | Last Month                                                      |  |   | 152            |     |  |       |   |  |                        
|                                                                                                                 |  | Two Months ago                                                  |  |   | 144            |     |  |       |   |  |                        
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Renewal Trigger Ratio                                           |  |   |                |     |  | 65.12 | % |  |                        
|                                                                                                                 |  |                                                                 | 
|Acceleration Event                                                                                               |  |                                                                 |  |   |                |     |  |       |  
|                                                                                                                 |  | Triggered if                                                    |  |   |                |     |  |       |   |  |                        
|                                                                                                                 |  | Annualized Default Rate greater than                            |  |   | 6.25           | %   |  |       |   |  |                        
|                                                                                                                 |  | Delinquency Rate greater than                                   |  |   | 8.00           | %   |  |       |   |  |                        
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Acceleration Event Triggered? (Y/N)                             |  |   |                |     |  | N     |   |  |                        
|                                                                                                                 |  |                                                                 | 
|Renewal Trigger Event                                                                                            |  |                                                                 |  |   |                |     |  |       |  
|                                                                                                                 |  | Triggered if Renewal Trigger Ratio is less than 20%             |  |   |                |     |  |       |   |  |                        
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Trigger? (Y/N)                                                  |  |   |                |     |  | N     |   |  |                        
|                                                                                                                 |  |                                                                 | 
|Servicer Event of Default                                                                                        |  |                                                                 |  |   |                |     |  |       |  
|                                                                                                                 |  | Triggered if                                                    |  |   |                |     |  |       |   |  |                        
|                                                                                                                 |  | Annualized Default Rate greater than                            |  |   | 8.00           | %   |  |       |   |  |                        
|                                                                                                                 |  | Delinquency Rate greater than                                   |  |   | 10.00          | %   |  |       |   |  |                        
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Servicer Event Triggered? (Y/N)                                 |  |   |                |     |  | N     |   |  |                        



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 17              



|                                                                            |  |                                                                                  |   |      |               |  |                                     |  |                     
|--------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - | ---- | ------------- |  | ----------------------------------- |  | --------------------
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT   |  |                                                                                  |   |      |               |  |                                    
|                                                                            |  |                                                                                  |  
|Deposits by or on behalf of the Servicer:                                   |  |                                                                                  |   |      |               |  |                                    
|                                                                            |  |                                                                                  |   |     
|Section 3.03 (a) (i)                                                        |  | Total lease payments applied for current due period                              |   |      |               |  | 14,531,440.99                       |  |                     
|Section 3.03 (a) (i)                                                        |  | Lease payments received on current months receivables                           |   |      |               |  | 12,289,844.21                       |  |                     
|Section 3.03 (a) (i)                                                        |  | Lease payments received on prior months receivables                             |   |      |               |  | 2,241,596.78                        |  |                     
|Section 3.03 (a) (i)                                                        |  | Renewal payments                                                                 |   |      |               |  | 187,382.32                          |  |                     
|Section 3.03 (a) (i)                                                        |  | Early Termination cash                                                           |   |      |               |  | 3,210,216.40                        |  |                     
|                                                                            |  | Advance payments for current month                                               |   |      |               |  | 1,835,976.08                        |  |                     
|                                                                            |  | Advance payments for future months                                               |   |      |               |  |                                    |  |                     
|Section 3.03 (a) (iv, x)                                                    |  | Lease Purchase amounts for breaches of reps and/or early terminations            |   |      |               |  |                                     |  |                     
|Section 3.03 (a) (ii)                                                       |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |   |      |               |  |                                    |  |                     
|Section 3.03 (a) (iii)                                                      |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |      |               |  |                                    |  |                     
|                                                                            |  |                                                                                  |   |     
|Section 3.03 (a) (v)                                                        |  | Investment Earnings on Accounts:                                                 |   |      |               |  |                                     |  |                     
|Section 3.03 (a) (v)                                                        |  | Collection Account                                                               |   |      |               |  | 3,472.93                            |  |                     
|Section 3.03 (a) (v)                                                        |  | Reserve Account                                                                  |   |      |               |  | 1,670.68                            |  |                     
|Section 3.03 (a) (v)                                                        |  | Security Deposit Account                                                         |   |      |               |  | 8.12                                |  |                     
|Section 3.03 (a) (vi)                                                       |  | Casualty Payments                                                                |   |      |               |  |                                    |  |                     
|Section 3.03 (a) (vii)                                                      |  | Servicer Adv for scheduled payments not made in current period                   |   |      |               |  | 2,265,999.81                        |  |                     
|                                                                            |  |                                                                                  |   |     
|Section 3.03 (a) (viii)                                                     |  | Retainable Security Deposits                                                     |   |      |               |  |                                    |  |                     
|Section 3.03 (a) (xi)                                                       |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |      |               |  |                                    |  |                     
|                                                                            |  |                                                                                  |   |      |               |  |                                     |  |                     
|                                                                            |  | Total amounts in the Collection Account related to the Current Collection Period |   |      |               |  | 22,036,167.33                       |  |                     
|                                                                            |  |                                                                                  |  
|Transfers made by Trustee to the Collection Account                         |  |                                                                                  |   |      |               |  |                                    
|                                                                            |  | Optional Payments Received from AMBAC                                            |   |      |               |  |                                     |  |                     
|                                                                            |  | Insured Payments Received from AMBAC                                             |   |      |               |  |                                    |  |                     
|                                                                            |  | Shortfall Required to be Deposited From Renewal Account                          |   |      |               |  |                                    |  |                     
|                                                                            |  | Shortfall Required to be Deposited From Reserve Account                          |   |      |               |  |                                    |  |                     
|                                                                            |  |                                                                                  |   |     
|                                                                            |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |      |               |  |                                    |  |                     
|                                                                            |  |                                                                                  |   |     
|Less                                                                        |  | Credit for payments applied in prior period                                      |   |      |               |  |                                    |  |                     
|                                                                            |  |                                                                                  |   |      |               |  |                                     |  |                     
|Total deposited into the Collection Account                                 |  |                                                                                  |   |      | 22,036,167.33 |  |                                    
|                                                                            |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                       |  |                                                                                  |   |      |               |  |                                    
|                                                                            |  |                                                                                  |   |     
|Surety Fee                                                                  |  |                                                                                  |   | 0.30 | %             |  | 94,787.85                           |  | Surety Fee August 03
|(i) Section 3.03 (b) (i) 0.30% of Outstanding Principal Amount of the Notes |  |                                                                                  |   |      |               |  |                                    
|                                                                            |  |                                                                                  |  
|(ii) Section 3.03 (b) (ii)                                                  |  |                                                                                  |   |      |               |  |                                    
|                                                                            |  |                                                                                  |  
|Servicing Fee                                                               |  | 0.75                                                                             | % |      | 236,969.62    |  | No Distribution on this Amount     
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV     |  |                                                                                  |   |      |               |  |                                    
|(iii) Section 3.03 (b) (iii)                                                |  |                                                                                  |   |      |               |  |                                    
|                                                                            |  |                                                                                  |  
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes           |  | 0.0012500                                                                        | % |      | 394.95        |  | Trustee Fees - Bank of New York    
|                                                                            |  |                                                                                  |   |      |               |  |                                     |  |                     
|Minimum Fee = $ 250.00                                                      |  |                                                                                  |   |      |               |  |                                    
|Servicing Fee Less Trustee Fee                                              |  |                                                                                  |   |      | 236,574.67    |  | IOSC Net Servicing Fee Distribution
|                                                                            |  |                                                                                  |  
|(iv) Section 3.03 (b) (iv)                                                  |  |                                                                                  |   |      |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                |  |                                                                                  |   |      | 2,241,596.78  |  | IOSC Svc Advance reimbursement     
|                                                                            |  |                                                                                  |   |      |               |  |                                     |  |                     
|Remaining Available to be Distributed to Noteholders                        |  |                                                                                  |   |      | 19,462,813.09 |  |                                    



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 17              



|       |  |                                                                                   |  |   |                |                          |  |   |                |  |                   
|------ |  | --------------------------------------------------------------------------------- |  | - | -------------- | ------------------------ |  | - | -------------- |  | ------------------
|(v)    |  | DisbursementsSection 3.03 (b) (v)                                                 |  |   |                |                          |  |   |                |  | Actual Days for A1
|       |  | Class A-1 Interest Due (Act/360 Basis)                                            |  |   | 2.04400        | %                        |  | $ |               |  | 30                
|       |  | Class A-2 Interest Due (30/360 Basis)                                             |  |   | 2.91000        | %                        |  | $ |               |  |                   
|       |  | Class A-3 Interest Due (30/360 Basis)                                             |  |   | 3.90000        | %                        |  | $ | 740,192.01     |  |                   
|       |  | Class A-4 Interest Due (30/360 Basis)                                             |  |   | 4.68000        | %                        |  | $ | 590,460.00     |  |                   
|       |  |                                                                                   |  |   |                |                          |  |   |                |  |                   
|       |  | Total Class A Interest Due                                                        |  |   |                |                          |  | $ | 1,330,652.01   |  |                   
|       |  | Class A Interest Paid                                                             |  |   |                |                          |  | $ | 1,330,652.01   |  |                   
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                      |  |   |                |                          |  | $ |               |  |                   
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                                 |  |   |                |                          |  | $ |               |  |                   
|       |  | Beginning Aggregate Class A Note Balance                                          |  |   |                |                          |  | $ | 379,151,387.80 |  |                   
|       |  | Class A Principal Payment While Class A-1 Outstanding                             |  |   |                |                          |  | $ |               |  |                   
|       |  | Class A Principal Payment After Class A-1 Retired                                 |  |   | 89.36090       | %                        |  | $ | 15,863,539.15  |  |                   
|       |  | Aggregate Class A Principal Payment                                               |  |   |                |                          |  | $ | 15,863,539.15  |  |                   
|(vii)  |  | Class A Principal Paid                                                            |  |   |                |                          |  | $ | 15,863,539.15  |  |                   
|       |  | Ending Aggregate Class A Note Balance                                             |  |   |                |                          |  | $ | 363,287,848.65 |  |                   
|       |  | Overcollateralization Floor                                                       |  |   |                |                          |  |   |                |  |                   
|       |  | 2.5% of $690,018,927.51                                                           |  |   |                |                          |  | $ | 17,250,473.19  |  |                   
|       |  | Plus: Cumulative Loss Amount                                                      |  |   |                |                          |  | $ |               |  |                   
|       |  | Less: Reserve Account Ending Balance                                              |  |   |                |                          |  | $ | 6,900,189.27   |  |                   
|       |  | Overcollateralization Floor                                                       |  |   |                |                          |  | $ | 10,350,283.92  |  | N                 
|(viii) |  | Additional Class A Principal                                                      |  |   |                |                          |  | $ |               |  |                   
|       |  | Additional Principal Class A Paid                                                 |  |   |                |                          |  | $ |               |  |                   
|       |  | End of Period Class A Note Balance                                                |  |   |                |                          |  | $ | 363,287,848.65 |  |                   
|       |  |                                                                                   |  |  
|       |  | Remaining Collections After Distributions to Noteholders                          |  |   |                |                          |  | $ | 2,268,621.93   |  |                   
|       |  |                                                                                   |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                   |  |   |                |                          |  | $ |               |  |                   
|       |  |                                                                                   |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                   |  |   |                |                          |  | $ |               |  |                   
|       |  |                                                                                   |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))       |  |   |                |                          |  | $ | 2,268,621.93   |  |                   
|       |  |                                                                                   |  |  
|       |  | Total Distribution from the Collection Account                                    |  |   |                |                          |  | $ | 22,036,167.33  |  |                   
|       |  |                                                                                  
|       |  | Trustee Transfer to IOSC                                                          |  |   |                | IOSC Transfer to Trustee
|       |  |                                                                                   |  |  
|       |  | Reimburse Servicer Advances                                                       |  | $ | 2,241,596.78   |                          |  | $ | 27,799.74      |  | Adv Payments      
|       |  | Remaining Coll                                                                    |  |   | 2,268,621.93   |                          |  |   | 3,210,216.40   |  | Early Terms       
|       |  | Servicing Fee Less Trustee Fee                                                    |  |   | 236,574.67     |                          |  |   | 2,265,999.81   |  | Servicer Advances 
|       |  |                                                                                   |  |   |                |                          |  |   |                |  |                   
|       |  |                                                                                   |  | $ | 4,746,793.38   |                          |  | $ | 5,504,015.95   |  |                   
|       |  |                                                                                   |  |  
|       |  | RECONCILIATION OF NOTES                                                           |  |   |                |                          |  |   |                |  |                   
|       |  |                                                                                   |  |  
|       |  | Beginning Discounted Present Value of the Leases                                  |  |   |                |                          |  | $ | 424,292,249.29 |  |                   
|       |  |                                                                                   |  |  
|       |  | Discounted Present Value of the Performing Leases as of the Current Due Period    |  |   |                |                          |  | $ | 406,540,034.23 |  |                   
|       |  |                                                                                   |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period           |  |   |                |                          |  | $ | 15,863,539.15  |  |                   
|       |  |                                                                                   |  |  
|       |  | Class A -1                                                                        |  |   |                |                          |  |   |                |  |                   
|       |  | Beginning Class A Principal Balance                                               |  |   |                |                          |  | $ |               |  |                   
|       |  | Principal in Current Period                                                       |  |   |                |                          |  | $ |               |  |                   
|       |  | Ending Class A-1 Principal Balance                                                |  |   |                |                          |  | $ |               |  |                   
|       |  |                                                                                   |  |  
|       |  | Interest due this Due Period                                                      |  |   |                | %                        |  | $ |               |  |                   
|       |  |                                                                                   |  |  
|       |  | Interest Paid Per $1,000                                                          |  | $ |               |                          |  | $ |               |  |                   
|       |  | Original Class A-1 Face                                                           |  |   | 171,000,000.00 |                          |  |   |                |  |                   
|       |  |                                                                                   |  |  
|       |  | Principal Paid Per $1,000                                                         |  | $ |               |                          |  | $ |               |  |                   
|       |  | Original Class A-1 Face                                                           |  |   | 171,000,000.00 |                          |  |   |                |  |                   
|       |  |                                                                                   |  |  
|       |  | Ending Principal Balance Factor(Ending Class A Principal/Original Class A-1 Face) |  |   | 0.0000000000   | %                        |  |   |                |  |                   



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 17              



|                                                                                    |  |   |                |   |  |   |               
|----------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | --------------
|Class A-2                                                                           |  |   |                |   |  |   |               
|Beginning Class A-2 Principal Balance                                               |  |   |                |   |  | $ |              
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-2 Principal Balance                                                  |  |   |                |   |  | $ |              
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   | %              |   |  | $ |              
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ |               |   |  | $ |              
|Original Class A-2 Face                                                             |  |   | 46,000,000.00  |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-2 Face                                                             |  |   | 46,000,000.00  |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 0.0000000000   | % |  |   |               
|                                                                                    |  |  
|Class A-3                                                                           |  |   |                |   |  |   |               
|Beginning Class A-3 Principal Balance                                               |  |   |                |   |  | $ | 227,751,387.80
|Principal in Current Period                                                         |  |   |                |   |  | $ | 15,863,539.15 
|Ending Class A-3 Principal Balance                                                  |  |   |                |   |  | $ | 211,887,848.65
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   | %              |   |  | $ | 740,192.01    
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 2.7784985374   |   |  | $ | 740,192.01    
|Original Class A-3 Face                                                             |  |   | 266,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ | 59.5478196229  |   |  | $ | 15,863,539.15 
|Original Class A-3 Face                                                             |  |   | 266,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 79.5374807263  | % |  |   |               
|                                                                                    |  |  
|Class A-4                                                                           |  |   |                |   |  |   |               
|Beginning Class A-4 Principal Balance                                               |  |   |                |   |  | $ | 151,400,000.00
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-4 Principal Balance                                                  |  |   |                |   |  | $ | 151,400,000.00
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   | %              |   |  | $ | 590,460.00    
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 3.9000000000   |   |  | $ | 590,460.00    
|Original Class A-4 Face                                                             |  |   | 151,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-4 Face                                                             |  |   | 151,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |  |   |               
|                                                                                    |  |  
|Overcollateralization Amount                                                        |  |   |                |   |  | $ | 43,252,185.58 



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Bank of America Lease-Backed Notes Series 2002-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 17              



|                                                                                     |  |        |   |  |   |               
|------------------------------------------------------------------------------------ |  | ------ | - |  | - | --------------
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |        |   |  |   |               
|                                                                                     |  |       
|Discounted Present Value of the Leases which are:                                    |  |        |   |  |   |               
|31-60 DAYS OVERDUE                                                                   |  |        |   |  | $ | 13,124,776.22 
|61-90 DAYS OVERDUE                                                                   |  |        |   |  | $ | 3,836,904.36  
|91-120 DAYS OVERDUE                                                                  |  |        |   |  | $ | 1,798,764.61  
|                                                                                     |  |       
|Other Information to be provided                                                     |  |        |   |  |   |               
|Total Contracts for Reporting Period                                                 |  | Sep-03 |   |  |   | 34,362        
|                                                                                     |  |       
|Occurrence of an Event of Default Under the Indenture                                |  |        |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |        |   |  |   | N             
|                                                                                     |  |       
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.07   | % |  | $ | 492,598.37    
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00  | % |  | $ | 69,001,892.75 
|                                                                                     |  |       
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 2.04   | % |  | $ | 14,059,263.61 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00  | % |  | $ | 69,001,892.75 
|                                                                                     |  |       
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 1.33   | % |  | $ | 9,170,453.41  
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00  | % |  | $ | 138,003,785.50



|             |  |                                               
|------------ |  | ----------------------------------------------
|Prepared by: |  | Harold M. Bright                              
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC       
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Harry G. Kozee                                
|             | 
|Title:       |  | VP - Finance - IOS Capital, LLC               
|             | 
|Date:        |  |                                               
|             | 
|Approved by: |  | Kathleen M. Burns                             
|             | 
|Title:       |  | VP and Treasurer - IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                               



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 1           



|                                                                                                                  |  |   |                |  |   |               
|----------------------------------------------------------------------------------------------------------------- |  | - | -------------- |  | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                                                                    |  |   |                |  |   |               
|Beginning Balance (DPVL as of last date of previous Due Period)                                                   |  |   |                |  | $ | 918,690,218.25
|                                                                                                                  |  |  
|Less:                DPV Principal Payments Due on Leases -
Current Month                                         |  |   |                |  |   | 24,111,512.71 
|Less:                DPV Non-Performing Leases - current
monthover 120 days,etc                                  |  |   |                |  |   | 205,203.68    
|Less:                DPV Adjusted / Warranty
Leases                                                               |  |   |                |  |   |              
|Less:                DPV Amounts on Early Termination
Leases                                                      |  |   |                |  |   | 2,377,873.34  
|                                                                                                                  |  |   |                |  |   |               
|Subtotal:                                                                                                         |  |   |                |  | $ | 891,995,628.52
|                                                                                                                  |  |  
|Add:                DPV Substitute Leases                                                                         |  |   |                |  |   |               
|Non-Performing                                                                                                    |  |   |                |  |   | 206,090.79    
|Adjusted / Warranty                                                                                               |  |   |                |  |   |              
|Add:                DPV Additional Leases for Early
Terminations                                                  |  |   |                |  |   |              
|                                                                                                                  |  |   |                |  |   |               
|Ending Balance (DPVL as of last date of current Due Period)                                                       |  |   |                |  | $ | 892,201,719.31
|                                                                                                                  |  |  
|OVERDUE LEASE PAYMENTS                                                                                            |  |   |                |  |   |               
|                                                                                                                  |  |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                                   |  |   |                |  |   |               
|                                                                                                                  |  |  
|Beginning outstanding servicer advances                                                                           |  |   |                |  |   |              
|Less:                Reimburse Servicer Advances owed to IOSC
not prev reimbursed                                 |  |   |                |  |   | 3,231,840.44  
|Add:                Servicer Adv for scheduled payments not
made in current period                                |  |   |                |  |   | 5,407,088.24  
|                                                                                                                  |  |   |                |  |   |               
|Ending outstanding servicer advances                                                                              |  |   |                |  |   | 2,175,247.80  
|                                                                                                                  |  |  
|ADVANCE LEASE PAYMENTS                                                                                            |  |   |                |  |   |               
|                                                                                                                  |  |  
|Beginning amount of lease payments to be applied in future                                                        |  |   |                |  |   | 2,104,936.19  
|Less:                Applied to Current from Prepaid -
including intermonth activity                              |  |   |                |  |   | 1,870,058.78  
|Less:                Repurchased Leases                                                                           |  |   |                |  |   |              
|Less:                Advance Payments on Non-Performing
Leases                                                    |  |   |                |  |   |              
|Add:                Received This Month - including intermonth
activity                                           |  |   |                |  |   | 1,059,344.28  
|Add:                Received in Prior Month                                                                       |  |   |                |  |   |              
|                                                                                                                  |  |   |                |  |   |               
|Ending amount of lease payments to be applied in future                                                           |  |   |                |  |   | 1,294,221.69  
|                                                                                                                  |  |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                                 |  |   |                |  |   |               
|                                                                                                                  |  |  
|Beginning Balance                                                                                                 |  |   |                |  |   | 9,186,902.18  
|Less:                Deposit to Collection Account (if
any)                                                       |  |   |                |  |   |              
|Ending Balance                                                                                                    |  |   |                |  |   | 9,186,902.18  
|                                                                                                                  |  |  
|Required Reserve Account                                                                                          |  |   |                |  |   |               
|Lesser of 1% of $ or Outstanding Notes Amount                                                                     |  |   |                |  |   | 9,186,902.18  
|                                                                                                                  |  |  
|Reserve Account in excess of Required Reserve                                                                     |  |   |                |  |   |              
|Deposits into Reserve Account                                                                                     |  |   |                |  |   |              
|Amounts Released to Issuer                                                                                        |  |   |                |  |   |              
|                                                                                                                  |  |   |                |  |   |               
|                                                                                                                  |  |  
|Ending Balance                                                                                                    |  |   |                |  |   | 9,186,902.18  
|                                                                                                                  |  |  
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                                        |  |   |                |  |   |               
|                                                                                                                  |  |  
|Beginning Balance                                                                                                 |  |   |                |  |   | 9,366.00      
|Less:                Retainable Deposits to be Deposited into
Collection Account and Amounts Repayable to Lessees |  |   |                |  |   | 2,216.88      
|Add:                Additional Security Deposits collected on
leases                                              |  |   |                |  |   |              
|                                                                                                                  |  |   |                |  |   |               
|Ending Balance                                                                                                    |  |   |                |  |   | 7,149.12      
|                                                                                                                  |  |  
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                 |  |   |                |  |   |               
|                                                                                                                  |  |  
|Begginning Balance                                                                                                |  |   |                |  |   |              
|Less:                Deposit to Collection Account (if
any)                                                       |  |   |                |  |   |              
|Plus:                Deposit to Renewal
Account                                                                   |  |   |                |  |   |              
|                                                                                                                  |  |   |                |  |   |               
|Ending Balance                                                                                                    |  |   |                |  |   |              
|                                                                                                                  |  |  
|Renewal Account Deposit Required                                                                                  |  |   |                |  |   | N             
|Renewal Deposit                                                                                                   |  |   |                |  |   |              
|                                                                                                                  |  |  
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                  |  |   |                |  |   |              
|Lesser of:                2% of Discounted PV of Leases as of
the initial Cutoff Date                             |  | $ | 18,373,804.37  |  |   |               
|Outstanding Balance of Notes minus Reserves                                                                       |  | $ | 816,409,598.88 |  |   |               



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 1           



|                                                                                                                 |  |      |   |  |       |   |  |                  
|---------------------------------------------------------------------------------------------------------------- |  | ---- | - |  | ----- | - |  | -----------------
|COMPLIANCE RATIO CALCULATIONS                                                                                    |  |      |   |  |       |   |  |                  
|Calculate Annualized Default Rate                                                                                |  |      |   |  |       |   |  |                  
|# of days delinquent to declare Defaulted Lease                                                                  |  |      |   |  | 121   |   |  |                  
|                                                                                                                 |  |      |  
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |      |   |  |       |   |  |                  
|This Month                                                                                                       |  |      |   |  | 0.02  | % |  | Annualized Apr 03
|Last Month                                                                                                       |  |      |   |  | 0.00  | % |  |                  
|Two Months ago                                                                                                   |  |      |   |  | 0.00  | % |  |                  
|                                                                                                                 |  |      |  
|3 mos. Average                                                                                                   |  |      |   |  | 0.01  | % |  |                  
|                                                                                                                 |  |      |  
|Calculate Delinquency Rate                                                                                       |  |      |   |  |       |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                 |  |      |   |  | 61    |   |  |                  
|                                                                                                                 |  |      |  
|Discounted Present Value of Delinquent Leases:                                                                   |  |      |   |  |       |   |  |                  
|This Month                                                                                                       |  |      |   |  | 1.31  | % |  |                  
|Last Month                                                                                                       |  |      |   |  | 0.00  | % |  |                  
|Two Months ago                                                                                                   |  |      |   |  | 0.00  | % |  |                  
|                                                                                                                 |  |      |  
|3 mos. Average                                                                                                   |  |      |   |  | 0.44  | % |  |                  
|                                                                                                                 |  |      |  
|Calculate Renewal Trigger Ratio                                                                                  |  |      |   |  |       |   |  |                  
|                                                                                                                 |  |      |  
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |      |   |  | 9     |   |  |                  
|This Month                                                                                                       |  | 9    |   |  |       |   |  |                  
|Last Month                                                                                                       |  | 0    |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  | 0    |   |  |       |   |  |                  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |      |   |  | 22    |   |  |                  
|This Month                                                                                                       |  | 22   |   |  |       |   |  |                  
|Last Month                                                                                                       |  | 0    |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  | 0    |   |  |       |   |  |                  
|                                                                                                                 |  |      |  
|Renewal Trigger Ratio                                                                                            |  |      |   |  | 40.91 | % |  |                  
|                                                                                                                 |  |      |  
|Acceleration Event                                                                                               |  |      |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |      |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  | 6.25 | % |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  | 7.00 | % |  |       |   |  |                  
|                                                                                                                 |  |      |  
|Acceleration Event Triggered? (Y/N)                                                                              |  |      |   |  | N     |   |  |                  
|                                                                                                                 |  |      |  
|Renewal Trigger Event                                                                                            |  |      |   |  |       |   |  |                  
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |      |   |  |       |   |  |                  
|                                                                                                                 |  |      |  
|Trigger? (Y/N)                                                                                                   |  |      |   |  | N     |   |  |                  
|                                                                                                                 |  |      |  
|Servicer Event of Default                                                                                        |  |      |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |      |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  | 8.00 | % |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  | 9.00 | % |  |       |   |  |                  
|                                                                                                                 |  |      |  
|Servicer Event Triggered? (Y/N)                                                                                  |  |      |   |  | N     |   |  |                  



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 1           



AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT



|                                                                            |  |                                                                                  |   |  |               |  |                                 |  |                                    
|--------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | ------------------------------- |  | -----------------------------------
|Deposits by or on behalf of the Servicer:                                   |  |                                                                                  |   |  |               |  |                                
|                                                                            |  |                                                                                  |   | 
|Section 3.03 (a) (i)                                                        |  | Total lease payments applied for current due period                              |   |  |               |  | 26,287,241.83                   |  |                                    
|Section 3.03 (a) (i)                                                        |  | Lease payments received on current months receivables                           |   |  |               |  | 20,442,938.41                   |  |                                    
|Section 3.03 (a) (i)                                                        |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |  | 5,844,303.42                    |  |                                    
|Section 3.03 (a) (i)                                                        |  | Renewal payments                                                                 |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (i)                                                        |  | Early Termination cash                                                           |   |  |               |  | 2,377,873.34                    |  |                                    
|                                                                            |  | Advance payments for current month                                               |   |  |               |  | 1,870,058.78                    |  |                                    
|                                                                            |  | Advance payments for future months                                               |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (iv, x)                                                    |  | Lease Purchase amounts for breaches of reps and/or early terminations            |   |  |               |  |                                 |  |                                    
|Section 3.03 (a) (ii)                                                       |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (iii)                                                      |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                  |   | 
|Section 3.03 (a) (v)                                                        |  | Investment Earnings on Accounts:                                                 |   |  |               |  |                                 |  |                                    
|Section 3.03 (a) (v)                                                        |  | Collection Account                                                               |   |  |               |  | 1,382.76                        |  |                                    
|Section 3.03 (a) (v)                                                        |  | Reserve Account                                                                  |   |  |               |  | 996.09                          |  |                                    
|Section 3.03 (a) (v)                                                        |  | Security Deposit Account                                                         |   |  |               |  | 1.05                            |  |                                    
|Section 3.03 (a) (vi)                                                       |  | Casualty Payments                                                                |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (vii)                                                      |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 5,407,088.24                    |  |                                    
|Section 3.03 (a) (viii)                                                     |  | Payments Received From Swap Counterparty                                         |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (viii)                                                     |  | Retainable Security Deposits                                                     |   |  |               |  |                                 |  |                                    
|Section 3.03 (a) (xi)                                                       |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                  |   |  |               |  |                                 |  |                                    
|                                                                            |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |  | 35,944,642.09                   |  |                                    
|                                                                            |  |                                                                                  |  
|Transfers made by Trustee to the Collection Account                         |  |                                                                                  |   |  |               |  |                                
|                                                                            |  | Optional Payments Received from AMBAC                                            |   |  |               |  |                                |  |                                    
|                                                                            |  | Insured Payments Received from AMBAC                                             |   |  |               |  |                                |  |                                    
|                                                                            |  | Shortfall Required to be Deposited From Renewal Account                          |   |  |               |  |                                |  |                                    
|                                                                            |  | Shortfall Required to be Deposited From Reserve Account                          |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                  |   | 
|                                                                            |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |  |               |  | 2,216.88                        |  |                                    
|                                                                            |  |                                                                                  |   | 
|Less                                                                        |  | Credit for payments applied in prior period                                      |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                  |   |  |               |  |                                 |  |                                    
|Total deposited into the Collection Account                                 |  |                                                                                  |   |  | 35,946,858.97 |  |                                
|                                                                            |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                       |  |                                                                                  |   |  |               |  |                                
|                                                                            |  |                                                                                  |  
|Surety Fee                                                                  |  | 0.28                                                                             | % |  | 145,801.21    |  | Surety Fee                     
|(i) Section 3.03 (b) (i) 0.28% of Outstanding Principal Amount of the Notes |  |                                                                                  |   |  |               |  |                                
|                                                                            |  |                                                                                  |  
|Payment to Swap Counterparty- Update Monthly                                |  |                                                                                  |   |  | 68,742.67     |  | IKON Transfer                  
|(ii) Section 3.03 (b) (ii)                                                  |  |                                                                                  |   |  |               |  |                                
|                                                                            |  |                                                                                  |  
|Servicing Fee                                                               |  | 0.75                                                                             | % |  | 390,538.96    |  | No Distribution on this Amount 
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV     |  |                                                                                  |   |  |               |  |                                
|(iii) Section 3.03 (b) (iii)                                                |  |                                                                                  |   |  |               |  |                                
|                                                                            |  |                                                                                  |  
|Trustee Fee .0010000% of Outstanding Principal Amount of the Notes          |  | 0.0010000                                                                        | % |  | 520.72        |  | Trustee Fees - Bank of New York
|                                                                            |  |                                                                                  |   |  |               |  |                                 |  |                                    
|                                                                            |  | Minimum Fee = $ 250.00                                                           |   |  |               |  |                                 |  |                                    
|                                                                            |  | Servicing Fee Less Trustee Fee                                                   |   |  |               |  | 390,018.24                      |  | IOSC Net Servicing Fee Distribution
|                                                                            |  |                                                                                  |  
|(iv) Section 3.03 (b) (iv)                                                  |  |                                                                                  |   |  |               |  |                                
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                |  |                                                                                  |   |  | 3,231,840.44  |  | IOSC Svc Advance reimbursement 
|                                                                            |  |                                                                                  |   |  |               |  |                                 |  |                                    



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 1           



|       |  |                                                                                 |  |   |                |   |  |   |                          |  |                         
|------ |  | ------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ------------------------ |  | ------------------------
|       |  | Remaining Available to be Distributed to Noteholders                            |  |   |                |   |  |   | 32,109,935.69            |  |                         
|(v)    |  | DisbursementsSection 3.03 (b) (v)                                               |  |   |                |   |  |   |                          |  | Actual Days for A1-A3-A4
|       |  | Class A-1 Interest Due (Act/360 Basis)                                          |  |   | 1.30813        | % |  | $ | 202,411.32               |  | 22                      
|       |  | Class A-2 Interest Due (30/360 Basis)                                           |  |   | 1.68000        | % |  | $ | 27,412.00                |  |                         
|       |  | Class A-3a Interest Due (Act/360 Basis) LIBOR Rate = 1.31 + .24 = 1.55%         |  |   | 1.55000        | % |  | $ | 195,506.67               |  | Libor + .24             
|       |  | Class A-3b Interest Due (30/360 Basis)                                          |  |   | 2.33000        | % |  | $ | 293,890.67               |  |                         
|       |  | Class A-4 Interest Due (30/360 Basis)                                           |  |   | 3.27000        | % |  | $ | 318,504.36               |  |                         
|       |  | Total Class A Interest Due                                                      |  |   |                |   |  | $ | 1,037,725.01             |  |                         
|       |  | Class A Interest Paid                                                           |  |   |                |   |  | $ | 1,037,725.01             |  |                         
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                    |  |   |                |   |  | $ |                         |  |                         
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                               |  |   |                |   |  | $ |                         |  |                         
|       |  | Beginning Aggregate Class A Note Balance                                        |  |   |                |   |  | $ | 852,085,000.00           |  |                         
|       |  | Class A Principal Payment While Class A-1 Outstanding                           |  |   |                |   |  | $ | 26,488,498.94            |  |                         
|       |  | Class A Principal Payment After Class A-1 Retired                               |  |   | 89.99156       | % |  | $ |                         |  |                         
|       |  | Aggregate Class A Principal Payment                                             |  |   |                |   |  | $ | 26,488,498.94            |  |                         
|(vii)  |  | Class A Principal Paid                                                          |  |   |                |   |  | $ | 26,488,498.94            |  |                         
|       |  | Ending Aggregate Class A Note Balance                                           |  |   |                |   |  | $ | 825,596,501.06           |  |                         
|       |  | Overcollateralization Floor                                                     |  |   |                |   |  |   |                          |  |                         
|       |  | 2.5% of $918,690,218.25                                                         |  |   |                |   |  | $ | 22,967,255.46            |  |                         
|       |  | Plus: Cumulative Loss Amount                                                    |  |   |                |   |  | $ |                         |  |                         
|       |  | Less: Reserve Account Ending Balance                                            |  |   |                |   |  | $ | 9,186,902.18             |  |                         
|       |  | Overcollateralization Floor                                                     |  |   |                |   |  | $ | 13,780,353.28            |  | N                       
|(viii) |  | Additional Class A Principal                                                    |  |   |                |   |  | $ |                         |  |                         
|       |  | Additional Principal Class A Paid                                               |  |   |                |   |  | $ |                         |  |                         
|       |  | End of Period Class A Note Balance                                              |  |   |                |   |  | $ | 825,596,501.06           |  |                         
|       |  |                                                                                 |  |  
|       |  | Remaining Collections After Distributions to Noteholders                        |  |   |                |   |  | $ | 4,583,711.75             |  |                         
|       |  |                                                                                 |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                 |  |   |                |   |  | $ | 0.00                     |  |                         
|       |  |                                                                                 |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                 |  |   |                |   |  | $ |                         |  |                         
|       |  |                                                                                 |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))     |  |   |                |   |  | $ | 4,583,711.74             |  |                         
|       |  |                                                                                 |  |  
|       |  | Total Distribution from the Collection Account                                  |  |   |                |   |  | $ | 35,946,858.97            |  |                         
|       |  |                                                                                 |  |  
|       |  | Trustee Transfer to IOSC                                                        |  |   |                |   |  |   | IOSC Transfer to Trustee |  |                         
|       |  |                                                                                 |  |  
|       |  | Adv Payments                                                                    |  |   | 810,714.50     |   |  |   | 2,377,873.34             |  | Early Term Cash         
|       |  | Reimburse Servicer Advances                                                     |  |   | 3,231,840.44   |   |  |   |                         |  |                         
|       |  | Remaining Coll                                                                  |  |   | 4,583,711.74   |   |  |   | 68,742.67                |  | Swap Payment            
|       |  | Servicing Fee Less Trustee Fee                                                  |  |   | 390,018.24     |   |  |   | 5,407,088.24             |  | Servicer Advances       
|       |  |                                                                                 |  |   |                |   |  |   |                          |  |                         
|       |  |                                                                                 |  |   | 9,016,284.91   |   |  |   | 7,853,704.25             |  |                         
|       |  |                                                                                 |  |  
|       |  | RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                          |  |                         
|       |  |                                                                                 |  |  
|       |  | Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 918,690,218.25           |  |                         
|       |  |                                                                                 |  |  
|       |  | Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 892,201,719.31           |  |                         
|       |  |                                                                                 |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 26,488,498.94            |  |                         
|       |  |                                                                                 |  |  
|       |  | Class A -1                                                                      |  |   |                |   |  |   |                          |  |                         
|       |  |                                                                                 |  |  
|       |  | Beginning Class A Principal Balance                                             |  |   |                |   |  | $ | 253,200,000.00           |  |                         
|       |  | Principal in Current Period                                                     |  |   |                |   |  | $ | 26,488,498.94            |  |                         
|       |  | Ending Class A-1 Principal Balance                                              |  |   |                |   |  | $ | 226,711,501.06           |  |                         
|       |  |                                                                                 |  |  
|       |  | Interest due this Due Period                                                    |  |   |                | % |  | $ | 202,411.32               |  |                         
|       |  |                                                                                 |  |  
|       |  | Interest Paid Per $1,000                                                        |  | $ | 1.2048292579   |   |  | $ | 202,411.32               |  |                         
|       |  | Original Class A-1 Face                                                         |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|       |  |                                                                                 |  |  
|       |  | Principal Paid Per $1,000                                                       |  | $ | 157.6696365476 |   |  | $ | 26,488,498.94            |  |                         
|       |  | Original Class A-1 Face                                                         |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|       |  |                                                                                 |  |  
|       |  | Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                          |  |                         
|       |  | (Ending Class A Principal/Original Class A-1 Face)                              |  |   | 134.9473220595 | % |  |   |                          |  |                         



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 1           



|                                                                                    |  |   |                |   |  |   |               
|----------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | --------------
|Class A-2                                                                           |  |   |                |   |  |   |               
|Beginning Class A-2 Principal Balance                                               |  |   |                |   |  | $ | 26,700,000.00 
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-2 Principal Balance                                                  |  |   |                |   |  | $ | 26,700,000.00 
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 27,412.00     
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 0.6685853659   |   |  | $ | 27,412.00     
|Original Class A-2 Face                                                             |  |   | 41,000,000.00  |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-2 Face                                                             |  |   | 41,000,000.00  |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 65.1219512195  | % |  |   |               
|Class A-3a                                                                          |  |   |                |   |  |   |               
|Beginning Class A-3 Principal Balance                                               |  |   |                |   |  | $ | 206,400,000.00
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-3 Principal Balance                                                  |  |   |                |   |  | $ | 206,400,000.00
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 195,506.67    
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 0.7519487179   |   |  | $ | 195,506.67    
|Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 79.3846153846  | % |  |   |               
|Class A-3b                                                                          |  |   |                |   |  |   |               
|Beginning Class A-3 Principal Balance                                               |  |   |                |   |  | $ | 206,400,000.00
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-3 Principal Balance                                                  |  |   |                |   |  | $ | 206,400,000.00
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 293,890.67    
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 1.1303487179   |   |  | $ | 293,890.67    
|Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 79.3846153846  | % |  |   |               
|Class A-4                                                                           |  |   |                |   |  |   |               
|Beginning Class A-4 Principal Balance                                               |  |   |                |   |  | $ | 159,385,000.00
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-4 Principal Balance                                                  |  |   |                |   |  | $ | 159,385,000.00
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 318,504.36    
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 2.5238063259   |   |  | $ | 318,504.36    
|Original Class A-4 Face                                                             |  |   | 126,200,000.00 |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-4 Face                                                             |  |   | 126,200,000.00 |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 126.2955625990 | % |  |   |               
|                                                                                    |  |  
|Overcollateralization Amount                                                        |  |   |                |   |  | $ | 66,605,218.25 
|                                                                                    |  |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            |  |   |                |   |  |   |               
|                                                                                    |  |  
|Discounted Present Value of the Leases which are:                                   |  |   |                |   |  |   |               
|31-60 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 33,875,011.24 
|61-90 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 10,327,203.84 
|91-120 DAYS OVERDUE                                                                 |  |   |                |   |  | $ | 1,387,544.67  
|                                                                                    |  |  
|Other Information to be provided                                                    |  |   |                |   |  |   |               



---

|                                                 |  |                |  |             
|------------------------------------------------ |  | -------------- |  | ------------
|IKON Receivables Funding, LLC                    |  |                |  |             
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | May 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |             
|April 2003                                       |  | Payment Date # |  | 1           



|                                                                                     |  |       |   |  |         |   |  |   |               
|------------------------------------------------------------------------------------ |  | ----- | - |  | ------- | - |  | - | --------------
|Occurrence of an Event of Default Under the Indenture                                |  |       |   |  |         |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |       |   |  |         |   |  |   | N             
|                                                                                     |  |       |  
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.00  | % |  |         |   |  | $ |              
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00 | % |  |         |   |  | $ | 91,869,021.83 
|                                                                                     |  |       |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 0.02  | % |  |         |   |  | $ | 206,090.79    
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00 | % |  |         |   |  | $ | 91,869,021.83 
|                                                                                     |  |       |  
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 0.00  | % |  |         |   |  | $ |              
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00 | % |  |         |   |  | $ | 183,738,043.65
|                                                                                     |  |       |  
|Interest Rate Swap                                                                   |  |       |   |  |         |   |  |   |               
|                                                                                     |  |       |  
|Class A-3a Fixed Swap Rate                                                           |  |       |   |  | 2.095   | % |  |   |               
|a) Fixed Swap Interest Payable                                                       |  |       |   |  |         |   |  |   | 264,249.33    
|                                                                                     |  |       |  
|Class A-3a Note Interest Rate                                                        |  |       |   |  | 1.55000 | % |  |   |               
|b) Floating Swap Interest Receivable                                                 |  |       |   |  |         |   |  |   | 195,506.67    
|                                                                                     |  |       |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |       |   |  |         |   |  |   |              
|(Available Funds deposited to Collection Account)                                  |  |       |   |  |         |   |  |   |               
|                                                                                     |  |       |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |       |   |  |         |   |  |   | 68,742.67     



|             |  |                                              
|------------ |  | ---------------------------------------------
|Prepared by: |  | Harold M. Bright                             
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC      
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Harry G. Kozee                               
|             | 
|Title:       |  | VP-Finance - IOS Capital, LLC                
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Kathleen M. Burns                            
|             | 
|Title:       |  | VP and Treasurer, IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                              



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 2            



NET CHANGE IN DPV OF PORTFOLIO



|                                                                                 |  |                                                                                              |  |   |                |                |  |              
|-------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------- |  | - | -------------- | -------------- |  | -------------
|Beginning Balance (DPVL as of last date of previous Due Period)                  |  |                                                                                              |  |   | $              | 892,201,719.31
|                                                                                 |  |                                                                                              | 
|Less:                                                                            |  | DPV Principal Payments Due on Leases - Current Month                                         |  |   |                |                |  | 23,506,903.07
|Less:                                                                            |  | DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |   |                |                |  | 1,254,424.02 
|Less:                                                                            |  | DPV Adjusted / Warranty Leases                                                               |  |   |                |                |  |             
|Less:                                                                            |  | DPV Amounts on Early Termination Leases                                                      |  |   |                |                |  | 1,715,042.16 
|                                                                                 |  |                                                                                              |  |   |                |                |  |              
|Subtotal:                                                                        |  |                                                                                              |  |   | $              | 865,725,350.06
|                                                                                 |  |                                                                                              | 
|Add:                                                                             |  | DPV Substitute Leases                                                                        |  |   |                |                |  |              
|                                                                                 |  | Non-Performing                                                                               |  |   |                |                |  | 1,257,247.63 
|                                                                                 |  | Adjusted / Warranty                                                                          |  |   |                |                |  |             
|Add:                                                                             |  | DPV Additional Leases for Early Terminations                                                 |  |   |                |                |  | 1,715,862.29 
|                                                                                 |  |                                                                                              |  |   |                |                |  |              
|Ending Balance (DPVL as of last date of current Due Period)                      |  |                                                                                              |  |   | $              | 868,698,459.98
|                                                                                 |  |                                                                                             
|OVERDUE LEASE PAYMENTS                                                           |  |                                                                                              |  |   |                |               
|                                                                                 |  |                                                                                             
|Reimburse Servicer Advances relating to the prior Payment Date:                  |  |                                                                                              |  |   |                |               
|                                                                                 |  |                                                                                             
|Beginning outstanding servicer advances                                          |  |                                                                                              |  |   |                | 2,175,247.80  
|Less:                                                                            |  | Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |   |                |                |  | 5,370,445.12 
|Add:                                                                             |  | Servicer Adv for scheduled payments not made in current period                               |  |   |                |                |  | 7,875,364.02 
|                                                                                 |  |                                                                                              |  |   |                |                |  |              
|Ending outstanding servicer advances                                             |  |                                                                                              |  |   |                | 4,680,166.70  
|                                                                                 |  |                                                                                             
|ADVANCE LEASE PAYMENTS                                                           |  |                                                                                              |  |   |                |               
|                                                                                 |  |                                                                                             
|Beginning amount of lease payments to be applied in future                       |  |                                                                                              |  |   |                | 1,294,221.69  
|Less:                                                                            |  | Applied to Current from Prepaid - including intermonth activity                              |  |   |                |                |  | 1,576,309.23 
|Less:                                                                            |  | Repurchased Leases                                                                           |  |   |                |                |  |             
|Less:                                                                            |  | Advance Payments on Non-Performing Leases                                                    |  |   |                |                |  |             
|Add:                                                                             |  | Received This Month - including intermonth activity                                          |  |   |                |                |  | 1,470,253.55 
|Add:                                                                             |  | Received in Prior Month                                                                      |  |   |                |                |  |             
|                                                                                 |  |                                                                                              |  |   |                |                |  |              
|Ending amount of lease payments to be applied in future                          |  |                                                                                              |  |   |                | 1,188,166.02  
|                                                                                 |  |                                                                                             
|RECONCILIATION OF RESERVE ACCOUNT                                                |  |                                                                                              |  |   |                |               
|                                                                                 |  |                                                                                             
|Beginning Balance                                                                |  |                                                                                              |  |   |                | 9,186,902.18  
|Less:                                                                            |  | Deposit to Collection Account (if any)                                                       |  |   |                |                |  |             
|Ending Balance                                                                   |  |                                                                                              |  |   |                | 9,186,902.18  
|                                                                                 |  |                                                                                             
|Required Reserve Account                                                         |  |                                                                                              |  |   |                |               
|Lesser of 1% of $ or Outstanding Notes Amount                                    |  |                                                                                              |  |   |                | 9,186,902.18  
|                                                                                 |  |                                                                                             
|Reserve Account in excess of Required Reserve                                    |  |                                                                                              |  |   |                |              
|Deposits into Reserve Account                                                    |  |                                                                                              |  |   |                |              
|Amounts Released to Issuer                                                       |  |                                                                                              |  |   |                |              
|                                                                                 |  |                                                                                              |  |   |                |                |  |              
|                                                                                 |  |                                                                                             
|Ending Balance                                                                   |  |                                                                                              |  |   |                | 9,186,902.18  
|                                                                                 |  |                                                                                             
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                       |  |                                                                                              |  |   |                |               
|                                                                                 |  |                                                                                             
|Beginning Balance                                                                |  |                                                                                              |  |   |                | 7,149.12      
|Less:                                                                            |  | Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |   |                |                |  |             
|Add:                                                                             |  | Additional Security Deposits collected on leases                                             |  |   |                |                |  |             
|                                                                                 |  |                                                                                              |  |   |                |                |  |              
|Ending Balance                                                                   |  |                                                                                              |  |   |                | 7,149.12      
|                                                                                 |  |                                                                                             
|RECONCILIATION OF RENEWAL ACCOUNT                                                |  |                                                                                              |  |   |                |               
|                                                                                 |  |                                                                                             
|Beginning Balance                                                                |  |                                                                                              |  |   |                |              
|Less:                                                                            |  | Deposit to Collection Account (if any)                                                       |  |   |                |                |  |             
|Plus:                                                                            |  | Deposit to Renewal Account                                                                   |  |   |                |                |  |             
|Ending Balance                                                                   |  |                                                                                              |  |   |                |              
|                                                                                 |  |                                                                                             
|Renewal Account Deposit Required                                                 |  |                                                                                              |  |   |                | N             
|Renewal Deposit                                                                  |  |                                                                                              |  |   |                |              
|                                                                                 |  |                                                                                             
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring) |  |                                                                                              |  |   |                |              
|Lesser of:                                                                       |  | 2% of Discounted PV of Leases as of the initial Cutoff Date                                  |  | $ | 18,373,804.37  |                |  |              
|                                                                                 |  | Outstanding Balance of Notes minus Reserves                                                  |  | $ | 792,906,339.55 |                |  |              



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 2            



|                                                                                                                 |  |      |   |  |   |  |       |   |  |                  
|---------------------------------------------------------------------------------------------------------------- |  | ---- | - |  | - |  | ----- | - |  | -----------------
|COMPLIANCE RATIO CALCULATIONS                                                                                    |  |      |   |  |   |  |       |   |  |                  
|Calculate Annualized Default Rate                                                                                |  |      |   |  |   |  |       |   |  |                  
|# of days delinquent to declare Defaulted Lease                                                                  |  |      |   |  |   |  | 121   |   |  |                  
|                                                                                                                 |  |      |   | 
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |      |   |  |   |  |       |   |  |                  
|This Month                                                                                                       |  |      |   |  |   |  | 1.68  | % |  | Annualized May 03
|Last Month                                                                                                       |  |      |   |  |   |  | 0.02  | % |  | Annualized Apr 03
|Two Months ago                                                                                                   |  |      |   |  |   |  | 0.00  | % |  |                  
|                                                                                                                 |  |      |   | 
|3 mos. Average                                                                                                   |  |      |   |  |   |  | 0.57  | % |  |                  
|                                                                                                                 |  |      |   | 
|Calculate Delinquency Rate                                                                                       |  |      |   |  |   |  |       |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                 |  |      |   |  |   |  | 61    |   |  |                  
|                                                                                                                 |  |      |   | 
|Discounted Present Value of Delinquent Leases:                                                                   |  |      |   |  |   |  |       |   |  |                  
|This Month                                                                                                       |  |      |   |  |   |  | 1.63  | % |  |                  
|Last Month                                                                                                       |  |      |   |  |   |  | 1.31  | % |  |                  
|Two Months ago                                                                                                   |  |      |   |  |   |  | 0.00  | % |  |                  
|                                                                                                                 |  |      |   | 
|3 mos. Average                                                                                                   |  |      |   |  |   |  | 0.98  | % |  |                  
|                                                                                                                 |  |      |   | 
|Calculate Renewal Trigger Ratio                                                                                  |  |      |   |  |   |  |       |   |  |                  
|                                                                                                                 |  |      |   | 
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |      |   |  |   |  | 215   |   |  |                  
|This Month                                                                                                       |  | 199  |   |  |   |  |       |   |  |                  
|Last Month                                                                                                       |  | 16   |   |  |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  | 0    |   |  |   |  |       |   |  |                  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |      |   |  |   |  | 353   |   |  |                  
|This Month                                                                                                       |  | 331  |   |  |   |  |       |   |  |                  
|Last Month                                                                                                       |  | 22   |   |  |   |  |       |   |  |                  
|Two Months ago                                                                                                   |  | 0    |   |  |   |  |       |   |  |                  
|                                                                                                                 |  |      |   | 
|Renewal Trigger Ratio                                                                                            |  |      |   |  |   |  | 60.91 | % |  |                  
|                                                                                                                 |  |      |   | 
|Acceleration Event                                                                                               |  |      |   |  |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |      |   |  |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  | 6.25 | % |  |   |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  | 7.00 | % |  |   |  |       |   |  |                  
|                                                                                                                 |  |      |   | 
|Acceleration Event Triggered? (Y/N)                                                                              |  |      |   |  | N |  |       |   |  |                  
|                                                                                                                 |  |      |   | 
|Renewal Trigger Event                                                                                            |  |      |   |  |   |  |       |   |  |                  
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |      |   |  |   |  |       |   |  |                  
|                                                                                                                 |  |      |   | 
|Trigger? (Y/N)                                                                                                   |  |      |   |  | N |  |       |   |  |                  
|                                                                                                                 |  |      |   | 
|Servicer Event of Default                                                                                        |  |      |   |  |   |  |       |   |  |                  
|Triggered if                                                                                                     |  |      |   |  |   |  |       |   |  |                  
|Annualized Default Rate greater than                                                                             |  | 8.00 | % |  |   |  |       |   |  |                  
|Delinquency Rate greater than                                                                                    |  | 9.00 | % |  |   |  |       |   |  |                  
|                                                                                                                 |  |      |   | 
|Servicer Event Triggered? (Y/N)                                                                                  |  |      |   |  | N |  |       |   |  |                  



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 2            



|                                                                            |  |                                                                                  |   |  |               |  |                                     |  | 
|--------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | ----------------------------------- |  | 
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT  
|Deposits by or on behalf of the Servicer:                                   |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  |                                                                                  |   | 
|Section 3.03 (a) (i)                                                        |  | Total lease payments applied for current due period                              |   |  |               |  | 24,923,197.23                       |  | 
|Section 3.03 (a) (i)                                                        |  | Lease payments received on current months receivables                           |   |  |               |  | 19,552,752.11                       |  | 
|Section 3.03 (a) (i)                                                        |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |  | 5,370,445.12                        |  | 
|Section 3.03 (a) (i)                                                        |  | Renewal payments                                                                 |   |  |               |  |                                    |  | 
|Section 3.03 (a) (i)                                                        |  | Early Termination cash                                                           |   |  |               |  |                                    |  | 
|                                                                            |  | Advance payments for current month                                               |   |  |               |  | 1,576,309.23                        |  | 
|                                                                            |  | Advance payments for future months                                               |   |  |               |  |                                    |  | 
|Section 3.03 (a) (iv, x)                                                    |  | Lease Purchase amounts for breaches of reps and/or early terminations            |   |  |               |  |                                     |  | 
|Section 3.03 (a) (ii)                                                       |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |   |  |               |  |                                    |  | 
|Section 3.03 (a) (iii)                                                      |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |  |               |  |                                    |  | 
|                                                                            |  |                                                                                  |   | 
|Section 3.03 (a) (v)                                                        |  | Investment Earnings on Accounts:                                                 |   |  |               |  |                                     |  | 
|Section 3.03 (a) (v)                                                        |  | Collection Account                                                               |   |  |               |  | 8,807.73                            |  | 
|Section 3.03 (a) (v)                                                        |  | Reserve Account                                                                  |   |  |               |  | 3,714.30                            |  | 
|Section 3.03 (a) (v)                                                        |  | Security Deposit Account                                                         |   |  |               |  | 1.78                                |  | 
|Section 3.03 (a) (vi)                                                       |  | Casualty Payments                                                                |   |  |               |  |                                    |  | 
|Section 3.03 (a) (vii)                                                      |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 7,875,364.02                        |  | 
|Section 3.03 (a) (viii)                                                     |  | Payments Received From Swap Counterparty                                         |   |  |               |  |                                    |  | 
|Section 3.03 (a) (viii)                                                     |  | Retainable Security Deposits                                                     |   |  |               |  |                                     |  | 
|Section 3.03 (a) (xi)                                                       |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |  |                                    |  | 
|                                                                            |  |                                                                                  |   |  |               |  |                                     |  | 
|                                                                            |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |  | 34,387,394.29                       |  | 
|                                                                            |  |                                                                                  |  
|Transfers made by Trustee to the Collection Account                         |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  | Optional Payments Received from AMBAC                                            |   |  |               |  |                                    |  | 
|                                                                            |  | Insured Payments Received from AMBAC                                             |   |  |               |  |                                    |  | 
|                                                                            |  | Shortfall Required to be Deposited From Renewal Account                          |   |  |               |  |                                    |  | 
|                                                                            |  | Shortfall Required to be Deposited From Reserve Account                          |   |  |               |  |                                    |  | 
|                                                                            |  |                                                                                  |   | 
|                                                                            |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |  |               |  |                                    |  | 
|                                                                            |  |                                                                                  |   | 
|Less                                                                        |  | Credit for payments applied in prior period                                      |   |  |               |  |                                    |  | 
|                                                                            |  |                                                                                  |   |  |               |  |                                     |  | 
|Total deposited into the Collection Account                                 |  |                                                                                  |   |  | 34,387,394.29 |  |                                    
|                                                                            |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                       |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  |                                                                                  |  
|Surety Fee                                                                  |  | 0.28                                                                             | % |  | 192,639.18    |  | Surety Fee                         
|(i) Section 3.03 (b) (i) 0.28% of Outstanding Principal Amount of the Notes |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  |                                                                                  |  
|Payment to Swap Counterparty - Update Monthly                               |  |                                                                                  |   |  | 75,966.67     |  | IKON Transfer                      
|(ii) Section 3.03 (b) (ii)                                                  |  |                                                                                  |   |  |               |  |                                    
|Servicing Fee                                                               |  | 0.75                                                                             | % |  | 515,997.81    |  | No Distribution on this Amount     
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV     |  |                                                                                  |   |  |               |  |                                    
|(iii) Section 3.03 (b) (iii)                                                |  |                                                                                  |   |  |               |  |                                    
|                                                                            |  |                                                                                  |  
|Trustee Fee .0010000% of Outstanding Principal Amount of the Notes          |  | 0.0010000                                                                        | % |  | 688.00        |  | Trustee Fees - Bank of New York    
|                                                                            |  |                                                                                  |   |  |               |  |                                     |  | 
|Minimum Fee = $ 250.00                                                      |  |                                                                                  |   |  |               |  |                                    
|Servicing Fee Less Trustee Fee                                              |  |                                                                                  |   |  | 515,309.82    |  | IOSC Net Servicing Fee Distribution
|                                                                            |  |                                                                                  |  
|(iv) Section 3.03 (b) (iv)                                                  |  |                                                                                  |   |  |               |  |                                    
|CReimburse Servicer Advances owed to IOSC not prev reimbursed               |  |                                                                                  |   |  | 5,370,445.12  |  | IOSC Svc Advance reimbursement     
|                                                                            |  |                                                                                  |   |  |               |  |                                     |  | 
|Remaining Available to be Distributed to Noteholders                        |  |                                                                                  |   |  | 28,232,345.51 |  |                                    



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 2            



|       |  |                                                                                     |  |   |                |   |  |   |                          |  |                         
|------ |  | ----------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ------------------------ |  | ------------------------
|(v)    |  | Disbursements Section 3.03 (b) (v)                                                  |  |   |                |   |  |   |                          |  | Actual Days for A1-A3-A4
|       |  | Class A-1 Interest Due (Act/360 Basis)                                              |  |   | 1.30813        | % |  | $ | 263,616.10               |  | 32                      
|       |  | Class A-2 Interest Due (30/360 Basis)                                               |  |   | 1.68000        | % |  | $ | 37,380.00                |  |                         
|       |  | Class A-3a Interest Due (Act/360 Basis) LIBOR Rate = 1.31 + .24 = 1.55%             |  |   | 1.55000        | % |  | $ | 284,373.33               |  | Libor + .24             
|       |  | Class A-3b Interest Due (30/360 Basis)                                              |  |   | 2.33000        | % |  | $ | 400,760.00               |  |                         
|       |  | Class A-4 Interest Due (30/360 Basis)                                               |  |   | 3.27000        | % |  | $ | 434,324.13               |  |                         
|       |  |                                                                                     |  |   |                |   |  |   |                          |  |                         
|       |  | Total Class A Interest Due                                                          |  |   |                |   |  | $ | 1,420,453.56             |  |                         
|       |  | Class A Interest Paid                                                               |  |   |                |   |  | $ | 1,420,453.56             |  |                         
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                        |  |   |                |   |  | $ |                         |  |                         
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                                   |  |   |                |   |  | $ |                         |  |                         
|       |  | Beginning Aggregate Class A Note Balance                                            |  |   |                |   |  | $ | 825,596,501.06           |  |                         
|       |  | Class A Principal Payment While Class A-1 Outstanding                               |  |   |                |   |  | $ | 23,503,259.33            |  |                         
|       |  | Class A Principal Payment After Class A-1 Retired                                   |  |   | 89.99156       | % |  | $ |                         |  |                         
|       |  | Aggregate Class A Principal Payment                                                 |  |   |                |   |  | $ | 23,503,259.33            |  |                         
|(vii)  |  | Class A Principal Paid                                                              |  |   |                |   |  | $ | 23,503,259.33            |  |                         
|       |  | Ending Aggregate Class A Note Balance                                               |  |   |                |   |  | $ | 802,093,241.73           |  |                         
|       |  | Overcollateralization Floor                                                         |  |   |                |   |  |   |                          |  |                         
|       |  | 2.5% of $918,690,218.25                                                             |  |   |                |   |  | $ | 22,967,255.46            |  |                         
|       |  | Plus: Cumulative Loss Amount                                                        |  |   |                |   |  | $ |                         |  |                         
|       |  | Less: Reserve Account Ending Balance                                                |  |   |                |   |  | $ | 9,186,902.18             |  |                         
|       |  | Overcollateralization Floor                                                         |  |   |                |   |  | $ | 13,780,353.28            |  | N                       
|(viii) |  | Additional Class A Principal                                                        |  |   |                |   |  | $ |                         |  |                         
|       |  | Additional Principal Class A Paid                                                   |  |   |                |   |  | $ |                         |  |                         
|       |  | End of Period Class A Note Balance                                                  |  |   |                |   |  | $ | 802,093,241.73           |  |                         
|       |  |                                                                                     |  |  
|       |  | Remaining Collections After Distributions to Noteholders                            |  |   |                |   |  | $ | 3,308,632.62             |  |                         
|       |  |                                                                                     |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                     |  |   |                |   |  | $ | 0.00                     |  |                         
|       |  |                                                                                     |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                     |  |   |                |   |  | $ |                         |  |                         
|       |  |                                                                                     |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))         |  |   |                |   |  | $ | 3,308,632.61             |  |                         
|       |  |                                                                                     |  |  
|       |  | Total Distribution from the Collection Account                                      |  |   |                |   |  | $ | 34,387,394.29            |  |                         
|       |  | Trustee Transfer to IOSC                                                            |  |   |                |   |  |   | IOSC Transfer to Trustee |  |                         
|       |  |                                                                                     |  |  
|       |  | Adv Payments                                                                        |  |   | 106,055.68     |   |  |   |                         |  |                         
|       |  | Reimburse Servicer Advances                                                         |  |   | 5,370,445.12   |   |  |   |                         |  |                         
|       |  | Remaining Coll                                                                      |  |   | 3,308,632.61   |   |  |   | 75,966.67                |  | Swap Payment            
|       |  | Servicing Fee Less Trustee Fee                                                      |  |   | 515,309.82     |   |  |   | 7,875,364.02             |  | Servicer Advances       
|       |  |                                                                                     |  |   |                |   |  |   |                          |  |                         
|       |  |                                                                                     |  |   | 9,300,443.23   |   |  |   | 7,951,330.69             |  |                         
|       |  | RECONCILIATION OF NOTES                                                             |  |   |                |   |  |   |                          |  |                         
|       |  |                                                                                     |  |  
|       |  | Beginning Discounted Present Value of the Leases                                    |  |   |                |   |  | $ | 892,201,719.31           |  |                         
|       |  |                                                                                     |  |  
|       |  | Discounted Present Value of the Performing Leases as of this Determination Date     |  |   |                |   |  | $ | 868,698,459.98           |  |                         
|       |  |                                                                                     |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period             |  |   |                |   |  | $ | 23,503,259.33            |  |                         
|       |  |                                                                                     |  |  
|       |  | Class A -1                                                                          |  |   |                |   |  |   |                          |  |                         
|       |  | Beginning Class A Principal Balance                                                 |  |   |                |   |  | $ | 226,711,501.06           |  |                         
|       |  | Principal in Current Period                                                         |  |   |                |   |  | $ | 23,503,259.33            |  |                         
|       |  | Ending Class A-1 Principal Balance                                                  |  |   |                |   |  | $ | 203,208,241.73           |  |                         
|       |  |                                                                                     |  |  
|       |  | Interest due this Due Period                                                        |  |   |                | % |  | $ | 263,616.10               |  |                         
|       |  |                                                                                     |  |  
|       |  | Interest Paid Per $1,000                                                            |  | $ | 1.5691434703   |   |  | $ | 263,616.10               |  |                         
|       |  | Original Class A-1 Face                                                             |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|       |  |                                                                                     |  |  
|       |  | Principal Paid Per $1,000                                                           |  | $ | 139.9003531548 |   |  | $ | 23,503,259.33            |  |                         
|       |  | Original Class A-1 Face                                                             |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|       |  | Ending Principal Balance Factor (Ending Class A Principal/ Original Class A-1 Face) |  |   | 120.9572867440 | % |  |   |                          |  |                         



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 2            



|                             |  |                                                                                     |  |   |                |   |               |   |               
|---------------------------- |  | ----------------------------------------------------------------------------------- |  | - | -------------- | - | ------------- | - | --------------
|Class A-2                    |  |                                                                                     |  |   |                |   |               |   |               
|                             |  | Beginning Class A-2 Principal Balance                                               |  |   |                |   |               | $ | 26,700,000.00 
|                             |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                             |  | Ending Class A-2 Principal Balance                                                  |  |   |                |   |               | $ | 26,700,000.00 
|                             |  |                                                                                     | 
|                             |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 37,380.00     
|                             |  |                                                                                     | 
|                             |  | Interest Paid Per $1,000                                                            |  | $ | 0.9117073171   |   |               | $ | 37,380.00     
|                             |  | Original Class A-2 Face                                                             |  |   | 41,000,000.00  |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                             |  | Original Class A-2 Face                                                             |  |   | 41,000,000.00  |   |               |   |               
|                             |  | Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 65.1219512195  | % |               |   |               
|                             |  |                                                                                     | 
|Class A-3a                   |  |                                                                                     |  |   |                |   |               |   |               
|                             |  | Beginning Class A-3 Principal Balance                                               |  |   |                |   |               | $ | 206,400,000.00
|                             |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                             |  | Ending Class A-3 Principal Balance                                                  |  |   |                |   |               | $ | 206,400,000.00
|                             |  |                                                                                     | 
|                             |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 284,373.33    
|                             |  |                                                                                     | 
|                             |  | Interest Paid Per $1,000                                                            |  | $ | 1.0937435897   |   |               | $ | 284,373.33    
|                             |  | Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                             |  | Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |               |   |               
|                             |  | Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 79.3846153846  | % |               |   |               
|                             |  |                                                                                     | 
|Class A-3b                   |  |                                                                                     |  |   |                |   |               |   |               
|                             |  | Beginning Class A-3 Principal Balance                                               |  |   |                |   |               | $ | 206,400,000.00
|                             |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                             |  | Ending Class A-3 Principal Balance                                                  |  |   |                |   |               | $ | 206,400,000.00
|                             |  |                                                                                     | 
|                             |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 400,760.00    
|                             |  |                                                                                     | 
|                             |  | Interest Paid Per $1,000                                                            |  | $ | 1.5413846154   |   |               | $ | 400,760.00    
|                             |  | Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                             |  | Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |               |   |               
|                             |  | Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 79.3846153846  | % |               |   |               
|                             |  |                                                                                     | 
|Class A-4                    |  |                                                                                     |  |   |                |   |               |   |               
|                             |  | Beginning Class A-4 Principal Balance                                               |  |   |                |   |               | $ | 159,385,000.00
|                             |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                             |  | Ending Class A-4 Principal Balance                                                  |  |   |                |   |               | $ | 159,385,000.00
|                             |  |                                                                                     | 
|                             |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 434,324.13    
|                             |  |                                                                                     | 
|                             |  | Interest Paid Per $1,000                                                            |  | $ | 3.4415540808   |   |               | $ | 434,324.13    
|                             |  | Original Class A-4 Face                                                             |  |   | 126,200,000.00 |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                             |  | Original Class A-4 Face                                                             |  |   | 126,200,000.00 |   |               |   |               
|                             |  | Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 126.2955625990 | % |               |   |               
|                             |  |                                                                                    
|Overcollateralization Amount |  |                                                                                     |  |   |                | $ | 66,605,218.25



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | June 16, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|May 2003                                         |  | Payment Date # |  | 2            



|                                                                                     |  |         |   |  |   |               
|------------------------------------------------------------------------------------ |  | ------- | - |  | - | --------------
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |         |   |  |   |               
|                                                                                     |  |        
|Discounted Present Value of the Leases which are:                                    |  |         |   |  |   |               
|31-60 DAYS OVERDUE                                                                   |  |         |   |  | $ | 29,448,726.12 
|61-90 DAYS OVERDUE                                                                   |  |         |   |  | $ | 10,665,852.35 
|91-120 DAYS OVERDUE                                                                  |  |         |   |  | $ | 3,497,101.89  
|                                                                                     |  |        
|Other Information to be provided                                                     |  |         |   |  |   |               
|                                                                                     |  |        
|Occurrence of an Event of Default Under the Indenture                                |  |         |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |         |   |  |   | N             
|                                                                                     |  |        
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.00    | % |  | $ |              
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00   | % |  | $ | 91,869,021.83 
|                                                                                     |  |        
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 0.16    | % |  | $ | 1,463,338.42  
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00   | % |  | $ | 91,869,021.83 
|                                                                                     |  |        
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 0.19    | % |  | $ | 1,715,862.29  
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00   | % |  | $ | 183,738,043.65
|                                                                                     |  |        
|Interest Rate Swap                                                                   |  |         |   |  |   |               
|                                                                                     |  |        
|Class A-3a Fixed Swap Rate                                                           |  | 2.095   | % |  |   |               
|a) Fixed Swap Interest Payable                                                       |  |         |   |  |   | 360,340.00    
|                                                                                     |  |        
|Class A-3a Note Interest Rate                                                        |  | 1.55000 | % |  |   |               
|b) Floating Swap Interest Receivable                                                 |  |         |   |  |   | 284,373.33    
|                                                                                     |  |        
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |         |   |  |   |              
|(Available Funds deposited to Collection Account)                                  |  |         |   |  |   |               
|                                                                                     |  |        
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |         |   |  |   | 75,966.67     



|             |  |                                              
|------------ |  | ---------------------------------------------
|             | 
|Prepared by: |  | Harold M. Bright                             
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC      
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Harry G. Kozee                               
|             | 
|Title:       |  | VP-Finance - IOS Capital, LLC                
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Kathleen M. Burns                            
|             | 
|Title:       |  | VP and Treasurer, IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                              



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 3            



|                                                                                                              |  |   |                |  |   |               
|------------------------------------------------------------------------------------------------------------- |  | - | -------------- |  | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                                                                |  |   |                |  |   |               
|Beginning Balance (DPVL as of last date of previous Due Period)                                               |  |   |                |  | $ | 868,698,459.98
|                                                                                                              |  |  
|Less:            DPV Principal Payments Due on Leases - Current
Month                                         |  |   |                |  |   | 22,022,701.23 
|Less:            DPV Non-Performing Leases - current monthover 120 days,
etc                                 |  |   |                |  |   | 1,612,991.38  
|Less:            DPV Adjusted / Warranty Leases                                                               |  |   |                |  |   | 3,785.72      
|Less:            DPV Amounts on Early Termination Leases                                                      |  |   |                |  |   | 2,317,746.92  
|                                                                                                              |  |   |                |  |   |               
|Subtotal:                                                                                                     |  |   |                |  | $ | 842,741,234.73
|                                                                                                              |  |  
|Add:            DPV Substitute Leases                                                                         |  |   |                |  |   |               
|Non-Performing                                                                                                |  |   |                |  |   | 1,613,771.59  
|Adjusted / Warranty                                                                                           |  |   |                |  |   | 3,785.72      
|Add:            DPV Additional Leases for Early Terminations                                                  |  |   |                |  |   | 2,317,746.92  
|                                                                                                              |  |   |                |  |   |               
|Ending Balance (DPVL as of last date of current Due Period)                                                   |  |   |                |  | $ | 846,676,538.96
|                                                                                                              |  |  
|OVERDUE LEASE PAYMENTS                                                                                        |  |   |                |  |   |               
|                                                                                                              |  |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                               |  |   |                |  |   |               
|                                                                                                              |  |  
|Beginning outstanding servicer advances                                                                       |  |   |                |  |   | 4,680,166.70  
|Less:            Reimburse Servicer Advances owed to IOSC not prev
reimbursed                                 |  |   |                |  |   | 6,328,314.63  
|Add:            Servicer Adv for scheduled payments not made in current
period                                |  |   |                |  |   | 6,317,473.56  
|                                                                                                              |  |   |                |  |   |               
|Ending outstanding servicer advances                                                                          |  |   |                |  |   | 4,669,325.63  
|                                                                                                              |  |  
|ADVANCE LEASE PAYMENTS                                                                                        |  |   |                |  |   |               
|                                                                                                              |  |  
|Beginning amount of lease payments to be applied in future                                                    |  |   |                |  |   | 1,188,166.02  
|Less:            Applied to Current from Prepaid - including intermonth
activity                              |  |   |                |  |   | 4,015,436.07  
|Less:            Repurchased Leases                                                                           |  |   |                |  |   |              
|Less:            Advance Payments on Non-Performing Leases                                                    |  |   |                |  |   |              
|Add:            Received This Month - including intermonth
activity                                           |  |   |                |  |   | 3,959,997.42  
|Add:            Received in Prior Month                                                                       |  |   |                |  |   |              
|                                                                                                              |  |   |                |  |   |               
|Ending amount of lease payments to be applied in future                                                       |  |   |                |  |   | 1,132,727.36  
|                                                                                                              |  |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                             |  |   |                |  |   |               
|                                                                                                              |  |  
|Beginning Balance                                                                                             |  |   |                |  |   | 9,186,902.18  
|Less:            Deposit to Collection Account (if any)                                                       |  |   |                |  |   |              
|Ending Balance                                                                                                |  |   |                |  |   | 9,186,902.18  
|                                                                                                              |  |  
|Required Reserve Account                                                                                      |  |   |                |  |   |               
|Lesser of 1% of $ or Outstanding Notes Amount                                                                 |  |   |                |  |   | 9,186,902.18  
|                                                                                                              |  |  
|Reserve Account in excess of Required Reserve                                                                 |  |   |                |  |   |              
|Deposits into Reserve Account                                                                                 |  |   |                |  |   |              
|Amounts Released to Issuer                                                                                    |  |   |                |  |   |              
|                                                                                                              |  |   |                |  |   |               
|Ending Balance                                                                                                |  |   |                |  |   | 9,186,902.18  
|                                                                                                              |  |  
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                                    |  |   |                |  |   |               
|                                                                                                              |  |  
|Beginning Balance                                                                                             |  |   |                |  |   | 7,149.12      
|Less:            Retainable Deposits to be Deposited into Collection Account and
Amounts Repayable to Lessees |  |   |                |  |   |              
|Add:            Additional Security Deposits collected on leases                                              |  |   |                |  |   |              
|                                                                                                              |  |   |                |  |   |               
|Ending Balance                                                                                                |  |   |                |  |   | 7,149.12      
|                                                                                                              |  |  
|RECONCILIATION OF RENEWAL ACCOUNT                                                                             |  |   |                |  |   |               
|                                                                                                              |  |  
|Beginning Balance                                                                                             |  |   |                |  |   |              
|Less:            Deposit to Collection Account (if any)                                                       |  |   |                |  |   |              
|Plus:             Deposit to Renewal Account                                                                  |  |   |                |  |   |              
|                                                                                                              |  |   |                |  |   |               
|Ending Balance                                                                                                |  |   |                |  |   |              
|                                                                                                              |  |  
|Renewal Account Deposit Required                                                                              |  |   |                |  |   | N             
|Renewal Deposit                                                                                               |  |   |                |  |   |              
|                                                                                                              |  |  
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occurring)                             |  |   |                |  |   |              
|Lesser of:    2% of Discounted PV of Leases as of the initial Cutoff Date                                     |  | $ | 18,373,804.37  |  |   |               
|Outstanding Balance of Notes minus Reserves                                                                   |  | $ | 770,884,418.53 |  |   |               



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding LLC                     |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 3            



COMPLIANCE RATIO CALCULATIONS



|                                                                                                                 |  |      |   |  |       |   |  |                   
|---------------------------------------------------------------------------------------------------------------- |  | ---- | - |  | ----- | - |  | ------------------
|Calculate Annualized Default Rate                                                                                |  |      |   |  |       |   |  |                   
|# of days delinquent to declare Defaulted Lease                                                                  |  |      |   |  | 121   |   |  |                   
|                                                                                                                 |  |      |  
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |      |   |  |       |   |  |                   
|This Month                                                                                                       |  |      |   |  | 2.13  | % |  | Annualized June 03
|Last Month                                                                                                       |  |      |   |  | 1.68  | % |  | Annualized May 03 
|Two Months ago                                                                                                   |  |      |   |  | 0.02  | % |  | Annualized Apr 03 
|                                                                                                                 |  |      |  
|3 mos. Average                                                                                                   |  |      |   |  | 1.28  | % |  |                   
|                                                                                                                 |  |      |  
|Calculate Delinquency Rate                                                                                       |  |      |   |  |       |   |  |                   
|# of days delinquent to declare Delinquent Lease                                                                 |  |      |   |  | 61    |   |  |                   
|                                                                                                                 |  |      |  
|Discounted Present Value of Delinquent Leases:                                                                   |  |      |   |  |       |   |  |                   
|This Month                                                                                                       |  |      |   |  | 1.25  | % |  |                   
|Last Month                                                                                                       |  |      |   |  | 1.63  | % |  |                   
|Two Months ago                                                                                                   |  |      |   |  | 1.31  | % |  |                   
|                                                                                                                 |  |      |  
|3 mos. Average                                                                                                   |  |      |   |  | 1.40  | % |  |                   
|                                                                                                                 |  |      |  
|Calculate Renewal Trigger Ratio                                                                                  |  |      |   |  |       |   |  |                   
|                                                                                                                 |  |      |  
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |      |   |  | 523   |   |  |                   
|This Month                                                                                                       |  | 259  |   |  |       |   |  |                   
|Last Month                                                                                                       |  | 243  |   |  |       |   |  |                   
|Two Months ago                                                                                                   |  | 21   |   |  |       |   |  |                   
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |      |   |  | 814   |   |  |                   
|This Month                                                                                                       |  | 461  |   |  |       |   |  |                   
|Last Month                                                                                                       |  | 331  |   |  |       |   |  |                   
|Two Months ago                                                                                                   |  | 22   |   |  |       |   |  |                   
|                                                                                                                 |  |      |  
|Renewal Trigger Ratio                                                                                            |  |      |   |  | 64.25 | % |  |                   
|                                                                                                                 |  |      |  
|Acceleration Event                                                                                               |  |      |   |  |       |   |  |                   
|Triggered if                                                                                                     |  |      |   |  |       |   |  |                   
|Annualized Default Rate greater than                                                                             |  | 6.25 | % |  |       |   |  |                   
|Delinquency Rate greater than                                                                                    |  | 7.00 | % |  |       |   |  |                   
|                                                                                                                 |  |      |  
|Acceleration Event Triggered? (Y/N)                                                                              |  |      |   |  | N     |   |  |                   
|                                                                                                                 |  |      |  
|Renewal Trigger Event                                                                                            |  |      |   |  |       |   |  |                   
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |      |   |  |       |   |  |                   
|                                                                                                                 |  |      |  
|Trigger? (Y/N)                                                                                                   |  |      |   |  | N     |   |  |                   
|                                                                                                                 |  |      |  
|Servicer Event of Default                                                                                        |  |      |   |  |       |   |  |                   
|Triggered if                                                                                                     |  |      |   |  |       |   |  |                   
|Annualized Default Rate greater than                                                                             |  | 8.00 | % |  |       |   |  |                   
|Delinquency Rate greater than                                                                                    |  | 9.00 | % |  |       |   |  |                   
|                                                                                                                 |  |      |  
|Servicer Event Triggered? (Y/N)                                                                                  |  |      |   |  | N     |   |  |                   



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 3            



AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT



|                                                    |  |                                                                                  |  |           |               |  |               |  |                                    
|--------------------------------------------------- |  | -------------------------------------------------------------------------------- |  | --------- | ------------- |  | ------------- |  | -----------------------------------
|Deposits by or on behalf of the Servicer:           |  |                                                                                  |  |           |               |  |              
|                                                    |  |                                                                                  |  |          
|Section 3.03 (a) (i)                                |  | Total lease payments applied for current due period                              |  |           |               |  | 21,224,843.82 |  |                                    
|Section 3.03 (a) (i)                                |  | Lease payments received on current months receivables                           |  |           |               |  | 14,896,529.19 |  |                                    
|Section 3.03 (a) (i)                                |  | Lease Payments Received on Prior Months Receivables                             |  |           |               |  | 6,328,314.63  |  |                                    
|Section 3.03 (a) (i)                                |  | Renewal payments                                                                 |  |           |               |  |              |  |                                    
|Section 3.03 (a) (i)                                |  | Early Termination cash                                                           |  |           |               |  |              |  |                                    
|                                                    |  | Advance payments for current month                                               |  |           |               |  | 4,015,436.07  |  |                                    
|                                                    |  | Advance payments for future months                                               |  |           |               |  |              |  |                                    
|Section 3.03 (a) (iv, x)                            |  | Lease Purchase amounts for breaches of reps and/or early terminations            |  |           |               |  |               |  |                                    
|Section 3.03 (a) (ii)                               |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |  |           |               |  |              |  |                                    
|Section 3.03 (a) (iii)                              |  | Late charges on delinquent Lease payments not advanced by the Servicer           |  |           |               |  |              |  |                                    
|                                                    |  |                                                                                  |  |          
|Section 3.03 (a) (v)                                |  | Investment Earnings on Accounts:                                                 |  |           |               |  |               |  |                                    
|Section 3.03 (a) (v)                                |  | Collection Account                                                               |  |           |               |  | 8,428.75      |  |                                    
|Section 3.03 (a) (v)                                |  | Reserve Account                                                                  |  |           |               |  | 3,388.89      |  |                                    
|Section 3.03 (a) (v)                                |  | Security Deposit Account                                                         |  |           |               |  |              |  |                                    
|Section 3.03 (a) (vi)                               |  | Casualty Payments                                                                |  |           |               |  |              |  |                                    
|Section 3.03 (a) (vii)                              |  | Servicer Adv for scheduled payments not made in current period                   |  |           |               |  | 6,317,473.56  |  |                                    
|Section 3.03 (a) (viii)                             |  | Payments Received From Swap Counterparty                                         |  |           |               |  |              |  |                                    
|Section 3.03 (a) (viii)                             |  | Retainable Security Deposits                                                     |  |           |               |  |               |  |                                    
|Section 3.03 (a) (xi)                               |  | Funds For Redemption (Optional Clean-Up Call)                                    |  |           |               |  |              |  |                                    
|                                                    |  |                                                                                  |  |           |               |  |               |  |                                    
|                                                    |  | Total amounts in the Collection Account related to the Current Collection Period |  |           |               |  | 31,569,571.09 |  |                                    
|                                                    |  |                                                                                 
|Transfers made by Trustee to the Collection Account |  |                                                                                  |  |           |              
|                                                    |  | Optional Payments Received from AMBAC                                            |  |           |               |  |              |  |                                    
|                                                    |  | Insured Payments Received from AMBAC                                             |  |           |               |  |              |  |                                    
|                                                    |  | Shortfall Required to be Deposited From Renewal Account                          |  |           |               |  |              |  |                                    
|                                                    |  | Shortfall Required to be Deposited From Reserve Account                          |  |           |               |  |              |  |                                    
|                                                    |  |                                                                                  |  |          
|                                                    |  | Retainable Deposits from Security Deposit Acct (net of additions)                |  |           |               |  |              |  |                                    
|                                                    |  |                                                                                  |  |          
|Less                                                |  | Credit for payments applied in prior period                                      |  |           |               |  |              |  |                                    
|                                                    |  |                                                                                  |  |           |               |  |               |  |                                    
|Total deposited into the Collection Account         |  |                                                                                  |  |           | 31,569,571.09 |  |              
|                                                    |  |                                                                                 
|DISBURSEMENTS FROM COLLECTION ACCOUNT               |  |                                                                                  |  |           |              
|                                                    |  |                                                                                  |  |          
|                                                    |  | Surety Fee                                                                       |  | 0.28      | %             |  | 187,155.09    |  | Surety Fee                         
|(i)                                                 |  | Section 3.03 (b) (i) 0.28% of Outstanding Principal Amount of the Notes          |  |           |               |  |               |  |                                    
|                                                    |  |                                                                                  |  |          
|                                                    |  | Payment to Swap Counterparty- Update Monthly                                     |  |           |               |  | 124,241.33    |  | IKON Transfer                      
|(ii)                                                |  | Section 3.03 (b) (ii)                                                            |  |           |               |  |               |  |                                    
|                                                    |  |                                                                                  |  |          
|                                                    |  | Servicing Fee                                                                    |  | 0.75      | %             |  | 501,308.28    |  | No Distribution on this Amount     
|                                                    |  | 0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV          |  |           |               |  |               |  |                                    
|(iii)                                               |  | Section 3.03 (b) (iii)                                                           |  |           |               |  |               |  |                                    
|                                                    |  |                                                                                  |  |          
|                                                    |  | Trustee Fee .0010000% of Outstanding Principal Amount of the Notes               |  | 0.0010000 | %             |  | 668.41        |  | Trustee Fees - Bank of New York    
|                                                    |  |                                                                                  |  |           |               |  |               |  |                                    
|                                                    |  | Minimum Fee = $ 250.00                                                           |  |           |               |  |               |  |                                    
|                                                    |  | Servicing Fee Less
Trustee Fee                                                   |  |           |               |  | 500,639.87    |  | IOSC Net Servicing Fee Distribution
|                                                    |  |                                                                                  |  |          
|(iv)                                                |  | Section 3.03 (b) (iv)                                                            |  |           |               |  |               |  |                                    
|                                                    |  | Reimburse Servicer Advances owed to IOSC not prev reimbursed                     |  |           |               |  | 6,328,314.63  |  | IOSC Svc Advance reimbursement     
|                                                    |  |                                                                                  |  |           |               |  |               |  |                                    
|                                                    |  | Remaining Available to be Distributed to Noteholders                             |  |           |               |  | 24,428,551.76 |  |                                    



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 3            



|       |  |                                                                                    |  |   |                |                          |  |   |                |  |                         
|------ |  | ---------------------------------------------------------------------------------- |  | - | -------------- | ------------------------ |  | - | -------------- |  | ------------------------
|(v)    |  | Disbursements Section 3.03 (b) (v)                                                 |  |   |                |                          |  |   |                |  | Actual Days for A1-A3-A4
|       |  | Class A-1 Interest Due (Act/360 Basis)                                             |  |   | 1.30813        | %                        |  | $ | 214,135.03     |  | 29                      
|       |  | Class A-2 Interest Due (30/360 Basis)                                              |  |   | 1.68000        | %                        |  | $ | 37,380.00      |  |                         
|       |  | Class A-3a Interest Due (Act/360 Basis) LIBOR Rate = 1.18 + .24 = 1.42%            |  |   | 1.42000        | %                        |  | $ | 236,098.67     |  | Libor + .24             
|       |  | Class A-3b Interest Due (30/360 Basis)                                             |  |   | 2.33000        | %                        |  | $ | 400,760.00     |  |                         
|       |  | Class A-4 Interest Due (30/360 Basis)                                              |  |   | 3.27000        | %                        |  | $ | 434,324.13     |  |                         
|       |  |                                                                                    |  |   |                |                          |  |   |                |  |                         
|       |  | Total Class A Interest Due                                                         |  |   |                |                          |  | $ | 1,322,697.82   |  |                         
|       |  | Class A Interest Paid                                                              |  |   |                |                          |  | $ | 1,322,697.82   |  |                         
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                       |  |   |                |                          |  | $ |               |  |                         
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                                  |  |   |                |                          |  | $ |               |  |                         
|       |  | Beginning Aggregate Class A Note Balance                                           |  |   |                |                          |  | $ | 802,093,241.73 |  |                         
|       |  | Class A Principal Payment While Class A-1 Outstanding                              |  |   |                |                          |  | $ | 22,021,921.02  |  |                         
|       |  | Class A Principal Payment After Class A-1 Retired                                  |  |   | 89.99156       | %                        |  | $ |               |  |                         
|       |  | Aggregate Class A Principal Payment                                                |  |   |                |                          |  | $ | 22,021,921.02  |  |                         
|(vii)  |  | Class A Principal Paid                                                             |  |   |                |                          |  | $ | 22,021,921.02  |  |                         
|       |  | Ending Aggregate Class A Note Balance                                              |  |   |                |                          |  | $ | 780,071,320.71 |  |                         
|       |  | Overcollateralization Floor                                                        |  |   |                |                          |  |   |                |  |                         
|       |  | 2.5% of $918,690,218.25                                                            |  |   |                |                          |  | $ | 22,967,255.46  |  |                         
|       |  | Plus: Cumulative Loss Amount                                                       |  |   |                |                          |  | $ |               |  |                         
|       |  | Less: Reserve Account Ending Balance                                               |  |   |                |                          |  | $ | 9,186,902.18   |  |                         
|       |  | Overcollateralization Floor                                                        |  |   |                |                          |  | $ | 13,780,353.28  |  | N                       
|(viii) |  | Additional Class A Principal                                                       |  |   |                |                          |  | $ |               |  |                         
|       |  | Additional Principal Class A Paid                                                  |  |   |                |                          |  | $ |               |  |                         
|       |  | End of Period Class A Note Balance                                                 |  |   |                |                          |  | $ | 780,071,320.71 |  |                         
|       |  |                                                                                    |  |  
|       |  | Remaining Collections After Distributions to Noteholders                           |  |   |                |                          |  | $ | 1,083,932.92   |  |                         
|       |  |                                                                                    |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                    |  |   |                |                          |  | $ | 0.00           |  |                         
|       |  |                                                                                    |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                    |  |   |                |                          |  | $ |               |  |                         
|       |  |                                                                                    |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))        |  |   |                |                          |  | $ | 1,083,932.92   |  |                         
|       |  |                                                                                    |  |  
|       |  | Total Distribution from the Collection Account                                     |  |   |                |                          |  | $ | 31,569,571.09  |  |                         
|       |  |                                                                                   
|       |  | Trustee Transfer to IOSC                                                           |  |   |                | IOSC Transfer to Trustee
|       |  |                                                                                    |  |  
|       |  | Adv Payments                                                                       |  |   | 55,438.65      |                          |  |   |               |  |                         
|       |  | Reimburse Servicer Advances                                                        |  |   | 6,328,314.63   |                          |  |   |               |  |                         
|       |  | Remaining Coll                                                                     |  |   | 1,083,932.92   |                          |  |   | 124,241.33     |  | Swap Payment            
|       |  | Servicing Fee Less Trustee Fee                                                     |  |   | 500,639.87     |                          |  |   | 6,317,473.56   |  | Servicer Advances       
|       |  |                                                                                    |  |   |                |                          |  |   |                |  |                         
|       |  |                                                                                    |  |   | 7,968,326.06   |                          |  |   | 6,441,714.89   |  |                         
|       |  |                                                                                    |  |  
|       |  | RECONCILIATION OF NOTES                                                            |  |   |                |                          |  |   |                |  |                         
|       |  |                                                                                    |  |  
|       |  | Beginning Discounted Present Value of the Leases                                   |  |   |                |                          |  | $ | 868,698,459.98 |  |                         
|       |  |                                                                                    |  |  
|       |  | Discounted Present Value of the Performing Leases as of this Determination Date    |  |   |                |                          |  | $ | 846,676,538.96 |  |                         
|       |  |                                                                                    |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period            |  |   |                |                          |  | $ | 22,021,921.02  |  |                         
|       |  |                                                                                    |  |  
|       |  | Class A - 1                                                                        |  |   |                |                          |  |   |                |  |                         
|       |  | Beginning Class A Principal Balance                                                |  |   |                |                          |  | $ | 203,208,241.73 |  |                         
|       |  | Principal in Current Period                                                        |  |   |                |                          |  | $ | 22,021,921.02  |  |                         
|       |  | Ending Class A-1 Principal Balance                                                 |  |   |                |                          |  | $ | 181,186,320.71 |  |                         
|       |  |                                                                                    |  |  
|       |  | Interest due this Due Period                                                       |  |   |                | %                        |  | $ | 214,135.03     |  |                         
|       |  |                                                                                    |  |  
|       |  | Interest Paid Per $1,000                                                           |  | $ | 1.2746132805   |                          |  | $ | 214,135.03     |  |                         
|       |  | Original Class A-1 Face                                                            |  |   | 168,000,000.00 |                          |  |   |                |  |                         
|       |  |                                                                                    |  |  
|       |  | Principal Paid Per $1,000                                                          |  | $ | 131.0828632143 |                          |  | $ | 22,021,921.02  |  |                         
|       |  | Original Class A-1 Face                                                            |  |   | 168,000,000.00 |                          |  |   |                |  |                         
|       |  |                                                                                    |  |  
|       |  | Ending Principal Balance Factor (Ending Class A Principal/Original Class A-1 Face) |  |   | 107.8490004226 | %                        |  |   |                |  |                         



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 3            



|                             |  |                                                                                     |  |   |                |   |               |   |               
|---------------------------- |  | ----------------------------------------------------------------------------------- |  | - | -------------- | - | ------------- | - | --------------
|Class A-2                    |  |                                                                                     |  |   |                |   |               |   |               
|                             |  | Beginning Class A-2 Principal Balance                                               |  |   |                |   |               | $ | 26,700,000.00 
|                             |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                             |  | Ending Class A-2 Principal Balance                                                  |  |   |                |   |               | $ | 26,700,000.00 
|                             |  |                                                                                     | 
|                             |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 37,380.00     
|                             |  |                                                                                     | 
|                             |  | Interest Paid Per $1,000                                                            |  | $ | 0.9117073171   |   |               | $ | 37,380.00     
|                             |  | Original Class A-2 Face                                                             |  |   | 41,000,000.00  |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                             |  | Original Class A-2 Face                                                             |  |   | 41,000,000.00  |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 65.1219512195  | % |               |   |               
|                             |  |                                                                                     | 
|Class A-3a                   |  |                                                                                     |  |   |                |   |               |   |               
|                             |  | Beginning Class A-3 Principal Balance                                               |  |   |                |   |               | $ | 206,400,000.00
|                             |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                             |  | Ending Class A-3 Principal Balance                                                  |  |   |                |   |               | $ | 206,400,000.00
|                             |  |                                                                                     | 
|                             |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 236,098.67    
|                             |  |                                                                                     | 
|                             |  | Interest Paid Per $1,000                                                            |  | $ | 0.9080717949   |   |               | $ | 236,098.67    
|                             |  | Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                             |  | Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 79.3846153846  | % |               |   |               
|                             |  |                                                                                     | 
|Class A-3b                   |  |                                                                                     |  |   |                |   |               |   |               
|                             |  | Beginning Class A-3 Principal Balance                                               |  |   |                |   |               | $ | 206,400,000.00
|                             |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                             |  | Ending Class A-3 Principal Balance                                                  |  |   |                |   |               | $ | 206,400,000.00
|                             |  |                                                                                     | 
|                             |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 400,760.00    
|                             |  |                                                                                     | 
|                             |  | Interest Paid Per $1,000                                                            |  | $ | 1.5413846154   |   |               | $ | 400,760.00    
|                             |  | Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                             |  | Original Class A-3 Face                                                             |  |   | 260,000,000.00 |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 79.3846153846  | % |               |   |               
|                             |  |                                                                                     | 
|Class A-4                    |  |                                                                                     |  |   |                |   |               |   |               
|                             |  | Beginning Class A-4 Principal Balance                                               |  |   |                |   |               | $ | 159,385,000.00
|                             |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                             |  | Ending Class A-4 Principal Balance                                                  |  |   |                |   |               | $ | 159,385,000.00
|                             |  |                                                                                     | 
|                             |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 434,324.13    
|                             |  |                                                                                     | 
|                             |  | Interest Paid Per $1,000                                                            |  | $ | 3.4415540808   |   |               | $ | 434,324.13    
|                             |  | Original Class A-4 Face                                                             |  |   | 126,200,000.00 |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                             |  | Original Class A-4 Face                                                             |  |   | 126,200,000.00 |   |               |   |               
|                             |  |                                                                                     | 
|                             |  | Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 126.2955625990 | % |               |   |               
|                             |  |                                                                                    
|Overcollateralization Amount |  |                                                                                     |  |   |                | $ | 66,605,218.25



---

|                                                 |  |                |  |              
|------------------------------------------------ |  | -------------- |  | -------------
|IKON Receivables Funding, LLC                    |  |                |  |              
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | July 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |              
|June 2003                                        |  | Payment Date # |  | 3            



MISCELLANEOUS INFORMATION TO BE PROVIDED



|                                                                                     |  |       |   |  |         |   |  |   |               
|------------------------------------------------------------------------------------ |  | ----- | - |  | ------- | - |  | - | --------------
|Total Contracts for Reporting Period                                                 |  |       |   |  | Jun-03  |   |  |   | 52,084        
|                                                                                     |  |       |  
|Discounted Present Value of the Leases which are:                                    |  |       |   |  |         |   |  |   |               
|31-60 DAYS OVERDUE                                                                   |  |       |   |  |         |   |  | $ | 30,176,768.99 
|61-90 DAYS OVERDUE                                                                   |  |       |   |  |         |   |  | $ | 7,530,615.39  
|91-120 DAYS OVERDUE                                                                  |  |       |   |  |         |   |  | $ | 3,027,835.19  
|                                                                                     |  |       |  
|Other Information to be provided                                                     |  |       |   |  |         |   |  |   |               
|                                                                                     |  |       |  
|Occurrence of an Event of Default Under the Indenture                                |  |       |   |  |         |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |       |   |  |         |   |  |   | N             
|                                                                                     |  |       |  
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.00  | % |  |         |   |  | $ | 3,785.72      
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00 | % |  |         |   |  | $ | 91,869,021.83 
|                                                                                     |  |       |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 0.33  | % |  |         |   |  | $ | 3,077,110.01  
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00 | % |  |         |   |  | $ | 91,869,021.83 
|                                                                                     |  |       |  
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 0.44  | % |  |         |   |  | $ | 4,033,609.21  
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00 | % |  |         |   |  | $ | 183,738,043.65
|                                                                                     |  |       |  
|Interest Rate Swap                                                                   |  |       |   |  |         |   |  |   |               
|                                                                                     |  |       |  
|Class A-3a Fixed Swap Rate                                                           |  |       |   |  | 2.095   | % |  |   |               
|a) Fixed Swap Interest Payable                                                       |  |       |   |  |         |   |  |   | 360,340.00    
|                                                                                     |  |       |  
|Class A-3a Note Interest Rate                                                        |  |       |   |  | 1.42000 | % |  |   |               
|b) Floating Swap Interest Receivable                                                 |  |       |   |  |         |   |  |   | 236,098.67    
|                                                                                     |  |       |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |       |   |  |         |   |  |   |              
|(Available Funds deposited to Collection Account)                                  |  |       |   |  |         |   |  |   |               
|                                                                                     |  |       |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |       |   |  |         |   |  |   | 124,241.33    



|             |  |                                              
|------------ |  | ---------------------------------------------
|Prepared by: |  | Harold M. Bright                             
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC      
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Harry G. Kozee                               
|             | 
|Title:       |  | VP-Finance - IOS Capital, LLC                
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Kathleen M. Burns                            
|             | 
|Title:       |  | VP and Treasurer, IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                              



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 4              



NET CHANGE IN DPV OF PORTFOLIO



|                                                                                                         |  |   |                |  |   |               
|-------------------------------------------------------------------------------------------------------- |  | - | -------------- |  | - | --------------
|Beginning Balance (DPVL as of last date of previous Due Period)                                          |  |   |                |  | $ | 846,676,538.96
|Less:        DPV Principal Payments Due on Leases - Current Month                                        |  |   |                |  |   | 23,684,786.28 
|Less:        DPV Non-Performing Leases - current monthover 120 days, etc                                |  |   |                |  |   | 1,831,102.79  
|Less:        DPV Adjusted / Warranty Leases                                                              |  |   |                |  |   |              
|Less:        DPV Amounts on Early Termination Leases                                                     |  |   |                |  |   | 3,370,464.76  
|                                                                                                         |  |   |                |  |   |               
|Subtotal:                                                                                                |  |   |                |  | $ | 817,790,185.13
|Add:        DPV Substitute Leases                                                                        |  |   |                |  |   |               
|Non-Performing                                                                                           |  |   |                |  |   | 1,831,102.79  
|Adjusted / Warranty                                                                                      |  |   |                |  |   |              
|Add:        DPV Additional Leases for Early Terminations                                                 |  |   |                |  |   | 3,370,693.34  
|                                                                                                         |  |   |                |  |   |               
|Ending Balance (DPVL as of last date of current Due Period)                                              |  |   |                |  | $ | 822,991,981.26
|                                                                                                         |  |  
|OVERDUE LEASE PAYMENTS                                                                                   |  |   |                |  |   |               
|                                                                                                         |  |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                          |  |   |                |  |   |               
|                                                                                                         |  |  
|Beginning outstanding servicer advances                                                                  |  |   |                |  |   | 4,669,325.63  
|Less:        Reimburse Servicer Advances owed to IOSC not prev reimbursed                                |  |   |                |  |   | 3,305,456.49  
|Add:        Servicer Adv for scheduled payments not made in current period                               |  |   |                |  |   | 3,333,726.25  
|                                                                                                         |  |   |                |  |   |               
|Ending outstanding servicer advances                                                                     |  |   |                |  |   | 4,697,595.39  
|                                                                                                         |  |  
|ADVANCE LEASE PAYMENTS                                                                                   |  |   |                |  |   |               
|                                                                                                         |  |  
|Beginning amount of lease payments to be applied in future                                               |  |   |                |  |   | 1,132,727.36  
|Less:        Applied to Current from Prepaid - including intermonth activity                             |  |   |                |  |   | 4,025,866.57  
|Less:        Repurchased Leases                                                                          |  |   |                |  |   |              
|Less:        Advance Payments on Non-Performing Leases                                                   |  |   |                |  |   |              
|Add:        Received This Month - including intermonth activity                                          |  |   |                |  |   | 4,033,343.76  
|Add:        Received in Prior Month                                                                      |  |   |                |  |   |              
|                                                                                                         |  |   |                |  |   |               
|Ending amount of lease payments to be applied in future                                                  |  |   |                |  |   | 1,140,204.56  
|                                                                                                         |  |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                        |  |   |                |  |   |               
|                                                                                                         |  |  
|Beginning Balance                                                                                        |  |   |                |  |   | 9,186,902.18  
|Less:        Deposit to Collection Account (if any)                                                      |  |   |                |  |   |              
|Ending Balance                                                                                           |  |   |                |  |   | 9,186,902.18  
|                                                                                                         |  |  
|Required Reserve Account                                                                                 |  |   |                |  |   |               
|Lesser of 1% of $ or Outstanding Notes Amount                                                            |  |   |                |  |   | 9,186,902.18  
|                                                                                                         |  |  
|Reserve Account in excess of Required Reserve                                                            |  |   |                |  |   |              
|Deposits into Reserve Account                                                                            |  |   |                |  |   |              
|Amounts Released to Issuer                                                                               |  |   |                |  |   |              
|                                                                                                         |  |   |                |  |   |               
|Ending Balance                                                                                           |  |   |                |  |   | 9,186,902.18  
|                                                                                                         |  |  
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                               |  |   |                |  |   |               
|                                                                                                         |  |  
|Beginning Balance                                                                                        |  |   |                |  |   | 7,149.12      
|Less:        Retainable Deposits to be Deposited into Collection Account and AmountsRepayable to
Lessees |  |   |                |  |   |              
|Add:        Additional Security Deposits collected on leases                                             |  |   |                |  |   |              
|                                                                                                         |  |   |                |  |   |               
|Ending Balance                                                                                           |  |   |                |  |   | 7,149.12      
|                                                                                                         |  |  
|RECONCILIATION OF RENEWAL ACCOUNT                                                                        |  |   |                |  |   |               
|                                                                                                         |  |  
|Begginning Balance                                                                                       |  |   |                |  |   |              
|Less:        Deposit to Collection Account (if any)                                                      |  |   |                |  |   |              
|Plus:        Deposit to Renewal Account                                                                  |  |   |                |  |   |              
|                                                                                                         |  |   |                |  |   |               
|Ending Balance                                                                                           |  |   |                |  |   |              
|                                                                                                         |  |  
|Renewal Account Deposit Required                                                                         |  |   |                |  |   | N             
|Renewal Deposit                                                                                          |  |   |                |  |   |              
|                                                                                                         |  |  
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                         |  |   |                |  |   |              
|Lesser of:        2% of Discounted PV of Leases as of the initial Cutoff Date                            |  | $ | 18,373,804.37  |  |   |               
|Outstanding Balance of Notes minus Reserves                                                              |  | $ | 747,199,860.83 |  |   |               



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 4              



COMPLIANCE RATIO CALCULATIONS



|                                                                                                                 |  |      |   |  |   |  |       |   |  |                   
|---------------------------------------------------------------------------------------------------------------- |  | ---- | - |  | - |  | ----- | - |  | ------------------
|Calculate Annualized Default Rate                                                                                |  |      |   |  |   |  |       |   |  |                   
|# of days delinquent to declare Defaulted Lease                                                                  |  |      |   |  |   |  | 121   |   |  |                   
|                                                                                                                 |  |      |   | 
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |      |   |  |   |  |       |   |  |                   
|This Month                                                                                                       |  |      |   |  |   |  | 2.33  | % |  | Annualized July 03
|Last Month                                                                                                       |  |      |   |  |   |  | 2.13  | % |  | Annualized June 03
|Two Months ago                                                                                                   |  |      |   |  |   |  | 1.68  | % |  | Annualized May 03 
|                                                                                                                 |  |      |   | 
|3 mos. Average                                                                                                   |  |      |   |  |   |  | 2.05  | % |  |                   
|                                                                                                                 |  |      |   | 
|Calculate Delinquency Rate                                                                                       |  |      |   |  |   |  |       |   |  |                   
|# of days delinquent to declare Delinquent Lease                                                                 |  |      |   |  |   |  | 61    |   |  |                   
|                                                                                                                 |  |      |   | 
|Discounted Present Value of Delinquent Leases:                                                                   |  |      |   |  |   |  |       |   |  |                   
|This Month                                                                                                       |  |      |   |  |   |  | 1.15  | % |  |                   
|Last Month                                                                                                       |  |      |   |  |   |  | 1.25  | % |  |                   
|Two Months ago                                                                                                   |  |      |   |  |   |  | 1.63  | % |  |                   
|                                                                                                                 |  |      |   | 
|3 mos. Average                                                                                                   |  |      |   |  |   |  | 1.34  | % |  |                   
|                                                                                                                 |  |      |   | 
|Calculate Renewal Trigger Ratio                                                                                  |  |      |   |  |   |  |       |   |  |                   
|                                                                                                                 |  |      |   | 
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |      |   |  |   |  | 852   |   |  |                   
|This Month                                                                                                       |  | 276  |   |  |   |  |       |   |  |                   
|Last Month                                                                                                       |  | 319  |   |  |   |  |       |   |  |                   
|Two Months ago                                                                                                   |  | 257  |   |  |   |  |       |   |  |                   
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |      |   |  |   |  | 1,344 |   |  |                   
|This Month                                                                                                       |  | 552  |   |  |   |  |       |   |  |                   
|Last Month                                                                                                       |  | 461  |   |  |   |  |       |   |  |                   
|Two Months ago                                                                                                   |  | 331  |   |  |   |  |       |   |  |                   
|                                                                                                                 |  |      |   | 
|Renewal Trigger Ratio                                                                                            |  |      |   |  |   |  | 63.39 | % |  |                   
|                                                                                                                 |  |      |   | 
|Acceleration Event                                                                                               |  |      |   |  |   |  |       |   |  |                   
|Triggered if                                                                                                     |  |      |   |  |   |  |       |   |  |                   
|Annualized Default Rate greater than                                                                             |  | 6.25 | % |  |   |  |       |   |  |                   
|Delinquency Rate greater than                                                                                    |  | 7.00 | % |  |   |  |       |   |  |                   
|                                                                                                                 |  |      |   | 
|Acceleration Event Triggered? (Y/N)                                                                              |  |      |   |  | N |  |       |   |  |                   
|                                                                                                                 |  |      |   | 
|Renewal Trigger Event                                                                                            |  |      |   |  |   |  |       |   |  |                   
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |      |   |  |   |  |       |   |  |                   
|                                                                                                                 |  |      |   | 
|Trigger? (Y/N)                                                                                                   |  |      |   |  | N |  |       |   |  |                   
|                                                                                                                 |  |      |   | 
|Servicer Event of Default                                                                                        |  |      |   |  |   |  |       |   |  |                   
|Triggered if                                                                                                     |  |      |   |  |   |  |       |   |  |                   
|Annualized Default Rate greater than                                                                             |  | 8.00 | % |  |   |  |       |   |  |                   
|Delinquency Rate greater than                                                                                    |  | 9.00 | % |  |   |  |       |   |  |                   
|                                                                                                                 |  |      |   | 
|Servicer Event Triggered? (Y/N)                                                                                  |  |      |   |  | N |  |       |   |  |                   



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 4              



AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT



|                                                    |  |                                                                                  |  |               |  | 
|--------------------------------------------------- |  | -------------------------------------------------------------------------------- |  | ------------- |  | 
|Deposits by or on behalf of the Servicer:           |  |                                                                                  |  |              
|                                                    |  |                                                                                  | 
|Section 3.03 (a) (i)                                |  | Total lease payments applied for current due period                              |  | 22,014,458.64 |  | 
|Section 3.03 (a) (i)                                |  | Lease payments received on current months receivables                           |  | 18,709,002.15 |  | 
|Section 3.03 (a) (i)                                |  | Lease Payments Received on Prior Months Receivables                             |  | 3,305,456.49  |  | 
|Section 3.03 (a) (i)                                |  | Renewal payments                                                                 |  | 96,522.74     |  | 
|Section 3.03 (a) (i)                                |  | Early Termination cash                                                           |  |              |  | 
|                                                    |  | Advance payments for current month                                               |  | 4,025,866.57  |  | 
|                                                    |  | Advance payments for future months                                               |  |              |  | 
|Section 3.03 (a) (iv, x)                            |  | Lease Purchase amounts for breaches of reps and/or early terminations            |  |               |  | 
|Section 3.03 (a) (ii)                               |  | Recoveries to the Extent IOS Capital does not substituteif applicable           |  |              |  | 
|Section 3.03 (a) (iii)                              |  | Late charges on delinquent Lease payments not advanced by the Servicer           |  |              |  | 
|                                                    |  |                                                                                  | 
|Section 3.03 (a) (v)                                |  | Investment Earnings on Accounts:                                                 |  |               |  | 
|Section 3.03 (a) (v)                                |  | Collection Account                                                               |  | 6,054.06      |  | 
|Section 3.03 (a) (v)                                |  | Reserve Account                                                                  |  | 2,640.55      |  | 
|Section 3.03 (a) (v)                                |  | Security Deposit Account                                                         |  |              |  | 
|Section 3.03 (a) (vi)                               |  | Casualty Payments                                                                |  |              |  | 
|Section 3.03 (a) (vii)                              |  | Servicer Adv for scheduled payments not made in current period                   |  | 3,333,726.25  |  | 
|Section 3.03 (a) (viii)                             |  | Payments Received From Swap Counterparty                                         |  |              |  | 
|Section 3.03 (a) (viii)                             |  | Retainable Security Deposits                                                     |  |               |  | 
|Section 3.03 (a) (xi)                               |  | Funds For Redemption (Optional Clean-Up Call)                                    |  |              |  | 
|                                                    |  |                                                                                  |  |               |  | 
|                                                    |  | Total amounts in the Collection Account related to the Current Collection Period |  | 29,479,268.81 |  | 
|                                                    |  |                                                                                 
|Transfers made by Trustee to the Collection Account |  |                                                                                  |  |              
|                                                    |  | Optional Payments Received from AMBAC                                            |  |              |  | 
|                                                    |  | Insured Payments Received from AMBAC                                             |  |              |  | 
|                                                    |  | Shortfall Required to be Deposited From Renewal Account                          |  |              |  | 
|                                                    |  | Shortfall Required to be Deposited From Reserve Account                          |  |              |  | 
|                                                    |  |                                                                                  | 
|                                                    |  | Retainable Deposits from Security Deposit Acct (net of additions)                |  |              |  | 
|Less                                                |  | Credit for payments applied in prior period                                      |  |              |  | 
|                                                    |  |                                                                                  |  |               |  | 
|Total deposited into the Collection Account         |  | 29,479,268.81                                                                    |  |              



DISBURSEMENTS FROM COLLECTION ACCOUNT



| |  |       |  |                                                                         |  |           |   |  |               |  |                                    
| |  | ----- |  | ----------------------------------------------------------------------- |  | --------- | - |  | ------------- |  | -----------------------------------
| |  |       |  | Surety Fee                                                              |  | 0.28      | % |  | 182,016.64    |  | Surety Fee                         
| |  | (i)   |  | Section 3.03 (b) (i) 0.28% of Outstanding Principal Amount of the Notes |  |           |   |  |               |  |                                    
| |  |       |  |                                                                         | 
| |  |       |  | Payment to Swap Counterparty - Update Monthly                           |  |           |   |  | 120,954.53    |  | IKON Transfer                      
| |  | (ii)  |  | Section 3.03 (b) (ii)                                                   |  |           |   |  |               |  |                                    
| |  |       |  |                                                                         | 
| |  |       |  | Servicing Fee                                                           |  | 0.75      | % |  | 487,544.58    |  | No Distribution on this Amount     
| |  |       |  | 0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV |  |           |   |  |               |  |                                    
| |  | (iii) |  | Section 3.03 (b) (iii)                                                  |  |           |   |  |               |  |                                    
| |  |       |  |                                                                         | 
| |  |       |  | Trustee Fee .0010000% of Outstanding Principal Amount of the Notes      |  | 0.0010000 | % |  | 650.06        |  | Trustee Fees - Bank of New York    
| |  |       |  |                                                                         |  |           |   |  |               |  |                                    
| |  |       |  | Minimum Fee = $ 250.00                                                  |  |           |   |  |               |  |                                    
| |  |       |  | Servicing Fee Less Trustee Fee                                          |  |           |   |  | 486,894.52    |  | IOSC Net Servicing Fee Distribution
| |  |       |  |                                                                         | 
| |  | (iv)  |  | Section 3.03 (b) (iv)                                                   |  |           |   |  |               |  |                                    
| |  |       |  | Reimburse Servicer Advances owed to IOSC not prev reimbursed            |  |           |   |  | 3,305,456.49  |  | IOSC Svc Advance reimbursement     
| |  |       |  |                                                                         |  |           |   |  |               |  |                                    
| |  |       |  | Remaining Available to be Distributed to Noteholders                    |  |           |   |  | 25,383,296.58 |  |                                    



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 4              



|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                         
|------ |  | --------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ------------------------ |  | ------------------------
|(v)    |  | Disbursements Section 3.03 (b) (v)                                                |  |   |                |   |  |   |                          |  | Actual Days for A1-A3-A4
|       |  | Class A-1 Interest Due (Act/360 Basis)                                            |  |   | 1.30813        | % |  | $ | 204,096.48               |  | 31                      
|       |  | Class A-2 Interest Due (30/360 Basis)                                             |  |   | 1.68000        | % |  | $ | 37,380.00                |  |                         
|       |  | Class A-3a Interest Due (Act/360 Basis) LIBOR Rate = 1.10688 + .24 = 1.34688%     |  |   | 1.34688        | % |  | $ | 239,385.47               |  | Libor + .24             
|       |  | Class A-3b Interest Due (30/360 Basis)                                            |  |   | 2.33000        | % |  | $ | 400,760.00               |  |                         
|       |  | Class A-4 Interest Due (30/360 Basis)                                             |  |   | 3.27000        | % |  | $ | 434,324.13               |  |                         
|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                         
|       |  | Total Class A Interest Due                                                        |  |   |                |   |  | $ | 1,315,946.07             |  |                         
|       |  | Class A Interest Paid                                                             |  |   |                |   |  | $ | 1,315,946.07             |  |                         
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                      |  |   |                |   |  | $ |                         |  |                         
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                                 |  |   |                |   |  | $ |                         |  |                         
|       |  | Beginning Aggregate Class A Note Balance                                          |  |   |                |   |  | $ | 780,071,320.71           |  |                         
|       |  | Class A Principal Payment While Class A-1 Outstanding                             |  |   |                |   |  | $ | 23,684,557.70            |  |                         
|       |  | Class A Principal Payment After Class A-1 Retired                                 |  |   | 89.99156       | % |  | $ |                         |  |                         
|       |  | Aggregate Class A Principal Payment                                               |  |   |                |   |  | $ | 23,684,557.70            |  |                         
|(vii)  |  | Class A Principal Paid                                                            |  |   |                |   |  | $ | 23,684,557.70            |  |                         
|       |  | Ending Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 756,386,763.01           |  |                         
|       |  | Overcollateralization Floor                                                       |  |   |                |   |  |   |                          |  |                         
|       |  | 2.5% of $918,690,218.25                                                           |  |   |                |   |  | $ | 22,967,255.46            |  |                         
|       |  | Plus: Cumulative Loss Amount                                                      |  |   |                |   |  | $ |                         |  |                         
|       |  | Less: Reserve Account Ending Balance                                              |  |   |                |   |  | $ | 9,186,902.18             |  |                         
|       |  | Overcollateralization Floor                                                       |  |   |                |   |  | $ | 13,780,353.28            |  | N                       
|(viii) |  | Additional Class A Principal                                                      |  |   |                |   |  | $ |                         |  |                         
|       |  | Additional Principal Class A Paid                                                 |  |   |                |   |  | $ |                         |  |                         
|       |  | End of Period Class A Note Balance                                                |  |   |                |   |  | $ | 756,386,763.01           |  |                         
|       |  |                                                                                   |  |  
|       |  | Remaining Collections After Distributions to Noteholders                          |  |   |                |   |  | $ | 382,792.80               |  |                         
|       |  |                                                                                   |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                   |  |   |                |   |  | $ | 0.00                     |  |                         
|       |  |                                                                                   |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                   |  |   |                |   |  | $ |                         |  |                         
|       |  |                                                                                   |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))       |  |   |                |   |  | $ | 382,792.80               |  |                         
|       |  |                                                                                   |  |  
|       |  | Total Distribution from the Collection Account                                    |  |   |                |   |  | $ | 29,479,268.81            |  |                         
|       |  |                                                                                   | 
|       |  | Trustee Transfer to IOSC                                                          |  |   |                |   |  |   | IOSC Transfer to Trustee
|       |  |                                                                                   |  |  
|       |  | Reimburse Servicer Advances                                                       |  | $ | 3,305,456.49   |   |  | $ | 7,477.19                 |  | Adv Payments            
|       |  | Remaining Coll                                                                    |  |   | 382,792.80     |   |  |   | 120,954.53               |  | Swap Payment            
|       |  | Servicing Fee Less Trustee Fee                                                    |  |   | 486,894.52     |   |  |   | 3,333,726.25             |  | Servicer Advances       
|       |  |                                                                                   |  |   |                |   |  |   |                          |  |                         
|       |  |                                                                                   |  |   | 4,175,143.81   |   |  |   | 3,462,157.97             |  |                         
|       |  |                                                                                   |  |  
|       |  | RECONCILIATION OF NOTES                                                           |  |   |                |   |  |   |                          |  |                         
|       |  |                                                                                   |  |  
|       |  | Beginning Discounted Present Value of the Leases                                  |  |   |                |   |  | $ | 846,676,538.96           |  |                         
|       |  |                                                                                   |  |  
|       |  | Discounted Present Value of the Performing Leases as of this Determination Date   |  |   |                |   |  | $ | 822,991,981.26           |  |                         
|       |  |                                                                                   |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period           |  |   |                |   |  | $ | 23,684,557.70            |  |                         
|       |  |                                                                                   |  |  
|       |  | Class A - 1                                                                       |  |   |                |   |  |   |                          |  |                         
|       |  | Beginning Class A Principal Balance                                               |  |   |                |   |  | $ | 181,186,320.71           |  |                         
|       |  | Principal in Current Period                                                       |  |   |                |   |  | $ | 23,684,557.70            |  |                         
|       |  | Ending Class A-1 Principal Balance                                                |  |   |                |   |  | $ | 157,501,763.01           |  |                         
|       |  |                                                                                   |  |  
|       |  | Interest due this Due Period                                                      |  |   |                | % |  | $ | 204,096.48               |  |                         
|       |  |                                                                                   |  |  
|       |  | Interest Paid Per $1,000                                                          |  | $ | 0.8067054362   |   |  | $ | 204,096.48               |  |                         
|       |  | Original Class A-1 Face                                                           |  |   | 253,000,000.00 |   |  |   |                          |  |                         
|       |  |                                                                                   |  |  
|       |  | Principal Paid Per $1,000                                                         |  | $ | 93.6148525692  |   |  | $ | 23,684,557.70            |  |                         
|       |  | Original Class A-1 Face                                                           |  |   | 253,000,000.00 |   |  |   |                          |  |                         
|       |  |                                                                                   |  |  
|       |  | Ending Principal Balance Factor(Ending Class A Principal/Original Class A-1 Face) |  |   | 62.2536612688  | % |  |   |                          |  |                         



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 4              



|                                                  |  |                                                                                     |  |   |                |   |               |   |               
|------------------------------------------------- |  | ----------------------------------------------------------------------------------- |  | - | -------------- | - | ------------- | - | --------------
|                                                  |  |                                                                                     | 
|Class A-2                                         |  |                                                                                     |  |   |                |   |               |   |               
|                                                  |  | Beginning Class A-2 Principal Balance                                               |  |   |                |   |               | $ | 26,700,000.00 
|                                                  |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                                                  |  | Ending Class A-2 Principal Balance                                                  |  |   |                |   |               | $ | 26,700,000.00 
|                                                  |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 37,380.00     
|                                                  |  | Interest Paid Per $1,000                                                            |  | $ | 1.4000000000   |   |               | $ | 37,380.00     
|                                                  |  | Original Class A-2 Face                                                             |  |   | 26,700,000.00  |   |               |   |               
|                                                  |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                                                  |  | Original Class A-2 Face                                                             |  |   | 26,700,000.00  |   |               |   |               
|                                                  |  | Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 100.0000000000 | % |               |   |               
|                                                  |  |                                                                                     | 
|Class A-3a                                        |  |                                                                                     |  |   |                |   |               |   |               
|                                                  |  | Beginning Class A-3 Principal Balance                                               |  |   |                |   |               | $ | 206,400,000.00
|                                                  |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                                                  |  | Ending Class A-3 Principal Balance                                                  |  |   |                |   |               | $ | 206,400,000.00
|                                                  |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 239,385.47    
|                                                  |  | Interest Paid Per $1,000                                                            |  | $ | 1.1598133333   |   |               | $ | 239,385.47    
|                                                  |  | Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |               |   |               
|                                                  |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                                                  |  | Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |               |   |               
|                                                  |  | Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 100.0000000000 | % |               |   |               
|                                                  |  |                                                                                     | 
|Class A-3b                                        |  |                                                                                     |  |   |                |   |               |   |               
|                                                  |  | Beginning Class A-3 Principal Balance                                               |  |   |                |   |               | $ | 206,400,000.00
|                                                  |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                                                  |  | Ending Class A-3 Principal Balance                                                  |  |   |                |   |               | $ | 206,400,000.00
|                                                  |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 400,760.00    
|                                                  |  | Interest Paid Per $1,000                                                            |  | $ | 1.9416666667   |   |               | $ | 400,760.00    
|                                                  |  | Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |               |   |               
|                                                  |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                                                  |  | Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |               |   |               
|                                                  |  | Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 100.0000000000 | % |               |   |               
|                                                  |  |                                                                                     | 
|Class A-4                                         |  |                                                                                     |  |   |                |   |               |   |               
|                                                  |  | Beginning Class A-4 Principal Balance                                               |  |   |                |   |               | $ | 159,385,000.00
|                                                  |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                                                  |  | Ending Class A-4 Principal Balance                                                  |  |   |                |   |               | $ | 159,385,000.00
|                                                  |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 434,324.13    
|                                                  |  | Interest Paid Per $1,000                                                            |  | $ | 2.7250000000   |   |               | $ | 434,324.13    
|                                                  |  | Original Class A-4 Face                                                             |  |   | 159,385,000.00 |   |               |   |               
|                                                  |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                                                  |  | Original Class A-4 Face                                                             |  |   | 159,385,000.00 |   |               |   |               
|                                                  |  | Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |               |   |               
|                                                  |  |                                                                                    
|Overcollateralization Amount                      |  |                                                                                     |  |   |                | $ | 66,605,218.25
|                                                  |  |                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED          |  |                                                                                     |  |   |                |   |              
|                                                  |  | Total Contracts for Reporting Period                                                |  |   | Jul-03         |   |               |   | 51,570        
|                                                  |  |                                                                                    
|Discounted Present Value of the Leases which are: |  |                                                                                     |  |   |                |   |              
|                                                  |  | 31-60 DAYS OVERDUE                                                                  |  |   |                |   |               | $ | 26,426,059.92 
|                                                  |  | 61-90 DAYS OVERDUE                                                                  |  |   |                |   |               | $ | 6,920,697.78  
|                                                  |  | 91-120 DAYS OVERDUE                                                                 |  |   |                |   |               | $ | 2,565,333.48  



---

|                                                 |  |                |  |                
|------------------------------------------------ |  | -------------- |  | ---------------
|IKON Receivables Funding, LLC                    |  |                |  |                
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | August 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                
|July 2003                                        |  | Payment Date # |  | 4              



|                                                                                     |  |         |   |  |   |               
|------------------------------------------------------------------------------------ |  | ------- | - |  | - | --------------
|Other Information to be provided                                                     |  |         |   |  |   |               
|                                                                                     |  |        
|Occurrence of an Event of Default Under the Indenture                                |  |         |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |         |   |  |   | N             
|                                                                                     |  |        
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.00    | % |  | $ | 3,785.72      
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00   | % |  | $ | 91,869,021.83 
|                                                                                     |  |        
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 0.53    | % |  | $ | 4,908,212.80  
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00   | % |  | $ | 91,869,021.83 
|                                                                                     |  |        
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 0.81    | % |  | $ | 7,404,302.55  
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00   | % |  | $ | 183,738,043.65
|                                                                                     |  |        
|Interest Rate Swap                                                                   |  |         |   |  |   |               
|                                                                                     |  |        
|Class A-3a Fixed Swap Rate                                                           |  | 2.095   | % |  |   |               
|a) Fixed Swap Interest Payable                                                       |  |         |   |  |   | 360,340.00    
|                                                                                     |  |        
|Class A-3a Note Interest Rate                                                        |  | 1.34688 | % |  |   |               
|b) Floating Swap Interest Receivable                                                 |  |         |   |  |   | 239,385.47    
|                                                                                     |  |        
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |         |   |  |   |              
|(Available Funds deposited to Collection Account)                                  |  |         |   |  |   |               
|                                                                                     |  |        
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |         |   |  |   | 120,954.53    

|             |  |                                              
|------------ |  | ---------------------------------------------
|             | 
|Prepared by: |  | Harold M. Bright                             
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC      
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Harry G. Kozee                               
|             | 
|Title:       |  | VP-Finance - IOS Capital, LLC                
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Kathleen M. Burns                            
|             | 
|Title:       |  | VP and Treasurer, IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                              



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 5                 



|                                                                |  |                                                                                             |                |   |               
|--------------------------------------------------------------- |  | ------------------------------------------------------------------------------------------- | -------------- | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                  |  |                                                                                             |               
|Beginning Balance (DPVL as of last date of previous Due Period) |  | $                                                                                           | 822,991,981.26
|                                                                |  |                                                                                            
|Less:                                                           |  | DPV Principal Payments Due on Leases - Current Month                                        |                |   | 22,976,495.36 
|Less:                                                           |  | DPV Non-Performing Leases - current monthover 120 days, etc                                |                |   | 959,651.02    
|Less:                                                           |  | DPV Adjusted / Warranty Leases                                                              |                |   |              
|Less:                                                           |  | DPV Amounts on Early Termination Leases                                                     |                |   | 1,629,390.45  
|                                                                |  |                                                                                             |                |   |               
|                                                                |  |                                                                                            
|Subtotal:                                                       |  |                                                                                             |                | $ | 797,426,444.43
|                                                                |  |                                                                                            
|Add:                                                            |  | DPV Substitute Leases                                                                       |                |   |               
|                                                                |  | Non-Performing                                                                              |                |   | 959,651.02    
|                                                                |  | Adjusted / Warranty                                                                         |                |   |              
|Add:                                                            |  | DPV Additional Leases for Early Terminations                                                |                |   | 1,630,591.71  
|                                                                |  |                                                                                             |                |   |               
|Ending Balance (DPVL as of last date of current Due Period)     |  | $                                                                                           | 800,016,687.16
|                                                                | 
|OVERDUE LEASE PAYMENTS                                          |  |                                                                                             |               
|                                                                | 
|Reimburse Servicer Advances relating to the prior Payment Date: |  |                                                                                             |               
|                                                                |  |                                                                                             |                |   |               
|                                                                | 
|Beginning outstanding servicer advances                         |  |                                                                                             | 4,697,595.39  
|Less:                                                           |  | Reimburse Servicer Advances owed to IOSC not prev reimbursed                                |                |   | 3,134,767.80  
|Add:                                                            |  | Servicer Adv for scheduled payments not made in current period                              |                |   | 3,253,409.36  
|                                                                |  |                                                                                             |                |   |               
|Ending outstanding servicer advances                            |  |                                                                                             | 4,816,236.95  
|                                                                | 
|ADVANCE LEASE PAYMENTS                                          |  |                                                                                             |               
|                                                                | 
|Beginning amount of lease payments to be applied in future      |  |                                                                                             | 1,140,204.56  
|Less:                                                           |  | Applied to Current from Prepaid - including intermonth activity                             |                |   | 4,092,762.07  
|Less:                                                           |  | Repurchased Leases                                                                          |                |   |              
|Less:                                                           |  | Advance Payments on Non-Performing Leases                                                   |                |   |              
|Add:                                                            |  | Received This Month - including intermonth activity                                         |                |   | 4,112,247.25  
|Add:                                                            |  | Received in Prior Month                                                                     |                |   |              
|                                                                |  |                                                                                             |                |   |               
|Ending amount of lease payments to be applied in future         |  |                                                                                             | 1,159,689.74  
|                                                                | 
|RECONCILIATION OF RESERVE ACCOUNT                               |  |                                                                                             |               
|                                                                | 
|Beginning Balance                                               |  |                                                                                             | 9,186,902.18  
|Less:                                                           |  | Deposit to Collection Account (if any)                                                      |                |   |              
|Ending Balance                                                  |  |                                                                                             | 9,186,902.18  
|                                                                | 
|Required Reserve Account                                        |  |                                                                                             |               
|Lesser of 1% of $ or Outstanding Notes Amount                   |  |                                                                                             | 9,186,902.18  
|                                                                | 
|Reserve Account in excess of Required Reserve                   |  |                                                                                             |              
|Deposits into Reserve Account                                   |  |                                                                                             |              
|Amounts Released to Issuer                                      |  |                                                                                             |              
|                                                                |  |                                                                                             |                |   |               
|Ending Balance                                                  |  |                                                                                             | 9,186,902.18  
|                                                                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                      |  |                                                                                             |               
|                                                                | 
|Beginning Balance                                               |  |                                                                                             | 7,149.12      
|Less:                                                           |  | Retainable Deposits to be Deposited into Collection Account andAmounts Repayable to Lessees |                |   |              
|Add:                                                            |  | Additional Security Deposits collected on leases                                            |                |   |              
|                                                                |  |                                                                                             |                |   |               
|Ending Balance                                                  |  |                                                                                             | 7,149.12      



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 5                 



|                                                                                                                 |  |                                                                 |  |   |                |       |  |       |   |  |                     
|---------------------------------------------------------------------------------------------------------------- |  | --------------------------------------------------------------- |  | - | -------------- | ----- |  | ----- | - |  | --------------------
|RECONCILIATION OF RENEWAL ACCOUNT                                                                                |  |                                                                 |  |   |                |       |  |       |  
|                                                                                                                 |  |                                                                 | 
|Begginning Balance                                                                                               |  |                                                                 |  |   |                |      |  |       |  
|Less:                                                                                                            |  | Deposit to Collection Account (if any)                          |  |   |                |       |  |      |   |  |                     
|Plus:                                                                                                            |  | Deposit to Renewal Account                                      |  |   |                |       |  |      |   |  |                     
|                                                                                                                 |  |                                                                 |  |   |                |       |  |       |   |  |                     
|Ending Balance                                                                                                   |  |                                                                 |  |   |                |      |  |       |  
|                                                                                                                 |  |                                                                 | 
|Renewal Account Deposit Required                                                                                 |  |                                                                 |  |   |                | N     |  |       |  
|Renewal Deposit                                                                                                  |  |                                                                 |  |   |                |      |  |       |  
|                                                                                                                 |  |                                                                 | 
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring)                                 |  |                                                                 |  |   |                |      |  |       |  
|Lesser of:                                                                                                       |  | 2% of Discounted PV of Leases as of the initial Cutoff Date     |  | $ | 18,373,804.37  |       |  |       |   |  |                     
|                                                                                                                 |  | Outstanding Balance of Notes minus Reserves                     |  | $ | 724,224,566.73 |       |  |       |   |  |                     
|                                                                                                                 |  |                                                                 | 
|COMPLIANCE RATIO CALCULATIONS                                                                                    |  |                                                                 |  |   |                |       |  |       |  
|Calculate Annualized Default Rate                                                                                |  |                                                                 |  |   |                |       |  |       |  
|                                                                                                                 |  | # of days delinquent to declare Defaulted Lease                 |  |   |                |       |  | 121   |   |  |                     
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Discounted Present Value of Defaulted Leases (Less Recoveries): |  |   |                |       |  |       |   |  |                     
|                                                                                                                 |  | This Month                                                      |  |   |                |       |  | 1.24  | % |  | Annualized August 03
|                                                                                                                 |  | Last Month                                                      |  |   |                |       |  | 2.33  | % |  | Annualized July 03  
|                                                                                                                 |  | Two Months ago                                                  |  |   |                |       |  | 2.13  | % |  | Annualized June 03  
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | 3 mos. Average                                                  |  |   |                |       |  | 1.90  | % |  |                     
|                                                                                                                 |  |                                                                 | 
|Calculate Delinquency Rate                                                                                       |  |                                                                 |  |   |                |       |  |       |  
|                                                                                                                 |  | # of days delinquent to declare Delinquent Lease                |  |   |                |       |  | 61    |   |  |                     
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Discounted Present Value of Delinquent Leases:                  |  |   |                |       |  |       |   |  |                     
|                                                                                                                 |  | This Month                                                      |  |   |                |       |  | 1.12  | % |  |                     
|                                                                                                                 |  | Last Month                                                      |  |   |                |       |  | 1.15  | % |  |                     
|                                                                                                                 |  | Two Months ago                                                  |  |   |                |       |  | 1.25  | % |  |                     
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | 3 mos. Average                                                  |  |   |                |       |  | 1.17  | % |  |                     
|                                                                                                                 |  |                                                                 | 
|Calculate Renewal Trigger Ratio                                                                                  |  |                                                                 |  |   |                |       |  |       |  
|                                                                                                                 |  |                                                                 | 
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |                                                                 |  |   |                | 979   |  |       |  
|                                                                                                                 |  | This Month                                                      |  |   | 287            |       |  |       |   |  |                     
|                                                                                                                 |  | Last Month                                                      |  |   | 362            |       |  |       |   |  |                     
|                                                                                                                 |  | Two Months ago                                                  |  |   | 330            |       |  |       |   |  |                     
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |                                                                 |  |   |                | 1,601 |  |       |  
|                                                                                                                 |  | This Month                                                      |  |   | 588            |       |  |       |   |  |                     
|                                                                                                                 |  | Last Month                                                      |  |   | 552            |       |  |       |   |  |                     
|                                                                                                                 |  | Two Months ago                                                  |  |   | 461            |       |  |       |   |  |                     
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Renewal Trigger Ratio                                           |  |   |                |       |  | 61.15 | % |  |                     
|                                                                                                                 |  |                                                                 | 
|Acceleration Event                                                                                               |  |                                                                 |  |   |                |       |  |       |  
|                                                                                                                 |  | Triggered if                                                    |  |   |                |       |  |       |   |  |                     
|                                                                                                                 |  | Annualized Default Rate greater than                            |  |   | 6.25           | %     |  |       |   |  |                     
|                                                                                                                 |  | Delinquency Rate greater than                                   |  |   | 7.00           | %     |  |       |   |  |                     
|                                                                                                                 |  | Acceleration Event Triggered? (Y/N)                             |  |   |                |       |  | N     |   |  |                     
|                                                                                                                 |  |                                                                 | 
|Renewal Trigger Event                                                                                            |  |                                                                 |  |   |                |       |  |       |  
|                                                                                                                 |  | Triggered if Renewal Trigger Ratio is less than 20%             |  |   |                |       |  |       |   |  |                     
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Trigger? (Y/N)                                                  |  |   |                |       |  | N     |   |  |                     
|                                                                                                                 |  |                                                                 | 
|Servicer Event of Default                                                                                        |  |                                                                 |  |   |                |       |  |       |  
|                                                                                                                 |  | Triggered if                                                    |  |   |                |       |  |       |   |  |                     
|                                                                                                                 |  | Annualized Default Rate greater than                            |  |   | 8.00           | %     |  |       |   |  |                     
|                                                                                                                 |  | Delinquency Rate greater than                                   |  |   | 9.00           | %     |  |       |   |  |                     
|                                                                                                                 |  |                                                                 |  |  
|                                                                                                                 |  | Servicer Event Triggered? (Y/N)                                 |  |   |                |       |  | N     |   |  |                     



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 5                 



|                                                                            |  |                                                                                 |   |  |               |  |                                 |  |                                    
|--------------------------------------------------------------------------- |  | ------------------------------------------------------------------------------- | - |  | ------------- |  | ------------------------------- |  | -----------------------------------
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT  
|                                                                            |  |                                                                                 |  
|Deposits by or on behalf of the Servicer:                                   |  |                                                                                 |   |  |               |  |                                
|                                                                            |  |                                                                                 |   | 
|Section 3.03 (a) (i)                                                        |  | Total lease payments applied for current due period                             |   |  |               |  | 20,813,423.84                   |  |                                    
|Section 3.03 (a) (i)                                                        |  | Lease payments received on current months receivables                          |   |  |               |  | 17,678,656.04                   |  |                                    
|Section 3.03 (a) (i)                                                        |  | Lease Payments Received on Prior Months Receivables                            |   |  |               |  | 3,134,767.80                    |  |                                    
|Section 3.03 (a) (i)                                                        |  | Renewal payments                                                                |   |  |               |  | 165,121.15                      |  |                                    
|Section 3.03 (a) (i)                                                        |  | Early Termination cash                                                          |   |  |               |  |                                |  |                                    
|                                                                            |  | Advance payments for current month                                              |   |  |               |  | 4,092,762.07                    |  |                                    
|                                                                            |  | Advance payments for future months                                              |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (iv, x)                                                    |  | Lease Purchase amounts for breaches of reps and/or early terminations           |   |  |               |  |                                 |  |                                    
|Section 3.03 (a) (ii)                                                       |  | Recoveries to the Extent IOS Capital does not substitute - if applicable        |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (iii)                                                      |  | Late charges on delinquent Lease payments not advanced by the Servicer          |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                 |   | 
|Section 3.03 (a) (v)                                                        |  | Investment Earnings on Accounts:                                                |   |  |               |  |                                 |  |                                    
|Section 3.03 (a) (v)                                                        |  | Collection Account                                                              |   |  |               |  | 5,739.76                        |  |                                    
|Section 3.03 (a) (v)                                                        |  | Reserve Account                                                                 |   |  |               |  | 2,432.45                        |  |                                    
|Section 3.03 (a) (v)                                                        |  | Security Deposit Account                                                        |   |  |               |  | 0.25                            |  |                                    
|Section 3.03 (a) (vi)                                                       |  | Casualty Payments                                                               |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (vii)                                                      |  | Servicer Adv for scheduled payments not made in current period                  |   |  |               |  | 3,253,409.36                    |  |                                    
|Section 3.03 (a) (viii)                                                     |  | Payments Received From Swap Counterparty                                        |   |  |               |  |                                |  |                                    
|Section 3.03 (a) (viii)                                                     |  | Retainable Security Deposits                                                    |   |  |               |  |                                 |  |                                    
|Section 3.03 (a) (xi)                                                       |  | Funds For Redemption (Optional Clean-Up Call)                                   |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                 |   |  |               |  |                                 |  |                                    
|                                                                            |  |                                                                                 |   | 
|                                                                            |  | Total amounts in the Collection Accountrelated to the Current Collection Period |   |  |               |  | 28,332,888.88                   |  |                                    
|                                                                            |  |                                                                                 |  
|Transfers made by Trustee to the Collection Account                         |  |                                                                                 |   |  |               |  |                                
|                                                                            |  | Optional Payments Received from AMBAC                                           |   |  |               |  |                                |  |                                    
|                                                                            |  | Insured Payments Received from AMBAC                                            |   |  |               |  |                                |  |                                    
|                                                                            |  | Shortfall Required to be Deposited From Renewal Account                         |   |  |               |  |                                |  |                                    
|                                                                            |  | Shortfall Required to be Deposited From Reserve Account                         |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                 |   | 
|                                                                            |  | Retainable Deposits from Security Deposit Acct (net of additions)               |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                 |   | 
|Less                                                                        |  | Credit for payments applied in prior period                                     |   |  |               |  |                                |  |                                    
|                                                                            |  |                                                                                 |   |  |               |  |                                 |  |                                    
|                                                                            |  |                                                                                 |  
|Total deposited into the Collection Account                                 |  |                                                                                 |   |  | 28,332,888.88 |  |                                
|                                                                            |  |                                                                                 |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                       |  |                                                                                 |   |  |               |  |                                
|                                                                            |  |                                                                                 |  
|Surety Fee                                                                  |  | 0.28                                                                            | % |  | 176,490.24    |  | Surety Fee                     
|(i) Section 3.03 (b) (i) 0.28% of Outstanding Principal Amount of the Notes |  |                                                                                 |   |  |               |  |                                
|                                                                            |  |                                                                                 |  
|Payment to Swap Counterparty- Update Monthly                                |  |                                                                                 |   |  | 120,400.00    |  | IKON Transfer                  
|(ii) Section 3.03 (b) (ii)                                                  |  |                                                                                 |   |  |               |  |                                
|                                                                            |  |                                                                                 |  
|Servicing Fee                                                               |  | 0.75                                                                            | % |  | 472,741.73    |  | No Distribution on this Amount 
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV     |  |                                                                                 |   |  |               |  |                                
|(iii) Section 3.03 (b) (iii)                                                |  |                                                                                 |   |  |               |  |                                
|                                                                            |  |                                                                                 |  
|Trustee Fee .0010000% of Outstanding Principal Amount of the Notes          |  | 0.0010000                                                                       | % |  | 630.32        |  | Trustee Fees - Bank of New York
|                                                                            |  |                                                                                 |   |  |               |  |                                 |  |                                    
|                                                                            |  | Minimum Fee = $ 250.00                                                          |   |  |               |  |                                 |  |                                    
|                                                                            |  | Servicing Fee Less Trustee Fee                                                  |   |  |               |  | 472,111.40                      |  | IOSC Net Servicing Fee Distribution
|(iv) Section 3.03 (b) (iv)                                                  |  |                                                                                 |   |  |               |  |                                
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                |  |                                                                                 |   |  | 3,134,767.80  |  | IOSC Svc Advance reimbusement  
|                                                                            |  |                                                                                 |   |  |               |  |                                 |  |                                    
|                                                                            |  |                                                                                 |  
|Remaining Available to be Distributed to Noteholders                        |  |                                                                                 |   |  | 24,428,489.11 |  |                                



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 5                 



|       |  |                                                                                   |  |   |                |                          |  |   |                |  |                         
|------ |  | --------------------------------------------------------------------------------- |  | - | -------------- | ------------------------ |  | - | -------------- |  | ------------------------
|(v)    |  | Disbursements Section 3.03 (b) (v)                                                |  |   |                |                          |  |   |                |  | Actual Days for A1-A3-A4
|       |  | Class A-1 Interest Due (Act/360 Basis)                                            |  |   | 1.30813        | %                        |  | $ | 177,417.12     |  | 31                      
|       |  | Class A-2 Interest Due (30/360 Basis)                                             |  |   | 1.68000        | %                        |  | $ | 37,380.00      |  |                         
|       |  | Class A-3a Interest Due (Act/360 Basis) LIBOR Rate = 1.11 + .24 = 1.35000%        |  |   | 1.35000        | %                        |  | $ | 239,940.00     |  | Libor + .24             
|       |  | Class A-3b Interest Due (30/360 Basis)                                            |  |   | 2.33000        | %                        |  | $ | 400,760.00     |  |                         
|       |  | Class A-4 Interest Due (30/360 Basis)                                             |  |   | 3.27000        | %                        |  | $ | 434,324.13     |  |                         
|       |  |                                                                                   |  |   |                |                          |  |   |                |  |                         
|       |  | Total Class A Interest Due                                                        |  |   |                |                          |  | $ | 1,289,821.24   |  |                         
|       |  | Class A Interest Paid                                                             |  |   |                |                          |  | $ | 1,289,821.24   |  |                         
|       |  | Cumulative Outstanding Amounts Owed to AMBAC                                      |  |   |                |                          |  | $ |               |  |                         
|(vi)   |  | Reimburse Amounts due AMBAC section 3.03 (b) (vi)                                 |  |   |                |                          |  | $ |               |  |                         
|       |  | Beginning Aggregate Class A Note Balance                                          |  |   |                |                          |  | $ | 756,386,763.01 |  |                         
|       |  | Class A Principal Payment While Class A-1 Outstanding                             |  |   |                |                          |  | $ | 22,975,294.10  |  |                         
|       |  | Class A Principal Payment After Class A-1 Retired                                 |  |   | 89.99156       | %                        |  | $ |               |  |                         
|       |  | Aggregate Class A Principal Payment                                               |  |   |                |                          |  | $ | 22,975,294.10  |  |                         
|(vii)  |  | Class A Principal Paid                                                            |  |   |                |                          |  | $ | 22,975,294.10  |  |                         
|       |  | Ending Aggregate Class A Note Balance                                             |  |   |                |                          |  | $ | 733,411,468.91 |  |                         
|       |  | Overcollateralization Floor                                                       |  |   |                |                          |  |   |                |  |                         
|       |  | 2.5% of $918,690,218.25                                                           |  |   |                |                          |  | $ | 22,967,255.46  |  |                         
|       |  | Plus: Cumulative Loss Amount                                                      |  |   |                |                          |  | $ |               |  |                         
|       |  | Less: Reserve Account Ending Balance                                              |  |   |                |                          |  | $ | 9,186,902.18   |  |                         
|       |  | Overcollateralization Floor                                                       |  |   |                |                          |  | $ | 13,780,353.28  |  | N                       
|(viii) |  | Additional Class A Principal                                                      |  |   |                |                          |  | $ |               |  |                         
|       |  | Additional Principal Class A Paid                                                 |  |   |                |                          |  | $ |               |  |                         
|       |  | End of Period Class A Note Balance                                                |  |   |                |                          |  | $ | 733,411,468.91 |  |                         
|       |  |                                                                                   |  |  
|       |  | Remaining Collections After Distributions to Noteholders                          |  |   |                |                          |  | $ | 163,373.77     |  |                         
|       |  |                                                                                   |  |  
|(ix)   |  | Reserve Account Deposit (section 3.03 (b) (ix))                                   |  |   |                |                          |  | $ | 0.00           |  |                         
|       |  |                                                                                   |  |  
|(x)    |  | Renewal Account Deposit (section 3.03) (b) (x))                                   |  |   |                |                          |  | $ |               |  |                         
|       |  |                                                                                   |  |  
|(xi)   |  | Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))       |  |   |                |                          |  | $ | 163,373.76     |  |                         
|       |  |                                                                                   |  |  
|       |  | Total Distribution from the Collection Account                                    |  |   |                |                          |  | $ | 28,332,888.88  |  |                         
|       |  |                                                                                  
|       |  | Trustee Transfer to IOSC                                                          |  |   |                | IOSC Transfer to Trustee
|       |  |                                                                                   |  |  
|       |  | Reimburse Servicer Advances                                                       |  | $ | 3,134,767.80   |                          |  | $ | 19,485.18      |  | Adv Payments            
|       |  | Remaining Coll                                                                    |  |   | 163,373.76     |                          |  |   | 120,400.00     |  | Swap Payment            
|       |  | Servicing Fee Less Trustee Fee                                                    |  |   | 472,111.40     |                          |  |   | 3,253,409.36   |  | ServicerAdvances        
|       |  |                                                                                   |  |   |                |                          |  |   |                |  |                         
|       |  |                                                                                   |  |   | 3,770,252.96   |                          |  |   | 3,393,294.54   |  |                         
|       |  |                                                                                   |  |  
|       |  | RECONCILIATION OF NOTES                                                           |  |   |                |                          |  |   |                |  |                         
|       |  |                                                                                   |  |  
|       |  | Beginning Discounted Present Value of the Leases                                  |  |   |                |                          |  | $ | 822,991,981.26 |  |                         
|       |  |                                                                                   |  |  
|       |  | Discounted Present Value of the Performing Leases as of this Determination Date   |  |   |                |                          |  | $ | 800,016,687.16 |  |                         
|       |  |                                                                                   |  |  
|       |  | Class A Principal and Additional Principal to be Paid in Current Period           |  |   |                |                          |  | $ | 22,975,294.10  |  |                         
|       |  |                                                                                   |  |  
|       |  | Class A -1                                                                        |  |   |                |                          |  |   |                |  |                         
|       |  |                                                                                   |  |  
|       |  | Beginning Class A Principal Balance                                               |  |   |                |                          |  | $ | 157,501,763.01 |  |                         
|       |  | Principal in Current Period                                                       |  |   |                |                          |  | $ | 22,975,294.10  |  |                         
|       |  | Ending Class A-1 Principal Balance                                                |  |   |                |                          |  | $ | 134,526,468.91 |  |                         
|       |  |                                                                                   |  |  
|       |  | Interest due this Due Period                                                      |  |   |                | %                        |  | $ | 177,417.12     |  |                         
|       |  |                                                                                   |  |  
|       |  | Interest Paid Per $1,000                                                          |  | $ | 0.7012534276   |                          |  | $ | 177,417.12     |  |                         
|       |  | Original Class A-1 Face                                                           |  |   | 253,000,000.00 |                          |  |   |                |  |                         
|       |  |                                                                                   |  |  
|       |  | Principal Paid Per $1,000                                                         |  | $ | 90.8114391304  |                          |  | $ | 22,975,294.10  |  |                         
|       |  | Original Class A-1 Face                                                           |  |   | 253,000,000.00 |                          |  |   |                |  |                         
|       |  |                                                                                   |  |  
|       |  | Ending Principal Balance Factor(Ending Class A Principal/Original Class A-1 Face) |  |   | 53.1725173557  | %                        |  |   |                |  |                         



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 5                 



|                                                  |  |                                                                                     |  |   |                |   |               |   |               
|------------------------------------------------- |  | ----------------------------------------------------------------------------------- |  | - | -------------- | - | ------------- | - | --------------
|Class A-2                                         |  |                                                                                     |  |   |                |   |               |   |               
|                                                  |  | Beginning Class A-2 Principal Balance                                               |  |   |                |   |               | $ | 26,700,000.00 
|                                                  |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                                                  |  | Ending Class A-2 Principal Balance                                                  |  |   |                |   |               | $ | 26,700,000.00 
|                                                  |  |                                                                                     | 
|                                                  |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 37,380.00     
|                                                  |  |                                                                                     | 
|                                                  |  | Interest Paid Per $1,000                                                            |  | $ | 1.4000000000   |   |               | $ | 37,380.00     
|                                                  |  | Original Class A-2 Face                                                             |  |   | 26,700,000.00  |   |               |   |               
|                                                  |  |                                                                                     | 
|                                                  |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                                                  |  | Original Class A-2 Face                                                             |  |   | 26,700,000.00  |   |               |   |               
|                                                  |  |                                                                                     | 
|                                                  |  | Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 100.0000000000 | % |               |   |               
|Class A-3a                                        |  |                                                                                     |  |   |                |   |               |   |               
|                                                  |  | Beginning Class A-3 Principal Balance                                               |  |   |                |   |               | $ | 206,400,000.00
|                                                  |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                                                  |  | Ending Class A-3 Principal Balance                                                  |  |   |                |   |               | $ | 206,400,000.00
|                                                  |  |                                                                                     | 
|                                                  |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 239,940.00    
|                                                  |  |                                                                                     | 
|                                                  |  | Interest Paid Per $1,000                                                            |  | $ | 1.1625000000   |   |               | $ | 239,940.00    
|                                                  |  | Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |               |   |               
|                                                  |  |                                                                                     | 
|                                                  |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                                                  |  | Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |               |   |               
|                                                  |  |                                                                                     | 
|                                                  |  | Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 100.0000000000 | % |               |   |               
|Class A-3b                                        |  |                                                                                     |  |   |                |   |               |   |               
|                                                  |  | Beginning Class A-3 Principal Balance                                               |  |   |                |   |               | $ | 206,400,000.00
|                                                  |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                                                  |  | Ending Class A-3 Principal Balance                                                  |  |   |                |   |               | $ | 206,400,000.00
|                                                  |  |                                                                                     | 
|                                                  |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 400,760.00    
|                                                  |  |                                                                                     | 
|                                                  |  | Interest Paid Per $1,000                                                            |  | $ | 1.9416666667   |   |               | $ | 400,760.00    
|                                                  |  | Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |               |   |               
|                                                  |  |                                                                                     | 
|                                                  |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                                                  |  | Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |               |   |               
|                                                  |  |                                                                                     | 
|                                                  |  | Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 100.0000000000 | % |               |   |               
|Class A-4                                         |  |                                                                                     |  |   |                |   |               |   |               
|                                                  |  |                                                                                     | 
|                                                  |  | Beginning Class A-4 Principal Balance                                               |  |   |                |   |               | $ | 159,385,000.00
|                                                  |  | Principal in Current Period                                                         |  |   |                |   |               | $ |              
|                                                  |  | Ending Class A-4 Principal Balance                                                  |  |   |                |   |               | $ | 159,385,000.00
|                                                  |  |                                                                                     | 
|                                                  |  | Interest due this Due Period                                                        |  |   |                | % |               | $ | 434,324.13    
|                                                  |  |                                                                                     | 
|                                                  |  | Interest Paid Per $1,000                                                            |  | $ | 2.7250000000   |   |               | $ | 434,324.13    
|                                                  |  | Original Class A-4 Face                                                             |  |   | 159,385,000.00 |   |               |   |               
|                                                  |  |                                                                                     | 
|                                                  |  | Principal Paid Per $1,000                                                           |  | $ |               |   |               | $ |              
|                                                  |  | Original Class A-4 Face                                                             |  |   | 159,385,000.00 |   |               |   |               
|                                                  |  |                                                                                     | 
|                                                  |  | Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |               |   |               
|                                                  |  |                                                                                    
|Overcollateralization Amount                      |  |                                                                                     |  |   |                | $ | 66,605,218.25
|                                                  |  |                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED          |  |                                                                                     |  |   |                |   |              
|                                                  |  | Total Contracts for Reporting Period                                                |  |   | Aug-03         |   |               |   | 51,195        
|                                                  |  |                                                                                    
|Discounted Present Value of the Leases which are: |  |                                                                                     |  |   |                |   |              
|                                                  |  | 31-60 DAYS OVERDUE                                                                  |  |   |                |   |               | $ | 28,675,299.80 
|                                                  |  | 61-90 DAYS OVERDUE                                                                  |  |   |                |   |               | $ | 6,817,440.43  
|                                                  |  | 91-120 DAYS OVERDUE                                                                 |  |   |                |   |               | $ | 2,149,968.83  



---

|                                                 |  |                |  |                   
|------------------------------------------------ |  | -------------- |  | ------------------
|IKON Receivables Funding, LLC                    |  |                |  |                   
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | September 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                   
|August 2003                                      |  | Payment Date # |  | 5                 



|                                                                                     |  |         |   |  |   |               
|------------------------------------------------------------------------------------ |  | ------- | - |  | - | --------------
|Other Information to be provided                                                     |  |         |   |  |   |               
|                                                                                     |  |        
|Occurrence of an Event of Default Under the Indenture                                |  |         |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |         |   |  |   | N             
|                                                                                     |  |        
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.00    | % |  | $ | 3,785.72      
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00   | % |  | $ | 91,869,021.83 
|                                                                                     |  |        
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 0.64    | % |  | $ | 5,867,863.82  
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00   | % |  | $ | 91,869,021.83 
|                                                                                     |  |        
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 0.98    | % |  | $ | 9,034,894.26  
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00   | % |  | $ | 183,738,043.65
|                                                                                     |  |        
|Interest Rate Swap                                                                   |  |         |   |  |   |               
|                                                                                     |  |        
|Class A-3a Fixed Swap Rate                                                           |  | 2.095   | % |  |   |               
|a) Fixed Swap Interest Payable                                                       |  |         |   |  |   | 360,340.00    
|                                                                                     |  |        
|Class A-3a Note Interest Rate                                                        |  | 1.35000 | % |  |   |               
|b) Floating Swap Interest Receivable                                                 |  |         |   |  |   | 239,940.00    
|                                                                                     |  |        
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |         |   |  |   |              
|(Available Funds deposited to Collection Account)                                  |  |         |   |  |   |               
|                                                                                     |  |        
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |         |   |  |   | 120,400.00    



|             |  |                                              
|------------ |  | ---------------------------------------------
|             | 
|Prepared by: |  | Harold M. Bright                             
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC      
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Harry G. Kozee                               
|             | 
|Title:       |  | VP-Finance - IOS Capital, LLC                
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Kathleen M. Burns                            
|             | 
|Title:       |  | VP and Treasurer, IKON Office Solutions, Inc.
|             | 
|Date:        |  |                                              



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 6               



|                                                                                 |  |                                                                                              |                |   |                |                |   |               
|-------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------------------- | -------------- | - | -------------- | -------------- | - | --------------
|NET CHANGE IN DPV OF PORTFOLIO                                                   |  |                                                                                              |                |   |                |               
|Beginning Balance (DPVL as of last date of previous Due Period)                  |  | $                                                                                            | 800,016,687.16
|                                                                                 |  |                                                                                              |               
|Less:                                                                            |  | DPV Principal Payments Due on Leases - Current Month                                         |                |   |                |                |   | 22,065,267.82 
|Less:                                                                            |  | DPV Non-Performing Leases - current monthover 120 days,etc                                  |                |   |                |                |   | 1,109,244.88  
|Less:                                                                            |  | DPV Adjusted / Warranty Leases                                                               |                |   |                |                |   |              
|Less:                                                                            |  | DPV Amounts on Early Termination Leases                                                      |                |   |                |                |   | 2,609,862.21  
|                                                                                 |  |                                                                                              |                |   |                |                |   |               
|                                                                                 |  |                                                                                              |               
|Subtotal:                                                                        |  |                                                                                              |                |   |                |                | $ | 774,232,312.25
|                                                                                 |  |                                                                                              |               
|Add:                                                                             |  | DPV Substitute Leases                                                                        |                |   |                |                |   |               
|                                                                                 |  | Non-Performing                                                                               |                |   |                |                |   | 1,109,244.88  
|                                                                                 |  | Adjusted / Warranty                                                                          |                |   |                |                |   |              
|Add:                                                                             |  | DPV Additional Leases for Early Terminations                                                 |                |   |                |                |   | 2,610,290.85  
|                                                                                 |  |                                                                                              |                |   |                |                |   |               
|Ending Balance (DPVL as of last date of current Due Period)                      |  |                                                                                              |                |   | $              | 777,951,847.98
|                                                                                 |  |                                                                                             
|OVERDUE LEASE PAYMENTS                                                           |  |                                                                                              |                |   |                |               
|                                                                                 | 
|Reimburse Servicer Advances relating to the prior Payment Date:                  |  |                                                                                              |               
|                                                                                 |  |                                                                                             
|Beginning outstanding servicer advances                                          |  |                                                                                              |                |   |                | 4,816,236.95  
|Less:                                                                            |  | Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |                |   |                |                |   | 3,029,180.63  
|Add:                                                                             |  | Servicer Adv for scheduled payments not made in current period                               |                |   |                |                |   | 3,228,596.49  
|                                                                                 |  |                                                                                              |                |   |                |                |   |               
|Ending outstanding servicer advances                                             |  |                                                                                              |                |   |                | 5,015,652.81  
|                                                                                 |  |                                                                                             
|ADVANCE LEASE PAYMENTS                                                           |  |                                                                                              |                |   |                |               
|                                                                                 | 
|Beginning amount of lease payments to be applied in future                       |  |                                                                                              | 1,159,689.74  
|Less:                                                                            |  | Applied to Current from Prepaid - including intermonth activity                              |                |   |                |                |   | 4,232,190.93  
|Less:                                                                            |  | Repurchased Leases                                                                           |                |   |                |                |   |              
|Less:                                                                            |  | Advance Payments on Non-Performing Leases                                                    |                |   |                |                |   |              
|Add:                                                                             |  | Received This Month - including intermonth activity                                          |                |   |                |                |   | 4,257,870.40  
|Add:                                                                             |  | Received in Prior Month                                                                      |                |   |                |                |   |              
|                                                                                 |  |                                                                                              |                |   |                |                |   |               
|Ending amount of lease payments to be applied in future                          |  |                                                                                              |                |   |                | 1,185,369.20  
|                                                                                 |  |                                                                                             
|RECONCILIATION OF RESERVE ACCOUNT                                                |  |                                                                                              |                |   |                |               
|                                                                                 |  |                                                                                             
|Beginning Balance                                                                |  |                                                                                              |                |   |                | 9,186,902.18  
|Less:                                                                            |  | Deposit to Collection Account (if any)                                                       |                |   |                |                |   |              
|Ending Balance                                                                   |  |                                                                                              |                |   |                | 9,186,902.18  
|                                                                                 |  |                                                                                             
|Required Reserve Account                                                         |  |                                                                                              |                |   |                |               
|Lesser of 1% of $ or Outstanding Notes Amount                                    |  |                                                                                              |                |   |                | 9,186,902.18  
|                                                                                 |  |                                                                                             
|Reserve Account in excess of Required Reserve                                    |  |                                                                                              |                |   |                |              
|Deposits into Reserve Account                                                    |  |                                                                                              |                |   |                |              
|Amounts Released to Issuer                                                       |  |                                                                                              |                |   |                |              
|                                                                                 |  |                                                                                              |                |   |                |                |   |               
|                                                                                 |  |                                                                                             
|Ending Balance                                                                   |  |                                                                                              |                |   |                | 9,186,902.18  
|                                                                                 |  |                                                                                             
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                       |  |                                                                                              |                |   |                |               
|                                                                                 |  |                                                                                             
|Beginning Balance                                                                |  |                                                                                              |                |   |                | 7,149.12      
|Less:                                                                            |  | Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |                |   |                |                |   | 4,992.60      
|Add:                                                                             |  | Additional Security Deposits collected on leases                                             |                |   |                |                |   |              
|                                                                                 |  |                                                                                              |                |   |                |                |   |               
|                                                                                 |  |                                                                                             
|Ending Balance                                                                   |  |                                                                                              |                |   |                | 2,156.52      
|                                                                                 |  |                                                                                             
|RECONCILIATION OF RENEWAL ACCOUNT                                                |  |                                                                                              |                |   |                |               
|                                                                                 |  |                                                                                             
|Begginning Balance                                                               |  |                                                                                              |                |   |                |              
|Less:                                                                            |  | Deposit to Collection Account (if any)                                                       |                |   |                |                |   |              
|Plus:                                                                            |  | Deposit to Renewal Account                                                                   |                |   |                |                |   |              
|                                                                                 |  |                                                                                              |                |   |                |                |   |               
|Ending Balance                                                                   |  |                                                                                              |                |   |                |              
|                                                                                 |  |                                                                                             
|Renewal Account Deposit Required                                                 |  |                                                                                              |                |   |                | N             
|Renewal Deposit                                                                  |  |                                                                                              |                |   |                |              
|                                                                                 |  |                                                                                             
|Required Renewal Amount (only if Renewal Trigger Event Occurred and is Occuring) |  |                                                                                              |                |   |                |              
|Lesser of:                                                                       |  | 2% of Discounted PV of Leases as of the initial Cutoff Date                                  |                | $ | 18,373,804.37  |                |   |               
|                                                                                 |  | Outstanding Balance of Notes minus Reserves                                                  |                | $ | 702,159,727.55 |                |   |               



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 6               



|                                                                                                                 |  |      |   |  |       |   |  |                        
|---------------------------------------------------------------------------------------------------------------- |  | ---- | - |  | ----- | - |  | -----------------------
|COMPLIANCE RATIO CALCULATIONS                                                                                    |  |      |   |  |       |   |  |                        
|Calculate Annualized Default Rate                                                                                |  |      |   |  |       |   |  |                        
|# of days delinquent to declare Defaulted Lease                                                                  |  |      |   |  | 121   |   |  |                        
|                                                                                                                 |  |      |  
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                                  |  |      |   |  |       |   |  |                        
|This Month                                                                                                       |  |      |   |  | 1.40  | % |  | Annualized September 03
|Last Month                                                                                                       |  |      |   |  | 1.24  | % |  | Annualized August 03   
|Two Months ago                                                                                                   |  |      |   |  | 2.33  | % |  | Annualized July 03     
|                                                                                                                 |  |      |  
|3 mos. Average                                                                                                   |  |      |   |  | 1.66  | % |  |                        
|                                                                                                                 |  |      |  
|Calculate Delinquency Rate                                                                                       |  |      |   |  |       |   |  |                        
|# of days delinquent to declare Delinquent Lease                                                                 |  |      |   |  | 61    |   |  |                        
|                                                                                                                 |  |      |  
|Discounted Present Value of Delinquent Leases:                                                                   |  |      |   |  |       |   |  |                        
|This Month                                                                                                       |  |      |   |  | 1.00  | % |  |                        
|Last Month                                                                                                       |  |      |   |  | 1.12  | % |  |                        
|Two Months ago                                                                                                   |  |      |   |  | 1.15  | % |  |                        
|                                                                                                                 |  |      |  
|3 mos. Average                                                                                                   |  |      |   |  | 1.09  | % |  |                        
|                                                                                                                 |  |      |  
|Calculate Renewal Trigger Ratio                                                                                  |  |      |   |  |       |   |  |                        
|                                                                                                                 |  |      |  
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |      |   |  | 1,076 |   |  |                        
|This Month                                                                                                       |  | 352  |   |  |       |   |  |                        
|Last Month                                                                                                       |  | 355  |   |  |       |   |  |                        
|Two Months ago                                                                                                   |  | 369  |   |  |       |   |  |                        
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |      |   |  | 1,662 |   |  |                        
|This Month                                                                                                       |  | 522  |   |  |       |   |  |                        
|Last Month                                                                                                       |  | 588  |   |  |       |   |  |                        
|Two Months ago                                                                                                   |  | 552  |   |  |       |   |  |                        
|                                                                                                                 |  |      |  
|Renewal Trigger Ratio                                                                                            |  |      |   |  | 64.74 | % |  |                        
|                                                                                                                 |  |      |  
|Acceleration Event                                                                                               |  |      |   |  |       |   |  |                        
|Triggered if                                                                                                     |  |      |   |  |       |   |  |                        
|Annualized Default Rate greater than                                                                             |  | 6.25 | % |  |       |   |  |                        
|Delinquency Rate greater than                                                                                    |  | 7.00 | % |  |       |   |  |                        
|                                                                                                                 |  |      |  
|Acceleration Event Triggered? (Y/N)                                                                              |  |      |   |  | N     |   |  |                        
|                                                                                                                 |  |      |  
|Renewal Trigger Event                                                                                            |  |      |   |  |       |   |  |                        
|Triggered if Renewal Trigger Ratio is less than 20%                                                              |  |      |   |  |       |   |  |                        
|                                                                                                                 |  |      |  
|Trigger? (Y/N)                                                                                                   |  |      |   |  | N     |   |  |                        
|                                                                                                                 |  |      |  
|Servicer Event of Default                                                                                        |  |      |   |  |       |   |  |                        
|Triggered if                                                                                                     |  |      |   |  |       |   |  |                        
|Annualized Default Rate greater than                                                                             |  | 8.00 | % |  |       |   |  |                        
|Delinquency Rate greater than                                                                                    |  | 9.00 | % |  |       |   |  |                        
|                                                                                                                 |  |      |  
|Servicer Event Triggered? (Y/N)                                                                                  |  |      |   |  | N     |   |  |                        



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 6               



|                                                                            |  |                                                                                  |   |  |               |  |                                   |  | 
|--------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | --------------------------------- |  | 
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT  
|                                                                           
|Deposits by or on behalf of the Servicer:                                  
|                                                                            |  |                                                                                  |   | 
|Section 3.03 (a) (i)                                                        |  | Total lease payments applied for current due period                              |   |  |               |  | 19,549,342.25                     |  | 
|Section 3.03 (a) (i)                                                        |  | Lease payments received on current months receivables                           |   |  |               |  | 16,520,161.62                     |  | 
|Section 3.03 (a) (i)                                                        |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |  | 3,029,180.63                      |  | 
|Section 3.03 (a) (i)                                                        |  | Renewal payments                                                                 |   |  |               |  | 184,518.05                        |  | 
|Section 3.03 (a) (i)                                                        |  | Early Termination cash                                                           |   |  |               |  |                                  |  | 
|                                                                            |  | Advance payments for current month                                               |   |  |               |  | 4,232,190.93                      |  | 
|                                                                            |  | Advance payments for future months                                               |   |  |               |  |                                  |  | 
|Section 3.03 (a) (iv, x)                                                    |  | Lease Purchase amounts for breaches of reps and/or early terminations            |   |  |               |  |                                   |  | 
|Section 3.03 (a) (ii)                                                       |  | Recoveries to the Extent IOS Capital does not substitute - if applicable         |   |  |               |  |                                  |  | 
|Section 3.03 (a) (iii)                                                      |  | Late charges on delinquent Lease payments not advanced by the Servicer           |   |  |               |  |                                  |  | 
|                                                                            |  |                                                                                  |   | 
|Section 3.03 (a) (v)                                                        |  | Investment Earnings on Accounts:                                                 |   |  |               |  |                                   |  | 
|Section 3.03 (a) (v)                                                        |  | Collection Account                                                               |   |  |               |  | 5,162.60                          |  | 
|Section 3.03 (a) (v)                                                        |  | Reserve Account                                                                  |   |  |               |  | 2,224.28                          |  | 
|Section 3.03 (a) (v)                                                        |  | Security Deposit Account                                                         |   |  |               |  | 1.80                              |  | 
|Section 3.03(a) (vi)                                                        |  | Casualty Payments                                                                |   |  |               |  |                                  |  | 
|Section3.03(a) (vii)                                                        |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 3,228,596.49                      |  | 
|Section 3.03 (a) (viii)                                                     |  | Payments Received From Swap Counterparty                                         |   |  |               |  |                                  |  | 
|Section 3.03 (a) (viii)                                                     |  | Retainable Security Deposits                                                     |   |  |               |  |                                   |  | 
|Section 3.03 (a) (xi)                                                       |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |  |                                  |  | 
|                                                                            |  |                                                                                  |   |  |               |  |                                   |  | 
|                                                                            |  |                                                                                  |   | 
|                                                                            |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |  | 27,202,036.40                     |  | 
|Transfers made by Trustee to the Collection Account                         |  |                                                                                  |   |  |               |  |                                  
|                                                                            |  | Optional Payments Received from AMBAC                                            |   |  |               |  |                                  |  | 
|                                                                            |  | Insured Payments Received from AMBAC                                             |   |  |               |  |                                  |  | 
|                                                                            |  | Shortfall Required to be Deposited From Renewal Account                          |   |  |               |  |                                  |  | 
|                                                                            |  | Shortfall Required to be Deposited From Reserve Account                          |   |  |               |  |                                  |  | 
|                                                                            |  |                                                                                  |   | 
|                                                                            |  | Retainable Deposits from Security Deposit Acct (net of additions)                |   |  |               |  | 4,992.60                          |  | 
|                                                                            |  |                                                                                  |   | 
|Less                                                                        |  | Credit for payments applied in prior period                                      |   |  |               |  |                                  |  | 
|                                                                            |  |                                                                                  |   |  |               |  |                                   |  | 
|                                                                            |  |                                                                                  |  
|Total deposited into the Collection Account                                 |  |                                                                                  |   |  | 27,207,029.00 |  |                                  
|                                                                            |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                       |  |                                                                                  |   |  |               |  |                                  
|                                                                            |  |                                                                                  |  
|Surety Fee                                                                  |  | 0.28                                                                             | % |  | 171,129.34    |  | Surety Fee                       
|(i) Section 3.03 (b) (i) 0.28% of Outstanding Principal Amount of the Notes |  |                                                                                  |   |  |               |  |                                  
|                                                                            |  |                                                                                  |  
|Payment to Swap Counterparty- Update Monthly                                |  |                                                                                  |   |  | 126,420.00    |  | IKONTransfer                     
|(ii) Section 3.03 (b) (ii)                                                  |  |                                                                                  |   |  |               |  |                                  
|Servicing Fee                                                               |  | 0.75                                                                             | % |  | 458,382.17    |  | NoDistributionon thisAmount      
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV     |  |                                                                                  |   |  |               |  |                                  
|(iii) Section 3.03 (b) (iii)                                                |  |                                                                                  |   |  |               |  |                                  
|                                                                            |  |                                                                                  |  
|Trustee Fee .0010000% of Outstanding Principal Amount of the Notes          |  | 0.0010000                                                                        | % |  | 611.18        |  | Trustee Fees -Bank of NewYork    
|                                                                            |  |                                                                                  |   |  |               |  |                                   |  | 
|Minimum Fee = $ 250.00                                                      |  |                                                                                  |   |  |               |  |                                  
|Servicing Fee Less Trustee Fee                                              |  |                                                                                  |   |  | 457,770.99    |  | IOSC NetServicing FeeDistribution
|                                                                            |  |                                                                                  |  
|(iv) Section 3.03 (b) (iv)                                                  |  |                                                                                  |   |  |               |  |                                  
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                |  |                                                                                  |   |  | 3,029,180.63  |  | IOSC SvcAdvancereimbusement      
|                                                                            |  |                                                                                  |   |  |               |  |                                   |  | 
|Remaining Available to be Distributed to Noteholders                        |  |                                                                                  |   |  | 23,421,916.86 |  |                                  



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 6               



|                                                                                 |  |   |                |                          |  |   |                |  |                        
|-------------------------------------------------------------------------------- |  | - | -------------- | ------------------------ |  | - | -------------- |  | -----------------------
|(v) Disbursements Section 3.03 (b) (v)                                           |  |   |                |                          |  |   |                |  | Actual Days forA1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                           |  |   | 1.30813        | %                        |  | $ | 146,648.42     |  | 30                     
|Class A-2 Interest Due (30/360 Basis)                                            |  |   | 1.68000        | %                        |  | $ | 37,380.00      |  |                        
|Class A-3a Interest Due (Act/360 Basis) LIBOR Rate = 1.12 + .24 = 1.36000%       |  |   | 1.36000        | %                        |  | $ | 233,920.00     |  | Libor + .24            
|Class A-3b Interest Due (30/360 Basis)                                           |  |   | 2.33000        | %                        |  | $ | 400,760.00     |  |                        
|Class A-4 Interest Due (30/360 Basis)                                            |  |   | 3.27000        | %                        |  | $ | 434,324.13     |  |                        
|                                                                                 |  |   |                |                          |  |   |                |  |                        
|Total Class A Interest Due                                                       |  |   |                |                          |  | $ | 1,253,032.55   |  |                        
|Class A Interest Paid                                                            |  |   |                |                          |  | $ | 1,253,032.55   |  |                        
|Cumulative Outstanding Amounts Owed to AMBAC                                     |  |   |                |                          |  | $ |               |  |                        
|(vi) Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |   |                |                          |  | $ |               |  |                        
|Beginning Aggregate Class A Note Balance                                         |  |   |                |                          |  | $ | 733,411,468.91 |  |                        
|Class A Principal Payment While Class A-1 Outstanding                            |  |   |                |                          |  | $ | 22,064,839.18  |  |                        
|Class A Principal Payment After Class A-1 Retired                                |  |   | 89.99156       | %                        |  | $ |               |  |                        
|Aggregate Class A Principal Payment                                              |  |   |                |                          |  | $ | 22,064,839.18  |  |                        
|(vii) Class A Principal Paid                                                     |  |   |                |                          |  | $ | 22,064,839.18  |  |                        
|Ending Aggregate Class A Note Balance                                            |  |   |                |                          |  | $ | 711,346,629.73 |  |                        
|Overcollateralization Floor                                                      |  |   |                |                          |  |   |                |  |                        
|2.5% of $918,690,218.25                                                          |  |   |                |                          |  | $ | 22,967,255.46  |  |                        
|Plus: Cumulative Loss Amount                                                     |  |   |                |                          |  | $ |               |  |                        
|Less: Reserve Account Ending Balance                                             |  |   |                |                          |  | $ | 9,186,902.18   |  |                        
|Overcollateralization Floor                                                      |  |   |                |                          |  | $ | 13,780,353.28  |  | N                      
|(viii) Additional Class A Principal                                              |  |   |                |                          |  | $ |               |  |                        
|Additional Principal Class A Paid                                                |  |   |                |                          |  | $ |               |  |                        
|End of Period Class A Note Balance                                               |  |   |                |                          |  | $ | 711,346,629.73 |  |                        
|                                                                                 |  |   |               
|Remaining Collections After Distributions to Noteholders                         |  |   |                |                          |  | $ | 104,045.13     |  |                        
|                                                                                 |  |   |               
|(ix) Reserve Account Deposit (section 3.03 (b) (ix))                             |  |   |                |                          |  | $ | 0.00           |  |                        
|                                                                                 |  |   |               
|(x) Renewal Account Deposit (section 3.03) (b) (x))                              |  |   |                |                          |  | $ |               |  |                        
|                                                                                 |  |   |               
|(xi) Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |   |                |                          |  | $ | 104,045.13     |  |                        
|                                                                                 |  |   |               
|Total Distribution from the Collection Account                                   |  |   |                |                          |  | $ | 27,207,029.00  |  |                        
|                                                                                 | 
|Trustee Transfer to IOSC                                                         |  |   |                | IOSC Transfer to Trustee
|                                                                                 |  |   |               
|Reimburse Servicer Advances                                                      |  | $ | 3,029,180.63   |                          |  | $ | 25,679.46      |  | Adv Payments           
|Remaining Coll                                                                   |  |   | 104,045.13     |                          |  |   | 126,420.00     |  | Swap Payment           
|Servicing Fee Less Trustee Fee                                                   |  |   | 457,770.99     |                          |  |   | 3,228,596.49   |  | Servicer Advances      
|                                                                                 |  |   |                |                          |  |   |                |  |                        
|                                                                                 |  | $ | 3,590,996.75   |                          |  | $ | 3,380,695.95   |  |                        
|                                                                                 |  |   |               
|RECONCILIATION OF NOTES                                                          |  |   |                |                          |  |   |                |  |                        
|                                                                                 |  |   |               
|Beginning Discounted Present Value of the Leases                                 |  |   |                |                          |  | $ | 800,016,687.16 |  |                        
|                                                                                 |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date  |  |   |                |                          |  | $ | 777,951,847.98 |  |                        
|                                                                                 |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period          |  |   |                |                          |  | $ | 22,064,839.18  |  |                        
|                                                                                 |  |   |               
|Class A - 1                                                                      |  |   |                |                          |  |   |                |  |                        
|                                                                                 |  |   |               
|Beginning Class A Principal Balance                                              |  |   |                |                          |  | $ | 134,526,468.91 |  |                        
|Principal in Current Period                                                      |  |   |                |                          |  | $ | 22,064,839.18  |  |                        
|Ending Class A-1 Principal Balance                                               |  |   |                |                          |  | $ | 112,461,629.73 |  |                        
|                                                                                 |  |   |               
|Interest due this Due Period                                                     |  |   |                | %                        |  | $ | 146,648.42     |  |                        
|                                                                                 |  |   |               
|Interest Paid Per $1,000                                                         |  | $ | 0.5796380427   |                          |  | $ | 146,648.42     |  |                        
|Original Class A-1 Face                                                          |  |   | 253,000,000.00 |                          |  |   |                |  |                        
|                                                                                 |  |   |               
|Principal Paid Per $1,000                                                        |  | $ | 87.2128030830  |                          |  | $ | 22,064,839.18  |  |                        
|Original Class A-1 Face                                                          |  |   | 253,000,000.00 |                          |  |   |                |  |                        
|                                                                                 |  |   |               
|Ending Principal Balance Factor                                                  |  |   |                |                          |  |   |                |  |                        
|(Ending Class A Principal/Original Class A-1 Face)                               |  |   | 44.4512370474  | %                        |  |   |                |  |                        



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 6               



|                                                                                    |  |   |                |   |  |   |               
|----------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | --------------
|Class A-2                                                                           |  |   |                |   |  |   |               
|Beginning Class A-2 Principal Balance                                               |  |   |                |   |  | $ | 26,700,000.00 
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-2 Principal Balance                                                  |  |   |                |   |  | $ | 26,700,000.00 
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 37,380.00     
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 1.4000000000   |   |  | $ | 37,380.00     
|Original Class A-2 Face                                                             |  |   | 26,700,000.00  |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-2 Face                                                             |  |   | 26,700,000.00  |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-2 Principal/Original Class A-2 Face) |  |   | 100.0000000000 | % |  |   |               
|Class A-3a                                                                          |  |   |                |   |  |   |               
|Beginning Class A-3 Principal Balance                                               |  |   |                |   |  | $ | 206,400,000.00
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-3 Principal Balance                                                  |  |   |                |   |  | $ | 206,400,000.00
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 233,920.00    
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 1.1333333333   |   |  | $ | 233,920.00    
|Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 100.0000000000 | % |  |   |               
|Class A-3b                                                                          |  |   |                |   |  |   |               
|Beginning Class A-3 Principal Balance                                               |  |   |                |   |  | $ | 206,400,000.00
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-3 Principal Balance                                                  |  |   |                |   |  | $ | 206,400,000.00
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 400,760.00    
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 1.9416666667   |   |  | $ | 400,760.00    
|Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-3 Face                                                             |  |   | 206,400,000.00 |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 100.0000000000 | % |  |   |               
|Class A-4                                                                           |  |   |                |   |  |   |               
|Beginning Class A-4 Principal Balance                                               |  |   |                |   |  | $ | 159,385,000.00
|Principal in Current Period                                                         |  |   |                |   |  | $ |              
|Ending Class A-4 Principal Balance                                                  |  |   |                |   |  | $ | 159,385,000.00
|                                                                                    |  |  
|Interest due this Due Period                                                        |  |   |                | % |  | $ | 434,324.13    
|                                                                                    |  |  
|Interest Paid Per $1,000                                                            |  | $ | 2.7250000000   |   |  | $ | 434,324.13    
|Original Class A-4 Face                                                             |  |   | 159,385,000.00 |   |  |   |               
|                                                                                    |  |  
|Principal Paid Per $1,000                                                           |  | $ |               |   |  | $ |              
|Original Class A-4 Face                                                             |  |   | 159,385,000.00 |   |  |   |               
|                                                                                    |  |  
|Ending Principal Balance Factor(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |  |   |               
|                                                                                    |  |  
|Overcollateralization Amount                                                        |  |   |                |   |  | $ | 66,605,218.25 



---

|                                                 |  |                |  |                 
|------------------------------------------------ |  | -------------- |  | ----------------
|IKON Receivables Funding, LLC                    |  |                |  |                 
|Lehman Brothers Lease-Backed Notes Series 2003-1 |  | Payment Date   |  | October 15, 2003
|MONTHLY SERVICER REPORT                          |  |                |  |                 
|September 2003                                   |  | Payment Date # |  | 6               



|                                                                                     |  |         |   |  |   |               
|------------------------------------------------------------------------------------ |  | ------- | - |  | - | --------------
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |         |   |  |   |               
|Total Contracts for Reporting Period                                                 |  | Sep-03  |   |  |   | 50,393        
|                                                                                     |  |        
|Discounted Present Value of the Leases which are:                                    |  |         |   |  |   |               
|31-60 DAYS OVERDUE                                                                   |  |         |   |  | $ | 20,856,909.98 
|61-90 DAYS OVERDUE                                                                   |  |         |   |  | $ | 6,153,242.45  
|91-120 DAYS OVERDUE                                                                  |  |         |   |  | $ | 1,592,560.95  
|                                                                                     |  |        
|Other Information to be provided                                                     |  |         |   |  |   |               
|                                                                                     |  |        
|Occurrence of an Event of Default Under the Indenture                                |  |         |   |  |   | N             
|Occurrence of a Servicer Event of Default Under the Assignment & Servicing Agreement |  |         |   |  |   | N             
|                                                                                     |  |        
|Cumulative Substitutions for Warranty and Adjusted Leases since Closing              |  | 0.00    | % |  | $ | 3,785.72      
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00   | % |  | $ | 91,869,021.83 
|                                                                                     |  |        
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 0.76    | % |  | $ | 6,977,108.70  
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00   | % |  | $ | 91,869,021.83 
|                                                                                     |  |        
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 1.27    | % |  | $ | 11,645,185.11 
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00   | % |  | $ | 183,738,043.65
|                                                                                     |  |        
|Interest Rate Swap                                                                   |  |         |   |  |   |               
|                                                                                     |  |        
|Class A-3a Fixed Swap Rate                                                           |  | 2.095   | % |  |   |               
|a) Fixed Swap Interest Payable                                                       |  |         |   |  |   | 360,340.00    
|                                                                                     |  |        
|Class A-3a Note Interest Rate                                                        |  | 1.36000 | % |  |   |               
|b) Floating Swap Interest Receivable                                                 |  |         |   |  |   | 233,920.00    
|                                                                                     |  |        
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |         |   |  |   |              
|(Available Funds deposited to Collection Account)                                  |  |         |   |  |   |               
|                                                                                     |  |        
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |         |   |  |   | 126,420.00    



|             |  |                                              
|------------ |  | ---------------------------------------------
|Prepared by: |  | Harold M. Bright                             
|             | 
|Title:       |  | Assistant Controller - IOS Capital, LLC      
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Harry G. Kozee                               
|             | 
|Title:       |  | VP-Finance - IOS Capital, LLC                
|             | 
|Date:        |  |                                              
|             | 
|Approved by: |  | Kathleen M. Burns                            
|             | 
|Title:       |  | VP and Treasurer, IKON Office Solutions, Inc.
|             | 
|Date:        |  |