Exhibit 99.1



|IKON Receivables, LLC                                                                             |  |                |  |   |                   |  | 
|------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | 
|Lease-Backed Notes Series 1999-1                                                                  |  | Payment Date   |  |   | November 15, 2002 |  | 
|MONTHLY SERVICER REPORT                                                                           |  |                |  |   |                   |  | 
|October 2002                                                                                      |  | Payment Date # |  |   | 42                |  | 
|                                                                                                  |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |                |  |   |                   |  | 
|Beginning Balance (DPVL as of previous Determination Date)                                        |  | Oct-02         |  | $ | 115,443,914.45    |  | 
|Less:    Lease Payments Due - current month                                                       |  | Oct-02         |  | $ | 8,129,013.44      |  | 
|Add:     Interest (@ Discount Rate of 7.16%)                                                      |  |                |  | $ | 688,815.36        |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                             |  | Oct-02         |  | $ | 187,740.63        |  | 
|Less:    Warranty Leases                                                                          |  |                |  | $ |                  |  | 
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Oct-02         |  | $ | 710,449.61        |  | 
|Add:     DPV Substitute Leases                                                                    |  | Oct-02         |  | $ | 187,741.00        |  | 
|Add:     DPV Additional Leases                                                                    |  | Oct-02         |  | $ |                  |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                |  | $ | 107,293,267.13    |  | 
|                                                                                                  |  |                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                |  |   |                   |  | 
|Beginning Balance                                                                                 |  | Oct-02         |  |   | 11,722,936.39     |  | 
|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         |  |   | 1,334,880.11      |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|Total Cash to be reimbursed to IOS                                                                |  |                |  |   | 1,334,880.11      |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Oct-02         |  |   | 1,224,246.71      |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|Ending Balance                                                                                    |  |                |  |   | 11,612,302.99     |  | 
|                                                                                                  | 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                       |  |               
|Beginning Balance                                                                                 |  |                |  |   | 454,723.56        |  | 
|Less:    Applied to Current from Prepaid                                                          |  | Oct-02         |  |   | 620,447.53        |  | 
|Less:    Repurchased Leases                                                                       |  |                |  |   |                  |  | 
|Less:    Advance Payments on Non-Performing Leases                                                |  |                |  |   |                  |  | 
|Add:    Received This Month                                                                       |  |                |  |   | 1,084,959.86      |  | 
|Add:    Received in Prior Month                                                                   |  |                |  |   |                  |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|Ending Balance                                                                                    |  |                |  |   | 919,235.89        |  | 
|                                                                                                  | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |               
|Beginning Balance                                                                                 |  |                |  |   | 8,351,582.19      |  | 
|Less: Deposit to Collection Account (if any)                                                      |  |                |  |   |                  |  | 
|Ending Balance                                                                                    |  |                |  |   | 8,351,582.19      |  | 
|                                                                                                  |  |                | 
|Required Reserve Account                                                                          |  |                |  |   |                   |  | 
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                |  |   | 8,351,582.19      |  | 
|Reserve Account in excess of Required Reserve                                                     |  |                |  |   | 0.00              |  | 
|Deposits into Reserve Account                                                                     |  |                |  |   |                  |  | 
|Amounts Released to Issuer                                                                        |  |                |  |   | 0.00              |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|Ending Balance                                                                                    |  | Oct-02         |  |   | 8,351,582.19      |  | 
|                                                                                                  | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                        |  |               
|Beginning Balance                                                                                 |  | Oct-02         |  |   | 37,228.00         |  | 
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                |  |   | 3,244.35          |  | 
|Additions to Security Account                                                                     |  |                |  |   |                   |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|Ending Balance                                                                                    |  | Oct-02         |  |   | 33,983.65         |  | 





---

|IKON Receivables, LLC                                                            |  |                |   |  |                   |   |  |                  
|-------------------------------------------------------------------------------- |  | -------------- | - |  | ----------------- | - |  | -----------------
|Lease-Backed Notes Series 1999-1                                                 |  | Payment Date   |   |  | November 15, 2002 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |                |   |  |                   |   |  |                  
|October 2002                                                                     |  | Payment Date # |   |  | 42                |   |  |                  
|                                                                                 | 
|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                                                                       |  |                |   |  | 1.95              | % |  | Annualized Oct 02
|Last Month                                                                       |  |                |   |  | 1.94              | % |  | Annualized Sep 02
|Two Months ago                                                                   |  |                |   |  | 3.01              | % |  | Annualized Aug 02
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |   |  | 2.30              | % |  |                  
|                                                                                 |  |                |  
|Calculate Delinquent Rate                                                        |  |                |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |                |   |  | 61                |   |  |                  
|                                                                                 |  |                |  
|Discounted Present Value of Delinquent Leases:                                   |  |                |   |  |                   |   |  |                  
|This Month                                                                       |  |                |   |  | 2.29              | % |  |                  
|Last Month                                                                       |  |                |   |  | 2.18              | % |  |                  
|Two Months ago                                                                   |  |                |   |  | 1.48              | % |  |                  
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |   |  | 1.98              | % |  |                  
|                                                                                 |  |                |  
|Acceleration Event                                                               |  |                |   |  |                   |   |  |                  
|Triggered if                                                                     |  |                |   |  |                   |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25           | % |  |                   |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00           | % |  |                   |   |  |                  
|                                                                                 |  |                |  
|Acceleration Event Triggered? (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         |   |  | 7,619,199.31      |   |  |                  
|Lease Payments Received on Prior Month Receivables                               |  | Oct-02         |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution              |  | Oct-02         |   |  | 7,619,199.31      |   |  |                  
|Reimbursed Servicer Advances                                                     |  |                |   |  |                  |   |  |                  
|Amounts on Early Terminations to extent Additional Lease not Provided            |  |                |   |  | 710,450.00        |   |  |                  
|Advanced Payments Applied to Current                                             |  |                |   |  | 620,447.53        |   |  |                  
|Lease Purchase Amounts                                                           |  |                |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |                |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |                |   |  |                  |   |  |                  
|                                                                                 |  |                |  
|Investment Earnings on Accounts:                                                 |  |                |   |  |                   |   |  |                  
|Collection Account                                                               |  | Oct-02         |   |  | 7,044.41          |   |  |                  
|Reserve Account                                                                  |  | Oct-02         |   |  | 7,626.16          |   |  |                  
|Security Deposit Account                                                         |  | Oct-02         |   |  | 34.45             |   |  |                  
|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 |  |                |   |  | 8,964,801.86      |   |  |                  
|                                                                                 |  |                |  
|Transfers made by Trustee to the Collection Account                              |  |                |   |  |                   |   |  |                  
|Optional Payments Received from AMBAC                                            |  |                |   |  |                   |   |  |                  
|Insured Payments Received from AMBAC                                             |  |                |   |  |                  |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                          |  |                |   |  |                  |   |  |                  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Oct-02         |   |  | 3,244.35          |   |  |                  
|                                                                                 |  |                |   |  |                   |   |  |                  
|Less     Credit for payments applied on prior Service Report                     |  |                |   |  |                   |   |  |                  
|                                                                                 |  |                |  
|Total deposited into the Collection Account                                      |  |                |   |  | 8,968,046.21      |   |  |                  





---

|IKON Receivables, LLC                                                   |  |                |   |  |   |                   |  |                                   
|----------------------------------------------------------------------- |  | -------------- | - |  | - | ----------------- |  | ----------------------------------
|Lease-Backed Notes Series 1999-1                                        |  | Payment Date   |   |  |   | November 15, 2002 |  |                                   
|MONTHLY SERVICER REPORT                                                 |  |                |   |  |   |                   |  |                                   
|October 2002                                                            |  | Payment Date # |   |  |   | 42                |  |                                   
|                                                                        |  |                |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                   |  |                |   |  |   |                   |  |                                   
|                                                                        |  |                |  
|Surety Fee                                                              |  | 0.20           | % |  |   | 16,212.66         |  | Surety                            
|0.20% of Outstanding Principal Amount of the Notes                      |  |                |   |  |   |                   |  |                                   
|Transfer - TO - Advance Payment Que in Collection Account               |  | Oct-02         |   |  |   | 464,512.33        |  | INCREASES Balance in Adv Payments 
|Transfer - FROM - Security Deposit Account to Collection Act            |  | Oct-02         |   |  |   | 3,244.35          |  | DECREASES Balance in Sec Dep Act  
|                                                                        |  |                |  
|Servicing Fee                                                           |  | 0.75           | % |  |   | 60,797.48         |  | No Distribution on this Amount    
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV |  |                |   |  |   |                   |  |                                   
|                                                                        |  |                |  
|Trustee Fee .0000625% of Outstanding Principal Amount of the Notes-6/99 |  | 0.0000625      | % |  |   | 250.00            |  | Bank of NY for Trustee Fees       
|Minimum Fee = $ 250.00                                                  |  |                |   |  |   |                  |  |                                   
|Service Fee Less Trustee Fee                                            |  |                |   |  |   | 60,547.48         |  | IOS Net Servicing Fee Distribution
|Reimburse Servicer Advances owed to IOS not prev reimbursed             |  |                |   |  |   |                  |  | IOS Svc Advance reimbursement     
|                                                                        |  |                |   |  |   |                   |  |                                   
|                                                                        |  |                |  
|Remaining Available to be Distributed to Noteholders                    |  |                |   |  |   | 8,423,279.39      |  |                                   
|                                                                        |  |                |  
|Disbursements                                                           |  |                |   |  |   |                   |  | Actual Days                       
|Class A-1 Interest Due                                                  |  | 5.11           | % |  | $ |                  |  | 31                                
|Class A-2 Interest Due                                                  |  | 5.60           | % |  | $ |                  |  |                                   
|Class A-3 Interest Due                                                  |  | 5.99           | % |  | $ | 78,938.08         |  |                                   
|Class A-4 Interest Due                                                  |  | 6.23           | % |  | $ | 422,923.55        |  |                                   
|                                                                        |  |                |   |  |   |                   |  |                                   
|Total Class A Interest Due                                              |  |                |   |  | $ | 501,861.63        |  |                                   
|Class A Interest Paid                                                   |  |                |   |  | $ | 501,861.63        |  |                                   
|Cumulative Outstanding Amounts Owed to AMBAC                            |  |                |   |  | $ |                  |  |                                   
|Reimburse Amounts due AMBAC                                             |  |                |   |  | $ |                  |  |                                   
|Beginning Aggregate Class A Note Balance                                |  |                |   |  | $ | 97,275,972.62     |  |                                   
|Class A Principal Payment While Class A-1 Outstanding                   |  |                |   |  | $ |                  |  |                                   
|Class A Principal Payment After Class A-1 Retired                       |  | 84.26254       | % |  | $ | 6,867,942.46      |  |                                   
|Aggregate Class A Principal Payment                                     |  |                |   |  | $ | 6,867,942.46      |  |                                   
|Class A Principal Paid                                                  |  |                |   |  | $ | 6,867,942.46      |  |                                   
|Ending Aggregate Class A Note Balance                                   |  |                |   |  | $ | 90,408,030.16     |  |                                   
|Overcollateralization Floor                                             |  |                |   |  |   |                   |  |                                   
|2.5% of $835,158,218.60                                                 |  |                |   |  | $ | 20,878,955.47     |  |                                   
|Plus: Cumulative Loss Amount                                            |  |                |   |  | $ |                  |  |                                   
|Less: Reserve Account Ending Balance                                    |  |                |   |  | $ | 8,351,582.19      |  |                                   
|Overcollateralization Floor                                             |  |                |   |  | $ | 12,527,373.28     |  | N                                 
|Additional Class A Principal                                            |  |                |   |  | $ |                  |  |                                   
|Additional Principal Class A Paid                                       |  |                |   |  | $ |                  |  |                                   
|End of Period Class A Note Balance                                      |  |                |   |  | $ | 90,408,030.16     |  |                                   
|                                                                        |  |                |  
|Remaining Collections After Distributions to Noteholders                |  |                |   |  | $ | 1,053,475.29      |  |                                   
|                                                                        |  |                |  
|Distribution to Noteholder for Clean-up Call                            |  |                |   |  | $ |                  |  |                                   
|                                                                        |  |                |  
|Reserve Account Deposit                                                 |  |                |   |  | $ |                  |  |                                   
|Additional Funds Available for Distribution to IOS                      |  |                |   |  | $ | 53,475.29         |  |                                   
|                                                                        |  |                |  
|Total Distribution from the Collection Account                          |  |                |   |  | $ | 7,968,046.21      |  |                                   





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | 
|Lease-Backed Notes Series 1999-1                                                |  |   | Payment Date   |   |  |   | November 15, 2002 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  | 
|October 2002                                                                    |  |   | Payment Date # |   |  |   | 42                |  | 
|                                                                                |  |   |               
|Amounts to IOS Capital for current period - 1999-1                              |  |   | Oct-02         |   |  |   |                   |  | 
|Adv Payments                                                                    |  |   | 0.00           |   |  |   |                   |  | 
|Sec Deposits                                                                    |  |   | 3,244.35       |   |  |   |                   |  | 
|Remaining Coll                                                                  |  |   | 53,475.29      |   |  |   |                   |  | 
|Service Fees                                                                    |  |   | 60,547.48      |   |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   | 117,267.13     |   |  |   |                   |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 115,443,914.45    |  | 
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 107,293,267.13    |  | 
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 6,867,942.46      |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 304,474,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-1 Face                                                         |  |   | 304,474,000.00 |   |  |   |                   |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.00000        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 61,579,000.00  |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-2 Face                                                         |  |   | 61,579,000.00  |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.00000        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-3                                                                       |  |   |                |   |  |   |                   |  | 
|Beginning Class A-3 Principal Balance                                           |  |   | Oct-02         |   |  | $ | 15,813,972.62     |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 6,867,942.46      |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 8,946,030.16      |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 78,938.08         |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.26           |   |  | $ | 78,938.08         |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3 Face                                                         |  |   | 304,127,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 22.58          |   |  | $ | 6,867,942.46      |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3 Face                                                         |  |   | 304,127,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 2.94154        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                   |  | 
|Beginning Class A-4 Principal Balance                                           |  |   | Oct-02         |   |  | $ | 81,462,000.00     |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ |                  |  | 
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 81,462,000.00     |  | 





---

|IKON Receivables, LLC                                                                  |  |   |                |   |  |   |                   |  |              
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | -------------
|Lease-Backed Notes Series 1999-1                                                       |  |   | Payment Date   |   |  |   | November 15, 2002 |  |              
|MONTHLY SERVICER REPORT                                                                |  |   |                |   |  |   |                   |  |              
|October 2002                                                                           |  |   | Payment Date # |   |  |   | 42                |  |              
|                                                                                       |  |   |               
|Interest due this Due Period                                                           |  |   | %              |   |  | $ | 422,923.55        |  |              
|                                                                                       |  |   |               
|Interest Paid Per $1,000                                                               |  | $ | 5.19           |   |  | $ | 422,923.55        |  |              
|                                                                                       |  |   |                |   |  |   |                   |  |              
|Original Class A-4 Face                                                                |  |   | 81,462,000.00  |   |  |   |                   |  |              
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $ |                  |  |              
|                                                                                       |  |   |                |   |  |   |                   |  |              
|Original Class A-4 Face                                                                |  |   | 81,462,000.00  |   |  |   |                   |  |              
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                   |  |              
|(Ending Class A-4 Principal/Original Class A-4 Face)                                   |  |   | 100.00000      | % |  |   |                   |  |              
|                                                                                       |  |   |                |   |  |   |                   |  |              
|Overcollateralization Amount                                                           |  |   |                |   |  | $ | 16,885,236.97     |  | 15.74%       
|                                                                                       |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                               |  |   |                |   |  |   |                   |  |              
|                                                                                       |  |   |               
|Discounted Present Value of the Leases which are:                                      |  |   |                |   |  |   |                   |  |              
|31-60 DAYS OVERDUE                                                                     |  |   | Oct-02         |   |  | $ | 5,910,831.95      |  |              
|61-90 DAYS OVERDUE                                                                     |  |   | Oct-02         |   |  | $ | 1,628,744.39      |  |              
|91-120 DAYS OVERDUE                                                                    |  |   | Oct-02         |   |  | $ | 828,815.37        |  |              
|Servicer Advance since previous months report                                         |  |   |                |   |  | $ |                  |  |              
|                                                                                       |  |   |               
|Other Information to be provided                                                       |  |   |                |   |  |   |                   |  |              
|                                                                                       |  |   |               
|Total amount of Lease Payments received during prior Period                            |  |   |                |   |  | $ | 7,619,199.31      |  |              
|                                                                                       |  |   |               
|Total amount of Casualty Payments received during prior Period                         |  |   |                |   |  | $ |                  |  |              
|                                                                                       |  |   |               
|Total amount of Termination Payments received during prior Period                      |  |   |                |   |  | $ | 710,450.00        |  |              
|                                                                                       |  |   |               
|Total amount of Non-Performing Lease Payments received during prior Period             |  |   |                |   |  | $ |                  |  |              
|                                                                                       |  |   |               
|Retainable Deposits on Deposit                                                         |  |   |                |   |  | $ | 33,983.65         |  |              
|                                                                                       |  |   |               
|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             | % |  | $ | 83,515,821.86     |  |              
|                                                                                       |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |   |                |   |  | $ | 60,605,697.97     |  | 60,605,697.97
|Maximum Allowable Substitutions for Non-Performing Leases                              |  |   | 10             | % |  | $ | 83,515,821.86     |  |              



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                             |  |                |  |   |                   |  | 
|------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | 
|Lease-Backed Notes Series 1999-1                                                                  |  | Payment Date   |  |   | December 16, 2002 |  | 
|MONTHLY SERVICER REPORT                                                                           |  |                |  |   |                   |  | 
|November 2002                                                                                     |  | Payment Date # |  |   | 43                |  | 
|                                                                                                  |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |                |  |   |                   |  | 
|Beginning Balance (DPVL as of previous Determination Date)                                        |  | Nov-02         |  | $ | 107,293,267.13    |  | 
|                                                                                                  |  |                | 
|Less:    Lease Payments Due - current month                                                       |  | Nov-02         |  | $ | 7,650,720.18      |  | 
|Add:    Interest (@ Discount Rate of 7.16%)                                                       |  |                |  | $ | 640,183.16        |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                             |  | Nov-02         |  | $ | 155,445.91        |  | 
|Less:    Warranty Leases                                                                          |  |                |  | $ |                  |  | 
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Nov-02         |  | $ | 1,040,642.05      |  | 
|Add:    DPV Substitute Leases                                                                     |  | Nov-02         |  | $ | 155,447.00        |  | 
|Add:    DPV Additional Leases                                                                     |  | Nov-02         |  | $ |                  |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|                                                                                                  |  |                | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                |  | $ | 99,242,089.15     |  | 
|                                                                                                  |  |                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                |  |   |                   |  | 
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Nov-02         |  |   | 11,612,302.99     |  | 
|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         |  |   | 972,411.66        |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|Total Cash to be reimbursed to IOS                                                                |  |                |  |   | 972,411.66        |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Nov-02         |  |   | 1,385,287.40      |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|Ending Balance                                                                                    |  |                |  |   | 12,025,178.73     |  | 
|                                                                                                  | 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                       |  |               
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 919,235.89        |  | 
|Less:    Applied to Current from Prepaid                                                          |  | Nov-02         |  |   | 542,228.17        |  | 
|Less:    Repurchased Leases                                                                       |  |                |  |   |                  |  | 
|Less:    Advance Payments on Non-Performing Leases                                                |  |                |  |   |                  |  | 
|Add:    Received This Month                                                                       |  |                |  |   | 71,261.32         |  | 
|Add:    Received in Prior Month                                                                   |  |                |  |   |                  |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|Ending Balance                                                                                    |  |                |  |   | 448,269.04        |  | 
|                                                                                                  |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |                |  |   |                   |  | 
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 8,351,582.19      |  | 
|Less:    Deposit to Collection Account (if any)                                                   |  |                |  |   |                  |  | 
|Ending Balance                                                                                    |  |                |  |   | 8,351,582.19      |  | 
|                                                                                                  |  |                | 
|Required Reserve Account                                                                          |  |                |  |   |                   |  | 
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                |  |   | 8,351,582.19      |  | 
|                                                                                                  |  |                | 
|Reserve Account in excess of Required Reserve                                                     |  |                |  |   | 0.00              |  | 
|Deposits into Reserve Account                                                                     |  |                |  |   |                  |  | 
|Amounts Released to Issuer                                                                        |  |                |  |   | 0.00              |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|Ending Balance                                                                                    |  | Nov-02         |  |   | 8,351,582.19      |  | 
|                                                                                                  | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                        |  |               
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Nov-02         |  |   | 33,983.65         |  | 
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                |  |   | 8,734.20          |  | 
|Additions to Security Account                                                                     |  |                |  |   |                   |  | 
|                                                                                                  |  |                |  |   |                   |  | 
|                                                                                                  |  |                | 
|Ending Balance                                                                                    |  | Nov-02         |  |   | 25,249.45         |  | 





---

|IKON Receivables, LLC                                                            |  |                |   |  |                   |   |  |                  
|-------------------------------------------------------------------------------- |  | -------------- | - |  | ----------------- | - |  | -----------------
|Lease-Backed Notes Series 1999-1                                                 |  | Payment Date   |   |  | December 16, 2002 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |                |   |  |                   |   |  |                  
|November 2002                                                                    |  | Payment Date # |   |  | 43                |   |  |                  
|                                                                                 |  |                |  
|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                                                                       |  |                |   |  | 1.74              | % |  | Annualized Nov 02
|Last Month                                                                       |  |                |   |  | 1.95              | % |  | Annualized Oct 02
|Two Months ago                                                                   |  |                |   |  | 1.94              | % |  | Annualized Sep 02
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |   |  | 1.88              | % |  |                  
|                                                                                 |  |                |  
|Calculate Delinquent Rate                                                        |  |                |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |                |   |  | 61                |   |  |                  
|                                                                                 |  |                |  
|Discounted Present Value of Delinquent Leases:                                   |  |                |   |  |                   |   |  |                  
|This Month                                                                       |  |                |   |  | 2.53              | % |  |                  
|Last Month                                                                       |  |                |   |  | 2.29              | % |  |                  
|Two Months ago                                                                   |  |                |   |  | 2.18              | % |  |                  
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |   |  | 2.33              | % |  |                  
|                                                                                 |  |                |  
|Acceleration Event                                                               |  |                |   |  |                   |   |  |                  
|Triggered if                                                                     |  |                |   |  |                   |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25           | % |  |                   |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00           | % |  |                   |   |  |                  
|                                                                                 |  |                |  
|Acceleration Event Triggered? (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                                           |  | Nov-02         |   |  | 6,995,616.27      |   |  |                  
|Lease Payments Received on Prior Month Receivables                               |  | Nov-02         |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution              |  | Nov-02         |   |  | 6,995,616.27      |   |  |                  
|Reimbursed Servicer Advances                                                     |  |                |   |  |                  |   |  |                  
|Amounts on Early Terminations to extent Additional Lease not Provided            |  |                |   |  | 1,040,642.05      |   |  |                  
|Advanced Payments Applied to Current                                             |  |                |   |  | 542,228.17        |   |  |                  
|Lease Purchase Amounts                                                           |  |                |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |                |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |                |   |  |                  |   |  |                  
|                                                                                 |  |                |  
|Investment Earnings on Accounts:                                                 |  |                |   |  |                   |   |  |                  
|Collection Account                                                               |  | Nov-02         |   |  | 6,410.57          |   |  |                  
|Reserve Account                                                                  |  | Nov-02         |   |  | 6,097.02          |   |  |                  
|Security Deposit Account                                                         |  | Nov-02         |   |  | 26.14             |   |  |                  
|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 |  |                |   |  | 8,591,020.22      |   |  |                  
|                                                                                 |  |                |  
|Transfers made by Trustee to the Collection Account                              |  |                |   |  |                   |   |  |                  
|Optional Payments Received from AMBAC                                            |  |                |   |  |                   |   |  |                  
|Insured Payments Received from AMBAC                                             |  |                |   |  |                  |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                          |  |                |   |  |                  |   |  |                  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Nov-02         |   |  | 8,734.20          |   |  |                  
|                                                                                 |  |                |   |  |                   |   |  |                  
|                                                                                 |  |                |  
|Less Credit for payments applied on prior Service Report                         |  |                |   |  |                   |   |  |                  
|                                                                                 |  |                |  
|Total deposited into the Collection Account                                      |  |                |   |  | 8,599,754.42      |   |  |                  





---

|IKON Receivables, LLC                                                   |  |                |   |  |   |                   |  |                                   
|----------------------------------------------------------------------- |  | -------------- | - |  | - | ----------------- |  | ----------------------------------
|Lease-Backed Notes Series 1999-1                                        |  | Payment Date   |   |  |   | December 16, 2002 |  |                                   
|MONTHLY SERVICER REPORT                                                 |  |                |   |  |   |                   |  |                                   
|November 2002                                                           |  | Payment Date # |   |  |   | 43                |  |                                   
|                                                                        | 
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                   |  |               
|                                                                        |  |                |  
|Surety Fee                                                              |  | 0.20           | % |  |   | 15,068.01         |  | Surety                            
|0.20% of Outstanding Principal Amount of the Notes                      |  |                |   |  |   |                   |  |                                   
|                                                                        |  |                |  
|Transfer - FROM - Advance Payment Que in Collection Account             |  | Nov-02         |   |  |   | 470,966.85        |  | DECREASES Balance in Adv Payments 
|Transfer - FROM - Security Deposit Account to Collection Act            |  | Nov-02         |   |  |   | 8,734.20          |  | DECREASES Balance in Sec Dep Act  
|                                                                        |  |                |  
|Servicing Fee                                                           |  | 0.75           | % |  |   | 56,505.02         |  | No Distribution on this Amount    
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV |  |                |   |  |   |                   |  |                                   
|                                                                        |  |                |  
|Trustee Fee .0000625% of Outstanding Principal Amount of the Notes-6/99 |  | 0.0000625      | % |  |   | 250.00            |  | Bank of NY for Trustee Fees       
|Minimum Fee = $ 250.00                                                  |  |                |   |  |   |                  |  |                                   
|Service Fee Less Trustee Fee                                            |  |                |   |  |   | 56,255.02         |  | IOS Net Servicing Fee Distribution
|Reimburse Servicer Advances owed to IOS not prev reimbursed             |  |                |   |  |   |                  |  | IOS Svc Advance reimbursement     
|                                                                        |  |                |   |  |   |                   |  |                                   
|                                                                        |  |                |  
|Remaining Available to be Distributed to Noteholders                    |  |                |   |  |   | 8,048,480.35      |  |                                   
|                                                                        |  |                |  
|Disbursements                                                           |  |                |   |  |   |                   |  | Actual Days                       
|Class A-1 Interest Due                                                  |  | 5.11           | % |  | $ |                  |  | 31                                
|Class A-2 Interest Due                                                  |  | 5.60           | % |  | $ |                  |  |                                   
|Class A-3 Interest Due                                                  |  | 5.99           | % |  | $ | 44,655.60         |  |                                   
|Class A-4 Interest Due                                                  |  | 6.23           | % |  | $ | 422,923.55        |  |                                   
|                                                                        |  |                |   |  |   |                   |  |                                   
|Total Class A Interest Due                                              |  |                |   |  | $ | 467,579.15        |  |                                   
|Class A Interest Paid                                                   |  |                |   |  | $ | 467,579.15        |  |                                   
|Cumulative Outstanding Amounts Owed to AMBAC                            |  |                |   |  | $ |                  |  |                                   
|Reimburse Amounts due AMBAC                                             |  |                |   |  | $ |                  |  |                                   
|Beginning Aggregate Class A Note Balance                                |  |                |   |  | $ | 90,408,030.16     |  |                                   
|Class A Principal Payment While Class A-1 Outstanding                   |  |                |   |  | $ |                  |  |                                   
|Class A Principal Payment After Class A-1 Retired                       |  | 84.26254       | % |  | $ | 6,784,127.07      |  |                                   
|Aggregate Class A Principal Payment                                     |  |                |   |  | $ | 6,784,127.07      |  |                                   
|Class A Principal Paid                                                  |  |                |   |  | $ | 6,784,127.07      |  |                                   
|Ending Aggregate Class A Note Balance                                   |  |                |   |  | $ | 83,623,903.09     |  |                                   
|Overcollateralization Floor                                             |  |                |   |  |   |                   |  |                                   
|2.5% of $835,158,218.60                                                 |  |                |   |  | $ | 20,878,955.47     |  |                                   
|Plus: Cumulative Loss Amount                                            |  |                |   |  | $ |                  |  |                                   
|Less: Reserve Account Ending Balance                                    |  |                |   |  | $ | 8,351,582.19      |  |                                   
|Overcollateralization Floor                                             |  |                |   |  | $ | 12,527,373.28     |  | N                                 
|Additional Class A Principal                                            |  |                |   |  | $ |                  |  |                                   
|Additional Principal Class A Paid                                       |  |                |   |  | $ |                  |  |                                   
|End of Period Class A Note Balance                                      |  |                |   |  | $ | 83,623,903.09     |  |                                   
|                                                                        |  |                |  
|Remaining Collections After Distributions to Noteholders                |  |                |   |  | $ | 546,774.13        |  |                                   
|                                                                        |  |                |  
|Distribution to Noteholder for Clean-up Call                            |  |                |   |  | $ |                  |  |                                   
|                                                                        |  |                |  
|Reserve Account Deposit                                                 |  |                |   |  | $ |                  |  |                                   
|Additional Funds Available for Distribution to IOS                      |  |                |   |  | $ | 546,774.13        |  |                                   
|                                                                        |  |                |  
|Total Distribution from the Collection Account                          |  |                |   |  | $ | 8,349,754.42      |  |                                   
|                                                                        |  |                |  
|Amounts to IOS Capital for current period - 1999-1                      |  | Nov-02         |   |  |   |                   |  |                                   
|Adv Payments                                                            |  | 470,966.85     |   |  |   |                   |  |                                   
|Sec Deposits                                                            |  | 8,734.20       |   |  |   |                   |  |                                   
|Remaining Coll                                                          |  | 546,774.13     |   |  |   |                   |  |                                   
|Service Fees                                                            |  | 56,255.02      |   |  |   |                   |  |                                   
|                                                                        |  |                |   |  |   |                   |  |                                   
|                                                                        |  | 1,082,730.20   |   |  |   |                   |  |                                   





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  |       
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | ------
|Lease-Backed Notes Series 1999-1                                                |  |   | Payment Date   |   |  |   | December 16, 2002 |  |       
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  |       
|November 2002                                                                   |  |   | Payment Date # |   |  |   | 43                |  |       
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  |       
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 107,293,267.13    |  |       
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 99,242,089.15     |  |       
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 6,784,127.07      |  |       
|                                                                                |  |   |               
|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                                                         |  |   | 304,474,000.00 |   |  |   |                   |  |       
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |       
|                                                                                |  |   |                |   |  |   |                   |  |       
|Original Class A-1 Face                                                         |  |   | 304,474,000.00 |   |  |   |                   |  |       
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |       
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.00000        | % |  |   |                   |  |       
|                                                                                |  |   |                |   |  |   |                   |  |       
|                                                                                |  |   |               
|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                                                         |  |   | 61,579,000.00  |   |  |   |                   |  |       
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |       
|                                                                                |  |   |                |   |  |   |                   |  |       
|Original Class A-2 Face                                                         |  |   | 61,579,000.00  |   |  |   |                   |  |       
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |       
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.00000        | % |  |   |                   |  |       
|                                                                                |  |   |                |   |  |   |                   |  |       
|                                                                                |  |   |               
|Class A-3                                                                       |  |   |                |   |  |   |                   |  |       
|Beginning Class A-3 Principal Balance                                           |  |   | Nov-02         |   |  | $ | 8,946,030.16      |  |       
|Principal in Current Period                                                     |  |   |                |   |  | $ | 6,784,127.07      |  |       
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 2,161,903.09      |  |       
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 44,655.60         |  |       
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.15           |   |  | $ | 44,655.60         |  |       
|                                                                                |  |   |                |   |  |   |                   |  |       
|Original Class A-3 Face                                                         |  |   | 304,127,000.00 |   |  |   |                   |  |       
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 22.31          |   |  | $ | 6,784,127.07      |  |       
|                                                                                |  |   |                |   |  |   |                   |  |       
|Original Class A-3 Face                                                         |  |   | 304,127,000.00 |   |  |   |                   |  |       
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |       
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 0.71086        | % |  |   |                   |  |       
|                                                                                |  |   |                |   |  |   |                   |  |       
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                   |  |       
|Beginning Class A-4 Principal Balance                                           |  |   | Nov-02         |   |  | $ | 81,462,000.00     |  |       
|Principal in Current Period                                                     |  |   |                |   |  | $ |                  |  |       
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 81,462,000.00     |  |       
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 422,923.55        |  |       
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 5.19           |   |  | $ | 422,923.55        |  |       
|                                                                                |  |   |                |   |  |   |                   |  |       
|Original Class A-4 Face                                                         |  |   | 81,462,000.00  |   |  |   |                   |  |       
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |       
|                                                                                |  |   |                |   |  |   |                   |  |       
|Original Class A-4 Face                                                         |  |   | 81,462,000.00  |   |  |   |                   |  |       
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |       
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.00000      | % |  |   |                   |  |       
|                                                                                |  |   |                |   |  |   |                   |  |       
|                                                                                |  |   |               
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 15,618,186.06     |  | 15.74%





---

|IKON Receivables, LLC                                                                  |  |                |   |  |   |                   |  |              
|-------------------------------------------------------------------------------------- |  | -------------- | - |  | - | ----------------- |  | -------------
|Lease-Backed Notes Series 1999-1                                                       |  | Payment Date   |   |  |   | December 16, 2002 |  |              
|MONTHLY SERVICER REPORT                                                                |  |                |   |  |   |                   |  |              
|November 2002                                                                          |  | Payment Date # |   |  |   | 43                |  |              
|                                                                                      
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                              
|                                                                                       |  |                |  
|Discounted Present Value of the Leases which are:                                      |  |                |   |  |   |                   |  |              
|31-60 DAYS OVERDUE                                                                     |  | Nov-02         |   |  | $ | 7,678,311.40      |  |              
|61-90 DAYS OVERDUE                                                                     |  | Nov-02         |   |  | $ | 1,476,102.76      |  |              
|91-120 DAYS OVERDUE                                                                    |  | Nov-02         |   |  | $ | 1,035,549.32      |  |              
|                                                                                       |  |                |  
|Servicer Advance since previous months report                                         |  |                |   |  | $ |                  |  |              
|                                                                                       |  |                |  
|Other Information to be provided                                                       |  |                |   |  |   |                   |  |              
|                                                                                       |  |                |  
|Total amount of Lease Payments received during prior Period                            |  |                |   |  | $ | 6,995,616.27      |  |              
|                                                                                       |  |                |  
|Total amount of Casualty Payments received during prior Period                         |  |                |   |  | $ |                  |  |              
|                                                                                       |  |                |  
|Total amount of Termination Payments received during prior Period                      |  |                |   |  | $ | 1,040,642.05      |  |              
|                                                                                       |  |                |  
|Total amount of Non-Performing Lease Payments received during prior Period             |  |                |   |  | $ |                  |  |              
|                                                                                       |  |                |  
|Retainable Deposits on Deposit                                                         |  |                |   |  | $ | 25,249.45         |  |              
|                                                                                       |  |                |  
|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             | % |  | $ | 83,515,821.86     |  |              
|                                                                                       |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |                |   |  | $ | 60,761,144.97     |  | 60,761,144.97
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10             | % |  | $ | 83,515,821.86     |  |              



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |                  |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ---------------- |  | 
|Lease-Backed Notes Series 1999-1                                                                      |  | Payment Date   |  |   | January 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                  |  | 
|December 2002                                                                                         |  | Payment Date # |  |   | 44               |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                  |  | 
|Beginning Balance (DPVL as of previous Determination Date)                                            |  | Dec-02         |  | $ | 99,242,089.15    |  | 
|                                                                                                      |  |                | 
|Less:    Lease Payments Due - current month                                                           |  | Dec-02         |  | $ | 7,273,993.93     |  | 
|Add:    Interest (@ Discount Rate of 7.16%)                                                           |  |                |  | $ | 592,144.47       |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  | Dec-02         |  | $ | 149,769.18       |  | 
|Less:    Warranty Leases                                                                              |  |                |  | $ |                 |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  | Dec-02         |  | $ | 557,647.77       |  | 
|Add:    DPV Substitute Leases                                                                         |  | Dec-02         |  | $ | 149,770.00       |  | 
|Add:    DPV Additional Leases                                                                         |  | Dec-02         |  | $ |                 |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|                                                                                                      |  |                | 
|Ending Balance (DPVL as of current Determination Date)                                                |  |                |  | $ | 92,002,592.74    |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                  |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  | Dec-02         |  |   | 12,025,178.73    |  | 
|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         |  |   | 1,241,753.96     |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|Total Cash to be reimbursed to IOS                                                                    |  |                |  |   | 1,241,753.96     |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  | Dec-02         |  |   | 1,231,509.40     |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|Ending Balance                                                                                        |  |                |  |   | 12,014,934.17    |  | 
|                                                                                                     
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                          
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 448,269.04       |  | 
|Less:    Applied to Current from Prepaid                                                              |  | Dec-02         |  |   | 493,537.58       |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |                 |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |                 |  | 
|Add:    Received This Month                                                                           |  |                |  |   | 640,696.41       |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |                 |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|Ending Balance                                                                                        |  |                |  |   | 595,427.87       |  | 
|                                                                                                     
|RECONCILIATION OF RESERVE ACCOUNT                                                                    
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 8,351,582.19     |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |                 |  | 
|Ending Balance                                                                                        |  |                |  |   | 8,351,582.19     |  | 
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                  |  | 
|Lesser of 1% of $ and Outstanding Note Amount                                                         |  |                |  |   | 8,351,582.19     |  | 
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   | 0.00             |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   |                 |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   | 0.00             |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|                                                                                                      |  |                | 
|Ending Balance                                                                                        |  | Dec-02         |  |   | 8,351,582.19     |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  | Dec-02         |  |   | 25,249.45        |  | 
|Less     Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 1,636.00         |  | 
|Additions to Security Account                                                                         |  |                |  |   |                  |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|Ending Balance                                                                                        |  | Dec-02         |  |   | 23,613.45        |  | 





---

|                                                                                 |  |                |  
|-------------------------------------------------------------------------------- |  | -------------- | -
|IKON Receivables, LLC                                                            |  |                |  
|Lease-Backed Notes Series 1999-1                                                 |  | Payment Date   |  
|MONTHLY SERVICER REPORT                                                          |  |                |  
|December 2002                                                                    |  | Payment Date # |  
|                                                                                 |  |                |  
|COMPLIANCE RATIO CALCULATIONS                                                    |  |                |  
|Calculate Annualized Default Rate                                                |  |                |  
|# of days delinquent to declare Defaulted Lease                                  |  |                |  
|Discounted Present Value of Defaulted Leases (Less Recoveries):                  |  |                |  
|This Month                                                                       |  |                |  
|Last Month                                                                       |  |                |  
|Two Months ago                                                                   |  |                |  
|3 mos. Average                                                                   |  |                |  
|                                                                                 |  |                |  
|Calculate Delinquent Rate                                                        |  |                |  
|# of days delinquent to declare Delinquent Lease                                 |  |                |  
|                                                                                 |  |                |  
|Discounted Present Value of Delinquent Leases:                                   |  |                |  
|This Month                                                                       |  |                |  
|Last Month                                                                       |  |                |  
|Two Months ago                                                                   |  |                |  
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |  
|Acceleration Event                                                               |  |                |  
|Triggered if                                                                     |  |                |  
|Annualized Default Rate greater than                                             |  | 6.25           | %
|Delinquent Rate greater than                                                     |  | 8.00           | %
|Acceleration Event Triggered? (Y/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)                                                  |  |                |  
|                                                                                
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT       
|                                                                                 |  |                |  
|Deposits by or on behalf of the Servicer:                                        |  |                |  
|                                                                                 |  |                |  
|Lease Payments received calendar month                                           |  | Dec-02         |  
|Lease Payments Received on Prior Month Receivables                               |  | Dec-02         |  
|Lease payments received in current month available for distribution              |  | Dec-02         |  
|Reimbursed Servicer Advances                                                     |  |                |  
|Amounts on Early Terminations to extent Additional Lease not Provided            |  |                |  
|Advanced Payments Applied to Current                                             |  |                |  
|Lease Purchase Amounts                                                           |  |                |  
|Recoveries to the Extent IOS Capital does not substitute                         |  |                |  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |                |  
|                                                                                 |  |                |  
|Investment Earnings on Accounts:                                                 |  |                |  
|Collection Account                                                               |  | Dec-02         |  
|Reserve Account                                                                  |  | Dec-02         |  
|Security Deposit Account                                                         |  | Dec-02         |  
|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 |  |                |  
|                                                                                 |  |                |  
|Transfers made by Trustee to the Collection Account                              |  |                |  
|Optional Payments Received from AMBAC                                            |  |                |  
|Insured Payments Received from AMBAC                                             |  |                |  
|Shortfall Required to be Deposited From Reserve Account                          |  |                |  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Dec-02         |  
|                                                                                 |  |                |  
|Less   Credit for payments applied on prior Service Report                       |  |                |  
|                                                                                 |  |                |  
|Total deposited into the Collection Account                                      |  |                |  





---

|IKON Receivables, LLC                                                   |  |                |   |  |   |                  |  |            
|----------------------------------------------------------------------- |  | -------------- | - |  | - | ---------------- |  | -----------
|Lease-Backed Notes Series 1999-1                                        |  | Payment Date   |   |  |   | January 15, 2003 |  |            
|MONTHLY SERVICER REPORT                                                 |  |                |   |  |   |                  |  |            
|December 2002                                                           |  | Payment Date # |   |  |   | 44               |  |            
|                                                                        |  |                |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                   |  |                |   |  |   |                  |  |            
|                                                                        |  |                |  
|Surety Fee                                                              |  | 0.20           | % |  |   | 13,937.32        |  |            
|0.20% of Outstanding Principal Amount of the Notes                      |  |                |   |  |   |                  |  |            
|                                                                        |  |                |  
|Transfer - TO - Advance Payment Que in Collection Account               |  | Dec-02         |   |  |   | 147,158.83       |  |            
|Transfer - FROM - Security Deposit Account to Collection Act            |  | Dec-02         |   |  |   | 1,636.00         |  |            
|                                                                        |  |                |  
|Servicing Fee                                                           |  | 0.75           | % |  |   | 52,264.94        |  |            
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV |  |                |   |  |   |                  |  |            
|                                                                        |  |                |  
|Trustee Fee .0000625% of Outstanding Principal Amount of the Notes-6/99 |  | 0.0000625      | % |  |   | 250.00           |  |            
|Minimum Fee = $ 250.00                                                  |  |                |   |  |   |                 |  |            
|Service Fee Less Trustee Fee                                            |  |                |   |  |   | 52,014.94        |  |            
|                                                                        |  |                |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed             |  |                |   |  |   |                 |  |            
|                                                                        |  |                |   |  |   |                  |  |            
|                                                                        |  |                |  
|Remaining Available to be Distributed to Noteholders                    |  |                |   |  |   | 7,639,223.39     |  |            
|                                                                        |  |                |  
|Disbursements                                                           |  |                |   |  |   |                  |  | Actual Days
|Class A-1 Interest Due                                                  |  | 5.11           | % |  | $ |                 |  | 30         
|Class A-2 Interest Due                                                  |  | 5.60           | % |  | $ |                 |  |            
|Class A-3 Interest Due                                                  |  | 5.99           | % |  | $ | 10,791.50        |  |            
|Class A-4 Interest Due                                                  |  | 6.23           | % |  | $ | 422,923.55       |  |            
|                                                                        |  |                |   |  |   |                  |  |            
|Total Class A Interest Due                                              |  |                |   |  | $ | 433,715.05       |  |            
|Class A Interest Paid                                                   |  |                |   |  | $ | 433,715.05       |  |            
|Cumulative Outstanding Amounts Owed to AMBAC                            |  |                |   |  | $ |                 |  |            
|Reimburse Amounts due AMBAC                                             |  |                |   |  | $ |                 |  |            
|Beginning Aggregate Class A Note Balance                                |  |                |   |  | $ | 83,623,903.09    |  |            
|Class A Principal Payment While Class A-1 Outstanding                   |  |                |   |  | $ |                 |  |            
|Class A Principal Payment After Class A-1 Retired                       |  | 84.26254       | % |  | $ | 6,100,183.56     |  |            
|Aggregate Class A Principal Payment                                     |  |                |   |  | $ | 6,100,183.56     |  |            
|Class A Principal Paid                                                  |  |                |   |  | $ | 6,100,183.56     |  |            
|Ending Aggregate Class A Note Balance                                   |  |                |   |  | $ | 77,523,719.53    |  |            
|Overcollateralization Floor                                             |  |                |   |  |   |                  |  |            
|2.5% of $835,158,218.60                                                 |  |                |   |  | $ | 20,878,955.47    |  |            
|Plus: Cumulative Loss Amount                                            |  |                |   |  | $ |                 |  |            
|Less: Reserve Account Ending Balance                                    |  |                |   |  | $ | 8,351,582.19     |  |            
|Overcollateralization Floor                                             |  |                |   |  | $ | 12,527,373.28    |  | N          
|Additional Class A Principal                                            |  |                |   |  | $ |                 |  |            
|Additional Principal Class A Paid                                       |  |                |   |  | $ |                 |  |            
|End of Period Class A Note Balance                                      |  |                |   |  | $ | 77,523,719.53    |  |            
|                                                                        |  |                |  
|Remaining Collections After Distributions to Noteholders                |  |                |   |  | $ | 1,105,324.78     |  |            
|                                                                        |  |                |  
|Distribution to Noteholder for Clean-up Call                            |  |                |   |  | $ |                 |  |            
|                                                                        |  |                |  
|Reserve Account Deposit                                                 |  |                |   |  | $ |                 |  |            
|Additional Funds Available for Distribution to IOS                      |  |                |   |  | $ | 1,105,324.78     |  |            
|                                                                        |  |                |  
|Total Distribution from the Collection Account                          |  |                |   |  | $ | 7,854,220.48     |  |            
|                                                                        |  |                |  
|Amounts to IOS Capital for current period -1999-1                       |  | Dec-02         |   |  |   |                  |  |            
|Adv Payments                                                            |  | 0.00           |   |  |   |                  |  |            
|Sec Deposits                                                            |  | 1,636.00       |   |  |   |                  |  |            
|Remaining Coll                                                          |  | 1,105,324.78   |   |  |   |                  |  |            
|Service Fees                                                            |  | 52,014.94      |   |  |   |                  |  |            
|                                                                        |  |                |   |  |   |                  |  |            
|                                                                        |  | 1,158,975.72   |   |  |   |                  |  |            





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                  |  |       |  
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ---------------- |  | ----- | -
|Lease-Backed Notes Series 1999-1                                                |  |   | Payment Date   |   |  |   | January 15, 2003 |  |       |  
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                  |  |       |  
|December 2002                                                                   |  |   | Payment Date # |   |  |   | 44               |  |       |  
|                                                                               
|RECONCILIATION OF NOTES                                                        
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 99,242,089.15    |  |       |  
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 92,002,592.74    |  |       |  
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 6,100,183.56     |  |       |  
|                                                                                |  |   |               
|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                                                         |  |   | 304,474,000.00 |   |  |   |                  |  |       |  
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |  |       |  
|                                                                                |  |   |                |   |  |   |                  |  |       |  
|Original Class A-1 Face                                                         |  |   | 304,474,000.00 |   |  |   |                  |  |       |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  |       |  
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.00000        | % |  |   |                  |  |       |  
|                                                                                |  |   |                |   |  |   |                  |  |       |  
|                                                                                |  |   |               
|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                                                         |  |   | 61,579,000.00  |   |  |   |                  |  |       |  
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |  |       |  
|                                                                                |  |   |                |   |  |   |                  |  |       |  
|Original Class A-2 Face                                                         |  |   | 61,579,000.00  |   |  |   |                  |  |       |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  |       |  
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.00000        | % |  |   |                  |  |       |  
|                                                                                |  |   |               
|Class A-3                                                                       |  |   |                |   |  |   |                  |  |       |  
|Beginning Class A-3 Principal Balance                                           |  |   | Dec-02         |   |  | $ | 2,161,903.09     |  |       |  
|Principal in Current Period                                                     |  |   |                |   |  | $ | 2,161,903.09     |  |       |  
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ |                 |  |       |  
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 10,791.50        |  |       |  
|Interest Paid Per $1,000                                                        |  | $ | 0.04           |   |  | $ | 10,791.50        |  |       |  
|                                                                                |  |   |                |   |  |   |                  |  |       |  
|Original Class A-3 Face                                                         |  |   | 304,127,000.00 |   |  |   |                  |  |       |  
|Principal Paid Per $1,000                                                       |  | $ | 7.11           |   |  | $ | 2,161,903.09     |  |       |  
|                                                                                |  |   |                |   |  |   |                  |  |       |  
|Original Class A-3 Face                                                         |  |   | 304,127,000.00 |   |  |   |                  |  |       |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  |       |  
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 0.00000        | % |  |   |                  |  |       |  
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                  |  |       |  
|Beginning Class A-4 Principal Balance                                           |  |   | Dec-02         |   |  | $ | 81,462,000.00    |  |       |  
|Principal in Current Period                                                     |  |   |                |   |  | $ | 3,938,280.47     |  |       |  
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 77,523,719.53    |  |       |  
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 422,923.55       |  |       |  
|Interest Paid Per $1,000                                                        |  | $ | 5.19           |   |  | $ | 422,923.55       |  |       |  
|                                                                                |  |   |                |   |  |   |                  |  |       |  
|Original Class A-4 Face                                                         |  |   | 81,462,000.00  |   |  |   |                  |  |       |  
|Principal Paid Per $1,000                                                       |  | $ | 48.35          |   |  | $ | 3,938,280.47     |  |       |  
|                                                                                |  |   |                |   |  |   |                  |  |       |  
|Original Class A-4 Face                                                         |  |   | 81,462,000.00  |   |  |   |                  |  |       |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  |       |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 95.16550       | % |  |   |                  |  |       |  
|                                                                                |  |   |                |   |  |   |                  |  |       |  
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 14,478,873.21    |  | 15.74 | %





---

|IKON Receivables, LLC                                                                  |  |                |   |  |   |                  |  |              
|-------------------------------------------------------------------------------------- |  | -------------- | - |  | - | ---------------- |  | -------------
|Lease-Backed Notes Series 1999-1                                                       |  | Payment Date   |   |  |   | January 15, 2003 |  |              
|MONTHLY SERVICER REPORT                                                                |  |                |   |  |   |                  |  |              
|December 2002                                                                          |  | Payment Date # |   |  |   | 44               |  |              
|                                                                                      
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                              
|                                                                                       |  |                |  
|Discounted Present Value of the Leases which are:                                      |  |                |   |  |   |                  |  |              
|31-60 DAYS OVERDUE                                                                     |  | Dec-02         |   |  | $ | 6,278,243.80     |  |              
|61-90 DAYS OVERDUE                                                                     |  | Dec-02         |   |  | $ | 2,800,341.28     |  |              
|91-120 DAYS OVERDUE                                                                    |  | Dec-02         |   |  | $ | 492,810.33       |  |              
|                                                                                       |  |                |  
|Servicer Advance since previous months report                                         |  |                |   |  | $ |                 |  |              
|                                                                                       |  |                |  
|Other Information to be provided                                                       |  |                |   |  |   |                  |  |              
|                                                                                       |  |                |  
|Total amount of Lease Payments received during prior Period                            |  |                |   |  | $ | 6,790,700.91     |  |              
|                                                                                       |  |                |  
|Total amount of Casualty Payments received during prior Period                         |  |                |   |  | $ |                 |  |              
|                                                                                       |  |                |  
|Total amount of Termination Payments received during prior Period                      |  |                |   |  | $ | 557,647.77       |  |              
|                                                                                       |  |                |  
|Total amount of Non-Performing Lease Payments received during prior Period             |  |                |   |  | $ |                 |  |              
|                                                                                       |  |                |  
|Retainable Deposits on Deposit                                                         |  |                |   |  | $ | 23,613.45        |  |              
|                                                                                       |  |                |  
|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             | % |  | $ | 83,515,821.86    |  |              
|                                                                                       |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |                |   |  | $ | 60,910,914.97    |  | 60,910,914.97
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10             | % |  | $ | 83,515,821.86    |  |              



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                             |  |              |   |  |   |                   |  | 
|------------------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | 
|Lease-Backed Notes Series 1999-1                                                                  |  | Payment Date |   |  |   | February 18, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                           |  |              |   |  |   |                   |  | 
|January 2003                                                                                      |  | Payment Date | # |  |   | 45                |  | 
|                                                                                                  |  |              |  
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |              |   |  |   |                   |  | 
|Beginning Balance (DPVL as of previous Determination Date)                                        |  | Jan-03       |   |  | $ | 92,002,592.74     |  | 
|                                                                                                  |  |              |  
|Less:    Lease Payments Due - current month                                                       |  | Jan-03       |   |  | $ | 6,991,324.10      |  | 
|Add:    Interest (@ Discount Rate of 7.16%)                                                       |  |              |   |  | $ | 548,948.80        |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                             |  | Jan-03       |   |  | $ | 486,206.81        |  | 
|Less:    Warranty Leases                                                                          |  |              |   |  | $ |                  |  | 
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Jan-03       |   |  | $ | 1,070,548.34      |  | 
|Add:    DPV Substitute Leases                                                                     |  | Jan-03       |   |  | $ |                  |  | 
|Add:    DPV Additional Leases                                                                     |  | Jan-03       |   |  | $ |                  |  | 
|                                                                                                  |  |              |   |  |   |                   |  | 
|                                                                                                  |  |              |  
|Ending Balance (DPVL as of current Determination Date)                                            |  |              |   |  | $ | 84,003,462.29     |  | 
|                                                                                                  |  |              |  
|OVERDUE LEASE PAYMENTS                                                                            |  |              |   |  |   |                   |  | 
|                                                                                                  |  |              |  
|Beginning Balance                                                                                 |  | Jan-03       |   |  |   | 12,014,934.17     |  | 
|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       |   |  |   | 1,283,286.13      |  | 
|                                                                                                  |  |              |   |  |   |                   |  | 
|Total Cash to be reimbursed to IOS                                                                |  |              |   |  |   | 1,283,286.13      |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Jan-03       |   |  |   | 1,107,168.15      |  | 
|                                                                                                  |  |              |   |  |   |                   |  | 
|Ending Balance                                                                                    |  |              |   |  |   | 11,838,816.19     |  | 
|                                                                                                 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                      
|                                                                                                  |  |              |  
|Beginning Balance                                                                                 |  |              |   |  |   | 595,427.87        |  | 
|Less:    Applied to Current from Prepaid                                                          |  | Jan-03       |   |  |   | 568,761.44        |  | 
|Less:    Repurchased Leases                                                                       |  |              |   |  |   |                  |  | 
|Less:    Advance Payments on Non-Performing Leases                                                |  |              |   |  |   |                  |  | 
|Add:    Received This Month                                                                       |  |              |   |  |   | 381,833.23        |  | 
|Add:    Received in Prior Month                                                                   |  |              |   |  |   |                  |  | 
|                                                                                                  |  |              |   |  |   |                   |  | 
|Ending Balance                                                                                    |  |              |   |  |   | 408,499.66        |  | 
|                                                                                                 
|RECONCILIATION OF RESERVE ACCOUNT                                                                
|                                                                                                  |  |              |  
|Beginning Balance                                                                                 |  |              |   |  |   | 8,351,582.19      |  | 
|Less:    Deposit to Collection Account (if any)                                                   |  |              |   |  |   |                  |  | 
|Ending Balance                                                                                    |  |              |   |  |   | 8,351,582.19      |  | 
|                                                                                                  |  |              |  
|Required Reserve Account                                                                          |  |              |   |  |   |                   |  | 
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |              |   |  |   | 8,351,582.19      |  | 
|                                                                                                  |  |              |  
|Reserve Account in excess of Required Reserve                                                     |  |              |   |  |   | 0.00              |  | 
|Deposits into Reserve Account                                                                     |  |              |   |  |   |                  |  | 
|Amounts Released to Issuer                                                                        |  |              |   |  |   | 0.00              |  | 
|                                                                                                  |  |              |   |  |   |                   |  | 
|Ending Balance                                                                                    |  | Jan-03       |   |  |   | 8,351,582.19      |  | 
|                                                                                                 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                       
|                                                                                                  |  |              |  
|Beginning Balance                                                                                 |  | Jan-03       |   |  |   | 23,613.45         |  | 
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |              |   |  |   | 730.11            |  | 
|Additions to Security Account                                                                     |  |              |   |  |   |                   |  | 
|                                                                                                  |  |              |   |  |   |                   |  | 
|Ending Balance                                                                                    |  | Jan-03       |   |  |   | 22,883.34         |  | 





---

|IKON Receivables, LLC                                                            |  |              |   |  |                   |   |  |                  
|-------------------------------------------------------------------------------- |  | ------------ | - |  | ----------------- | - |  | -----------------
|Lease-Backed Notes Series 1999-1                                                 |  | Payment Date |   |  | February 18, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |              |   |  |                   |   |  |                  
|January 2003                                                                     |  | Payment Date | # |  | 45                |   |  |                  
|                                                                                 |  |              |  
|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                                                                       |  |              |   |  | 6.34              | % |  | Annualized Jan 03
|Last Month                                                                       |  |              |   |  | 1.81              | % |  | Annualized Dec 02
|Two Months ago                                                                   |  |              |   |  | 1.74              | % |  | Annualized Nov 02
|                                                                                 |  |              |  
|3 mos. Average                                                                   |  |              |   |  | 3.30              | % |  |                  
|                                                                                 |  |              |  
|Calculate Delinquent Rate                                                        |  |              |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |              |   |  | 61                |   |  |                  
|                                                                                 |  |              |  
|Discounted Present Value of Delinquent Leases:                                   |  |              |   |  |                   |   |  |                  
|This Month                                                                       |  |              |   |  | 2.12              | % |  |                  
|Last Month                                                                       |  |              |   |  | 3.58              | % |  |                  
|Two Months ago                                                                   |  |              |   |  | 2.53              | % |  |                  
|                                                                                 |  |              |  
|3 mos. Average                                                                   |  |              |   |  | 2.74              | % |  |                  
|                                                                                 |  |              |  
|Acceleration Event                                                               |  |              |   |  |                   |   |  |                  
|Triggered if                                                                     |  |              |   |  |                   |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25         | % |  |                   |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00         | % |  |                   |   |  |                  
|                                                                                 |  |              |  
|Acceleration Event Triggered? (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                                           |  | Jan-03       |   |  | 7,163,783.75      |   |  |                  
|Lease Payments Received on Prior Month Receivables                               |  | Jan-03       |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution              |  | Jan-03       |   |  | 7,163,783.75      |   |  |                  
|Reimbursed Servicer Advances                                                     |  |              |   |  |                  |   |  |                  
|Amounts on Early Terminations to extent Additional Lease not Provided            |  |              |   |  |                  |   |  |                  
|Advanced Payments Applied to Current                                             |  |              |   |  | 568,761.44        |   |  |                  
|Lease Purchase Amounts                                                           |  |              |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |              |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |              |   |  |                  |   |  |                  
|                                                                                 |  |              |  
|Investment Earnings on Accounts:                                                 |  |              |   |  |                   |   |  |                  
|Collection Account                                                               |  | Jan-03       |   |  | 4,660.53          |   |  |                  
|Reserve Account                                                                  |  | Jan-03       |   |  | 4,912.35          |   |  |                  
|Security Deposit Account                                                         |  | Jan-03       |   |  | 14.42             |   |  |                  
|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 |  |              |   |  | 7,742,132.49      |   |  |                  
|                                                                                 |  |              |  
|Transfers made by Trustee to the Collection Account                              |  |              |   |  |                   |   |  |                  
|Optional Payments Received from AMBAC                                            |  |              |   |  |                   |   |  |                  
|Insured Payments Received from AMBAC                                             |  |              |   |  |                  |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                          |  |              |   |  |                  |   |  |                  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Jan-03       |   |  | 730.11            |   |  |                  
|                                                                                 |  |              |   |  |                   |   |  |                  
|Less     Credit for payments applied on prior Service Report                     |  |              |   |  |                   |   |  |                  
|                                                                                 |  |              |  
|Total deposited into the Collection Account                                      |  |              |   |  | 7,742,862.60      |   |  |                  





---

|IKON Receivables, LLC                                                   |  |              |   |  |   |                   |  |            
|----------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | -----------
|Lease-Backed Notes Series 1999-1                                        |  | Payment Date |   |  |   | February 18, 2003 |  |            
|MONTHLY SERVICER REPORT                                                 |  |              |   |  |   |                   |  |            
|January 2003                                                            |  | Payment Date | # |  |   | 45                |  |            
|                                                                       
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                  
|                                                                        |  |              |  
|Surety Fee                                                              |  | 0.20         | % |  |   | 12,920.62         |  |            
|0.20% of Outstanding Principal Amount of the Notes                      |  |              |   |  |   |                   |  |            
|                                                                        |  |              |  
|Transfer - TO - Advance Payment Que in Collection Account               |  | Jan-03       |   |  |   | 186,928.81        |  |            
|Transfer - FROM - Security Deposit Account to Collection Act            |  | Jan-03       |   |  |   | 730.11            |  |            
|                                                                        |  |              |  
|Servicing Fee                                                           |  | 0.75         | % |  |   | 48,452.32         |  |            
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV |  |              |   |  |   |                   |  |            
|                                                                        |  |              |  
|Trustee Fee .0000625% of Outstanding Principal Amount of the Notes-6/99 |  | 0.0000625    | % |  |   | 250.00            |  |            
|Minimum Fee = $ 250.00                                                  |  |              |   |  |   |                  |  |            
|Service Fee Less Trustee Fee                                            |  |              |   |  |   | 48,202.32         |  |            
|                                                                        |  |              |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed             |  |              |   |  |   |                  |  |            
|                                                                        |  |              |   |  |   |                   |  |            
|                                                                        |  |              |  
|Remaining Available to be Distributed to Noteholders                    |  |              |   |  |   | 7,493,830.74      |  |            
|                                                                        |  |              |  
|Disbursements                                                           |  |              |   |  |   |                   |  | Actual Days
|Class A-1 Interest Due                                                  |  | 5.11         | % |  | $ |                  |  | 33         
|Class A-2 Interest Due                                                  |  | 5.60         | % |  | $ |                  |  |            
|Class A-3 Interest Due                                                  |  | 5.99         | % |  | $ |                  |  |            
|Class A-4 Interest Due                                                  |  | 6.23         | % |  | $ | 402,477.31        |  |            
|                                                                        |  |              |   |  |   |                   |  |            
|Total Class A Interest Due                                              |  |              |   |  | $ | 402,477.31        |  |            
|Class A Interest Paid                                                   |  |              |   |  | $ | 402,477.31        |  |            
|Cumulative Outstanding Amounts Owed to AMBAC                            |  |              |   |  | $ |                  |  |            
|Reimburse Amounts due AMBAC                                             |  |              |   |  | $ |                  |  |            
|Beginning Aggregate Class A Note Balance                                |  |              |   |  | $ | 77,523,719.53     |  |            
|Class A Principal Payment While Class A-1 Outstanding                   |  |              |   |  | $ |                  |  |            
|Class A Principal Payment After Class A-1 Retired                       |  | 84.26254     | % |  | $ | 6,740,270.49      |  |            
|Aggregate Class A Principal Payment                                     |  |              |   |  | $ | 6,740,270.49      |  |            
|Class A Principal Paid                                                  |  |              |   |  | $ | 6,740,270.49      |  |            
|Ending Aggregate Class A Note Balance                                   |  |              |   |  | $ | 70,783,449.04     |  |            
|Overcollateralization Floor                                             |  |              |   |  |   |                   |  |            
|2.5% of $835,158,218.60                                                 |  |              |   |  | $ | 20,878,955.47     |  |            
|Plus: Cumulative Loss Amount                                            |  |              |   |  | $ | 720,118.10        |  |            
|Less: Reserve Account Ending Balance                                    |  |              |   |  | $ | 8,351,582.19      |  |            
|Overcollateralization Floor                                             |  |              |   |  | $ | 13,247,491.38     |  | N          
|Additional Class A Principal                                            |  |              |   |  | $ |                  |  |            
|Additional Principal Class A Paid                                       |  |              |   |  | $ |                  |  |            
|End of Period Class A Note Balance                                      |  |              |   |  | $ | 70,783,449.04     |  |            
|                                                                        |  |              |  
|Remaining Collections After Distributions to Noteholders                |  |              |   |  | $ | 351,082.93        |  |            
|                                                                        |  |              |  
|Distribution to Noteholder for Clean-up Call                            |  |              |   |  | $ |                  |  |            
|                                                                        |  |              |  
|Reserve Account Deposit                                                 |  |              |   |  | $ |                  |  |            
|Additional Funds Available for Distribution to IOS                      |  |              |   |  | $ | 351,082.93        |  |            
|                                                                        |  |              |  
|Total Distribution from the Collection Account                          |  |              |   |  | $ | 7,742,862.60      |  |            
|                                                                        |  |              |  
|Amounts to IOS Capital for current period - 1999-1                      |  | Jan-03       |   |  |   |                   |  |            
|Adv Payments                                                            |  | 186,928.21   |   |  |   |                   |  |            
|Sec Deposits                                                            |  | 730.11       |   |  |   |                   |  |            
|Remaining Coll                                                          |  | 351,082.93   |   |  |   |                   |  |            
|Service Fees                                                            |  | 48,202.32    |   |  |   |                   |  |            
|                                                                        |  |              |   |  |   |                   |  |            
|                                                                        |  | 586,943.58   |   |  |   |                   |  |            





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  |       |  
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | ----- | -
|Lease-Backed Notes Series 1999-1                                                |  |   | Payment Date   |   |  |   | February 18, 2003 |  |       |  
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  |       |  
|January 2003                                                                    |  |   | Payment Date   | # |  |   | 45                |  |       |  
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 92,002,592.74     |  |       |  
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 84,003,462.29     |  |       |  
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 6,740,270.49      |  |       |  
|                                                                                |  |   |               
|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                                                         |  |   | 304,474,000.00 |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |       |  
|                                                                                |  |   |                |   |  |   |                   |  |       |  
|Original Class A-1 Face                                                         |  |   | 304,474,000.00 |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |       |  
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.00000        | % |  |   |                   |  |       |  
|                                                                                |  |   |                |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|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                                                         |  |   | 61,579,000.00  |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |       |  
|                                                                                |  |   |                |   |  |   |                   |  |       |  
|Original Class A-2 Face                                                         |  |   | 61,579,000.00  |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |       |  
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.00000        | % |  |   |                   |  |       |  
|                                                                                |  |   |                |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Class A-3                                                                       |  |   |                |   |  |   |                   |  |       |  
|Beginning Class A-3 Principal Balance                                           |  |   | Jan-03         |   |  | $ |                  |  |       |  
|Principal in Current Period                                                     |  |   |                |   |  | $ |                  |  |       |  
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ |                  |  |       |  
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ |                  |  |       |  
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ |               |   |  | $ |                  |  |       |  
|                                                                                |  |   |                |   |  |   |                   |  |       |  
|Original Class A-3 Face                                                         |  |   | 304,127,000.00 |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |       |  
|                                                                                |  |   |                |   |  |   |                   |  |       |  
|Original Class A-3 Face                                                         |  |   | 304,127,000.00 |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |       |  
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 0.00000        | % |  |   |                   |  |       |  
|                                                                                |  |   |                |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                   |  |       |  
|Beginning Class A-4 Principal Balance                                           |  |   | Jan-03         |   |  | $ | 77,523,719.53     |  |       |  
|Principal in Current Period                                                     |  |   |                |   |  | $ | 6,740,270.49      |  |       |  
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 70,783,449.04     |  |       |  
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 402,477.31        |  |       |  
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 4.94           |   |  | $ | 402,477.31        |  |       |  
|                                                                                |  |   |                |   |  |   |                   |  |       |  
|Original Class A-4 Face                                                         |  |   | 81,462,000.00  |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 82.74          |   |  | $ | 6,740,270.49      |  |       |  
|                                                                                |  |   |                |   |  |   |                   |  |       |  
|Original Class A-4 Face                                                         |  |   | 81,462,000.00  |   |  |   |                   |  |       |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |       |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 86.89137       | % |  |   |                   |  |       |  
|                                                                                |  |   |                |   |  |   |                   |  |       |  
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 13,220,013.26     |  | 15.74 | %





---

|IKON Receivables, LLC                                                                  |  |              |   |  |   |                   |  |              
|-------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | -------------
|Lease-Backed Notes Series 1999-1                                                       |  | Payment Date |   |  |   | February 18, 2003 |  |              
|MONTHLY SERVICER REPORT                                                                |  |              |   |  |   |                   |  |              
|January 2003                                                                           |  | Payment Date | # |  |   | 45                |  |              
|                                                                                       |  |              |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                               |  |              |   |  |   |                   |  |              
|                                                                                       |  |              |  
|Discounted Present Value of the Leases which are:                                      |  |              |   |  |   |                   |  |              
|31-60 DAYS OVERDUE                                                                     |  | Jan-03       |   |  | $ | 4,183,745.22      |  |              
|61-90 DAYS OVERDUE                                                                     |  | Jan-03       |   |  | $ | 1,204,991.07      |  |              
|91-120 DAYS OVERDUE                                                                    |  | Jan-03       |   |  | $ | 573,280.67        |  |              
|                                                                                       |  |              |  
|Servicer Advance since previous months report                                         |  |              |   |  | $ |                  |  |              
|                                                                                       |  |              |  
|Other Information to be provided                                                       |  |              |   |  |   |                   |  |              
|                                                                                       |  |              |  
|Total amount of Lease Payments received during prior Period                            |  |              |   |  | $ | 7,163,783.75      |  |              
|                                                                                       |  |              |  
|Total amount of Casualty Payments received during prior Period                         |  |              |   |  | $ |                  |  |              
|                                                                                       |  |              |  
|Total amount of Termination Payments received during prior Period                      |  |              |   |  | $ |                  |  |              
|                                                                                       |  |              |  
|Total amount of Non-Performing Lease Payments received during prior Period             |  |              |   |  | $ |                  |  |              
|                                                                                       |  |              |  
|Retainable Deposits on Deposit                                                         |  |              |   |  | $ | 22,883.34         |  |              
|                                                                                       |  |              |  
|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           | % |  | $ | 83,515,821.86     |  |              
|                                                                                       |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |              |   |  | $ | 60,910,914.97     |  | 61,397,121.97
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10           | % |  | $ | 83,515,821.86     |  |              



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                   |  |              |   |  |   |                   |  | 
|----------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | 
|Lease-Backed Notes Series 1999-2                                        |  | Payment Date |   |  |   | November 15, 2002 |  | 
|MONTHLY SERVICER REPORT                                                 |  |              |   |  |   |                   |  | 
|October 2002                                                            |  | Payment Date | # |  |   | 37                |  | 
|                                                                        |  |              |  
|NET CHANGE IN DPV OF PORTFOLIO                                          |  |              |   |  |   |                   |  | 
|Beginning Balance (DPVL as of previous Determination Date)              |  |              |   |  | $ | 149,609,246.87    |  | 
|Less:    Lease Payments Due - current month                             |  | Oct-02       |   |  | $ | 9,694,789.35      |  | 
|Add:    Interest (@ Discount Rate of 7.792%)                            |  |              |   |  | $ | 971,462.71        |  | 
|Less:    DPV Non-Performing Leases - current month  over 120 days, etc |  | Oct-02       |   |  | $ | 253,860.70        |  | 
|Less:    Warranty Leases                                                |  |              |   |  | $ |                  |  | 
|Less:    DPV Amounts on Early Termination Leases                        |  | Oct-02       |   |  | $ | 1,734,790.34      |  | 
|Add:    DPV Substitute Leases                                           |  | Oct-02       |   |  | $ | 253,861.00        |  | 
|Add:    DPV Additional Leases                                           |  | Oct-02       |   |  | $ |                  |  | 
|                                                                        |  |              |   |  |   |                   |  | 
|Ending Balance (DPVL as of current Determination Date)                  |  |              |   |  | $ | 139,151,130.19    |  | 
|                                                                        |  |              |  
|OVERDUE LEASE PAYMENTS                                                  |  |              |   |  |   |                   |  | 
|                                                                        |  |              |  
|Beginning Balance                                                       |  |              |   |  |   | 13,989,146.04     |  | 
|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       |   |  |   | 1,543,195.98      |  | 
|                                                                        |  |              |   |  |   |                   |  | 
|Total Cash to be reimbursed to IOS                                      |  |              |   |  |   | 1,543,195.98      |  | 
|Add:    Servicer Adv for scheduled payments not made in current period  |  | Oct-02       |   |  |   | 1,300,701.81      |  | 
|                                                                        |  |              |   |  |   |                   |  | 
|Ending Balance                                                          |  |              |   |  |   | 13,746,651.87     |  | 
|                                                                       
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                            
|                                                                        |  |              |  
|Beginning Balance                                                       |  | Oct-02       |   |  |   | 543,734.46        |  | 
|Less:    Applied to Current from Prepaid                                |  | Oct-02       |   |  |   | 667,541.72        |  | 
|Less:    Repurchased Leases                                             |  |              |   |  |   |                  |  | 
|Less:    Advance Payments on Non-Performing Leases                      |  |              |   |  |   |                  |  | 
|Add:    Received This Month                                             |  |              |   |  |   | 710,993.10        |  | 
|Add:    Received in Prior Month                                         |  |              |   |  |   |                  |  | 
|                                                                        |  |              |   |  |   |                   |  | 
|Ending Balance                                                          |  |              |   |  |   | 587,185.84        |  | 
|                                                                       
|RECONCILIATION OF RESERVE ACCOUNT                                      
|                                                                        |  |              |  
|Beginning Balance                                                       |  | Oct-02       |   |  |   | 7,773,283.16      |  | 
|Less:    Deposit to Collection Account (if any)                         |  |              |   |  |   |                  |  | 
|Ending Balance                                                          |  |              |   |  |   | 7,773,283.16      |  | 
|                                                                        |  |              |  
|Required Reserve Account                                                |  |              |   |  |   |                   |  | 
|Lesser of 1% of $ and Outstanding Note Amount                           |  |              |   |  |   | 7,773,283.16      |  | 
|                                                                        |  |              |  
|Reserve Account in excess of Required Reserve                           |  |              |   |  |   |                  |  | 
|Deposits into Reserve Account                                           |  |              |   |  |   | 0.00              |  | 
|Amounts Released to Issuer                                              |  |              |   |  |   |                  |  | 
|                                                                        |  |              |   |  |   |                   |  | 
|                                                                        |  |              |  
|Ending Balance                                                          |  |              |   |  |   | 7,773,283.16      |  | 
|                                                                       
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                             
|                                                                        |  |              |  
|Beginning Balance                                                       |  | Oct-02       |   |  |   | 40,681.00         |  | 
|Less Retainable Deposits to be Deposited into Collection Account        |  |              |   |  |   | 1,713.01          |  | 
|Add Amounts Repayable to Lessees                                        |  |              |   |  |   |                  |  | 
|Additions to Security Account                                           |  |              |   |  |   |                   |  | 
|                                                                        |  |              |   |  |   |                   |  | 
|                                                                        |  |              |  
|Ending Balance                                                          |  |              |   |  |   | 38,967.99         |  | 





---

|IKON Receivables, LLC                                                     |  |              |   |  |                   |   |  |                  
|------------------------------------------------------------------------- |  | ------------ | - |  | ----------------- | - |  | -----------------
|Lease-Backed Notes Series 1999-2                                          |  | Payment Date |   |  | November 15, 2002 |   |  |                  
|MONTHLY SERVICER REPORT                                                   |  |              |   |  |                   |   |  |                  
|October 2002                                                              |  | Payment Date | # |  | 37                |   |  |                  
|                                                                          |  |              |  
|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                                                                |  |              |   |  | 2.04              | % |  | Annualized Oct 02
|Last Month                                                                |  |              |   |  | 1.85              | % |  | Annualized Sep 02
|Two Months ago                                                            |  |              |   |  | 1.61              | % |  | Annualized Aug 02
|3 mos. Average                                                            |  |              |   |  | 1.83              | % |  |                  
|                                                                          |  |              |  
|Calculate Delinquent Rate                                                 |  |              |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                          |  |              |   |  | 61                |   |  |                  
|Discounted Present Value of Delinquent Leases:                            |  |              |   |  |                   |   |  |                  
|This Month                                                                |  |              |   |  | 2.41              | % |  |                  
|Last Month                                                                |  |              |   |  | 2.81              | % |  |                  
|Two Months ago                                                            |  |              |   |  | 3.14              | % |  |                  
|3 mos. Average                                                            |  |              |   |  | 2.79              | % |  |                  
|                                                                          |  |              |  
|Acceleration Event                                                        |  |              |   |  |                   |   |  |                  
|Triggered if                                                              |  |              |   |  |                   |   |  |                  
|Annualized Default Rate > than                                            |  | 6.25         | % |  |                   |   |  |                  
|Delinquent Rate > than                                                    |  | 8.00         | % |  |                   |   |  |                  
|Acceleration Event Triggered? (Y/N)                                       |  |              |   |  | N                 |   |  |                  
|                                                                          |  |              |  
|Servicer Event of Default                                                 |  |              |   |  |                   |   |  |                  
|Triggered if                                                              |  |              |   |  |                   |   |  |                  
|Annualized Default Rate > than                                            |  | 8.00         | % |  |                   |   |  |                  
|Delinquent Rate > 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       |   |  | 9,269,741.80      |   |  |                  
|Lease Payments Received on Prior Months Billings                          |  | Oct-02       |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution       |  | Oct-02       |   |  | 9,269,741.80      |   |  |                  
|Reimbursed Servicer Advances                                              |  |              |   |  |                  |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided     |  |              |   |  | 1,734,790.34      |   |  |                  
|Advanced Payments Applied to Current                                      |  |              |   |  | 667,541.72        |   |  |                  
|Lease Purchase Amounts                                                    |  |              |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                  |  |              |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer    |  |              |   |  |                  |   |  |                  
|                                                                          |  |              |  
|Investment Earnings on Accounts:                                          |  |              |   |  |                   |   |  |                  
|Collection Account                                                        |  | Oct-02       |   |  | 6,832.99          |   |  |                  
|Reserve Account                                                           |  | Oct-02       |   |  | 7,098.23          |   |  |                  
|Security Deposit Account                                                  |  | Oct-02       |   |  | 39.00             |   |  |                  
|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 Period     |  |              |   |  | 11,686,044.08     |   |  |                  
|                                                                          |  |              |  
|Transfers made by Trustee to the Collection Account                       |  |              |   |  |                   |   |  |                  
|Optional Payments Received from AMBAC                                     |  |              |   |  |                   |   |  |                  
|Insured Payments Received from AMBAC                                      |  |              |   |  |                  |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                   |  |              |   |  |                  |   |  |                  
|Retainable Deposits from Security Deposit Account (net of additions)      |  | Oct-02       |   |  | 1,713.01          |   |  |                  
|                                                                          |  |              |   |  |                   |   |  |                  
|Less     Credit taken previous servicer for prior months invoices         |  |              |   |  |                  |   |  |                  
|                                                                          |  |              |  
|Total deposited into the Collection Account                               |  |              |   |  | 11,687,757.09     |   |  |                  





---

|IKON Receivables, LLC                                                                   |  |              |   |  |   |                   |  |             
|--------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | ------------
|Lease-Backed Notes Series 1999-2                                                        |  | Payment Date |   |  |   | November 15, 2002 |  |             
|MONTHLY SERVICER REPORT                                                                 |  |              |   |  |   |                   |  |             
|October 2002                                                                            |  | Payment Date | # |  |   | 37                |  |             
|                                                                                       
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                                  
|Surety Fee 0.18% of Outstanding Principal Amount of the Notes                           |  | 0.18         | % |  |   | 19,222.87         |  |             
|Transfer TO Adv. Payment Que in Collection Account                                      |  | Oct-02       |   |  |   | 43,451.38         |  |             
|Transfer From Security Deposit Account to Collection Act                                |  | Oct-02       |   |  |   | 1,713.01          |  |             
|Servicing Fee                                                                           |  | 0.75         | % |  |   | 80,095.30         |  |             
|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    | % |  |   | 250.00            |  |             
|Minimum Fee = $ 250.00                                                                  |  |              |   |  |   |                  |  |             
|                                                                                        |  |              |  
|Service Fee Less Trustee Fee                                                            |  |              |   |  |   | 79,845.29         |  |             
|                                                                                        |  |              |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed                             |  |              |   |  |   |                  |  |             
|                                                                                        |  |              |   |  |   |                   |  |             
|                                                                                        |  |              |  
|Remaining Available to be Distributed to Noteholders                                    |  |              |   |  |   | 11,543,274.53     |  |             
|                                                                                        |  |              |  
|Disbursements                                                                           |  |              |   |  |   |                   |  | Actual Days 
|Class A-1 Interest Due (Use Actual Days for Interest Calculation)                       |  | 6.14125      | % |  | $ |                  |  | 31          
|Class A-2 Interest Due (30/360 Basis)                                                   |  | 6.31         | % |  | $ |                  |  |             
|Class A-3A Interest Due (30/360 Basis)    Libor Rate October 2002                       |  | 6.59         | % |  | $ | 90,012.35         |  |             
|Class A-3B Interest Due (Use Actual Days for Int Calculation)    1.80000+.36 =2.16000 % |  | 2.16000      | % |  | $ | 73,439.79         |  |             
|Class A-4 Interest Due (30/360 Basis)                                                   |  | 6.88         | % |  | $ | 414,393.87        |  |             
|                                                                                        |  |              |   |  |   |                   |  |             
|Total Class A Interest Due                                                              |  |              |   |  | $ | 577,846.00        |  |             
|Class A Interest Paid                                                                   |  |              |   |  | $ | 577,846.00        |  |             
|Cumulative Outstanding Amounts Owed to AMBAC                                            |  |              |   |  | $ |                  |  |             
|Reimburse Amounts due AMBAC                                                             |  |              |   |  | $ |                  |  |             
|Beginning Aggregate Class A Note Balance                                                |  |              |   |  | $ | 128,152,473.59    |  |             
|Class A Principal Payment While Class A-1 Outstanding                                   |  |              |   |  | $ |                  |  | 577,846.00  
|Class A Principal Payment After Class A-1 Retired                                       |  | 85.65812     | % |  | $ | 8,958,226.14      |  | 8,958,226.14
|Aggregate Class A Principal Payment                                                     |  |              |   |  | $ | 8,958,226.14      |  |             
|Class A Principal Paid                                                                  |  |              |   |  | $ | 8,958,226.14      |  | 9,536,072.14
|Ending Aggregate Class A Note Balance                                                   |  |              |   |  | $ | 119,194,247.45    |  |             
|Overcollateralization Floor                                                             |  |              |   |  |   |                   |  |             
|2.5% of $777,328,316.25                                                                 |  |              |   |  | $ | 19,433,207.91     |  |             
|Plus: Cumulative Loss Amount                                                            |  |              |   |  | $ |                  |  |             
|Less: Reserve Account Ending Balance                                                    |  |              |   |  | $ | 7,773,283.16      |  |             
|Overcollateralization Floor                                                             |  |              |   |  | $ | 11,659,924.75     |  | N           
|Additional Class A Principal                                                            |  |              |   |  | $ |                  |  |             
|Additional Principal Class A Paid                                                       |  |              |   |  | $ |                  |  |             
|End of Period Class A Note Balance                                                      |  |              |   |  | $ | 119,194,247.45    |  |             
|                                                                                        |  |              |  
|Remaining Collections After Distributions to Noteholders                                |  |              |   |  | $ | 2,007,202.40      |  |             
|                                                                                        |  |              |  
|Distribution to Noteholder for Clean-up Call                                            |  |              |   |  | $ |                  |  |             
|                                                                                        |  |              |  
|Reserve Account Deposit                                                                 |  |              |   |  | $ | 0.00              |  |             
|Additional Funds Available for Distribution to IOS                                      |  |              |   |  | $ | 757,202.39        |  |             
|Total Distribution from the Collection Account                                          |  |              |   |  | $ | 10,437,757.09     |  |             



|Amounts to IOS Capital for Current Period |  |            |  |        |  | 
|----------------------------------------- |  | ---------- |  | ------ |  | 
|Adv Payments                              |  | 0.00       |  | Oct-02 |  | 
|Sec Deposits                              |  | 1,713.01   |  | Oct-02 |  | 
|Remaining Coll                            |  | 757,202.39 |  | Oct-02 |  | 
|Service Fees                              |  | 79,845.29  |  | Oct-02 |  | 
|                                          |  |            |  |        |  | 
|                                          |  | 838,760.70 |  |        |  | 





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | 
|Lease-Backed Notes Series 1999-2                                                |  |   | Payment Date   |   |  |   | November 15, 2002 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  | 
|October 2002                                                                    |  |   | Payment Date   | # |  |   | 37                |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 149,609,246.87    |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 139,151,130.19    |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 8,958,226.14      |  | 
|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                                                         |  |   | 235,326,000.00 |   |  |   |                   |  | 
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-1 Face                                                         |  |   | 235,326,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.00000        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|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                                                         |  |   | 51,100,000.00  |   |  |   |                   |  | 
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-2 Face                                                         |  |   | 51,100,000.00  |   |  |   |                   |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.00000        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-3A                                                                      |  |   |                |   |  |   |                   |  | 
|Beginning Class A-3A Principal Balance                                          |  |   | Oct-02         |   |  | $ | 16,390,715.35     |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 2,627,885.78      |  | 
|Ending Class A-3A Principal Balance                                             |  |   |                |   |  | $ | 13,762,829.57     |  | 
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 90,012.35         |  | 
|Interest Paid Per $1,000                                                        |  | $ | 0.90           |   |  | $ | 90,012.35         |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3A Face                                                        |  |   | 100,000,000.00 |   |  |   |                   |  | 
|Principal Paid Per $1,000                                                       |  | $ | 26.28          |   |  | $ | 2,627,885.78      |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3A Face                                                        |  |   | 100,000,000.00 |   |  |   |                   |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-3A Principal/Original Class A-3A Face)                          |  |   | 13.76283       | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-3B                                                                      |  |   |                |   |  |   |                   |  | 
|Beginning Class A-3B Principal Balance                                          |  |   | Oct-02         |   |  | $ | 39,483,758.24     |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 6,330,340.36      |  | 
|Ending Class A-3B Principal Balance                                             |  |   |                |   |  | $ | 33,153,417.88     |  | 
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 73,439.79         |  | 
|Interest Paid Per $1,000                                                        |  | $ | 0.30           |   |  | $ | 73,439.79         |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3B Face                                                        |  |   | 240,891,000.00 |   |  |   |                   |  | 
|Principal Paid Per $1,000                                                       |  | $ | 26.28          |   |  | $ | 6,330,340.36      |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3B Face                                                        |  |   | 240,891,000.00 |   |  |   |                   |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-3B Principal/Original Class A-3B Face)                          |  |   | 13.76283       | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 





---

|IKON Receivables, LLC                                                                  |  |   |               |   |  |   |                   |   |  |               |  
|-------------------------------------------------------------------------------------- |  | - | ------------- | - |  | - | ----------------- | - |  | ------------- | -
|Lease-Backed Notes Series 1999-2                                                       |  |   | Payment Date  |   |  |   | November 15, 2002 |   |  |               |  
|                                                                                       |  |   |              
|MONTHLY SERVICER REPORT                                                                |  |   |               |   |  |   |                   |   |  |               |  
|October 2002                                                                           |  |   | Payment Date  | # |  |   | 37                |   |  |               |  
|Class A-4                                                                              |  |   |               |   |  |   |                   |   |  |               |  
|Beginning Class A-4 Principal Balance                                                  |  |   | Oct-02        |   |  | $ | 72,278,000.00     |   |  |               |  
|Principal in Current Period                                                            |  |   |               |   |  | $ | (0.00             | ) |  |               |  
|Ending Class A-4 Principal Balance                                                     |  |   |               |   |  | $ | 72,278,000.00     |   |  |               |  
|                                                                                       |  |   |              
|Interest due this Due Period                                                           |  |   | %             |   |  | $ | 414,393.87        |   |  |               |  
|                                                                                       |  |   |              
|Interest Paid Per $1,000                                                               |  | $ | 5.73          |   |  | $ | 414,393.87        |   |  |               |  
|                                                                                       |  |   |               |   |  |   |                   |   |  |               |  
|Original Class A-4 Face                                                                |  |   | 72,278,000.00 |   |  |   |                   |   |  |               |  
|                                                                                       |  |   |              
|Principal Paid Per $1,000                                                              |  | $ | (0.00         | ) |  | $ | (0.00             | ) |  |               |  
|                                                                                       |  |   |               |   |  |   |                   |   |  |               |  
|Original Class A-4 Face                                                                |  |   | 72,278,000.00 |   |  |   |                   |   |  |               |  
|                                                                                       |  |   |              
|Ending Principal Balance Factor                                                        |  |   |               |   |  |   |                   |   |  |               |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                                   |  |   | 100.00000     | % |  |   |                   |   |  |               |  
|                                                                                       |  |   |               |   |  |   |                   |   |  |               |  
|Overcollateralization Amount                                                           |  |   |               |   |  | $ | 19,956,882.74     |   |  | 14.34         | %
|                                                                                      
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                              
|                                                                                       |  |   |              
|Discounted Present Value of the Leases which are:                                      |  |   |               |   |  |   |                   |   |  |               |  
|31-60 DAYS OVERDUE                                                                     |  |   | Oct-02        |   |  | $ | 6,038,954.54      |   |  |               |  
|61-90 DAYS OVERDUE                                                                     |  |   | Oct-02        |   |  | $ | 2,152,742.84      |   |  |               |  
|91-120 DAYS OVERDUE                                                                    |  |   | Oct-02        |   |  | $ | 1,194,275.06      |   |  |               |  
|                                                                                       |  |   |              
|Servicer Advance since previous months report                                         |  |   |               |   |  | $ |                  |   |  |               |  
|                                                                                       |  |   |              
|Other Information to be provided                                                       |  |   |               |   |  |   |                   |   |  |               |  
|                                                                                       |  |   |              
|Total amount of Lease Payments received during prior Period                            |  |   |               |   |  | $ | 9,269,741.80      |   |  |               |  
|                                                                                       |  |   |              
|Total amount of Casualty Payments received during prior Period                         |  |   |               |   |  | $ |                  |   |  |               |  
|                                                                                       |  |   |              
|Total amount of Termination Payments received during prior Period                      |  |   |               |   |  | $ | 1,734,790.34      |   |  |               |  
|                                                                                       |  |   |              
|Total amount of Non-Performing Lease Payments received during prior Period             |  |   |               |   |  | $ |                  |   |  |               |  
|                                                                                       |  |   |              
|Retainable Deposits on Deposit                                                         |  |   |               |   |  | $ | 38,967.99         |   |  |               |  
|                                                                                       |  |   |              
|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%           |   |  | $ | 77,732,831.63     |   |  |               |  
|                                                                                       |  |   |              
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |   | Oct-02        |   |  | $ | 44,840,877.88     |   |  | 44,840,877.88 |  
|Maximum Allowable Substitutions for Non-Performing Leases                              |  |   | 10%           |   |  | $ | 77,732,831.63     |   |  |               |  



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                   |  |                |  |   |                   |  | 
|----------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | 
|Lease-Backed Notes Series 1999-2                                        |  | Payment Date   |  |   | December 16, 2002 |  | 
|MONTHLY SERVICER REPORT                                                 |  |                |  |   |                   |  | 
|November 2002                                                           |  | Payment Date # |  |   | 38                |  | 
|                                                                        |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                          |  |                |  |   |                   |  | 
|Beginning Balance (DPVL as of previous Determination Date)              |  |                |  | $ | 139,151,130.19    |  | 
|                                                                        |  |                | 
|Less:    Lease Payments Due  current month                             |  | Nov-02         |  | $ | 9,219,307.79      |  | 
|Add:    Interest (@ Discount Rate of 7.792%)                            |  |                |  | $ | 903,554.67        |  | 
|Less:    DPV Non-Performing Leases  current month  over 120 days, etc |  | Nov-02         |  | $ | 314,418.63        |  | 
|Less:    Warranty Leases                                                |  |                |  | $ |                  |  | 
|Less:    DPV Amounts on Early Termination Leases                        |  | Nov-02         |  | $ | 914,844.83        |  | 
|Add:    DPV Substitute Leases                                           |  | Nov-02         |  | $ | 314,419.00        |  | 
|Add:    DPV Additional Leases                                           |  | Nov-02         |  |   |                   |  | 
|                                                                        |  |                |  |   |                   |  | 
|                                                                        |  |                | 
|Ending Balance (DPVL as of current Determination Date)                  |  |                |  | $ | 129,920,532.61    |  | 
|                                                                        |  |                | 
|OVERDUE LEASE PAYMENTS                                                  |  |                |  |   |                   |  | 
|                                                                        |  |                | 
|Beginning Balance                                                       |  |                |  |   | 13,746,651.87     |  | 
|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         |  |   | 1,120,637.64      |  | 
|                                                                        |  |                |  |   |                   |  | 
|Total Cash to be reimbursed to IOS                                      |  |                |  |   | 1,120,637.64      |  | 
|Add:    Servicer Adv for scheduled payments not made in current period  |  | Nov-02         |  |   | 1,450,673.08      |  | 
|                                                                        |  |                |  |   |                   |  | 
|Ending Balance                                                          |  |                |  |   | 14,076,687.31     |  | 
|                                                                       
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                            
|                                                                        |  |                | 
|Beginning Balance                                                       |  | Nov-02         |  |   | 543,734.46        |  | 
|Less:    Applied to Current from Prepaid                                |  | Nov-02         |  |   | 609,030.36        |  | 
|Less:    Repurchased Leases                                             |  |                |  |   |                  |  | 
|Less:    Advance Payments on Non-Performing Leases                      |  |                |  |   |                  |  | 
|Add:    Received This Month                                             |  |                |  |   | 1,058,296.46      |  | 
|Add:    Received in Prior Month                                         |  |                |  |   |                  |  | 
|                                                                        |  |                |  |   |                   |  | 
|Ending Balance                                                          |  |                |  |   | 993,000.56        |  | 
|                                                                       
|RECONCILIATION OF RESERVE ACCOUNT                                      
|                                                                        |  |                | 
|Beginning Balance                                                       |  | Nov-02         |  |   | 7,773,283.16      |  | 
|Less:    Deposit to Collection Account (if any)                         |  |                |  |   |                  |  | 
|Ending Balance                                                          |  |                |  |   | 7,773,283.16      |  | 
|                                                                        |  |                | 
|Required Reserve Account                                                |  |                |  |   |                   |  | 
|Lesser of 1% of $ and Outstanding Note Amount                           |  |                |  |   | 7,773,283.16      |  | 
|                                                                        |  |                | 
|Reserve Account in excess of Required Reserve                           |  |                |  |   |                  |  | 
|Deposits into Reserve Account                                           |  |                |  |   | 0.00              |  | 
|Amounts Released to Issuer                                              |  |                |  |   |                  |  | 
|                                                                        |  |                |  |   |                   |  | 
|Ending Balance                                                          |  |                |  |   | 7,773,283.16      |  | 
|                                                                       
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                             
|                                                                        |  |                | 
|Beginning Balance                                                       |  | Nov-02         |  |   | 38,967.99         |  | 
|Less Retainable Deposits to be Deposited into Collection Account        |  |                |  |   | 4,501.16          |  | 
|Add Amounts Repayable to Lessees                                        |  |                |  |   |                  |  | 
|Additions to Security Account                                           |  |                |  |   |                   |  | 
|                                                                        |  |                |  |   |                   |  | 
|                                                                        |  |                | 
|Ending Balance                                                          |  |                |  |   | 34,466.83         |  | 





---

|IKON Receivables, LLC                                                   |  |              |   |  |                   |   |  |                  
|----------------------------------------------------------------------- |  | ------------ | - |  | ----------------- | - |  | -----------------
|Lease-Backed Notes Series 1999-2                                        |  | Payment Date |   |  | December 16, 2002 |   |  |                  
|MONTHLY SERVICER REPORT                                                 |  |              |   |  |                   |   |  |                  
|November 2002                                                           |  | Payment Date | # |  | 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                                                              |  |              |   |  | 2.71              | % |  | Annualized Nov 02
|Last Month                                                              |  |              |   |  | 2.04              | % |  | Annualized Oct 02
|Two Months ago                                                          |  |              |   |  | 1.85              | % |  | Annualized Sep 02
|                                                                        |  |              |  
|3 mos. Average                                                          |  |              |   |  | 2.20              | % |  |                  
|Calculate Delinquent Rate                                               |  |              |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                        |  |              |   |  | 61                |   |  |                  
|                                                                        |  |              |  
|Discounted Present Value of Delinquent Leases:                          |  |              |   |  |                   |   |  |                  
|This Month                                                              |  |              |   |  | 2.32              | % |  |                  
|Last Month                                                              |  |              |   |  | 2.41              | % |  |                  
|Two Months ago                                                          |  |              |   |  | 2.81              | % |  |                  
|                                                                        |  |              |  
|3 mos. Average                                                          |  |              |   |  | 2.51              | % |  |                  
|                                                                        |  |              |  
|Acceleration Event                                                      |  |              |   |  |                   |   |  |                  
|Triggered if                                                            |  |              |   |  |                   |   |  |                  
|Annualized Default Rate > than                                          |  | 6.25         | % |  |                   |   |  |                  
|Delinquent Rate > than                                                  |  | 8.00         | % |  |                   |   |  |                  
|                                                                        |  |              |  
|Acceleration Event Triggered? (Y/N)                                     |  |              |   |  | N                 |   |  |                  
|                                                                        |  |              |  
|Servicer Event of Default                                               |  |              |   |  |                   |   |  |                  
|Triggered if                                                            |  |              |   |  |                   |   |  |                  
|Annualized Default Rate >than                                           |  | 8.00         | % |  |                   |   |  |                  
|Delinquent Rate >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       |   |  | 8,280,241.99      |   |  |                  
|Lease Payments Received on Prior Months Billings                        |  | Nov-02       |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution     |  | Nov-02       |   |  | 8,280,241.99      |   |  |                  
|Reimbursed Servicer Advances                                            |  |              |   |  |                  |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided   |  |              |   |  | 964,844.83        |   |  |                  
|Advanced Payments Applied to Current                                    |  |              |   |  | 609,030.36        |   |  |                  
|Lease Purchase Amounts                                                  |  |              |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                |  |              |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer  |  |              |   |  |                  |   |  |                  
|                                                                        |  |              |  
|Investment Earnings on Accounts:                                        |  |              |   |  |                   |   |  |                  
|Collection Account                                                      |  | Nov-02       |   |  | 5,813.10          |   |  |                  
|Reserve Account                                                         |  | Nov-02       |   |  | 5,674.94          |   |  |                  
|Security Deposit Account                                                |  | Nov-02       |   |  | 29.13             |   |  |                  
|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 Period   |  |              |   |  | 9,865,634.35      |   |  |                  
|                                                                        |  |              |  
|Transfers made by Trustee to the Collection Account                     |  |              |   |  |                   |   |  |                  
|Optional Payments Received from AMBAC                                   |  |              |   |  |                   |   |  |                  
|Insured Payments Received from AMBAC                                    |  |              |   |  |                  |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                 |  |              |   |  |                  |   |  |                  
|Retainable Deposits from Security Deposit Account (net of additions)    |  | Nov-02       |   |  | 4,501.16          |   |  |                  
|                                                                        |  |              |   |  |                   |   |  |                  
|                                                                        |  |              |  
|Less     Credit taken previous servicer for prior months invoices       |  |              |   |  |                  |   |  |                  
|                                                                        |  |              |  
|Total deposited into the Collection Account                             |  |              |   |  | 9,870,135.51      |   |  |                  





---

|IKON Receivables, LLC                                                                    |  |              |   |  |   |                   |  |             
|---------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | ------------
|Lease-Backed Notes Series 1999-2                                                         |  | Payment Date |   |  |   | December 16, 2002 |  |             
|MONTHLY SERVICER REPORT                                                                  |  |              |   |  |   |                   |  |             
|November 2002                                                                            |  | Payment Date | # |  |   | 38                |  |             
|                                                                                        
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                                   
|                                                                                         |  |              |  
|Surety Fee 0.18% of Outstanding Principal Amount of the Notes                            |  | 0.18         | % |  |   | 17,879.14         |  |             
|                                                                                         |  |              |  
|Transfer TO Adv. Payment Que in Collection Account                                       |  | Nov-02       |   |  |   | 405,814.72        |  |             
|Transfer From Security Deposit Account to Collection Act                                 |  | Nov-02       |   |  |   | 4,501.16          |  |             
|                                                                                         |  |              |  
|Servicing Fee0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV     |  | 0.75         | % |  |   | 74,496.40         |  |             
|                                                                                         |  |              |  
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes                        |  | 0.0012500    | % |  |   | 250.00            |  |             
|Minimum Fee = $ 250.00                                                                   |  |              |   |  |   |                  |  |             
|Service Fee Less Trustee Fee                                                             |  |              |   |  |   | 74,246.41         |  |             
|                                                                                         |  |              |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed                              |  |              |   |  |   |                  |  |             
|                                                                                         |  |              |   |  |   |                   |  |             
|                                                                                         |  |              |  
|Remaining Available to be Distributed to Noteholders                                     |  |              |   |  |   | 9,367,444.09      |  |             
|                                                                                         |  |              |  
|Disbursements                                                                            |  |              |   |  |   |                   |  | Actual Days 
|Class A-1 Interest Due (Use Actual Days for Interest Calculation)                        |  | 6.14125      | % |  | $ |                  |  | 31          
|Class A-2 Interest Due (30/360 Basis)                                                    |  | 6.31         | % |  | $ |                  |  |             
|Class A-3A Interest Due (30/360 Basis) Libor Rate November 2002                          |  | 6.59         | % |  | $ | 75,580.87         |  |             
|Class A-3B Interest Due (Use Actual Days for Int Calculation)    1.381250+.36 =1.74125
% |  | 1.74125      | % |  | $ | 49,710.56         |  |             
|Class A-4 Interest Due (30/360 Basis)                                                    |  | 6.88         | % |  | $ | 414,393.87        |  |             
|                                                                                         |  |              |   |  |   |                   |  |             
|Total Class A Interest Due                                                               |  |              |   |  | $ | 539,685.30        |  |             
|Class A Interest Paid                                                                    |  |              |   |  | $ | 539,685.30        |  |             
|Cumulative Outstanding Amounts Owed to AMBAC                                             |  |              |   |  | $ |                  |  |             
|Reimburse Amounts due AMBAC                                                              |  |              |   |  | $ |                  |  |             
|Beginning Aggregate Class A Note Balance                                                 |  |              |   |  | $ | 119,194,247.45    |  |             
|Class A Principal Payment While Class A-1 Outstanding                                    |  |              |   |  | $ |                  |  | 539,685.30  
|Class A Principal Payment After Class A-1 Retired                                        |  | 85.65812     | % |  | $ | 7,906,756.35      |  | 7,906,756.35
|Aggregate Class A Principal Payment                                                      |  |              |   |  | $ | 7,906,756.35      |  |             
|Class A Principal Paid                                                                   |  |              |   |  | $ | 7,906,756.35      |  | 8,446,441.65
|Ending Aggregate Class A Note Balance                                                    |  |              |   |  | $ | 111,287,491.10    |  |             
|Overcollateralization Floor                                                              |  |              |   |  |   |                   |  |             
|2.5% of $777,328,316.25                                                                  |  |              |   |  | $ | 19,433,207.91     |  |             
|Plus: Cumulative Loss Amount                                                             |  |              |   |  | $ |                  |  |             
|Less: Reserve Account Ending Balance                                                     |  |              |   |  | $ | 7,773,283.16      |  |             
|Overcollateralization Floor                                                              |  |              |   |  | $ | 11,659,924.75     |  | N           
|Additional Class A Principal                                                             |  |              |   |  | $ |                  |  |             
|Additional Principal Class A Paid                                                        |  |              |   |  | $ |                  |  |             
|End of Period Class A Note Balance                                                       |  |              |   |  | $ | 111,287,491.10    |  |             
|                                                                                         |  |              |  
|Remaining Collections After Distributions to Noteholders                                 |  |              |   |  | $ | 921,002.44        |  |             
|                                                                                         |  |              |  
|Distribution to Noteholder for Clean-up Call                                             |  |              |   |  | $ |                  |  |             
|                                                                                         |  |              |  
|Reserve Account Deposit                                                                  |  |              |   |  | $ | 0.00              |  |             
|Additional Funds Available for Distribution to IOS                                       |  |              |   |  | $ | 171,002.44        |  |             
|                                                                                         |  |              |  
|Total Distribution from the Collection Account                                           |  |              |   |  | $ | 9,120,135.51      |  |             



|Amounts to IOS Capital for Current Period |  |            |  |        |  | 
|----------------------------------------- |  | ---------- |  | ------ |  | 
|Adv Payments                              |  | 0.00       |  | Nov-02 |  | 
|Sec Deposits                              |  | 4,501.16   |  | Nov-02 |  | 
|Remaining Coll                            |  | 171,002.44 |  | Nov-02 |  | 
|Service Fees                              |  | 74,246.41  |  | Nov-02 |  | 
|                                          |  |            |  |        |  | 
|                                          |  | 249,750.01 |  |        |  | 





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | 
|Lease-Backed Notes Series 1999-2                                                |  |   | Payment Date   |   |  |   | December 16, 2002 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  | 
|November 2002                                                                   |  |   | Payment Date   | # |  |   | 38                |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  | 
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 139,151,130.19    |  | 
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 129,920,532.61    |  | 
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 7,906,756.35      |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 235,326,000.00 |   |  |   |                   |  | 
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-1 Face                                                         |  |   | 235,326,000.00 |   |  |   |                   |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.00000        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 51,100,000.00  |   |  |   |                   |  | 
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-2 Face                                                         |  |   | 51,100,000.00  |   |  |   |                   |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.00000        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-3A                                                                      |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Beginning Class A-3A Principal Balance                                          |  |   | Nov-02         |   |  | $ | 13,762,829.57     |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 2,319,438.28      |  | 
|Ending Class A-3A Principal Balance                                             |  |   |                |   |  | $ | 11,443,391.29     |  | 
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 75,580.87         |  | 
|Interest Paid Per $1,000                                                        |  | $ | 0.76           |   |  | $ | 75,580.87         |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3A Face                                                        |  |   | 100,000,000.00 |   |  |   |                   |  | 
|Principal Paid Per $1,000                                                       |  | $ | 23.19          |   |  | $ | 2,319,438.28      |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3A Face                                                        |  |   | 100,000,000.00 |   |  |   |                   |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-3A Principal/Original Class A-3A Face)                          |  |   | 11.44339       | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-3B                                                                      |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Beginning Class A-3B Principal Balance                                          |  |   | Nov-02         |   |  | $ | 33,153,417.88     |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 5,587,318.07      |  | 
|Ending Class A-3B Principal Balance                                             |  |   |                |   |  | $ | 27,566,099.81     |  | 
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 49,710.56         |  | 
|Interest Paid Per $1,000                                                        |  | $ | 0.21           |   |  | $ | 49,710.56         |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3B Face                                                        |  |   | 240,891,000.00 |   |  |   |                   |  | 
|Principal Paid Per $1,000                                                       |  | $ | 23.19          |   |  | $ | 5,587,318.07      |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3B Face                                                        |  |   | 240,891,000.00 |   |  |   |                   |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-3B Principal/Original Class A-3B Face)                          |  |   | 11.44339       | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Beginning Class A-4 Principal Balance                                           |  |   | Nov-02         |   |  | $ | 72,278,000.00     |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ |                  |  | 
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 72,278,000.00     |  | 
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 414,393.87        |  | 
|Interest Paid Per $1,000                                                        |  | $ | 5.73           |   |  | $ | 414,393.87        |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-4 Face                                                         |  |   | 72,278,000.00  |   |  |   |                   |  | 





---

|IKON Receivables, LLC                                                                  |  |   |               |   |  |   |                   |  |               |  
|-------------------------------------------------------------------------------------- |  | - | ------------- | - |  | - | ----------------- |  | ------------- | -
|Lease-Backed Notes Series 1999-2                                                       |  |   | Payment Date  |   |  |   | December 16, 2002 |  |               |  
|MONTHLY SERVICER REPORT                                                                |  |   |               |   |  |   |                   |  |               |  
|November 2002                                                                          |  |   | Payment Date  | # |  |   | 38                |  |               |  
|                                                                                       |  |   |              
|Principal Paid Per $1,000                                                              |  | $ |              |   |  | $ |                  |  |               |  
|                                                                                       |  |   |               |   |  |   |                   |  |               |  
|Original Class A-4 Face                                                                |  |   | 72,278,000.00 |   |  |   |                   |  |               |  
|                                                                                       |  |   |              
|Ending Principal Balance Factor                                                        |  |   |               |   |  |   |                   |  |               |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                                   |  |   | 100.00000     | % |  |   |                   |  |               |  
|                                                                                       |  |   |               |   |  |   |                   |  |               |  
|Overcollateralization Amount                                                           |  |   |               |   |  | $ | 18,633,041.51     |  | 14.34         | %
|                                                                                       |  |   |              
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                               |  |   |               |   |  |   |                   |  |               |  
|                                                                                       |  |   |              
|Discounted Present Value of the Leases which are:                                      |  |   |               |   |  |   |                   |  |               |  
|31-60 DAYS OVERDUE                                                                     |  |   | Nov-02        |   |  | $ | 6,617,720.74      |  |               |  
|61-90 DAYS OVERDUE                                                                     |  |   | Nov-02        |   |  | $ | 2,211,199.00      |  |               |  
|91-120 DAYS OVERDUE                                                                    |  |   | Nov-02        |   |  | $ | 803,108.43        |  |               |  
|Servicer Advance since previous months report                                         |  |   |               |   |  | $ |                  |  |               |  
|                                                                                       |  |   |              
|Other Information to be provided                                                       |  |   |               |   |  |   |                   |  |               |  
|                                                                                       |  |   |              
|Total amount of Lease Payments received during prior Period                            |  |   |               |   |  | $ | 8,280,241.99      |  |               |  
|                                                                                       |  |   |              
|Total amount of Casualty Payments received during prior Period                         |  |   |               |   |  | $ |                  |  |               |  
|                                                                                       |  |   |              
|Total amount of Termination Payments received during prior Period                      |  |   |               |   |  | $ | 964,844.83        |  |               |  
|                                                                                       |  |   |              
|Total amount of Non-Performing Lease Payments received during prior Period             |  |   |               |   |  | $ |                  |  |               |  
|                                                                                       |  |   |              
|Retainable Deposits on Deposit                                                         |  |   |               |   |  | $ | 34,466.83         |  |               |  
|                                                                                       |  |   |              
|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            | % |  | $ | 77,732,831.63     |  |               |  
|                                                                                       |  |   |              
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |   | Nov-02        |   |  | $ | 45,155,296.51     |  | 45,155,296.51 |  
|Maximum Allowable Substitutions for Non-Performing Leases                              |  |   | 10            | % |  | $ | 77,732,831.63     |  |               |  



|Prepared by: |  | Ernie Whitley                
|------------ |  | -----------------------------
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | December 6, 2002             
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | December 6, 2002             





---

|IKON Receivables, LLC                                                  |  |                |  |   |                  |  | 
|---------------------------------------------------------------------- |  | -------------- |  | - | ---------------- |  | 
|Lease-Backed Notes Series 1999-2                                       |  | Payment Date   |  |   | January 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                |  |                |  |   |                  |  | 
|December 2002                                                          |  | Payment Date # |  |   | 39               |  | 
|                                                                       |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                         |  |                |  |   |                  |  | 
|Beginning Balance (DPVL as of previous Determination Date)             |  |                |  | $ | 129,920,532.61   |  | 
|Less:    Lease Payments Due - current month                            |  | Dec-02         |  | $ | 8,772,421.27     |  | 
|Add:    Interest (@ Discount Rate of 7.792%)                           |  |                |  | $ | 843,617.33       |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc  |  | Dec-02         |  | $ | 203,633.45       |  | 
|Less:    Warranty Leases                                               |  |                |  | $ |                 |  | 
|Less:    DPV Amounts on Early Termination Leases                       |  | Dec-02         |  | $ | 1,409,718.25     |  | 
|Add:    DPV Substitute Leases                                          |  | Dec-02         |  | $ | 203,635.00       |  | 
|Add:    DPV Additional Leases                                          |  | Dec-02         |  |   |                  |  | 
|                                                                       |  |                |  |   |                  |  | 
|                                                                       |  |                | 
|Ending Balance (DPVL as of current Determination Date)                 |  |                |  | $ | 120,582,011.97   |  | 
|                                                                       |  |                | 
|OVERDUE LEASE PAYMENTS                                                 |  |                |  |   |                  |  | 
|                                                                       |  |                | 
|Beginning Balance                                                      |  |                |  |   | 14,076,687.31    |  | 
|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         |  |   | 1,224,605.19     |  | 
|                                                                       |  |                |  |   |                  |  | 
|Total Cash to be reimbursed to IOS                                     |  |                |  |   | 1,224,605.19     |  | 
|Add:    Servicer Adv for scheduled payments not made in current period |  | Dec-02         |  |   | 1,332,693.20     |  | 
|                                                                       |  |                |  |   |                  |  | 
|Ending Balance                                                         |  |                |  |   | 14,184,775.32    |  | 
|                                                                       |  |                | 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                            |  |                |  |   |                  |  | 
|                                                                       |  |                | 
|Beginning Balance                                                      |  | Dec-02         |  |   | 993,000.56       |  | 
|Less:    Applied to Current from Prepaid                               |  | Dec-02         |  |   | 495,198.03       |  | 
|Less:    Repurchased Leases                                            |  |                |  |   |                 |  | 
|Less:    Advance Payments on Non-Performing Leases                     |  |                |  |   |                 |  | 
|Add:    Received This Month                                            |  |                |  |   | 51,387.66        |  | 
|Add:    Received in Prior Month                                        |  |                |  |   |                 |  | 
|                                                                       |  |                |  |   |                  |  | 
|Ending Balance                                                         |  |                |  |   | 549,190.19       |  | 
|                                                                       |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                      |  |                |  |   |                  |  | 
|                                                                       |  |                | 
|Beginning Balance                                                      |  | Dec-02         |  |   | 7,773,283.16     |  | 
|Less:    Deposit to Collection Account (if any)                        |  |                |  |   |                 |  | 
|Ending Balance                                                         |  |                |  |   | 7,773,283.16     |  | 
|Required Reserve Account                                               |  |                |  |   |                  |  | 
|Lesser of 1% of $ and Outstanding Note Amount                          |  |                |  |   | 7,773,283.16     |  | 
|Reserve Account in excess of Required Reserve                          |  |                |  |   |                 |  | 
|Deposits into Reserve Account                                          |  |                |  |   | 0.00             |  | 
|Amounts Released to Issuer                                             |  |                |  |   |                 |  | 
|                                                                       |  |                |  |   |                  |  | 
|Ending Balance                                                         |  |                |  |   | 7,773,283.16     |  | 
|                                                                       |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                             |  |                |  |   |                  |  | 
|                                                                       |  |                | 
|Beginning Balance                                                      |  | Dec-02         |  |   | 34,466.83        |  | 
|Less Retainable Deposits to be Deposited into Collection Account       |  |                |  |   | 2,926.02         |  | 
|Add Amounts Repayable to Lessees                                       |  |                |  |   |                 |  | 
|Additions to Security Account                                          |  |                |  |   |                  |  | 
|                                                                       |  |                |  |   |                  |  | 
|                                                                       |  |                | 
|Ending Balance                                                         |  |                |  |   | 31,540.81        |  | 





---

|IKON Receivables, LLC                                                     |  |              |   |  |                  |   |  |                  
|------------------------------------------------------------------------- |  | ------------ | - |  | ---------------- | - |  | -----------------
|Lease-Backed Notes Series 1999-2                                          |  | Payment Date |   |  | January 15, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                   |  |              |   |  |                  |   |  |                  
|December 2002                                                             |  | Payment Date | # |  | 39               |   |  |                  
|                                                                          |  |              |  
|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                                                                |  |              |   |  | 1.88             | % |  | Annualized Dec 02
|Last Month                                                                |  |              |   |  | 2.71             | % |  | Annualized Nov 02
|Two Months ago                                                            |  |              |   |  | 2.04             | % |  | Annualized Oct 02
|                                                                          |  |              |  
|3 mos. Average                                                            |  |              |   |  | 2.21             | % |  |                  
|                                                                          |  |              |  
|Calculate Delinquent Rate                                                 |  |              |   |  |                  |   |  |                  
|# of days delinquent to declare Delinquent Lease                          |  |              |   |  | 61               |   |  |                  
|                                                                          |  |              |  
|Discounted Present Value of Delinquent Leases:                            |  |              |   |  |                  |   |  |                  
|This Month                                                                |  |              |   |  | 2.67             | % |  |                  
|Last Month                                                                |  |              |   |  | 2.32             | % |  |                  
|Two Months ago                                                            |  |              |   |  | 2.41             | % |  |                  
|3 mos. Average                                                            |  |              |   |  | 2.47             | % |  |                  
|                                                                          |  |              |  
|Acceleration Event                                                        |  |              |   |  |                  |   |  |                  
|Triggered if                                                              |  |              |   |  |                  |   |  |                  
|Annualized Default Rate > than                                            |  | 6.25         | % |  |                  |   |  |                  
|Delinquent Rate > than                                                    |  | 8.00         | % |  |                  |   |  |                  
|Acceleration Event Triggered? (Y/N)                                       |  |              |   |  | N                |   |  |                  
|                                                                          |  |              |  
|Servicer Event of Default                                                 |  |              |   |  |                  |   |  |                  
|Triggered if                                                              |  |              |   |  |                  |   |  |                  
|Annualized Default Rate > than                                            |  | 8.00         | % |  |                  |   |  |                  
|Delinquent Rate > 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                                    |  | Dec-02       |   |  | 8,169,135.23     |   |  |                  
|Lease Payments Received on Prior Months Billings                          |  | Dec-02       |   |  |                 |   |  |                  
|Lease payments received in current month available for distribution       |  | Dec-02       |   |  | 8,169,135.23     |   |  |                  
|Reimbursed Servicer Advances                                              |  |              |   |  |                 |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided     |  |              |   |  | 1,409,718.25     |   |  |                  
|Advanced Payments Applied to Current                                      |  |              |   |  | 495,198.03       |   |  |                  
|Lease Purchase Amounts                                                    |  |              |   |  |                 |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                  |  |              |   |  |                 |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer    |  |              |   |  |                 |   |  |                  
|Investment Earnings on Accounts:                                          |  |              |   |  |                  |   |  |                  
|Collection Account                                                        |  | Dec-02       |   |  | 4,832.02         |   |  |                  
|Reserve Account                                                           |  | Dec-02       |   |  | 4,827.77         |   |  |                  
|Security Deposit Account                                                  |  | Dec-02       |   |  | 22.82            |   |  |                  
|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 Period     |  |              |   |  | 10,083,734.12    |   |  |                  
|                                                                          |  |              |  
|Transfers made by Trustee to the Collection Account                       |  |              |   |  |                  |   |  |                  
|Optional Payments Received from AMBAC                                     |  |              |   |  |                  |   |  |                  
|Insured Payments Received from AMBAC                                      |  |              |   |  |                 |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                   |  |              |   |  |                 |   |  |                  
|Retainable Deposits from Security Deposit Account (net of additions)      |  | Dec-02       |   |  | 2,926.02         |   |  |                  
|                                                                          |  |              |   |  |                  |   |  |                  
|Less     Credit taken previous servicer for prior months invoices         |  |              |   |  |                 |   |  |                  
|                                                                          |  |              |  
|Total deposited into the Collection Account                               |  |              |   |  | 10,086,660.14    |   |  |                  





---

|IKON Receivables, LLC                                                                |  |              |   |  |   |                  |  |             
|------------------------------------------------------------------------------------ |  | ------------ | - |  | - | ---------------- |  | ------------
|Lease-Backed Notes Series 1999-2                                                     |  | Payment Date |   |  |   | January 15, 2003 |  |             
|MONTHLY SERVICER REPORT                                                              |  |              |   |  |   |                  |  |             
|December 2002                                                                        |  | Payment Date | # |  |   | 39               |  |             
|                                                                                    
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                               
|Surety Fee     0.18% of Outstanding Principal Amount of the Notes                    |  | 0.18         | % |  |   | 16,693.12        |  |             
|                                                                                     |  |              |  
|Transfer FROM Adv. Payment Que in Collection Account                                 |  | Dec-02       |   |  |   | 443,810.37       |  |             
|Transfer From Security Deposit Account to Collection Act                             |  | Dec-02       |   |  |   | 2,926.02         |  |             
|                                                                                     |  |              |  
|Servicing Fee                                                                        |  | 0.75         | % |  |   | 69,554.68        |  |             
|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    | % |  |   | 250.00           |  |             
|Minimum Fee = $ 250.00                                                               |  |              |   |  |   |                 |  |             
|Service Fee Less Trustee Fee                                                         |  |              |   |  |   | 69,304.68        |  |             
|Reimburse Servicer Advances owed to IOS not prev reimbursed                          |  |              |   |  |   |                 |  |             
|                                                                                     |  |              |   |  |   |                  |  |             
|Remaining Available to be Distributed to Noteholders                                 |  |              |   |  |   | 9,553,675.94     |  |             
|Disbursements                                                                        |  |              |   |  |   |                  |  | Actual Days 
|Class A-1 Interest Due (Use Actual Days for Interest Calculation)                    |  | 6.14125      | % |  | $ |                 |  | 30          
|Class A-2 Interest Due (30/360 Basis)                                                |  | 6.31         | % |  | $ |                 |  |             
|Class A-3A Interest Due (30/360 Basis) Libor Rate December 2002                      |  | 6.59         | % |  | $ | 62,843.29        |  |             
|Class A-3B Interest Due (Use Actual Days for Int Calculation) 1.42000+.36 =1.78000
% |  | 1.78000      | % |  | $ | 40,889.71        |  |             
|Class A-4 Interest Due (30/360 Basis)                                                |  | 6.88         | % |  | $ | 414,393.87       |  |             
|                                                                                     |  |              |   |  |   |                  |  |             
|Total Class A Interest Due                                                           |  |              |   |  | $ | 518,126.87       |  |             
|Class A Interest Paid                                                                |  |              |   |  | $ | 518,126.87       |  |             
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |              |   |  | $ |                 |  |             
|Reimburse Amounts due AMBAC                                                          |  |              |   |  | $ |                 |  |             
|Beginning Aggregate Class A Note Balance                                             |  |              |   |  | $ | 111,287,491.10   |  |             
|Class A Principal Payment While Class A-1 Outstanding                                |  |              |   |  | $ |                 |  | 518,126.87  
|Class A Principal Payment After Class A-1 Retired                                    |  | 85.65812     | % |  | $ | 7,999,201.22     |  | 7,999,201.22
|Aggregate Class A Principal Payment                                                  |  |              |   |  | $ | 7,999,201.22     |  |             
|Class A Principal Paid                                                               |  |              |   |  | $ | 7,999,201.22     |  | 8,517,328.09
|Ending Aggregate Class A Note Balance                                                |  |              |   |  | $ | 103,288,289.88   |  |             
|Overcollateralization Floor                                                          |  |              |   |  |   |                  |  |             
|2.5% of $777,328,316.25                                                              |  |              |   |  | $ | 19,433,207.91    |  |             
|Plus: Cumulative Loss Amount                                                         |  |              |   |  | $ |                 |  |             
|Less: Reserve Account Ending Balance                                                 |  |              |   |  | $ | 7,773,283.16     |  |             
|Overcollateralization Floor                                                          |  |              |   |  | $ | 11,659,924.75    |  | N           
|Additional Class A Principal                                                         |  |              |   |  | $ |                 |  |             
|Additional Principal Class A Paid                                                    |  |              |   |  | $ |                 |  |             
|End of Period Class A Note Balance                                                   |  |              |   |  | $ | 103,288,289.88   |  |             
|                                                                                     |  |              |  
|Remaining Collections After Distributions to Noteholders                             |  |              |   |  | $ | 1,036,347.85     |  |             
|                                                                                     |  |              |  
|Distribution to Noteholder for Clean-up Call                                         |  |              |   |  | $ |                 |  |             
|                                                                                     |  |              |  
|Reserve Account Deposit                                                              |  |              |   |  | $ | 0.00             |  |             
|Additional Funds Available for Distribution to IOS                                   |  |              |   |  | $ | 1,036,347.85     |  |             
|                                                                                     |  |              |  
|Total Distribution from the Collection Account                                       |  |              |   |  | $ | 10,086,660.14    |  |             



|Amounts to IOS Capital for Current Period |  |              |  |       
|----------------------------------------- |  | ------------ |  | ------
|Adv Payments                              |  | 443,810.37   |  | Dec-02
|Sec Deposits                              |  | 2,926.02     |  | Dec-02
|Remaining Coll                            |  | 1,036,347.85 |  | Dec-02
|Service Fees                              |  | 69,304.68    |  | Dec-02
|                                          |  |              |  |       
|                                          |  | 1,552,388.92 |  |       





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                  |   |  |       |  
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ---------------- | - |  | ----- | -
|Lease-Backed Notes Series 1999-2                                                |  |   | Payment Date   |   |  |   | January 15, 2003 |   |  |       |  
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                  |   |  |       |  
|December 2002                                                                   |  |   | Payment Date   | # |  |   | 39               |   |  |       |  
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                  |   |  |       |  
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 129,920,532.61   |   |  |       |  
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 120,582,011.97   |   |  |       |  
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 7,999,201.22     |   |  |       |  
|                                                                                |  |   |               
|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                                                         |  |   | 235,326,000.00 |   |  |   |                  |   |  |       |  
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|Original Class A-1 Face                                                         |  |   | 235,326,000.00 |   |  |   |                  |   |  |       |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |   |  |       |  
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.00000        | % |  |   |                  |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|                                                                                |  |   |               
|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                                                         |  |   | 51,100,000.00  |   |  |   |                  |   |  |       |  
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|Original Class A-2 Face                                                         |  |   | 51,100,000.00  |   |  |   |                  |   |  |       |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |   |  |       |  
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.00000        | % |  |   |                  |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|                                                                                |  |   |               
|Class A-3A                                                                      |  |   |                |   |  |   |                  |   |  |       |  
|Beginning Class A-3A Principal Balance                                          |  |   | Dec-02         |   |  | $ | 11,443,391.29    |   |  |       |  
|Principal in Current Period                                                     |  |   |                |   |  | $ | 2,346,556.88     |   |  |       |  
|Ending Class A-3A Principal Balance                                             |  |   |                |   |  | $ | 9,096,834.41     |   |  |       |  
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 62,843.29        |   |  |       |  
|Interest Paid Per $1,000                                                        |  | $ | 0.63           |   |  | $ | 62,843.29        |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|Original Class A-3A Face                                                        |  |   | 100,000,000.00 |   |  |   |                  |   |  |       |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 23.47          |   |  | $ | 2,346,556.88     |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|Original Class A-3A Face                                                        |  |   | 100,000,000.00 |   |  |   |                  |   |  |       |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |   |  |       |  
|(Ending Class A-3A Principal/Original Class A-3A Face)                          |  |   | 9.09683        | % |  |   |                  |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|                                                                                |  |   |               
|Class A-3B                                                                      |  |   |                |   |  |   |                  |   |  |       |  
|Beginning Class A-3B Principal Balance                                          |  |   | Dec-02         |   |  | $ | 27,566,099.81    |   |  |       |  
|Principal in Current Period                                                     |  |   |                |   |  | $ | 5,652,644.34     |   |  |       |  
|Ending Class A-3B Principal Balance                                             |  |   |                |   |  | $ | 21,913,455.47    |   |  |       |  
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 40,889.71        |   |  |       |  
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.17           |   |  | $ | 40,889.71        |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|Original Class A-3B Face                                                        |  |   | 240,891,000.00 |   |  |   |                  |   |  |       |  
|Principal Paid Per $1,000                                                       |  | $ | 23.47          |   |  | $ | 5,652,644.34     |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|Original Class A-3B Face                                                        |  |   | 240,891,000.00 |   |  |   |                  |   |  |       |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |   |  |       |  
|(Ending Class A-3B Principal/Original Class A-3B Face)                          |  |   | 9.09683        | % |  |   |                  |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                  |   |  |       |  
|Beginning Class A-4 Principal Balance                                           |  |   | Dec-02         |   |  | $ | 72,278,000.00    |   |  |       |  
|Principal in Current Period                                                     |  |   |                |   |  | $ | (0.00            | ) |  |       |  
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 72,278,000.00    |   |  |       |  
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 414,393.87       |   |  |       |  
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 5.73           |   |  | $ | 414,393.87       |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|Original Class A-4 Face                                                         |  |   | 72,278,000.00  |   |  |   |                  |   |  |       |  
|Principal Paid Per $1,000                                                       |  | $ | (0.00          | ) |  | $ | (0.00            | ) |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|Original Class A-4 Face                                                         |  |   | 72,278,000.00  |   |  |   |                  |   |  |       |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |   |  |       |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.00000      | % |  |   |                  |   |  |       |  
|                                                                                |  |   |                |   |  |   |                  |   |  |       |  
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 17,293,722.09    |   |  | 14.34 | %





---

|IKON Receivables, LLC                                                                  |  |                |  |   |                  |  |              
|-------------------------------------------------------------------------------------- |  | -------------- |  | - | ---------------- |  | -------------
|Lease-Backed Notes Series 1999-2                                                       |  | Payment Date   |  |   | January 15, 2003 |  |              
|MONTHLY SERVICER REPORT                                                                |  |                |  |   |                  |  |              
|December 2002                                                                          |  | Payment Date # |  |   | 39               |  |              
|                                                                                      
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                              
|                                                                                       |  |                | 
|Discounted Present Value of the Leases which are:                                      |  |                |  |   |                  |  |              
|31-60 DAYS OVERDUE                                                                     |  | Dec-02         |  | $ | 7,143,972.00     |  |              
|61-90 DAYS OVERDUE                                                                     |  | Dec-02         |  | $ | 2,294,412.81     |  |              
|91-120 DAYS OVERDUE                                                                    |  | Dec-02         |  | $ | 930,244.73       |  |              
|Servicer Advance since previous months report                                         |  |                |  | $ |                 |  |              
|                                                                                       |  |                | 
|Other Information to be provided                                                       |  |                |  |   |                  |  |              
|                                                                                       |  |                | 
|Total amount of Lease Payments received during prior Period                            |  |                |  | $ | 8,169,135.23     |  |              
|                                                                                       |  |                | 
|Total amount of Casualty Payments received during prior Period                         |  |                |  | $ |                 |  |              
|                                                                                       |  |                | 
|Total amount of Termination Payments received during prior Period                      |  |                |  | $ | 1,409,718.25     |  |              
|                                                                                       |  |                | 
|Total amount of Non-Performing Lease Payments received during prior Period             |  |                |  | $ |                 |  |              
|                                                                                       |  |                | 
|Retainable Deposits on Deposit                                                         |  |                |  | $ | 31,540.81        |  |              
|                                                                                       |  |                | 
|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%            |  | $ | 77,732,831.63    |  |              
|                                                                                       |  |                | 
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Dec-02         |  | $ | 45,358,929.96    |  | 45,358,929.96
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10%            |  | $ | 77,732,831.63    |  |              



|Prepared by: |  | Ernie Whitley                
|------------ |  | -----------------------------
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | January 8, 2002              
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | January 8, 2002              





---

|IKON Receivables, LLC                                                  |  |                |  |   |                   |  | 
|---------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | 
|Lease-Backed Notes Series 1999-2                                       |  | Payment Date   |  |   | February 18, 2003 |  | 
|MONTHLY SERVICER REPORT                                                |  |                |  |   |                   |  | 
|January 2003                                                           |  | Payment Date # |  |   | 40                |  | 
|                                                                       |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                         |  |                |  |   |                   |  | 
|                                                                       |  |                | 
|Beginning Balance (DPVL as of previous Determination Date)             |  |                |  | $ | 120,582,011.97    |  | 
|Less:    Lease Payments Due - current month                            |  | Jan-03         |  | $ | 8,441,839.68      |  | 
|Add:    Interest (@ Discount Rate of 7.792%)                           |  |                |  | $ | 782,979.20        |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc  |  | Jan-03         |  | $ | 424,586.58        |  | 
|Less:    Warranty Leases                                               |  |                |  | $ |                  |  | 
|Less:    DPV Amounts on Early Termination Leases                       |  | Jan-03         |  | $ | 2,179,880.55      |  | 
|Add:    DPV Substitute Leases                                          |  | Jan-03         |  | $ | 424,587.00        |  | 
|Add:    DPV Additional Leases                                          |  | Jan-03         |  | $ |                  |  | 
|                                                                       |  |                |  |   |                   |  | 
|                                                                       |  |                | 
|Ending Balance (DPVL as of current Determination Date)                 |  |                |  | $ | 110,743,271.36    |  | 
|                                                                       |  |                | 
|OVERDUE LEASE PAYMENTS                                                 |  |                |  |   |                   |  | 
|                                                                       |  |                | 
|Beginning Balance                                                      |  |                |  |   | 14,184,775.32     |  | 
|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         |  |   | 1,255,854.57      |  | 
|                                                                       |  |                |  |   |                   |  | 
|Total Cash to be reimbursed to IOS                                     |  |                |  |   | 1,255,854.57      |  | 
|Add:    Servicer Adv for scheduled payments not made in current period |  | Jan-03         |  |   | 1,257,622.61      |  | 
|                                                                       |  |                |  |   |                   |  | 
|Ending Balance                                                         |  |                |  |   | 14,186,543.36     |  | 
|                                                                      
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                           
|                                                                       |  |                | 
|Beginning Balance                                                      |  | Jan-03         |  |   | 549,190.19        |  | 
|Less:    Applied to Current from Prepaid                               |  | Jan-03         |  |   | 579,860.14        |  | 
|Less:    Repurchased Leases                                            |  |                |  |   |                  |  | 
|Less:    Advance Payments on Non-Performing Leases                     |  |                |  |   |                  |  | 
|Add:    Received This Month                                            |  |                |  |   | 728,659.82        |  | 
|Add:    Received in Prior Month                                        |  |                |  |   |                  |  | 
|                                                                       |  |                |  |   |                   |  | 
|Ending Balance                                                         |  |                |  |   | 697,989.87        |  | 
|                                                                      
|RECONCILIATION OF RESERVE ACCOUNT                                     
|                                                                       |  |                | 
|Beginning Balance                                                      |  | Jan-03         |  |   | 7,773,283.16      |  | 
|Less:    Deposit to Collection Account (if any)                        |  |                |  |   |                  |  | 
|Ending Balance                                                         |  |                |  |   | 7,773,283.16      |  | 
|                                                                       |  |                | 
|Required Reserve Account                                               |  |                |  |   |                   |  | 
|Lesser of 1% of $ and Outstanding Note Amount                          |  |                |  |   | 7,773,283.16      |  | 
|                                                                       |  |                | 
|Reserve Account in excess of Required Reserve                          |  |                |  |   |                  |  | 
|Deposits into Reserve Account                                          |  |                |  |   | 0.00              |  | 
|Amounts Released to Issuer                                             |  |                |  |   |                  |  | 
|                                                                       |  |                |  |   |                   |  | 
|Ending Balance                                                         |  |                |  |   | 7,773,283.16      |  | 
|                                                                      
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                            
|                                                                       |  |                | 
|Beginning Balance                                                      |  | Jan-03         |  |   | 31,540.81         |  | 
|Less Retainable Deposits to be Deposited into Collection Account       |  |                |  |   | 1,310.00          |  | 
|Add Amounts Repayable to Lessees                                       |  |                |  |   |                  |  | 
|Additions to Security Account                                          |  |                |  |   |                   |  | 
|                                                                       |  |                |  |   |                   |  | 
|Ending Balance                                                         |  |                |  |   | 30,230.81         |  | 





---

|IKON Receivables, LLC                                                     |  |              |   |  |                   |   |  |                  
|------------------------------------------------------------------------- |  | ------------ | - |  | ----------------- | - |  | -----------------
|Lease-Backed Notes Series 1999-2                                          |  | Payment Date |   |  | February 18, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                   |  |              |   |  |                   |   |  |                  
|January 2003                                                              |  | Payment Date | # |  | 40                |   |  |                  
|                                                                          |  |              |  
|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                                                                |  |              |   |  | 4.23              | % |  | Annualized Jan 03
|Last Month                                                                |  |              |   |  | 1.88              | % |  | Annualized Dec 02
|Two Months ago                                                            |  |              |   |  | 2.71              | % |  | Annualized Nov 02
|                                                                          |  |              |  
|3 mos. Average                                                            |  |              |   |  | 2.94              | % |  |                  
|                                                                          |  |              |  
|Calculate Delinquent Rate                                                 |  |              |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                          |  |              |   |  | 61                |   |  |                  
|                                                                          |  |              |  
|Discounted Present Value of Delinquent Leases:                            |  |              |   |  |                   |   |  |                  
|This Month                                                                |  |              |   |  | 2.89              | % |  |                  
|Last Month                                                                |  |              |   |  | 2.67              | % |  |                  
|Two Months ago                                                            |  |              |   |  | 2.32              | % |  |                  
|                                                                          |  |              |  
|3 mos. Average                                                            |  |              |   |  | 2.63              | % |  |                  
|                                                                          |  |              |  
|Acceleration Event                                                        |  |              |   |  |                   |   |  |                  
|Triggered if                                                              |  |              |   |  |                   |   |  |                  
|Annualized Default Rate > than                                            |  | 6.25         | % |  |                   |   |  |                  
|Delinquent Rate > than                                                    |  | 8.00         | % |  |                   |   |  |                  
|                                                                          |  |              |  
|Acceleration Event Triggered? (Y/N)                                       |  |              |   |  | N                 |   |  |                  
|                                                                          |  |              |  
|Servicer Event of Default                                                 |  |              |   |  |                   |   |  |                  
|Triggered if                                                              |  |              |   |  |                   |   |  |                  
|Annualized Default Rate > than                                            |  | 8.00         | % |  |                   |   |  |                  
|Delinquent Rate > 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                                    |  | Jan-03       |   |  | 8,000,135.54      |   |  |                  
|Lease Payments Received on Prior Months Billings                          |  | Jan-03       |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution       |  | Jan-03       |   |  | 8,000,135.54      |   |  |                  
|Reimbursed Servicer Advances                                              |  |              |   |  |                  |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided     |  |              |   |  | 2,179,881.00      |   |  |                  
|Advanced Payments Applied to Current                                      |  |              |   |  | 579,860.14        |   |  |                  
|Lease Purchase Amounts                                                    |  |              |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                  |  |              |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer    |  |              |   |  |                  |   |  |                  
|                                                                          |  |              |  
|Investment Earnings on Accounts:                                          |  |              |   |  |                   |   |  |                  
|Collection Account                                                        |  | Jan-03       |   |  | 3,961.74          |   |  |                  
|Reserve Account                                                           |  | Jan-03       |   |  | 4,572.30          |   |  |                  
|Security Deposit Account                                                  |  | Jan-03       |   |  | 26.94             |   |  |                  
|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 Period     |  |              |   |  | 10,768,437.66     |   |  |                  
|Transfers made by Trustee to the Collection Account                       |  |              |   |  |                   |   |  |                  
|Optional Payments Received from AMBAC                                     |  |              |   |  |                   |   |  |                  
|Insured Payments Received from AMBAC                                      |  |              |   |  |                  |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                   |  |              |   |  |                  |   |  |                  
|Retainable Deposits from Security Deposit Account (net of additions)      |  | Jan-03       |   |  | 1,310.00          |   |  |                  
|                                                                          |  |              |   |  |                   |   |  |                  
|Less     Credit taken previous servicer for prior months invoices         |  |              |   |  |                  |   |  |                  
|                                                                          |  |              |  
|Total deposited into the Collection Account                               |  |              |   |  | 10,769,747.66     |   |  |                  





---

|IKON Receivables, LLC                                                                       |  |              |   |  |   |                   |  |                             
|------------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | ----------------------------
|Lease-Backed Notes Series 1999-2                                                            |  | Payment Date |   |  |   | February 18, 2003 |  |                             
|MONTHLY SERVICER REPORT                                                                     |  |              |   |  |   |                   |  |                             
|January 2003                                                                                |  | Payment Date | # |  |   | 40                |  |                             
|                                                                                           
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                                      
|                                                                                            |  |              |  
|Surety Fee 0.18% of Outstanding Principal Amount of the Notes                               |  | 0.18         | % |  |   | 15,493.24         |  | Surety Fee Jan03            
|                                                                                            |  |              |  
|Transfer FROM Adv. Payment Que in Collection Account                                        |  | Jan-03       |   |  |   | 148,799.68        |  | INCREASES BalAdvPay Que     
|Transfer From Security Deposit Account to Collection Act                                    |  | Jan-03       |   |  |   | 1,310.00          |  | DECREASES BalSec Dep Act    
|                                                                                            |  |              |  
|Servicing Fee                                                                               |  | 0.75         | % |  |   | 64,555.18         |  | No Distribution Here        
|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    | % |  |   | 250.00            |  | Bank of NY TrusteeFees Jan03
|Minimum Fee = $ 250.00                                                                      |  |              |   |  |   |                  |  |                             
|Service Fee Less Trustee Fee                                                                |  |              |   |  |   | 64,305.18         |  | IOS Net Srv FeeDistribution 
|                                                                                            |  |              |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed                                 |  |              |   |  |   |                   |  | IOS Svc Adv Reimb           
|                                                                                            |  |              |   |  |   |                   |  |                             
|                                                                                            |  |              |  
|Remaining Available to be Distributed to Noteholders                                        |  |              |   |  |   | 10,539,589.56     |  |                             
|Disbursements                                                                               |  |              |   |  |   |                   |  | Actual Days                 
|Class A-1 Interest Due (Use Actual Days for Interest Calculation)                           |  | 6.14125      | % |  | $ |                  |  | 34                          
|Class A-2 Interest Due (30/360 Basis)                                                       |  | 6.31         | % |  | $ |                  |  |                             
|Class A-3A Interest Due (30/360 Basis)Libor Rate January 2003                               |  | 6.59         | % |  | $ | 49,956.78         |  |                             
|Class A-3B Interest Due (Use Actual Days for Int Calculation)     1.37000 + .36 = 1.73000
% |  | 1.73000      | % |  | $ | 35,804.15         |  |                             
|Class A-4 Interest Due (30/360 Basis)                                                       |  | 6.88         | % |  | $ | 414,393.87        |  |                             
|                                                                                            |  |              |   |  |   |                   |  |                             
|Total Class A Interest Due                                                                  |  |              |   |  | $ | 500,154.80        |  |                             
|Class A Interest Paid                                                                       |  |              |   |  | $ | 500,154.80        |  |                             
|Cumulative Outstanding Amounts Owed to AMBAC                                                |  |              |   |  | $ |                  |  |                             
|Reimburse Amounts due AMBAC                                                                 |  |              |   |  | $ |                  |  |                             
|Beginning Aggregate Class A Note Balance                                                    |  |              |   |  | $ | 103,288,289.88    |  |                             
|Class A Principal Payment While Class A-1 Outstanding                                       |  |              |   |  | $ |                  |  | 500,154.80                  
|Class A Principal Payment After Class A-1 Retired                                           |  | 85.65812     | % |  | $ | 8,427,680.24      |  | 8,427,680.24                
|Aggregate Class A Principal Payment                                                         |  |              |   |  | $ | 8,427,680.24      |  |                             
|Class A Principal Paid                                                                      |  |              |   |  | $ | 8,427,680.24      |  | 8,927,835.04                
|Ending Aggregate Class A Note Balance                                                       |  |              |   |  | $ | 94,860,609.64     |  |                             
|Overcollateralization Floor                                                                 |  |              |   |  |   |                   |  |                             
|2.5% of $777,328,316.25                                                                     |  |              |   |  | $ | 19,433,207.91     |  |                             
|Plus: Cumulative Loss Amount                                                                |  |              |   |  | $ |                  |  |                             
|Less: Reserve Account Ending Balance                                                        |  |              |   |  | $ | 7,773,283.16      |  |                             
|Overcollateralization Floor                                                                 |  |              |   |  | $ | 11,659,924.75     |  | N                           
|Additional Class A Principal                                                                |  |              |   |  | $ |                  |  |                             
|Additional Principal Class A Paid                                                           |  |              |   |  | $ |                  |  |                             
|End of Period Class A Note Balance                                                          |  |              |   |  | $ | 94,860,609.64     |  |                             
|                                                                                            |  |              |  
|Remaining Collections After Distributions to Noteholders                                    |  |              |   |  | $ | 1,611,754.51      |  |                             
|                                                                                            |  |              |  
|Distribution to Noteholder for Clean-up Call                                                |  |              |   |  | $ |                  |  |                             
|                                                                                            |  |              |  
|Reserve Account Deposit                                                                     |  |              |   |  | $ | 0.00              |  |                             
|Additional Funds Available for Distribution to IOS                                          |  |              |   |  | $ | 1,611,754.51      |  |                             
|                                                                                            |  |              |  
|Total Distribution from the Collection Account                                              |  |              |   |  | $ | 10,769,747.66     |  |                             



|Amounts to IOS Capital for Current Period |  |              |  |       
|----------------------------------------- |  | ------------ |  | ------
|Adv Payments                              |  | 0.00         |  | Jan-03
|Sec Deposits                              |  | 1,310.00     |  | Jan-03
|Remaining Coll                            |  | 1,611,754.51 |  | Jan-03
|Service Fees                              |  | 64,305.18    |  | Jan-03
|                                          |  |              |  |       
|                                          |  | 1,677,369.70 |  |       





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | 
|Lease-Backed Notes Series 1999-2                                                |  |   | Payment Date   |   |  |   | February 18, 2003 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  | 
|January 2003                                                                    |  |   | Payment Date   | # |  |   | 40                |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 120,582,011.97    |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 110,743,271.36    |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 8,427,680.24      |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 235,326,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-1 Face                                                         |  |   | 235,326,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.00000        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 51,100,000.00  |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-2 Face                                                         |  |   | 51,100,000.00  |   |  |   |                   |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.00000        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-3A                                                                      |  |   |                |   |  |   |                   |  | 
|Beginning Class A-3A Principal Balance                                          |  |   | Jan-03         |   |  | $ | 9,096,834.41      |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 2,472,250.72      |  | 
|Ending Class A-3A Principal Balance                                             |  |   |                |   |  | $ | 6,624,583.69      |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 49,956.78         |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.50           |   |  | $ | 49,956.78         |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3A Face                                                        |  |   | 100,000,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 24.72          |   |  | $ | 2,472,250.72      |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3A Face                                                        |  |   | 100,000,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-3A Principal/Original Class A-3A Face)                          |  |   | 6.62458        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-3B                                                                      |  |   |                |   |  |   |                   |  | 
|Beginning Class A-3B Principal Balance                                          |  |   | Jan-03         |   |  | $ | 21,913,455.47     |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 5,955,429.52      |  | 
|Ending Class A-3B Principal Balance                                             |  |   |                |   |  | $ | 15,958,025.95     |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 35,804.15         |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.15           |   |  | $ | 35,804.15         |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3B Face                                                        |  |   | 240,891,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 24.72          |   |  | $ | 5,955,429.52      |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3B Face                                                        |  |   | 240,891,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-3B Principal/Original Class A-3B Face)                          |  |   | 6.62458        | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 





---

|IKON Receivables, LLC                                                                  |  |   |               |   |  |   |                   |  |               |  
|-------------------------------------------------------------------------------------- |  | - | ------------- | - |  | - | ----------------- |  | ------------- | -
|Lease-Backed Notes Series 1999-2                                                       |  |   | Payment Date  |   |  |   | February 18, 2003 |  |               |  
|MONTHLY SERVICER REPORT                                                                |  |   |               |   |  |   |                   |  |               |  
|January 2003                                                                           |  |   | Payment Date  | # |  |   | 40                |  |               |  
|                                                                                       |  |   |              
|Class A-4                                                                              |  |   |               |   |  |   |                   |  |               |  
|Beginning Class A-4 Principal Balance                                                  |  |   | Jan-03        |   |  | $ | 72,278,000.00     |  |               |  
|Principal in Current Period                                                            |  |   |               |   |  | $ | 0.00              |  |               |  
|Ending Class A-4 Principal Balance                                                     |  |   |               |   |  | $ | 72,278,000.00     |  |               |  
|                                                                                       |  |   |              
|Interest due this Due Period                                                           |  |   | %             |   |  | $ | 414,393.87        |  |               |  
|                                                                                       |  |   |              
|Interest Paid Per $1,000                                                               |  | $ | 5.73          |   |  | $ | 414,393.87        |  |               |  
|                                                                                       |  |   |               |   |  |   |                   |  |               |  
|Original Class A-4 Face                                                                |  |   | 72,278,000.00 |   |  |   |                   |  |               |  
|                                                                                       |  |   |              
|Principal Paid Per $1,000                                                              |  | $ | 0.00          |   |  | $ | 0.00              |  |               |  
|                                                                                       |  |   |               |   |  |   |                   |  |               |  
|Original Class A-4 Face                                                                |  |   | 72,278,000.00 |   |  |   |                   |  |               |  
|                                                                                       |  |   |              
|Ending Principal Balance Factor                                                        |  |   |               |   |  |   |                   |  |               |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                                   |  |   | 100.00000     | % |  |   |                   |  |               |  
|                                                                                       |  |   |               |   |  |   |                   |  |               |  
|Overcollateralization Amount                                                           |  |   |               |   |  | $ | 15,882,661.72     |  | 14.34         | %
|                                                                                      
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                              
|                                                                                       |  |   |              
|Discounted Present Value of the Leases which are:                                      |  |   |               |   |  |   |                   |  |               |  
|31-60 DAYS OVERDUE                                                                     |  |   | Jan-03        |   |  | $ | 4,919,433.53      |  |               |  
|61-90 DAYS OVERDUE                                                                     |  |   | Jan-03        |   |  | $ | 2,338,847.31      |  |               |  
|91-120 DAYS OVERDUE                                                                    |  |   | Jan-03        |   |  | $ | 857,644.13        |  |               |  
|                                                                                       |  |   |              
|Servicer Advance since previous months report                                         |  |   |               |   |  | $ |                  |  |               |  
|                                                                                       |  |   |              
|Other Information to be provided                                                       |  |   |               |   |  |   |                   |  |               |  
|                                                                                       |  |   |              
|Total amount of Lease Payments received during prior Period                            |  |   |               |   |  | $ | 8,000,135.54      |  |               |  
|                                                                                       |  |   |              
|Total amount of Casualty Payments received during prior Period                         |  |   |               |   |  | $ |                  |  |               |  
|                                                                                       |  |   |              
|Total amount of Termination Payments received during prior Period                      |  |   |               |   |  | $ | 2,179,881.00      |  |               |  
|                                                                                       |  |   |              
|Total amount of Non-Performing Lease Payments received during prior Period             |  |   |               |   |  | $ |                  |  |               |  
|                                                                                       |  |   |              
|Retainable Deposits on Deposit                                                         |  |   |               |   |  | $ | 30,230.81         |  |               |  
|                                                                                       |  |   |              
|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            | % |  | $ | 77,732,831.63     |  |               |  
|                                                                                       |  |   |              
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |   | Jan-03        |   |  | $ | 45,783,516.54     |  | 45,783,516.54 |  
|Maximum Allowable Substitutions for Non-Performing Leases                              |  |   | 10            | % |  | $ | 77,732,831.63     |  |               |  



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|                                                                                                      |  |                |  |   | Final          |   |  |                  
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | -------------- | - |  | -----------------
|IKON Receivables, LLC                                                                                 |  |                |  |   |                |   |  |                  
|Lehman Lease-Backed Notes Series 1999-2                                                               |  | Payment Date   |  |   | March 17, 2003 |   |  |                  
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                                  |  |                |  |   |                |   |  |                  
|February 2003                                                                                         |  | Payment Date # |  |   | 41             |   |  |                  
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                |   |  |                  
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 110,743,271.36 |   |  |                  
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 7,217,429.14   |   |  |                  
|Less:    DPV Non-Performing Leases - current month - over 120 days, etc                               |  |                |  |   | 400,853.47     |   |  |                  
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   | 20,742.46      |   |  |                  
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 1,665,321.73   |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Subtotal:                                                                                             |  |                |  | $ | 101,438,924.56 |   |  |                  
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases (FOOTNOTE 2)                                                            |  |                |  |   |                |   |  |                  
|Non-performing                                                                                        |  |                |  |   | 400,853.47     |   |  |                  
|Adjusted / Warranty                                                                                   |  |                |  |   | 20,742.46      |   |  |                  
|Add:    DPV Additional Leases for Early Terminations (FOOTNOTE 2)                                     |  |                |  |   | 156,550.99     |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 102,017,071.48 |   |  |                  
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 14,186,543.36  |   |  |                  
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 752,027.81     |   |  |                  
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 2,183,344.63   |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending outstanding servicer advances                                                                  |  |                |  |   | 15,617,860.18  |   |  |                  
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 697,989.87     |   |  |                  
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 477,452.07     |   |  |                  
|Less:    Repurchased Leases                                                                           |  |                |  |   |               |   |  |                  
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |               |   |  |                  
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 239,007.99     |   |  |                  
|Add:    Received in Prior Month                                                                       |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 459,545.79     |   |  |                  
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 7,773,283.16   |   |  |                  
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |               |   |  |                  
|Ending Balance                                                                                        |  |                |  |   | 7,773,283.16   |   |  |                  
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                |   |  |                  
|Lesser of 1% of $ and Outstanding Note Amount                                                         |  |                |  |   | 7,773,283.16   |   |  |                  
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |               |   |  |                  
|Deposits into Reserve Account                                                                         |  |                |  |   | 0.00           |   |  |                  
|Amounts Released to Issuer                                                                            |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending Balance                                                                                        |  |                |  |   | 7,773,283.16   |   |  |                  
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 30,230.81      |   |  |                  
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 1,746.52       |   |  |                  
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending Balance                                                                                        |  |                |  |   | 28,484.29      |   |  |                  
|                                                                                                     
|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                                                                                            |  |                |  |   | -0.10          | % |  | Annualized Feb 03
|Last Month                                                                                            |  |                |  |   | 0.21           | % |  | Annualized Jan 03
|Two Months ago                                                                                        |  |                |  |   | 0.85           | % |  | Annualized Dec 02
|                                                                                                      |  |                | 
|3 mos. Average                                                                                        |  |                |  |   | 0.32           | % |  |                  





---

|                                                                                 |  |                                                                          |   |  |                |   | Final        |  |  | 
|-------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------ | - |  | -------------- | - | ------------ |  |  | 
|IKON Receivables, LLC                                                            |  |                                                                          |   |  |                |   |              | 
|Lehman Lease-Backed Notes Series 1999-2                                          |  | Payment Date                                                             |   |  | March 17, 2003 |   |              | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                             |  |                                                                          |   |  |                |   |              | 
|February 2003                                                                    |  | Payment Date #                                                           |   |  | 41             |   |              | 
|                                                                                 |  |                                                                          |  
|Calculate Delinquency Rate                                                       |  |                                                                          |   |  |                |   |              | 
|# of days delinquent to declare Delinquent Lease                                 |  |                                                                          |   |  | 61             |   |              | 
|                                                                                 |  |                                                                          |  
|Discounted Present Value of Delinquent Leases:                                   |  |                                                                          |   |  |                |   |              | 
|This Month                                                                       |  |                                                                          |   |  | 2.65           | % |              | 
|Last Month                                                                       |  |                                                                          |   |  | 2.62           | % |              | 
|Two Months ago                                                                   |  |                                                                          |   |  | 2.41           | % |              | 
|3 mos. Average                                                                   |  |                                                                          |   |  | 2.56           | % |              | 
|                                                                                 |  |                                                                          |  
|Acceleration Event                                                               |  |                                                                          |   |  |                |   |              | 
|Triggered if                                                                     |  |                                                                          |   |  |                |   |              | 
|Annualized Default Rate greater than                                             |  | 6.25                                                                     | % |  |                |   |              | 
|Delinquency Rate greater than                                                    |  | 8.00                                                                     | % |  |                |   |              | 
|                                                                                 |  |                                                                          |  
|Acceleration Event Triggered? (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              |   |              | 
|                                                                                
|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                      |   |  |                |   | 5,927,036.41 |  |  | 
|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                                                         |   |  |                |   |              |  |  | 
|Section 3.03 (a) (i)                                                             |  | Early Termination cash                                                   |   |  |                |   | 1,508,770.74 |  |  | 
|                                                                                 |  | Advance payments for current month                                       |   |  |                |   | 477,452.07   |  |  | 
|                                                                                 |  | 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                                                       |   |  |                |   | 3,390.74     |  |  | 
|Section 3.03 (a) (v)                                                             |  | Reserve Account                                                          |   |  |                |   | 3,894.43     |  |  | 
|Section 3.03 (a) (v)                                                             |  | Security Deposit Account                                                 |   |  |                |   | 38.15        |  |  | 
|Section 3.03 (a) (vi)                                                            |  | Casualty Payments                                                        |   |  |                |   |             |  |  | 
|Section 3.03 (a) (vii)                                                           |  | Servicer Adv for scheduled payments not made in current period           |   |  |                |   | 2,183,344.63 |  |  | 
|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 |  |                                                                          |   |  | 10,103,927.17  |   |              | 
|                                                                                 |  |                                                                          |  
|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)                |  |                                                                          |   |  | 1,746.52       |   |              | 
|Less      Credit for payments applied in prior period                            |  |                                                                          |   |  |               |   |              | 
|                                                                                 |  |                                                                          |   |  |                |   |              |  |  | 
|Total deposited into the Collection Account                                      |  |                                                                          |   |  | 10,105,673.69  |   |              | 





---

|                                                                                     |  |                |   |  |   | Final                    |  |                                   
|------------------------------------------------------------------------------------ |  | -------------- | - |  | - | ------------------------ |  | ----------------------------------
|IKON Receivables, LLC                                                                |  |                |   |  |   |                          |  |                                   
|Lehman Lease-Backed Notes Series 1999-2                                              |  | Payment Date   |   |  |   | March 17, 2003           |  |                                   
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                 |  |                |   |  |   |                          |  |                                   
|February 2003                                                                        |  | Payment Date # |   |  |   | 41                       |  |                                   
|                                                                                    
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                               
|                                                                                     |  |                |  
|Surety Fee                                                                           |  | 0.18           | % |  |   | 14,229.09                |  | Surety Fee                        
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes    |  |                |   |  |   |                          |  |                                   
|                                                                                     |  |                |  
|(ii)      Section 3.03 (b) (ii)                                                      |  |                |   |  |   |                          |  |                                   
|                                                                                     |  |                |  
|(ii)      Servicing Fee                                                              |  |                |   |  |   |                          |  |                                   
|                                                                                     |  |                |  
|0.75% of the Lesser of Outstanding Principal Amount of the Notes
or DPV              |  | 0.75           | % |  |   | 59,287.88                |  | No Distribution onthis Amount     
|                                                                                     |  |                |  
|(iii)    Section 3.03 (b) (iii)                                                      |  |                |   |  |   |                          |  |                                   
|Trustee Fee .001250% of Outstanding Principal Amount of the
Notes                    |  | 0.0012500      | % |  |   | 250.00                   |  | Trustee Fees - Bankof New York    
|                                                                                     |  |                |   |  |   |                          |  |                                   
|Minimum Fee = $ 250.00                                                               |  |                |   |  |   |                          |  |                                   
|Servicing Fee Less Trustee Fee                                                       |  |                |   |  |   | 59,037.88                |  | IOSC Net ServicingFee Distribution
|                                                                                     |  |                |  
|(iv)   Section 3.03 (b) (iv)                                                         |  |                |   |  |   |                          |  |                                   
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                         |  |                |   |  |   | 752,027.81               |  | IOSC Svc Advancereimbursement     
|                                                                                     |  |                |   |  |   |                          |  |                                   
|                                                                                     |  |                |  
|Remaining Available to be Distributed to Noteholders                                 |  |                |   |  |   | 9,280,128.91             |  |                                   
|                                                                                     |  |                |  
|(v)    Disbursements Section 3.03 (b) (v)                                            |  |                |   |  |   |                          |  | Actual Days                       
|Class A-71 Interest Due (Act/360 Basis)                                              |  | 6.14125        | % |  | $ |                         |  | 27                                
|Class A-2 Interest Due (30/360 Basis)                                                |  | 6.31000        | % |  | $ |                         |  |                                   
|Class A-3A Interest Due (30/360 Basis)                                               |  | 6.59000        | % |  | $ | 36,380.01                |  |                                   
|Class A-3B Interest Due (Act/360 Basis) Libor
1.34000+.36=1.7000%                    |  | 1.70000        | % |  | $ | 20,346.48                |  | LIBOR + .36%                      
|Class A-4 Interest Due (30/360 Basis)                                                |  | 6.88000        | % |  | $ | 414,393.87               |  |                                   
|                                                                                     |  |                |   |  |   |                          |  |                                   
|Total Class A Interest Due                                                           |  |                |   |  | $ | 471,120.36               |  |                                   
|Class A Interest Paid                                                                |  |                |   |  | $ | 471,120.36               |  |                                   
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |                |   |  | $ |                         |  |                                   
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |                |   |  | $ |                         |  |                                   
|Beginning Aggregate Class A Note Balance                                             |  |                |   |  | $ | 94,860,609.64            |  |                                   
|Class A Principal Payment While Class A-1
Outstanding                                |  |                |   |  | $ |                         |  |                                   
|Class A Principal Payment After Class A-1
Retired                                    |  | 85.65812       | % |  | $ | 7,474,698.76             |  |                                   
|Aggregate Class A Principal Payment                                                  |  |                |   |  | $ | 7,474,698.76             |  |                                   
|(vii)   Class A Principal Paid                                                       |  |                |   |  | $ | 7,474,698.76             |  |                                   
|Ending Aggregate Class A Note Balance                                                |  |                |   |  | $ | 87,385,910.88            |  |                                   
|Overcollateralization Floor                                                          |  |                |   |  |   |                          |  |                                   
|2.5% of $777,328,316.25                                                              |  |                |   |  | $ | 19,433,207.91            |  |                                   
|Plus: Cumulative Loss Amount                                                         |  |                |   |  | $ |                         |  |                                   
|Less: Reserve Account Ending Balance                                                 |  |                |   |  | $ | 7,773,283.16             |  |                                   
|Overcollateralization Floor                                                          |  |                |   |  | $ | 11,659,924.75            |  | N                                 
|(viii)  Additional Class A Principal                                                 |  |                |   |  | $ |                         |  |                                   
|Additional Principal Class A Paid                                                    |  |                |   |  | $ |                         |  |                                   
|End of Period Class A Note Balance                                                   |  |                |   |  | $ | 87,385,910.88            |  |                                   
|                                                                                     |  |                |  
|Remaining Collections After Distributions to Noteholders                             |  |                |   |  | $ | 1,334,309.79             |  |                                   
|                                                                                     |  |                |  
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |                |   |  | $ | 0.00                     |  |                                   
|                                                                                     |  |                |  
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |                |   |  | $ | 1,334,309.79             |  |                                   
|                                                                                     |  |                |  
|Total Distribution from the Collection Account                                       |  |                |   |  | $ | 10,105,673.69            |  |                                   
|                                                                                     |  |                |  
|Trustee Transfer to IOSC                                                             |  |                |   |  |   | IOSC Transfer to Trustee |  |                                   
|Reimburse for Servicer Advances                                                      |  | 752,027.81     |   |  |   |                          |  |                                   
|Advance Payments                                                                     |  | 238,444.08     |   |  |   |                          |  |                                   
|Remaining Coll                                                                       |  | 1,334,309.79   |   |  |   | 2,183,344.63             |  | Servicer Advances                 
|Servicing Fee Less Trustee Fee                                                       |  | 59,037.88      |   |  |   | 1,508,770.74             |  | Early Terminations                
|                                                                                     |  |                |   |  |   |                          |  |                                   
|                                                                                     |  | 2,383,819.55   |   |  |   | 3,692,115.37             |  |                                   
|                                                                                     |  |                |  
|                                                                                     |  | (1,308,295.82  | ) |  |   |                          |  |                                   





---

|                                                                                       |  |   |                |   |  |   | Final          |  | 
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | 
|IKON Receivables, LLC                                                                  |  |   |                |   |  |   |                |  | 
|Lehman Lease-Backed Notes Series 1999-2                                                |  |   | Payment Date   |   |  |   | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                   |  |   |                |   | 
|February 2003                                                                          |  |   | Payment Date # |   |  |   | 41             |  | 
|                                                                                       |  |   |               
|RECONCILIATION OF NOTES                                                                |  |   |                |   |  |   |                |  | 
|                                                                                       |  |   |               
|Beginning Discounted Present Value of the Leases                                       |  |   |                |   |  | $ | 110,743,271.36 |  | 
|                                                                                       |  |   |               
|Discounted Present Value of the Performing Leases as of the last day of the Due Period |  |   |                |   |  | $ | 102,017,071.48 |  | 
|                                                                                       |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period                |  |   |                |   |  | $ | 7,474,698.76   |  | 
|                                                                                       |  |   |               
|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                                                                |  |   | 235,326,000.00 |   |  |   |                |  | 
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $ |               |  | 
|                                                                                       |  |   |                |   |  |   |                |  | 
|Original Class A-1 Face                                                                |  |   | 235,326,000.00 |   |  |   |                |  | 
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                |  | 
|(Ending Class A Principal/Original Class A-1 Face)                                     |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                       |  |   |                |   |  |   |                |  | 
|                                                                                       |  |   |               
|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                                                                |  |   | 51,100,000.00  |   |  |   |                |  | 
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $ |               |  | 
|                                                                                       |  |   |                |   |  |   |                |  | 
|Original Class A-2 Face                                                                |  |   | 51,100,000.00  |   |  |   |                |  | 
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                                   |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                       |  |   |                |   |  |   |                |  | 
|                                                                                       |  |   |               
|Class A-3A                                                                             |  |   |                |   |  |   |                |  | 
|                                                                                       |  |   |               
|Beginning Class A-3A Principal Balance                                                 |  |   |                |   |  | $ | 6,624,583.69   |  | 
|Principal in Current Period                                                            |  |   |                |   |  | $ | 2,192,694.66   |  | 
|Ending Class A-3A Principal Balance                                                    |  |   |                |   |  | $ | 4,431,889.03   |  | 
|                                                                                       |  |   |               
|Interest due this Due Period                                                           |  |   | %              |   |  | $ | 36,380.01      |  | 
|Interest Paid Per $1,000                                                               |  | $ | 0.3638000543   |   |  | $ | 36,380.01      |  | 
|                                                                                       |  |   |                |   |  |   |                |  | 
|Original Class A-3A Face                                                               |  |   | 100,000,000.00 |   |  |   |                |  | 
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ | 21.9269465812  |   |  | $ | 2,192,694.66   |  | 
|                                                                                       |  |   |                |   |  |   |                |  | 
|Original Class A-3A Face                                                               |  |   | 100,000,000.00 |   |  |   |                |  | 
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                |  | 
|(Ending Class A-3A Principal/Original Class A-3A Face)                                 |  |   | 4.4318890319   | % |  |   |                |  | 
|                                                                                       |  |   |               
|Class A-3B                                                                             |  |   |                |   |  |   |                |  | 
|                                                                                       |  |   |               
|Beginning Class A-3B Principal Balance                                                 |  |   |                |   |  | $ | 15,958,025.95  |  | 
|Principal in Current Period                                                            |  |   |                |   |  | $ | 5,282,004.11   |  | 
|Ending Class A-3B Principal Balance                                                    |  |   |                |   |  | $ | 10,676,021.84  |  | 
|                                                                                       |  |   |               
|Interest due this Due Period                                                           |  |   | %              |   |  | $ | 20,346.48      |  | 
|Interest Paid Per $1,000                                                               |  | $ | 0.08           |   |  | $ | 20,346.48      |  | 
|                                                                                       |  |   |                |   |  |   |                |  | 
|Original Class A-3B Face                                                               |  |   | 240,891,000.00 |   |  |   |                |  | 
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ | 21.93          |   |  | $ | 5,282,004.11   |  | 
|                                                                                       |  |   |                |   |  |   |                |  | 
|Original Class A-3B Face                                                               |  |   | 240,891,000.00 |   |  |   |                |  | 
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                |  | 
|(Ending Class A-3B Principal/Original Class A-3B Face)                                 |  |   | 4.43189        | % |  |   |                |  | 
|                                                                                       |  |   |                |   |  |   |                |  | 





---

|                                                                                     |  |   |                |   |  |   | Final          |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|Lehman Lease-Backed Notes Series 1999-2                                              |  |   | Payment Date   |   |  |   | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                
|February 2003                                                                        |  |   | Payment Date # |   |  |   | 41             |  | 
|                                                                                     |  |   |               
|Class A-4                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 72,278,000.00  |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 72,278,000.00  |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 414,393.87     |  | 
|Interest Paid Per $1,000                                                             |  | $ | 5.7333333333   |   |  | $ | 414,393.87     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 72,278,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |               |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 72,278,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 14,631,160.60  |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 6,598,562.00   |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 2,081,390.00   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 619,037.44     |  | 
|                                                                                     |  |   |               
|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) |  |   | 0.00           | % |  | $ |               |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00          | % |  | $ | 77,732,831.63  |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 5.94           | % |  | $ | 46,184,370.01  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00          | % |  | $ | 77,732,831.63  |  | 
|                                                                                     |  |   |               
|Cumulative Additions made for Early Terminated Leases since Closing (FOOTNOTE 4)     |  |   | 17.21          | % |  | $ | 133,760,550.99 |  | 
|Maximum Allowable Additions for Early Terminated Leases                              |  |   | 20.00          | % |  | $ | 155,465,663.25 |  | 



|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.





---

|                                        |  |                |  | Final          |  | 
|--------------------------------------- |  | -------------- |  | -------------- |  | 
|IKON Receivables, LLC                   |  |                |  |                |  | 
|Lehman Lease-Backed Notes Series 1999-2 |  | Payment Date   |  | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)   
|February 2003                           |  | Payment Date # |  | 41             |  | 



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



The Last Month and Two Months Ago calculations relating to the Annualized Default Rate and Delinquency Rate 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      |  | 4.23       | % |  | 1.88           | %
|New Calculation          |  | 0.21       | % |  | 0.85           | %
|                         |  |           
|Delinquency Rate:        |  |            |   |  |                |  
|Previously Reported      |  | 2.89       | % |  | 2.67           | %
|New Calculation          |  | 2.62       | % |  | 2.41           | %



|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 Assignment and Servicing Agreement.





---

|IKON Receivables, LLC                                                                                 |  |                 |  |   |                |  | 
|----------------------------------------------------------------------------------------------------- |  | --------------- |  | - | -------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2                                                               |  | Payment Date    |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                 |  |   |                |  | 
|March 2003                                                                                            |  | Payment Date  # |  |   | 42             |  | 
|                                                                                                      |  |                 | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                 |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                 |  | $ | 102,017,071.48 |  | 
|                                                                                                      |  |                 | 
|Less:    DPV Principal Payments Due on LeasesCurrent Month                                           |  |                 |  |   | 6,986,345.84   |  | 
|Less:    DPV Non-Performing Leases - current month - over 120 days, etc                               |  |                 |  |   | 208,840.44     |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                 |  |   | 165,317.11     |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                 |  |   | 2,238,322.88   |  | 
|                                                                                                      |  |                 |  |   |                |  | 
|                                                                                                      |  |                 | 
|Subtotal:                                                                                             |  |                 |  | $ | 92,418,245.21  |  | 
|                                                                                                      |  |                 | 
|Add:    DPV Substitute Leases                                                                         |  |                 |  |   |                |  | 
|Non-Performing                                                                                        |  |                 |  |   | 208,840.44     |  | 
|Adjusted / Warranty                                                                                   |  |                 |  |   | 165,350.76     |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                 |  |   |               |  | 
|                                                                                                      |  |                 |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                 |  | $ | 92,792,436.41  |  | 
|                                                                                                      |  |                 | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                 |  |   |                |  | 
|                                                                                                      |  |                 | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                 |  |   |                |  | 
|                                                                                                      |  |                 | 
|Beginning outstanding servicer advances                                                               |  |                 |  |   | 15,617,860.18  |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                 |  |   | 825,037.51     |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                 |  |   | 2,099,026.41   |  | 
|                                                                                                      |  |                 |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |                 |  |   | 16,891,849.08  |  | 
|                                                                                                      |  |                 | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                 |  |   |                |  | 
|                                                                                                      |  |                 | 
|Beginning amount of lease payments to be applied in future                                            |  |                 |  |   | 459,545.79     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                 |  |   | 628,582.28     |  | 
|Less:    Repurchased Leases                                                                           |  |                 |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                 |  |   |               |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                 |  |   | 647,671.29     |  | 
|Add:     Received in Prior Month                                                                      |  |                 |  |   |               |  | 
|                                                                                                      |  |                 |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |                 |  |   | 478,634.80     |  | 
|                                                                                                      |  |                 | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                 |  |   |                |  | 
|                                                                                                      |  |                 | 
|Beginning Balance                                                                                     |  |                 |  |   | 7,773,283.16   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                 |  |   |               |  | 
|Ending Balance                                                                                        |  |                 |  |   | 7,773,283.16   |  | 
|                                                                                                      |  |                 | 
|Required Reserve Account                                                                              |  |                 |  |   |                |  | 
|Lesser of 1% of $ or Outstanding Note Amount                                                          |  |                 |  |   | 7,773,283.16   |  | 
|                                                                                                      |  |                 | 
|Reserve Account in excess of Required Reserve                                                         |  |                 |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |                 |  |   | 0.00           |  | 
|Amounts Released to Issuer                                                                            |  |                 |  |   |               |  | 
|                                                                                                      |  |                 |  |   |                |  | 
|Ending Balance                                                                                        |  |                 |  |   | 7,773,283.16   |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                 | 
|Beginning Balance                                                                                     |  |                 |  |   | 28,484.29      |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                 |  |   | 1,964.09       |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                 |  |   |               |  | 
|                                                                                                      |  |                 |  |   |                |  | 
|Ending Balance                                                                                        |  |                 |  |   | 26,520.20      |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |              |          |   |                |                  
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - | ------------ | -------- | - | -------------- | -----------------
|Lehman Lease-Backed Notes Series 1999-2                                   |  |                                                                                  |   | Payment Date |          |   | April 15, 2003 |                  
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |              |          |   |                |                  
|March 2003                                                                |  | Payment Date #                                                                   |   |              | 42       |   |                |                  
|                                                                          |  |                                                                                  |  
|COMPLIANCE RATIO CALCULATIONS                                             |  |                                                                                  |   |              |          |   |                |                  
|Calculate Annualized Default Rate (FOOTNOTE 1)                            |  |                                                                                  |   |              |          |   |                |                  
|# of days delinquent to declare Defaulted Lease                           |  |                                                                                  |   |              | 121      |   |                |                  
|Discounted Present Value of Defaulted Leases (Less Recoveries):           |  |                                                                                  |   |              |          |   |                |                  
|This Month                                                                |  |                                                                                  |   |              | -2.73    | % |                | Annualized Mar 03
|Last Month                                                                |  |                                                                                  |   |              | 0.04     | % |                | Annualized Feb 03
|Two Months ago                                                            |  |                                                                                  |   |              | 0.95     | % |                | Annualized Jan 03
|3 mos. Average                                                            |  |                                                                                  |   |              | -0.58    | % |                |                  
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |              |          |   |                |                  
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |              | 61       |   |                |                  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |              |          |   |                |                  
|This Month                                                                |  |                                                                                  |   |              | 2.77     | % |                |                  
|Last Month                                                                |  |                                                                                  |   |              | 2.65     | % |                |                  
|Two Months ago                                                            |  |                                                                                  |   |              | 2.62     | % |                |                  
|3 mos. Average                                                            |  |                                                                                  |   |              | 2.68     | % |                |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |              |          |   |                |                  
|Triggered if                                                              |  |                                                                                  |   |              |          |   |                |                  
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |              |          |   |                |                  
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |              |          |   |                |                  
|Acceleration Event Triggered? (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        |   |                |                  
|                                                                         
|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                              |   |              |          |   | 8,834,383.88   |                  
|Section 3.03 (a) (i)                                                      |  | Lease payments received on current months receivables                           |   |              |          |   | 5,415,273.71   |                  
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on prior months receivables                             |   |              |          |   | 3,419,110.17   |                  
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |              |          |   | 2,238,322.88   |                  
|                                                                          |  | Advance payments for current month                                               |   |              |          |   | 628,582.28     |                  
|                                                                          |  | 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                                                               |   |              |          |   | 2,136.01       |                  
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |              |          |   | 3,838.51       |                  
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |              |          |   | 14.71          |                  
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |              |          |   |               |                  
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |              |          |   | 2,099,026.41   |                  
|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 |   |              |          |   | 13,806,304.68  |                  
|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)         |  |                                                                                  |   |              | 1,964.09 |   |                |                  
|                                                                          |  |                                                                                  |  
|Less     Credit for payments applied in prior period                      |  |                                                                                  |   |              |         |   |                |                  
|                                                                          |  |                                                                                  |   |              |          |   |                |                  





---

|IKON Receivables, LLC                                                                |  |                 |   |  |   |                         |  |                                    
|------------------------------------------------------------------------------------ |  | --------------- | - |  | - | ----------------------- |  | -----------------------------------
|Lehman Lease-Backed Notes Series 1999-2                                              |  | Payment Date    |   |  |   | April 15, 2003          |  |                                    
|MONTHLY SERVICER REPORT                                                              |  |                 |   |  |   |                         |  |                                    
|March 2003                                                                           |  | Payment Date  # |   |  |   | 42                      |  |                                    
|                                                                                     |  |                 |  
|Total deposited into the Collection Account                                          |  |                 |   |  |   | 13,808,268.77           |  |                                    
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                               
|                                                                                     |  |                 |  
|Surety Fee                                                                           |  | 0.18            | % |  |   | 13,107.89               |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes    |  |                 |   |  |   |                         |  |                                    
|(ii)      Section 3.03 (b) (ii)                                                      |  |                 |   |  |   |                         |  |                                    
|(ii)      Servicing Fee                                                              |  | 0.75            | % |  |   | 54,616.19               |  | 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       | % |  |   | 250.00                  |  | Trustee Fee - Bank of New York     
|                                                                                     |  |                 |   |  |   |                         |  |                                    
|Minimum Fee = $ 250.00                                                               |  |                 |   |  |   |                         |  |                                    
|Servicing Fee Less Trustee Fee                                                       |  |                 |   |  |   | 54,366.20               |  | IOSC Net Servicing Fee Distribution
|(iv)     Section 3.03 (b) (iv)                                                       |  |                 |   |  |   |                         |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                         |  |                 |   |  |   | 825,037.51              |  | IOSC Svc Advance reimbursement     
|                                                                                     |  |                 |   |  |   |                         |  |                                    
|                                                                                     |  |                 |  
|Remaining Available to be Distributed to Noteholders                                 |  |                 |   |  |   | 12,915,507.18           |  |                                    
|                                                                                     |  |                 |  
|(v)    Disbursements Section 3.03 (b) (v)                                            |  |                 |   |  |   |                         |  | Actual Days                        
|Class A-1 Interest Due (Act/360 Basis)                                               |  | 6.14125         | % |  | $ |                        |  | 29                                 
|Class A-2 Interest Due (30/360 Basis)                                                |  | 6.31000         | % |  | $ |                        |  |                                    
|Class A-3A Interest Due (30/360 Basis)                                               |  | 6.59000         | % |  | $ | 24,338.46               |  |                                    
|Class A-3B Interest Due (Act/360 Basis) Libor 1.28000+.36=1.6400%                    |  | 1.64000         | % |  | $ | 14,104.21               |  | LIBOR + .36%                       
|Class A-4 Interest Due (30/360 Basis)                                                |  | 6.88000         | % |  | $ | 414,393.87              |  |                                    
|                                                                                     |  |                 |   |  |   |                         |  |                                    
|Total Class A Interest Due                                                           |  |                 |   |  | $ | 452,836.53              |  |                                    
|Class A Interest Paid                                                                |  |                 |   |  | $ | 452,836.53              |  |                                    
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |                 |   |  | $ |                        |  |                                    
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |                 |   |  | $ |                        |  |                                    
|Beginning Aggregate Class A Note Balance                                             |  |                 |   |  | $ | 87,385,910.88           |  |                                    
|Class A Principal Payment While Class A-1 Outstanding                                |  |                 |   |  | $ |                        |  |                                    
|Class A Principal Payment After Class A-1 Retired                                    |  | 85.65812        | % |  | $ | 7,901,648.98            |  |                                    
|Aggregate Class A Principal Payment                                                  |  |                 |   |  | $ | 7,901,648.98            |  |                                    
|(vii)   Class A Principal Paid                                                       |  |                 |   |  | $ | 7,901,648.98            |  |                                    
|Ending Aggregate Class A Note Balance                                                |  |                 |   |  | $ | 79,484,261.90           |  |                                    
|Overcollateralization Floor                                                          |  |                 |   |  |   |                         |  |                                    
|2.5% of $777,328,316.25                                                              |  |                 |   |  | $ | 19,433,207.91           |  |                                    
|Plus: Cumulative Loss Amount                                                         |  |                 |   |  | $ |                        |  |                                    
|Less: Reserve Account Ending Balance                                                 |  |                 |   |  | $ | 7,773,283.16            |  |                                    
|Overcollateralization Floor                                                          |  |                 |   |  | $ | 11,659,924.75           |  | N                                  
|(viii)  Additional Class A Principal                                                 |  |                 |   |  | $ |                        |  |                                    
|Additional Principal Class A Paid                                                    |  |                 |   |  | $ |                        |  |                                    
|End of Period Class A Note Balance                                                   |  |                 |   |  | $ | 79,484,261.90           |  |                                    
|                                                                                     |  |                 |  
|Remaining Collections After Distributions to Noteholders                             |  |                 |   |  | $ | 4,561,021.67            |  |                                    
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |                 |   |  | $ | 0.00                    |  |                                    
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |                 |   |  | $ | 4,561,021.66            |  |                                    
|                                                                                     |  |                 |  
|Total Distribution from the Collection Account                                       |  |                 |   |  | $ | 13,808,268.77           |  |                                    
|                                                                                     |  |                 |  
|Trustee Transfer to IOSC                                                             |  |                 |   |  |   | IOSC Transferto Trustee |  |                                    
|Reimburse for Servicer Advances                                                      |  | 825,037.51      |   |  |   |                         |  |                                    
|                                                                                     |  | 0.00            |   |  |   | 19,089.01               |  | Advance Payments                   
|Remaining Coll                                                                       |  | 4,561,021.66    |   |  |   | 2,099,026.41            |  | Servicer Advances                  
|Servicing Fee Less Trustee Fee                                                       |  | 54,366.20       |   |  |   | 2,238,322.88            |  | Early Terminations                 
|                                                                                     |  |                 |   |  |   |                         |  |                                    
|                                                                                     |  | 5,440,425.36    |   |  |   | 4,356,438.30            |  |                                    





---

|IKON Receivables, LLC                                                                  |  |   |                 |   |  |   |                |  | 
|-------------------------------------------------------------------------------------- |  | - | --------------- | - |  | - | -------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2                                                |  |   | Payment Date    |   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                |  |   |                 |   |  |   |                |  | 
|March 2003                                                                             |  |   | Payment Date  # |   |  |   | 42             |  | 
|                                                                                       |  |   |                
|RECONCILIATION OF NOTES                                                                |  |   |                 |   |  |   |                |  | 
|                                                                                       |  |   |                
|Beginning Discounted Present Value of the Leases                                       |  |   |                 |   |  | $ | 102,017,071.48 |  | 
|                                                                                       |  |   |                
|Discounted Present Value of the Performing Leases as of the last day of the Due Period |  |   |                 |   |  | $ | 92,792,436.41  |  | 
|                                                                                       |  |   |                
|Class A Principal and Additional Principal to be Paid in Current Period                |  |   |                 |   |  | $ | 7,901,648.98   |  | 
|                                                                                       |  |   |                
|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                                                                |  |   | 235,326,000.00  |   |  |   |                |  | 
|                                                                                       |  |   |                
|Principal Paid Per $1,000                                                              |  | $ |                |   |  | $ |               |  | 
|                                                                                       |  |   |                 |   |  |   |                |  | 
|Original Class A-1 Face                                                                |  |   | 235,326,000.00  |   |  |   |                |  | 
|Ending Principal Balance Factor                                                        |  |   |                 |   |  |   |                |  | 
|(Ending Class A Principal/Original Class A-1 Face)                                     |  |   | 0.0000000000    | % |  |   |                |  | 
|                                                                                       |  |   |                 |   |  |   |                |  | 
|                                                                                       |  |   |                
|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                                                                |  |   | 51,100,000.00   |   |  |   |                |  | 
|                                                                                       |  |   |                
|Principal Paid Per $1,000                                                              |  | $ |                |   |  | $ |               |  | 
|                                                                                       |  |   |                 |   |  |   |                |  | 
|Original Class A-2 Face                                                                |  |   | 51,100,000.00   |   |  |   |                |  | 
|                                                                                       |  |   |                
|Ending Principal Balance Factor                                                        |  |   |                 |   |  |   |                |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                                   |  |   | 0.0000000000    | % |  |   |                |  | 
|                                                                                       |  |   |                 |   |  |   |                |  | 
|                                                                                       |  |   |                
|Class A-3A                                                                             |  |   |                 |   |  |   |                |  | 
|Beginning Class A-3A Principal Balance                                                 |  |   |                 |   |  | $ | 4,431,889.03   |  | 
|Principal in Current Period                                                            |  |   |                 |   |  | $ | 2,317,940.03   |  | 
|Ending Class A-3A Principal Balance                                                    |  |   |                 |   |  | $ | 2,113,949.00   |  | 
|                                                                                       |  |   |                
|Interest due this Due Period                                                           |  |   | %               |   |  | $ | 24,338.46      |  | 
|                                                                                       |  |   |                
|Interest Paid Per $1,000                                                               |  | $ | 0.2433845726    |   |  | $ | 24,338.46      |  | 
|                                                                                       |  |   |                 |   |  |   |                |  | 
|Original Class A-3A Face                                                               |  |   | 100,000,000.00  |   |  |   |                |  | 
|                                                                                       |  |   |                
|Principal Paid Per $1,000                                                              |  | $ | 23.1794003321   |   |  | $ | 2,317,940.03   |  | 
|                                                                                       |  |   |                 |   |  |   |                |  | 
|Original Class A-3A Face                                                               |  |   | 100,000,000.00  |   |  |   |                |  | 
|                                                                                       |  |   |                
|Ending Principal Balance Factor                                                        |  |   |                 |   |  |   |                |  | 
|(Ending Class A-3A Principal/Original Class A-3A Face)                                 |  |   | 2.1139489968    | % |  |   |                |  | 
|                                                                                       |  |   |                 |   |  |   |                |  | 
|                                                                                       |  |   |                
|Class A-3B                                                                             |  |   |                 |   |  |   |                |  | 
|Beginning Class A-3B Principal Balance                                                 |  |   |                 |   |  | $ | 10,676,021.84  |  | 
|Principal in Current Period                                                            |  |   |                 |   |  | $ | 5,583,708.94   |  | 
|Ending Class A-3B Principal Balance                                                    |  |   |                 |   |  | $ | 5,092,312.90   |  | 
|                                                                                       |  |   |                
|Interest due this Due Period                                                           |  |   | %               |   |  | $ | 14,104.21      |  | 
|                                                                                       |  |   |                
|Interest Paid Per $1,000                                                               |  | $ | 0.0585501786    |   |  | $ | 14,104.21      |  | 
|                                                                                       |  |   |                 |   |  |   |                |  | 
|Original Class A-3B Face                                                               |  |   | 240,891,000.00  |   |  |   |                |  | 
|Principal Paid Per $1,000                                                              |  | $ | 23.1794004119   |   |  | $ | 5,583,708.94   |  | 
|                                                                                       |  |   |                 |   |  |   |                |  | 
|Original Class A-3B Face                                                               |  |   | 240,891,000.00  |   |  |   |                |  | 
|                                                                                       |  |   |                
|Ending Principal Balance Factor                                                        |  |   |                 |   |  |   |                |  | 
|(Ending Class A-3B Principal/Original Class A-3B Face)                                 |  |   | 2.11395         | % |  |   |                |  | 
|                                                                                       |  |   |                 |   |  |   |                |  | 





---

|IKON Receivables, LLC                                                                |  |   |                 |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | - | --------------- | - |  | - | -------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2                                              |  |   | Payment Date    |   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                 |   |  |   |                |  | 
|March 2003                                                                           |  |   | Payment Date  # |   |  |   | 42             |  | 
|                                                                                     |  |   |                
|Class A-4                                                                            |  |   |                 |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                 |   |  | $ | 72,278,000.00  |  | 
|Principal in Current Period                                                          |  |   |                 |   |  | $ | 0.00           |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                 |   |  | $ | 72,278,000.00  |  | 
|                                                                                     |  |   |                
|Interest due this Due Period                                                         |  |   | %               |   |  | $ | 414,393.87     |  | 
|                                                                                     |  |   |                
|Interest Paid Per $1,000                                                             |  | $ | 5.7333333333    |   |  | $ | 414,393.87     |  | 
|Original Class A-4 Face                                                              |  |   | 72,278,000.00   |   |  |   |                |  | 
|                                                                                     |  |   |                 |   |  |   |                |  | 
|Principal Paid Per $1,000                                                            |  | $ | 0.0000000000    |   |  | $ | 0.00           |  | 
|                                                                                     |  |   |                 |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 72,278,000.00   |   |  |   |                |  | 
|                                                                                     |  |   |                
|Ending Principal Balance Factor                                                      |  |   |                 |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 100.0000000000  | % |  |   |                |  | 
|                                                                                     |  |   |                 |   |  |   |                |  | 
|Overcollateralization Amount                                                         |  |   |                 |   |  | $ | 13,308,174.52  |  | 
|                                                                                     |  |   |                
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |   |                 |   |  |   |                |  | 
|                                                                                     |  |   |                
|Discounted Present Value of the Leases which are:                                    |  |   |                 |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                 |   |  | $ | 6,050,102.64   |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                 |   |  | $ | 1,844,194.64   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                 |   |  | $ | 724,748.53     |  | 
|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              |  |   | 0.02%           |   |  | $ | 165,350.76     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%          |   |  | $ | 77,732,831.63  |  | 
|                                                                                     |  |   |                
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 5.97%           |   |  | $ | 46,393,210.45  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%          |   |  | $ | 77,732,831.63  |  | 
|                                                                                     |  |   |                
|Cumulative Additions made for Early Termination Leases since Closing                 |  |   | 17.21%          |   |  | $ | 133,760,550.99 |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  |   | 20.00%          |   |  | $ | 155,465,663.25 |  | 



|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:        |  | ______________________________________      



FOOTNOTE:



|1 | Annualized Default Rate 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 |  | -1.20 | % |  | 
|------------- |  | ----- | - |  | 
|January 2003  |  | 0.95  | % |  | 
|February 2003 |  | 0.04  | % |  | 





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |               |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2                                                               |  | Payment Date   |  |   | May 15, 2003  |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |               |  | 
|April 2003                                                                                            |  | Payment Date # |  |   | 43            |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |               |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 92,792,436.41 |  | 
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases  Current Month                                         |  |                |  |   | 6,687,861.29  |  | 
|Less:    DPV Non-Performing Leases  current month  over 120 days, etc                               |  |                |  |   | 338,705.65    |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   |              |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 1,380,107.30  |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Subtotal:                                                                                             |  |                |  | $ | 84,385,762.17 |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |               |  | 
|Non-Performing                                                                                        |  |                |  |   | 338,896.42    |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   |              |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 84,724,658.59 |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 16,891,849.08 |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,039,177.48  |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 1,118,185.64  |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 16,970,857.24 |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 478,634.80    |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 536,136.61    |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |              |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |              |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 566,070.36    |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 508,568.55    |  | 
|                                                                                                     
|RECONCILIATION OF RESERVE ACCOUNT                                                                    
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 7,773,283.16  |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |              |  | 
|Ending Balance                                                                                        |  |                |  |   | 7,773,283.16  |  | 
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |               |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 7,773,283.16  |  | 
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |              |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   | 0.00          |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Ending Balance                                                                                        |  |                |  |   | 7,773,283.16  |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 26,520.20     |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 990.00        |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Ending Balance                                                                                        |  |                |  |   | 25,530.20     |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |              |   |              |                  
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------ | - | ------------ | -----------------
|Lehman Lease-Backed Notes Series 1999-2                                   |  | Payment Date                                                                     |   |  | May 15, 2003 |   |              |                  
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |              |   |              |                  
|April 2003                                                                |  | Payment Date                                                                     | # |  | 43           |   |              |                  
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | -3.05        | % |              | Annualized Apr 03
|Last Month                                                                |  |                                                                                  |   |  | -2.73        | % |              | Annualized Mar 03
|Two Months ago                                                            |  |                                                                                  |   |  | 0.04         | % |              | Annualized Feb 03
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | -1.91        | % |              |                  
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |              |   |              |                  
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61           |   |              |                  
|                                                                          |  |                                                                                  |  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |              |   |              |                  
|This Month                                                                |  |                                                                                  |   |  | 3.07         | % |              |                  
|Last Month                                                                |  |                                                                                  |   |  | 2.77         | % |              |                  
|Two Months ago                                                            |  |                                                                                  |   |  | 2.65         | % |              |                  
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 2.83         | % |              |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |              |   |              |                  
|Triggered if                                                              |  |                                                                                  |   |  |              |   |              |                  
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |              |   |              |                  
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |              |   |              |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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            |   |              |                  
|                                                                         
|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                              |   |  |              |   | 6,262,076.00 |                  
|Section 3.03 (a) (i)                                                      |  | Lease payments received on current months receivables                           |   |  |              |   | 4,141,221.31 |                  
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on prior months receivables                             |   |  |              |   | 2,120,854.69 |                  
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |              |   | 1,380,107.30 |                  
|                                                                          |  | Advance payments for current month                                               |   |  |              |   | 536,136.61   |                  
|                                                                          |  | 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                                                               |   |  |              |   | 1,847.06     |                  
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |              |   | 3,268.20     |                  
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |              |   | 11.74        |                  
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |              |   |             |                  
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |              |   | 1,118,185.64 |                  
|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 |   |  |              |   | 9,301,632.55 |                  





---

|IKON Receivables, LLC                                                             |  |              |   |  |   |               |  |                                    
|--------------------------------------------------------------------------------- |  | ------------ | - |  | - | ------------- |  | -----------------------------------
|Lehman Lease-Backed Notes Series 1999-2                                           |  | Payment Date |   |  |   | May 15, 2003  |  |                                    
|                                                                                  |  |              |  
|MONTHLY SERVICER REPORT                                                           |  |              |   |  |   |               |  |                                    
|April 2003                                                                        |  | Payment Date | # |  |   | 43            |  |                                    
|                                                                                  |  |              |  
|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)                 |  |              |   |  |   | 990.00        |  |                                    
|                                                                                  |  |              |  
|Less     Credit for payments applied in prior period                              |  |              |   |  |   |              |  |                                    
|                                                                                  |  |              |   |  |   |               |  |                                    
|                                                                                  |  |              |  
|Total deposited into the Collection Account                                       |  |              |   |  |   | 9,302,622.55  |  |                                    
|                                                                                 
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                            
|                                                                                  |  |              |  
|Surety Fee                                                                        |  | 0.18         | % |  |   | 11,922.64     |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes |  |              |   |  |   |               |  |                                    
|                                                                                  |  |              |  
|(ii)      Section 3.03 (b) (ii)                                                   |  |              |   |  |   |               |  |                                    
|                                                                                  |  |              |  
|(ii)      Servicing Fee                                                           |  |              |   |  |   |               |  |                                    
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV           |  | 0.75         | % |  |   | 49,677.66     |  | No Distribution on this Amount     
|                                                                                  |  |              |  
|(iii)    Section 3.03 (b) (iii)                                                   |  |              |   |  |   |               |  |                                    
|Trustee Fee .001250% of Outstanding Principal Amount of the Notes                 |  | 0.0012500    | % |  |   | 250.00        |  | Trustee Fee  Bank of New York     
|                                                                                  |  |              |   |  |   |               |  |                                    
|Minimum Fee = $ 250.00                                                            |  |              |   |  |   |               |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |              |   |  |   | 49,427.66     |  | IOSC Net Servicing Fee Distribution
|                                                                                  |  |              |  
|(iv)   Section 3.03 (b) (iv)                                                      |  |              |   |  |   |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                      |  |              |   |  |   | 1,039,177.48  |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |              |   |  |   |               |  |                                    
|Remaining Available to be Distributed to Noteholders                              |  |              |   |  |   | 8,201,844.77  |  |                                    
|                                                                                  |  |              |  
|(v)      Disbursements Section 3.03 (b) (v)                                       |  |              |   |  |   |               |  | Actual Days                        
|Class A-1 Interest Due (Act/360 Basis)                                            |  | 6.14125      | % |  | $ |              |  | 30                                 
|Class A-2 Interest Due (30/360 Basis)                                             |  | 6.31000      | % |  | $ |              |  |                                    
|Class A-3A Interest Due (30/360 Basis)                                            |  | 6.59000      | % |  | $ | 11,609.10     |  |                                    
|Class A-3B Interest Due (Act/360 Basis) Libor
1.31000+.36=1.6700%                 |  | 1.67000      | % |  | $ | 7,086.80      |  | LIBOR + .36%                       
|Class A-4 Interest Due (30/360 Basis)                                             |  | 6.88000      | % |  | $ | 414,393.87    |  |                                    
|                                                                                  |  |              |   |  |   |               |  |                                    
|Total Class A Interest Due                                                        |  |              |   |  | $ | 433,089.77    |  |                                    
|Class A Interest Paid                                                             |  |              |   |  | $ | 433,089.77    |  |                                    
|Cumulative Outstanding Amounts Owed to AMBAC                                      |  |              |   |  | $ |              |  |                                    
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |              |   |  | $ |              |  |                                    
|Beginning Aggregate Class A Note Balance                                          |  |              |   |  | $ | 79,484,261.89 |  |                                    
|Class A Principal Payment While Class A-1
Outstanding                             |  |              |   |  | $ |              |  |                                    
|Class A Principal Payment After Class A-1
Retired                                 |  | 85.65812     | % |  | $ | 6,910,706.81  |  |                                    
|Aggregate Class A Principal Payment                                               |  |              |   |  | $ | 6,910,706.81  |  |                                    
|(vii)   Class A Principal Paid                                                    |  |              |   |  | $ | 6,910,706.81  |  |                                    
|Ending Aggregate Class A Note Balance                                             |  |              |   |  | $ | 72,573,555.09 |  |                                    
|Overcollateralization Floor                                                       |  |              |   |  |   |               |  |                                    
|2.5% of $777,328,316.25                                                           |  |              |   |  | $ | 19,433,207.91 |  |                                    
|Plus: Cumulative Loss Amount                                                      |  |              |   |  | $ | 299,022.82    |  |                                    
|Less: Reserve Account Ending Balance                                              |  |              |   |  | $ | 7,773,283.16  |  |                                    
|Overcollateralization Floor                                                       |  |              |   |  | $ | 11,958,947.57 |  | N                                  
|(viii)  Additional Class A Principal                                              |  |              |   |  | $ |              |  |                                    
|Additional Principal Class A Paid                                                 |  |              |   |  | $ |              |  |                                    
|End of Period Class A Note Balance                                                |  |              |   |  | $ | 72,573,555.09 |  |                                    
|                                                                                  |  |              |  
|Remaining Collections After Distributions to
Noteholders                          |  |              |   |  | $ | 858,048.19    |  |                                    





---

|IKON Receivables, LLC                                                                  |  |   |                |   |  |                          |               |  |                   
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ------------------------ | ------------- |  | ------------------
|Lehman Lease-Backed Notes Series 1999-2                                                |  |   | Payment Date   |   |  |                          | May 15, 2003  |  |                   
|MONTHLY SERVICER REPORT                                                                |  |   |                |   |  |                          |               |  |                   
|April 2003                                                                             |  |   | Payment Date   | # |  |                          | 43            |  |                   
|                                                                                       |  |   |               
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                               |  |   |                |   |  | $                        | 0.00          |  |                   
|                                                                                       |  |   |               
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))   |  |   |                |   |  | $                        | 858,048.19    |  |                   
|                                                                                       |  |   |               
|Total Distribution from the Collection
Account                                         |  |   |                |   |  | $                        | 9,302,622.55  |  |                   
|Trustee Transfer to IOSC                                                               |  |   |                |   |  | IOSC Transfer to Trustee
|Reimburse for Servicer Advances                                                        |  |   | 1,039,177.48   |   |  |                          | 29,933.75     |  | Advance Payments  
|Remaining Coll                                                                         |  |   | 858,048.19     |   |  |                          | 1,118,185.64  |  | Servicer Advances 
|Servicing Fee Less Trustee Fee                                                         |  |   | 49,427.66      |   |  |                          | 1,380,107.30  |  | Early Terminations
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|                                                                                       |  |   | 1,946,653.32   |   |  |                          | 2,528,226.69  |  |                   
|                                                                                       |  |   |               
|RECONCILIATION OF NOTES                                                                |  |   |                |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Beginning Discounted Present Value of the Leases                                       |  |   |                |   |  | $                        | 92,792,436.41 |  |                   
|                                                                                       |  |   |               
|Discounted Present Value of the Performing Leases as of the last day of the Due Period |  |   |                |   |  | $                        | 84,724,658.59 |  |                   
|                                                                                       |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period                |  |   |                |   |  | $                        | 6,910,706.81  |  |                   
|                                                                                       |  |   |               
|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                                                                |  |   | 235,326,000.00 |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $                        |              |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|Original Class A-1 Face                                                                |  |   | 235,326,000.00 |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |                          |               |  |                   
|(Ending Class A Principal/Original Class A-1 Face)                                     |  |   | 0.0000000000   | % |  |                          |               |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|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                                                                |  |   | 51,100,000.00  |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $                        |              |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|Original Class A-2 Face                                                                |  |   | 51,100,000.00  |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |                          |               |  |                   
|(Ending Class A-2 Principal/Original Class A-2 Face)                                   |  |   | 0.0000000000   | % |  |                          |               |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Class A-3A                                                                             |  |   |                |   |  |                          |               |  |                   
|Beginning Class A-3A Principal Balance                                                 |  |   |                |   |  | $                        | 2,113,949.00  |  |                   
|Principal in Current Period                                                            |  |   |                |   |  | $                        | 2,027,248.24  |  |                   
|Ending Class A-3A Principal Balance                                                    |  |   |                |   |  | $                        | 86,700.76     |  |                   
|                                                                                       |  |   |               
|Interest due this Due Period                                                           |  |   | %              |   |  | $                        | 11,609.10     |  |                   
|                                                                                       |  |   |               
|Interest Paid Per $1,000                                                               |  | $ | 0.1160910324   |   |  | $                        | 11,609.10     |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|Original Class A-3A Face                                                               |  |   | 100,000,000.00 |   |  |                          |               |  |                   





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2                                              |  |   | Payment Date   |   |  |   | May 15, 2003   |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                |  | 
|April 2003                                                                           |  |   | Payment Date   | # |  |   | 43             |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ | 20.2724823758  |   |  | $ | 2,027,248.24   |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3A Face                                                             |  |   | 100,000,000.00 |   |  |   |                |  | 
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-3A Principal/Original Class A-3A Face)                               |  |   | 0.0867007592   | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-3B                                                                           |  |   |                |   |  |   |                |  | 
|Beginning Class A-3B Principal Balance                                               |  |   |                |   |  | $ | 5,092,312.90   |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ | 4,883,458.57   |  | 
|Ending Class A-3B Principal Balance                                                  |  |   |                |   |  | $ | 208,854.33     |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 7,086.80       |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 0.0294191236   |   |  | $ | 7,086.80       |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3B Face                                                             |  |   | 240,891,000.00 |   |  |   |                |  | 
|Principal Paid Per $1,000                                                            |  | $ | 20.2724824456  |   |  | $ | 4,883,458.57   |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3B Face                                                             |  |   | 240,891,000.00 |   |  |   |                |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-3B Principal/Original Class A-3B Face)                               |  |   | 0.08670        | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-4                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 72,278,000.00  |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ | 0.00           |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 72,278,000.00  |  | 
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 414,393.87     |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 5.7333333333   |   |  | $ | 414,393.87     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 72,278,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ | 0.0000000000   |   |  | $ | 0.00           |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 72,278,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 12,151,103.50  |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 3,414,362.69   |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 1,997,746.98   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 604,510.59     |  | 
|                                                                                     |  |   |               
|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              |  |   | 0.02%          |   |  | $ | 165,350.76     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 77,732,831.63  |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 6.01%          |   |  | $ | 46,732,106.87  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 77,732,831.63  |  | 
|                                                                                     |  |   |               
|Cumulative Additions made for Early Termination Leases since Closing                 |  |   | 17.21%         |   |  | $ | 133,760,550.99 |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  |   | 20.00%         |   |  | $ | 155,465,663.25 |  | 





---

|IKON Receivables, LLC                   |  |                |  |              |  | 
|--------------------------------------- |  | -------------- |  | ------------ |  | 
|Lehman Lease-Backed Notes Series 1999-2 |  | Payment Date   |  | May 15, 2003 |  | 
|MONTHLY SERVICER REPORT                 |  |                |  |              |  | 
|April 2003                              |  | Payment Date # |  | 43           |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |               |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2                                                               |  | Payment Date   |  |   | June 16, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |               |  | 
|May 2003                                                                                              |  | Payment Date # |  |   | 44            |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |               |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 84,724,658.59 |  | 
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 5,812,480.61  |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 378,525.17    |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   | 10,770.04     |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 1,085,438.04  |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Subtotal:                                                                                             |  |                |  | $ | 77,437,444.73 |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |               |  | 
|Non-Performing                                                                                        |  |                |  |   | 378,592.68    |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   | 10,770.04     |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 77,826,807.45 |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 16,970,857.24 |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,819,860.10  |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 1,806,415.92  |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 16,957,413.06 |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 508,568.55    |  | 
|Less:    Applied to Current from Prepaid  including intermonth activity                              |  |                |  |   | 344,362.97    |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |              |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |              |  | 
|Add:    Received This Month  including intermonth activity                                           |  |                |  |   | 321,807.82    |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 486,013.41    |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 7,773,283.16  |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |              |  | 
|Ending Balance                                                                                        |  |                |  |   | 7,773,283.16  |  | 
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |               |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 7,773,283.16  |  | 
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |              |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   | 0.00          |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Ending Balance                                                                                        |  |                |  |   | 7,773,283.16  |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 25,530.20     |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 1,670.47      |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Ending Balance                                                                                        |  |                |  |   | 23,859.73     |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |               |   |              |                  
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- | - | ------------ | -----------------
|Lehman Lease-Backed Notes Series 1999-2                                   |  | Payment Date                                                                     |   |  | June 16, 2003 |   |              |                  
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |               |   |              |                  
|May 2003                                                                  |  | Payment Date #                                                                   |   |  | 44            |   |              |                  
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | 0.51          | % |              | Annualized May 03
|Last Month                                                                |  |                                                                                  |   |  | -3.05         | % |              | Annualized Apr 03
|Two Months ago                                                            |  |                                                                                  |   |  | -2.73         | % |              | Annualized Mar 03
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | -1.76         | % |              |                  
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |               |   |              |                  
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61            |   |              |                  
|                                                                          |  |                                                                                  |  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |               |   |              |                  
|This Month                                                                |  |                                                                                  |   |  | 2.65          | % |              |                  
|Last Month                                                                |  |                                                                                  |   |  | 3.07          | % |              |                  
|Two Months ago                                                            |  |                                                                                  |   |  | 2.77          | % |              |                  
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 2.83          | % |              |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |               |   |              |                  
|Triggered if                                                              |  |                                                                                  |   |  |               |   |              |                  
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |               |   |              |                  
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |               |   |              |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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             |   |              |                  
|                                                                          |  |                                                                                  |  
|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                              |   |  |               |   | 6,386,853.99 |                  
|Section 3.03 (a) (i)                                                      |  | Lease payments received on current months receivables                           |   |  |               |   | 4,566,993.89 |                  
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on prior months receivables                             |   |  |               |   | 1,819,860.10 |                  
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |               |   | 1,085,438.04 |                  
|                                                                          |  | Advance payments for current month                                               |   |  |               |   | 344,362.97   |                  
|                                                                          |  | 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                                                               |   |  |               |   | 1,415.77     |                  
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |               |   | 3,143.29     |                  
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |               |   | 10.67        |                  
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |               |   |             |                  
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |   | 1,806,415.92 |                  
|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 |   |  |               |   | 9,627,640.65 |                  





---

|IKON Receivables, LLC                                                             |  |                |   |  |   |               |  |                                    
|--------------------------------------------------------------------------------- |  | -------------- | - |  | - | ------------- |  | -----------------------------------
|Lehman Lease-Backed Notes Series 1999-2                                           |  | Payment Date   |   |  |   | June 16, 2003 |  |                                    
|MONTHLY SERVICER REPORT                                                           |  |                |   |  |   |               |  |                                    
|May 2003                                                                          |  | Payment Date # |   |  |   | 44            |  |                                    
|                                                                                  |  |                |  
|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)                 |  |                |   |  |   | 1,670.47      |  |                                    
|Less     Credit for payments applied in prior period                              |  |                |   |  |   |              |  |                                    
|                                                                                  |  |                |   |  |   |               |  |                                    
|                                                                                  |  |                |  
|Total deposited into the Collection Account                                       |  |                |   |  |   | 9,629,311.12  |  |                                    
|                                                                                 
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                            
|                                                                                  |  |                |  
|Surety Fee                                                                        |  | 0.18           | % |  |   | 10,886.03     |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes |  |                |   |  |   |               |  |                                    
|(ii)      Section 3.03 (b) (ii)                                                   |  |                |   |  |   |               |  |                                    
|(ii)      Servicing Fee                                                           |  | 0.75           | % |  |   | 45,358.47     |  | 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      | % |  |   | 250.00        |  | Trustee Fee - Bank of New York     
|                                                                                  |  |                |   |  |   |               |  |                                    
|Minimum Fee = $ 250.00                                                            |  |                |   |  |   |               |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                |   |  |   | 45,108.47     |  | IOSC Net Servicing Fee Distribution
|(iv)     Section 3.03 (b) (iv)                                                    |  |                |   |  |   |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                |   |  |   | 1,819,860.10  |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                |   |  |   |               |  |                                    
|Remaining Available to be Distributed to
Noteholders                              |  |                |   |  |   | 7,753,206.51  |  |                                    
|(v)    Disbursements Section 3.03 (b) (v)                                         |  |                |   |  |   |               |  | Actual Days                        
|Class A-1 Interest Due (Act/360 Basis)                                            |  | 6.14125        | % |  | $ |              |  | 32                                 
|Class A-2 Interest Due (30/360 Basis)                                             |  | 6.31000        | % |  | $ |              |  |                                    
|Class A-3A Interest Due (30/360 Basis)                                            |  | 6.59000        | % |  | $ | 476.13        |  |                                    
|Class A-3B Interest Due (Act/360 Basis) Libor
1.31000+.36=1.6700%                 |  | 1.67000        | % |  | $ | 310.03        |  | LIBOR + .36%                       
|Class A-4 Interest Due (30/360 Basis)                                             |  | 6.88000        | % |  | $ | 414,393.87    |  |                                    
|                                                                                  |  |                |   |  |   |               |  |                                    
|Total Class A Interest Due                                                        |  |                |   |  | $ | 415,180.03    |  |                                    
|Class A Interest Paid                                                             |  |                |   |  | $ | 415,180.03    |  |                                    
|Cumulative Outstanding Amounts Owed to AMBAC                                      |  |                |   |  | $ |              |  |                                    
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |                |   |  | $ |              |  |                                    
|Beginning Aggregate Class A Note Balance                                          |  |                |   |  | $ | 72,573,555.09 |  |                                    
|Class A Principal Payment While Class A-1
Outstanding                             |  |                |   |  | $ |              |  |                                    
|Class A Principal Payment After Class A-1
Retired                                 |  | 85.65812       | % |  | $ | 5,908,569.61  |  |                                    
|Aggregate Class A Principal Payment                                               |  |                |   |  | $ | 5,908,569.61  |  |                                    
|(vii)   Class A Principal Paid                                                    |  |                |   |  | $ | 5,908,569.61  |  |                                    
|Ending Aggregate Class A Note Balance                                             |  |                |   |  | $ | 66,664,985.48 |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  |   |               |  |                                    
|2.5% of $777,328,316.25                                                           |  |                |   |  | $ | 19,433,207.91 |  |                                    
|Plus: Cumulative Loss Amount                                                      |  |                |   |  | $ |              |  |                                    
|Less: Reserve Account Ending Balance                                              |  |                |   |  | $ | 7,773,283.16  |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  | $ | 11,659,924.75 |  | N                                  
|(viii)  Additional Class A Principal                                              |  |                |   |  | $ |              |  |                                    
|Additional Principal Class A Paid                                                 |  |                |   |  | $ |              |  |                                    
|End of Period Class A Note Balance                                                |  |                |   |  | $ | 66,664,985.48 |  |                                    





---

|IKON Receivables, LLC                                                                  |  |   |                |   |  |                          |               |  |                   
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ------------------------ | ------------- |  | ------------------
|Lehman Lease-Backed Notes Series 1999-2                                                |  |   | Payment Date   |   |  |                          | June 16, 2003 |  |                   
|MONTHLY SERVICER REPORT                                                                |  |   |                |   |  |                          |               |  |                   
|May 2003                                                                               |  |   | Payment Date # |   |  |                          | 44            |  |                   
|                                                                                       |  |   |               
|Remaining Collections After Distributions to
Noteholders                               |  |   |                |   |  | $                        | 1,429,456.88  |  |                   
|                                                                                       |  |   |               
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                               |  |   |                |   |  | $                        | 0.00          |  |                   
|                                                                                       |  |   |               
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))   |  |   |                |   |  | $                        | 1,429,456.87  |  |                   
|                                                                                       |  |   |               
|Total Distribution from the Collection
Account                                         |  |   |                |   |  | $                        | 9,629,311.12  |  |                   
|                                                                                       |  |  
|Trustee Transfer to IOSC                                                               |  |   |                |   |  | IOSC Transfer to Trustee
|                                                                                       |  |   |               
|Advance Payments                                                                       |  |   | 22,555.15      |   |  |                          |               |  |                   
|Reimburse for Servicer Advances                                                        |  |   | 1,819,860.10   |   |  |                          |               |  |                   
|Remaining Coll                                                                         |  |   | 1,429,456.87   |   |  |                          | 1,806,415.92  |  | Servicer Advances 
|Servicing Fee Less Trustee Fee                                                         |  |   | 45,108.47      |   |  |                          | 1,085,438.04  |  | Early Terminations
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|                                                                                       |  |   | 3,316,980.59   |   |  |                          | 2,891,853.96  |  |                   
|                                                                                       |  |   |               
|RECONCILIATION OF NOTES                                                                |  |   |                |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Beginning Discounted Present Value of the Leases                                       |  |   |                |   |  | $                        | 84,724,658.59 |  |                   
|                                                                                       |  |   |               
|Discounted Present Value of the Performing Leases as of the last day of the Due Period |  |   |                |   |  | $                        | 77,826,807.45 |  |                   
|                                                                                       |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period                |  |   |                |   |  | $                        | 5,908,569.61  |  |                   
|                                                                                       |  |   |               
|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                                                                |  |   | 235,326,000.00 |   |  |                          |               |  |                   
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $                        |              |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|Original Class A-1 Face                                                                |  |   | 235,326,000.00 |   |  |                          |               |  |                   
|Ending Principal Balance Factor                                                        |  |   |                |   |  |                          |               |  |                   
|(Ending Class A Principal/Original Class A-1 Face)                                     |  |   | 0.0000000000   | % |  |                          |               |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|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                                                                |  |   | 51,100,000.00  |   |  |                          |               |  |                   
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $                        |              |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|Original Class A-2 Face                                                                |  |   | 51,100,000.00  |   |  |                          |               |  |                   
|Ending Principal Balance Factor                                                        |  |   |                |   |  |                          |               |  |                   
|(Ending Class A-2 Principal/Original Class A-2 Face)                                   |  |   | 0.0000000000   | % |  |                          |               |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|Class A-3A                                                                             |  |   |                |   |  |                          |               |  |                   
|Beginning Class A-3A Principal Balance                                                 |  |   |                |   |  | $                        | 86,700.76     |  |                   
|Principal in Current Period                                                            |  |   |                |   |  | $                        | 86,700.76     |  |                   
|Ending Class A-3A Principal Balance                                                    |  |   |                |   |  | $                        |              |  |                   
|Interest due this Due Period                                                           |  |   | %              |   |  | $                        | 476.13        |  |                   





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2                                              |  |   | Payment Date   |   |  |   | June 16, 2003  |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                |  | 
|May 2003                                                                             |  |   | Payment Date # |   |  |   | 44             |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 0.0047613167   |   |  | $ | 476.13         |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3A Face                                                             |  |   | 100,000,000.00 |   |  |   |                |  | 
|Principal Paid Per $1,000                                                            |  | $ | 0.8670076000   |   |  | $ | 86,700.76      |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3A Face                                                             |  |   | 100,000,000.00 |   |  |   |                |  | 
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-3A Principal/Original Class A-3A Face)                               |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Class A-3B                                                                           |  |   |                |   |  |   |                |  | 
|Beginning Class A-3B Principal Balance                                               |  |   |                |   |  | $ | 208,854.33     |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ | 208,854.33     |  | 
|Ending Class A-3B Principal Balance                                                  |  |   |                |   |  | $ |               |  | 
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 310.03         |  | 
|Interest Paid Per $1,000                                                             |  | $ | 0.0012870246   |   |  | $ | 310.03         |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3B Face                                                             |  |   | 240,891,000.00 |   |  |   |                |  | 
|Principal Paid Per $1,000                                                            |  | $ | 0.8670076093   |   |  | $ | 208,854.33     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3B Face                                                             |  |   | 240,891,000.00 |   |  |   |                |  | 
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-3B Principal/Original Class A-3B Face)                               |  |   | 0.00000        | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Class A-4                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 72,278,000.00  |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ | 5,613,014.52   |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 66,664,985.48  |  | 
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 414,393.87     |  | 
|Interest Paid Per $1,000                                                             |  | $ | 5.7333333333   |   |  | $ | 414,393.87     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 72,278,000.00  |   |  |   |                |  | 
|Principal Paid Per $1,000                                                            |  | $ | 77.6586861413  |   |  | $ | 5,613,014.52   |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 72,278,000.00  |   |  |   |                |  | 
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 92.2341313859  | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 11,161,821.97  |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 4,144,995.92   |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 1,187,972.46   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 874,663.49     |  | 
|                                                                                     |  |   |               
|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              |  |   | 0.02%          |   |  | $ | 176,120.80     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 77,732,831.63  |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 6.06%          |   |  | $ | 47,110,699.55  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 77,732,831.63  |  | 
|                                                                                     |  |   |               
|Cumulative Additions made for Early Termination Leases since Closing                 |  |   | 17.21%         |   |  | $ | 133,760,550.99 |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  |   | 20.00%         |   |  | $ | 155,465,663.25 |  | 





---

|IKON Receivables, LLC                   |  |                |  |               |  | 
|--------------------------------------- |  | -------------- |  | ------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2 |  | Payment Date   |  | June 16, 2003 |  | 
|MONTHLY SERVICER REPORT                 |  |                |  |               |  | 
|May 2003                                |  | Payment Date # |  | 44            |  | 



|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, LLC                                                                                 |  |                |  |   |               |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2                                                               |  | Payment Date   |  |   | July 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |               |  | 
|June 2003                                                                                             |  | Payment Date # |  |   | 45            |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |               |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 77,826,807.45 |  | 
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 5,596,059.47  |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 274,742.94    |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   | 4,370.14      |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 1,463,374.19  |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Subtotal:                                                                                             |  |                |  | $ | 70,488,260.71 |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |               |  | 
|Non-Performing                                                                                        |  |                |  |   |              |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   |              |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 70,488,260.71 |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 16,957,413.06 |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 728,450.01    |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 1,247,836.74  |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 17,476,799.79 |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 486,013.41    |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 265,374.84    |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |              |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |              |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 300,619.47    |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 521,258.04    |  | 
|                                                                                                     
|RECONCILIATION OF RESERVE ACCOUNT                                                                    
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 7,773,283.16  |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |              |  | 
|Ending Balance                                                                                        |  |                |  |   | 7,773,283.16  |  | 
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |               |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 0.00          |  | 
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   | 7,773,283.16  |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   |              |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   | 7,773,283.16  |  | 
|                                                                                                      |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Ending Balance                                                                                        |  |                |  |   |              |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 23,859.73     |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 23,859.73     |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |              |  | 
|                                                                                                      |  |                |  |   |               |  | 
|                                                                                                      |  |                | 
|Ending Balance                                                                                        |  |                |  |   |              |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |               |   |               |                   
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- | - | ------------- | ------------------
|Lehman Lease-Backed Notes Series 1999-2                                   |  | Payment Date                                                                     |   |  | July 15, 2003 |   |               |                   
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |               |   |               |                   
|June 2003                                                                 |  | Payment Date #                                                                   |   |  | 45            |   |               |                   
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | -3.03         | % |               | Annualized June 03
|Last Month                                                                |  |                                                                                  |   |  | 0.51          | % |               | Annualized May 03 
|Two Months ago                                                            |  |                                                                                  |   |  | -3.05         | % |               | Annualized Apr 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                                                                |  |                                                                                  |   |  | 2.32          | % |               |                   
|Last Month                                                                |  |                                                                                  |   |  | 2.65          | % |               |                   
|Two Months ago                                                            |  |                                                                                  |   |  | 3.07          | % |               |                   
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 2.68          | % |               |                   
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |               |   |               |                   
|Triggered if                                                              |  |                                                                                  |   |  |               |   |               |                   
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |               |   |               |                   
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |               |   |               |                   
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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             |   |               |                   
|                                                                         
|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                              |   |  |               |   | 5,725,243.16  |                   
|Section 3.03 (a) (i)                                                      |  | Lease payments received on current month's receivables                           |   |  |               |   | 4,996,793.15  |                   
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on prior month's receivables                             |   |  |               |   | 728,450.01    |                   
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |               |   | 1,045,758.34  |                   
|                                                                          |  | Advance payments for current month                                               |   |  |               |   | 265,374.84    |                   
|                                                                          |  | 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           |   |  |               |   |              |                   
|                                                                          |  | Additional wire for payoff of note balance                                       |   |  |               |   | 60,378,924.31 |                   
|Section 3.03 (a) (v)                                                      |  | Investment Earnings on Accounts:                                                 |   |  |               |   |               |                   
|Section 3.03 (a) (v)                                                      |  | Collection Account                                                               |   |  |               |   | 1,328.28      |                   
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |               |   | 2,867.45      |                   
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |               |   | 9.23          |                   
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |               |   |              |                   
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |   | 1,247,836.74  |                   
|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 |   |  |               |   | 68,667,342.35 |                   





---

|IKON Receivables, LLC                                                             |  |                |   |  |   |               |  |                                    
|--------------------------------------------------------------------------------- |  | -------------- | - |  | - | ------------- |  | -----------------------------------
|Lehman Lease-Backed Notes Series 1999-2                                           |  | Payment Date   |   |  |   | July 15, 2003 |  |                                    
|                                                                                  |  |                |  
|MONTHLY SERVICER REPORT                                                           |  |                |   |  |   |               |  |                                    
|June 2003                                                                         |  | Payment Date # |   |  |   | 45            |  |                                    
|                                                                                  |  |                |  
|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)                 |  |                |   |  |   | 23,859.73     |  |                                    
|                                                                                  |  |                |  
|Less     Credit for payments applied in prior period                              |  |                |   |  |   |              |  |                                    
|                                                                                  |  |                |   |  |   |               |  |                                    
|                                                                                  |  |                |  
|Total deposited into the Collection Account                                       |  |                |   |  |   | 68,691,202.08 |  |                                    
|                                                                                 
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                            
|                                                                                  |  |                |  
|Surety Fee                                                                        |  | 0.18           | % |  |   | 9,999.75      |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes |  |                |   |  |   |               |  |                                    
|                                                                                  |  |                |  
|(ii)      Section 3.03 (b) (ii)                                                   |  |                |   |  |   |               |  |                                    
|                                                                                  |  |                |  
|(ii)      Servicing Fee                                                           |  |                |   |  |   |               |  |                                    
|0.75% of the Lesser of Outstanding Principal Amount of the Notes
or DPV           |  | 0.75           | % |  |   | 41,665.62     |  | No Distribution on this Amount     
|                                                                                  |  |                |  
|(iii)    Section 3.03 (b) (iii)                                                   |  |                |   |  |   |               |  |                                    
|Trustee Fee .001250% of Outstanding
Principal Amount of the Notes                 |  | 0.0012500      | % |  |   | 250.00        |  | Trustee Fee - Bank of New York     
|                                                                                  |  |                |   |  |   |               |  |                                    
|Minimum Fee = $ 250.00                                                            |  |                |   |  |   |               |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                |   |  |   | 41,415.62     |  | IOSC Net Servicing Fee Distribution
|                                                                                  |  |                |  
|(iv)     Section 3.03 (b) (iv)                                                    |  |                |   |  |   |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                |   |  |   | 728,450.01    |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                |   |  |   |               |  |                                    
|                                                                                  |  |                |  
|Remaining Available to be Distributed to
Noteholders                              |  |                |   |  |   | 67,911,086.71 |  |                                    
|                                                                                  |  |                |  
|(v)    Disbursements Section 3.03 (b) (v)                                         |  |                |   |  |   |               |  | Actual Days                        
|Class A-1 Interest Due (Act/360 Basis)                                            |  | 6.14125        | % |  | $ |              |  | 29                                 
|Class A-2 Interest Due (30/360 Basis)                                             |  | 6.31000        | % |  | $ |              |  |                                    
|Class A-3A Interest Due (30/360 Basis)                                            |  | 6.59000        | % |  | $ |              |  |                                    
|Class A-3B Interest Due (Act/360 Basis) Libor
1.18000+.36=1.5400%                 |  | 1.54000        | % |  | $ |              |  | LIBOR + .36%                       
|Class A-4 Interest Due (30/360 Basis)                                             |  | 6.88000        | % |  | $ | 382,212.58    |  |                                    
|                                                                                  |  |                |   |  |   |               |  |                                    
|Total Class A Interest Due                                                        |  |                |   |  | $ | 382,212.58    |  |                                    
|Class A Interest Paid                                                             |  |                |   |  | $ | 382,212.58    |  |                                    
|Cumulative Outstanding Amounts Owed to AMBAC                                      |  |                |   |  | $ |              |  |                                    
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |                |   |  | $ |              |  |                                    
|Beginning Aggregate Class A Note Balance                                          |  |                |   |  | $ | 66,664,985.48 |  |                                    
|Class A Principal Payment While Class A-1
Outstanding                             |  |                |   |  | $ |              |  |                                    
|Class A Principal Payment After Class A-1
Retired                                 |  | 85.65812       | % |  | $ | 6,286,061.17  |  |                                    
|Aggregate Class A Principal Payment                                               |  |                |   |  | $ | 6,286,061.17  |  |                                    
|(vii)   Class A Principal Paid                                                    |  |                |   |  | $ | 6,286,061.17  |  |                                    
|Ending Aggregate Class A Note Balance                                             |  |                |   |  | $ | 60,378,924.31 |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  |   |               |  |                                    
|2.5% of $777,328,316.25                                                           |  |                |   |  | $ | 19,433,207.91 |  |                                    
|Plus: Cumulative Loss Amount                                                      |  |                |   |  | $ |              |  |                                    
|Less: Reserve Account Ending Balance                                              |  |                |   |  | $ | 7,773,283.16  |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  | $ | 11,659,924.74 |  | N                                  
|(viii)  Additional Class A Principal                                              |  |                |   |  | $ | 60,378,924.31 |  | Payoff                             
|Additional Principal Class A Paid                                                 |  |                |   |  | $ | 60,378,924.31 |  |                                    
|End of Period Class A Note Balance                                                |  |                |   |  | $ | 0.00          |  |                                    
|                                                                                  |  |                |  
|Remaining Collections After Distributions to
Noteholders                          |  |                |   |  | $ | 863,888.64    |  |                                    





---

|IKON Receivables, LLC                                                                  |  |   |                |   |  |                          |               |  |                   
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ------------------------ | ------------- |  | ------------------
|Lehman Lease-Backed Notes Series 1999-2                                                |  |   | Payment Date   |   |  |                          | July 15, 2003 |  |                   
|MONTHLY SERVICER REPORT                                                                |  |   |                |   |  |                          |               |  |                   
|June 2003                                                                              |  |   | Payment Date # |   |  |                          | 45            |  |                   
|                                                                                       |  |   |               
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                               |  |   |                |   |  | $                        |              |  |                   
|                                                                                       |  |   |               
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))   |  |   |                |   |  | $                        | 863,888.64    |  |                   
|                                                                                       |  |   |               
|Total Distribution from the Collection
Account                                         |  |   |                |   |  | $                        | 68,691,202.08 |  |                   
|                                                                                       |  |  
|Trustee Transfer to IOSC                                                               |  |   |                |   |  | IOSC Transfer to Trustee
|                                                                                       |  |   |               
|                                                                                       |  |   |                |   |  |                          | 60,378,924.31 |  | Cash for payoff   
|Reimburse for Servicer Advances                                                        |  |   | 728,450.01     |   |  |                          | 35,244.63     |  | Advance Payments  
|Remaining Coll                                                                         |  |   | 863,888.64     |   |  |                          | 1,247,836.74  |  | Servicer Advances 
|Servicing Fee Less Trustee Fee                                                         |  |   | 41,415.62      |   |  |                          | 1,463,374.19  |  | Early Terminations
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|                                                                                       |  |   | 1,633,754.27   |   |  |                          | 63,125,379.87 |  |                   
|                                                                                       |  |   |               
|RECONCILIATION OF NOTES                                                                |  |   |                |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Beginning Discounted Present Value of the Leases                                       |  |   |                |   |  | $                        | 77,826,807.45 |  |                   
|                                                                                       |  |   |               
|Discounted Present Value of the Performing Leases as of the last day of the Due Period |  |   |                |   |  | $                        | 70,488,260.71 |  |                   
|                                                                                       |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period                |  |   |                |   |  | $                        | 66,664,985.48 |  |                   
|                                                                                       |  |   |               
|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                                                                |  |   | 235,326,000.00 |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $                        |              |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|Original Class A-1 Face                                                                |  |   | 235,326,000.00 |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |                          |               |  |                   
|(Ending Class A Principal/Original Class A-1 Face)                                     |  |   | 0.0000000000   | % |  |                          |               |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|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                                                                |  |   | 51,100,000.00  |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $                        |              |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   
|Original Class A-2 Face                                                                |  |   | 51,100,000.00  |   |  |                          |               |  |                   
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |                          |               |  |                   
|(Ending Class A-2 Principal/Original Class A-2 Face)                                   |  |   | 0.0000000000   | % |  |                          |               |  |                   
|                                                                                       |  |   |                |   |  |                          |               |  |                   





---

|IKON Receivables, LLC                                  |  |   |                |   |  |   |               |  | 
|------------------------------------------------------ |  | - | -------------- | - |  | - | ------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2                |  |   | Payment Date   |   |  |   | July 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                |  |   |                |   |  |   |               |  | 
|June 2003                                              |  |   | Payment Date # |   |  |   | 45            |  | 
|                                                       |  |   |               
|Class A-3A                                             |  |   |                |   |  |   |               |  | 
|Beginning Class A-3A Principal Balance                 |  |   |                |   |  | $ |              |  | 
|Principal in Current Period                            |  |   |                |   |  | $ |              |  | 
|Ending Class A-3A Principal Balance                    |  |   |                |   |  | $ |              |  | 
|                                                       |  |   |               
|Interest due this Due Period                           |  |   | %              |   |  | $ |              |  | 
|                                                       |  |   |               
|Interest Paid Per $1,000                               |  | $ |               |   |  | $ |              |  | 
|                                                       |  |   |                |   |  |   |               |  | 
|Original Class A-3A Face                               |  |   | 100,000,000.00 |   |  |   |               |  | 
|                                                       |  |   |               
|Principal Paid Per $1,000                              |  | $ |               |   |  | $ |              |  | 
|                                                       |  |   |                |   |  |   |               |  | 
|Original Class A-3A Face                               |  |   | 100,000,000.00 |   |  |   |               |  | 
|                                                       |  |   |               
|Ending Principal Balance Factor                        |  |   |                |   |  |   |               |  | 
|(Ending Class A-3A Principal/Original Class A-3A Face) |  |   | 0.0000000000   | % |  |   |               |  | 
|                                                       |  |   |                |   |  |   |               |  | 
|                                                       |  |   |               
|Class A-3B                                             |  |   |                |   |  |   |               |  | 
|Beginning Class A-3B Principal Balance                 |  |   |                |   |  | $ |              |  | 
|Principal in Current Period                            |  |   |                |   |  | $ |              |  | 
|Ending Class A-3B Principal Balance                    |  |   |                |   |  | $ |              |  | 
|                                                       |  |   |               
|Interest due this Due Period                           |  |   | %              |   |  | $ |              |  | 
|                                                       |  |   |               
|Interest Paid Per $1,000                               |  | $ |               |   |  | $ |              |  | 
|                                                       |  |   |                |   |  |   |               |  | 
|Original Class A-3B Face                               |  |   | 240,891,000.00 |   |  |   |               |  | 
|                                                       |  |   |               
|Principal Paid Per $1,000                              |  | $ |               |   |  | $ |              |  | 
|                                                       |  |   |                |   |  |   |               |  | 
|Original Class A-3B Face                               |  |   | 240,891,000.00 |   |  |   |               |  | 
|                                                       |  |   |               
|Ending Principal Balance Factor                        |  |   |                |   |  |   |               |  | 
|(Ending Class A-3B Principal/Original Class A-3B Face) |  |   | 0.00000        | % |  |   |               |  | 
|                                                       |  |   |                |   |  |   |               |  | 
|                                                       |  |   |               
|Class A-4                                              |  |   |                |   |  |   |               |  | 
|Beginning Class A-4 Principal Balance                  |  |   |                |   |  | $ | 66,664,985.48 |  | 
|Principal in Current Period                            |  |   |                |   |  | $ | 66,664,985.48 |  | 
|Ending Class A-4 Principal Balance                     |  |   |                |   |  | $ | 0.00          |  | 
|                                                       |  |   |               
|Interest due this Due Period                           |  |   | %              |   |  | $ | 382,212.58    |  | 
|                                                       |  |   |               
|Interest Paid Per $1,000                               |  | $ | 5.2880901995   |   |  | $ | 382,212.58    |  | 
|                                                       |  |   |                |   |  |   |               |  | 
|Original Class A-4 Face                                |  |   | 72,278,000.00  |   |  |   |               |  | 
|                                                       |  |   |               
|Principal Paid Per $1,000                              |  | $ | 922.3413138549 |   |  | $ | 66,664,985.48 |  | 
|                                                       |  |   |                |   |  |   |               |  | 
|Original Class A-4 Face                                |  |   | 72,278,000.00  |   |  |   |               |  | 
|                                                       |  |   |               
|Ending Principal Balance Factor                        |  |   |                |   |  |   |               |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)   |  |   | 0.0000000004   | % |  |   |               |  | 
|                                                       |  |   |                |   |  |   |               |  | 
|                                                       |  |   |               
|Overcollateralization Amount                           |  |   |                |   |  | $ | 70,488,260.71 |  | 





---

|IKON Receivables, LLC                                                                |  |                |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | -------------- |  | - | -------------- |  | 
|Lehman Lease-Backed Notes Series 1999-2                                              |  | Payment Date   |  |   | July 15, 2003  |  | 
|MONTHLY SERVICER REPORT                                                              |  |                |  |   |                |  | 
|June 2003                                                                            |  | Payment Date # |  |   | 45             |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |                | 
|Discounted Present Value of the Leases which are:                                    |  |                |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |                |  | $ | 4,422,748.56   |  | 
|61-90 DAYS OVERDUE                                                                   |  |                |  | $ | 956,751.12     |  | 
|91-120 DAYS OVERDUE                                                                  |  |                |  | $ | 675,982.80     |  | 
|                                                                                     |  |                | 
|Other Information to be provided                                                     |  |                |  |   |                |  | 
|Total Contracts for Reporting Period                                                 |  | Jun-03         |  |   | 17,219         |  | 
|                                                                                     |  |                | 
|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              |  | 0.02%          |  | $ | 176,120.80     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00%         |  | $ | 77,732,831.63  |  | 
|                                                                                     |  |                | 
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 6.06%          |  | $ | 47,110,699.55  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%         |  | $ | 77,732,831.63  |  | 
|                                                                                     |  |                | 
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 17.21%         |  | $ | 133,760,550.99 |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00%         |  | $ | 155,465,663.25 |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                             |  |                |  |   |                   |  |            |  
|------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | ---------- | -
|Chase Lease-Backed Notes Series 2000-1                                                            |  | Payment Date   |  |   | November 15, 2002 |  |            |  
|MONTHLY SERVICER REPORT                                                                           |  |                |  |   |                   |  |            |  
|October 2002                                                                                      |  | Payment Date # |  |   | 30                |  |            |  
|                                                                                                  |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |                |  |   |                   |  |            |  
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                |  | $ | 185,000,504.20    |  |            |  
|                                                                                                  |  |                | 
|Less:    Lease Payments Due - current month                                                       |  | Oct-02         |  | $ | 10,865,457.09     |  |            |  
|Add:    Interest (@ Discount Rate of 8.75%)                                                       |  |                |  | $ | 1,348,962.01      |  |            |  
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                             |  | Oct-02         |  | $ | 325,539.72        |  |            |  
|Less:    Warranty Leases                                                                          |  |                |  | $ |                  |  |            |  
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Oct-02         |  | $ | 1,297,528.79      |  |            |  
|Add:    DPV Substitute Leases                                                                     |  | Oct-02         |  | $ | 325,539.00        |  |            |  
|Add:    DPV Additional Leases                                                                     |  | Oct-02         |  | $ |                  |  |            |  
|                                                                                                  |  |                |  |   |                   |  |            |  
|                                                                                                  |  |                | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                |  | $ | 174,186,479.61    |  |            |  
|                                                                                                  |  |                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                |  |   |                   |  |            |  
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 11,241,837.30     |  |            |  
|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         |  |   | 1,598,447.74      |  |            |  
|                                                                                                  |  |                |  |   |                   |  |            |  
|Total Cash to be reimbursed to IOS                                                                |  |                |  |   | 1,598,447.74      |  |            |  
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Oct-02         |  |   | 1,443,239.46      |  |            |  
|                                                                                                  |  |                |  |   |                   |  |            |  
|Ending Balance                                                                                    |  |                |  |   | 11,086,629.02     |  |            |  
|                                                                                                 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                      
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 526,390.23        |  |            |  
|Less:    Applied to Current from Prepaid                                                          |  | Oct-02         |  |   | 771,363.01        |  |            |  
|Less:    Repurchased Leases                                                                       |  |                |  |   |                  |  |            |  
|Less:    Advance Payments on Non-Performing Leases                                                |  |                |  |   |                  |  |            |  
|Add:    Received This Month                                                                       |  |                |  |   | 865,425.12        |  |            |  
|Add:    Received in Prior Month                                                                   |  |                |  |   |                  |  | (94,062.11 | )
|                                                                                                  |  |                |  |   |                   |  |            |  
|Ending Balance                                                                                    |  |                |  |   | 620,452.34        |  |            |  
|                                                                                                 
|RECONCILIATION OF RESERVE ACCOUNT                                                                
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Oct-02         |  |   | 5,539,024.70      |  |            |  
|Less:    Deposit to Collection Account (if any)                                                   |  |                |  |   |                  |  |            |  
|Ending Balance                                                                                    |  |                |  |   | 5,539,024.70      |  |            |  
|                                                                                                  |  |                | 
|Required Reserve Account                                                                          |  |                |  |   |                   |  |            |  
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                |  |   | 5,539,024.70      |  |            |  
|                                                                                                  |  |                | 
|Reserve Account in excess of Required Reserve                                                     |  |                |  |   |                  |  |            |  
|Deposits into Reserve Account                                                                     |  |                |  |   |                  |  |            |  
|Amounts Released to Issuer                                                                        |  |                |  |   |                  |  |            |  
|                                                                                                  |  |                |  |   |                   |  |            |  
|Ending Balance                                                                                    |  |                |  |   | 5,539,024.70      |  |            |  
|                                                                                                 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                       
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Oct-02         |  |   | 26,067.70         |  |            |  
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                |  |   | 607.22            |  |            |  
|Add Additional Security Deposits collected on leases                                              |  |                |  |   |                   |  |            |  
|                                                                                                  |  |                |  |   |                   |  |            |  
|Ending Balance                                                                                    |  | Oct-02         |  |   | 25,460.48         |  |            |  





---

|IKON Receivables, LLC                                                            |  |              |   |  |                   |   |  |                  
|-------------------------------------------------------------------------------- |  | ------------ | - |  | ----------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-1                                           |  | Payment Date |   |  | November 15, 2002 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |              |   |  |                   |   |  |                  
|October 2002                                                                     |  | Payment Date | # |  | 30                |   |  |                  
|                                                                                 |  |              |  
|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                                                                       |  |              |   |  | 2.11              | % |  | Annualized Oct 02
|Last Month                                                                       |  |              |   |  | 2.29              | % |  | Annualized Sep 02
|Two Months ago                                                                   |  |              |   |  | 2.64              | % |  | Annualized Aug 02
|                                                                                 |  |              |  
|3 mos. Average                                                                   |  |              |   |  | 2.35              | % |  |                  
|                                                                                 |  |              |  
|Calculate Delinquent Rate                                                        |  |              |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |              |   |  | 61                |   |  |                  
|                                                                                 |  |              |  
|Discounted Present Value of Delinquent Leases:                                   |  |              |   |  |                   |   |  |                  
|This Month                                                                       |  |              |   |  | 2.13              | % |  |                  
|Last Month                                                                       |  |              |   |  | 2.16              | % |  |                  
|Two Months ago                                                                   |  |              |   |  | 2.10              | % |  |                  
|                                                                                 |  |              |  
|3 mos. Average                                                                   |  |              |   |  | 2.13              | % |  |                  
|                                                                                 |  |              |  
|Acceleration Event                                                               |  |              |   |  |                   |   |  |                  
|Triggered if                                                                     |  |              |   |  |                   |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25         | % |  |                   |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00         | % |  |                   |   |  |                  
|                                                                                 |  |              |  
|Acceleration Event Triggered? (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       |   |  | 10,249,302.36     |   |  |                  
|Lease Payments Received on Prior Months Receivables                              |  | Oct-02       |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution              |  | Oct-02       |   |  | 10,249,302.36     |   |  |                  
|Reimbursed Servicer Advances                                                     |  |              |   |  |                  |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided            |  |              |   |  | 1,623,068.51      |   |  |                  
|Advanced Payments Applied to Current                                             |  |              |   |  | 771,363.01        |   |  |                  
|Lease Purchase Amounts                                                           |  |              |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |              |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |              |   |  |                  |   |  |                  
|                                                                                 |  |              |  
|Investment Earnings on Accounts:                                                 |  |              |   |  |                   |   |  |                  
|Collection Account                                                               |  | Oct-02       |   |  | 8,201.12          |   |  |                  
|Reserve Account                                                                  |  | Oct-02       |   |  | 7,586.94          |   |  |                  
|Security Deposit Account                                                         |  | Oct-02       |   |  | 44.37             |   |  |                  
|Casualty Payments                                                                |  |              |   |  |                  |   |  |                  
|Servicer Adv for scheduled payments not made in current period                   |  |              |   |  |                  |   |  |                  
|Payments Received From Swap Counterparty                                         |  |              |   |  |                  |   |  |                  
|Funds For Redemption (Optional Clean-Up Call)                                    |  |              |   |  |                  |   |  |                  
|                                                                                 |  |              |   |  |                   |   |  |                  
|Total amounts in the Collection Account related to the Current Collection Period |  |              |   |  | 12,659,566.31     |   |  |                  





---

|IKON Receivables, LLC                                                        |  |              |   |  |   |                   |  |                                  
|---------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | ---------------------------------
|Chase Lease-Backed Notes Series 2000-1                                       |  | Payment Date |   |  |   | November 15, 2002 |  |                                  
|MONTHLY SERVICER REPORT                                                      |  |              |   |  |   |                   |  |                                  
|October 2002                                                                 |  | Payment Date | # |  |   | 30                |  |                                  
|                                                                             |  |              |  
|Transfers made by Trustee to the Collection Account                          |  |              |   |  |   |                   |  |                                  
|Optional Payments Received from AMBAC                                        |  |              |   |  |   |                   |  |                                  
|Insured Payments Received from AMBAC                                         |  |              |   |  |   |                  |  |                                  
|Shortfall Required to be Deposited From Reserve Account                      |  |              |   |  |   |                  |  |                                  
|Retainable Deposits from Security Deposit Acct (net of additions)            |  | Oct-02       |   |  |   | 607.22            |  |                                  
|                                                                             |  |              |   |  |   |                   |  |                                  
|Less     Credit for payments applied in prior period                         |  |              |   |  |   |                   |  |                                  
|                                                                             |  |              |  
|Total deposited into the Collection Account                                  |  |              |   |  |   | 12,660,173.53     |  |                                  
|                                                                            
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                       
|                                                                             |  |              |  
|Surety Fee                                                                   |  | 0.18         | % |  |   | 24,124.61         |  | Surety Fee Oct 02                
|0.18% of Outstanding Principal Amount of the Notes                           |  |              |   |  |   |                   |  |                                  
|                                                                             |  |              |  
|Payment to Swap Counterparty                                                 |  |              |   |  |   | 768,423.09        |  | October 2002                     
|                                                                             |  |              |  
|Transfer TO Advance Payment Que in Collection Account                        |  | Oct-02       |   |  |   | 94,062.11         |  | INCREASES balancein Adv que      
|Transfer FROM Security Deposit Account to Collection Act                     |  | Oct-02       |   |  |   | 607.22            |  | Decrease balance inSec Dep       
|                                                                             |  |              |  
|Servicing Fee                                                                |  | 0.75         | % |  |   | 100,519.19        |  | No Distribution onthis Amount    
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV      |  |              |   |  |   |                   |  |                                  
|                                                                             |  |              |  
|Trustee Fee                                                                  |  |              |   |  |   |                  |  | Annual Fee                       
|                                                                             |  |              |  
|Service Fee Less Trustee Fee                                                 |  |              |   |  |   | 100,519.19        |  | IOS Net ServicingFee Distribution
|                                                                             |  |              |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed                  |  |              |   |  |   |                  |  | IOS Svc Advancereimbursement     
|                                                                             |  |              |   |  |   |                   |  |                                  
|                                                                             |  |              |  
|Remaining Available to be Distributed to Noteholders                         |  |              |   |  |   | 11,672,437.31     |  |                                  
|                                                                             |  |              |  
|Disbursements                                                                |  |              |   |  |   |                   |  | Actual Days                      
|Class A-1 Interest Due (Act/360 Basis)                                       |  | 6.99625      | % |  | $ |                  |  | 31                               
|Class A-2 Interest Due (30/360 Basis)                                        |  | 7.51000      | % |  | $ |                  |  |                                  
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.80000 + .19 = 1.99000% |  | 1.99000      | % |  | $ | 130,784.00        |  | Libor + .19                      
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.80000 + .23 = 2.03000% |  | 2.03000      | % |  | $ | 147,728.18        |  | Libor + .23                      
|                                                                             |  |              |   |  |   |                   |  |                                  
|Total Class A Interest Due                                                   |  |              |   |  | $ | 278,512.18        |  |                                  
|Class A Interest Paid                                                        |  |              |   |  | $ | 278,512.18        |  |                                  
|Cumulative Outstanding Amounts Owed to AMBAC                                 |  |              |   |  | $ |                  |  |                                  
|Reimburse Amounts due AMBAC                                                  |  |              |   |  | $ |                  |  |                                  
|Beginning Aggregate Class A Note Balance                                     |  |              |   |  | $ | 160,830,702.96    |  |                                  
|Class A Principal Payment While Class A-1 Outstanding                        |  |              |   |  | $ |                  |  | 9,679,438.98                     
|Class A Principal Payment After Class A-1 Retired                            |  | 86.93273     | % |  | $ | 9,400,926.80      |  |                                  
|Aggregate Class A Principal Payment                                          |  |              |   |  | $ | 9,400,926.80      |  |                                  
|Class A Principal Paid                                                       |  |              |   |  | $ | 9,400,926.80      |  |                                  
|Ending Aggregate Class A Note Balance                                        |  |              |   |  | $ | 151,429,776.16    |  |                                  
|Overcollateralization Floor                                                  |  |              |   |  |   |                   |  |                                  
|2.5% of $555,615,022.22                                                      |  |              |   |  | $ | 13,890,375.56     |  |                                  
|Plus: Cumulative Loss Amount                                                 |  |              |   |  | $ |                  |  |                                  
|Less: Reserve Account Ending Balance                                         |  |              |   |  | $ | 5,539,024.70      |  |                                  
|Overcollateralization Floor                                                  |  |              |   |  | $ | 8,351,350.86      |  | N                                
|Additional Class A Principal                                                 |  |              |   |  | $ |                  |  |                                  
|Additional Principal Class A Paid                                            |  |              |   |  | $ |                  |  |                                  
|End of Period Class A Note Balance                                           |  |              |   |  | $ | 151,429,776.16    |  |                                  





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                          |  |   | Payment Date   |   |  |   | November 15, 2002 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  | 
|October 2002                                                                    |  |   | Payment Date   | # |  |   | 30                |  | 
|                                                                                |  |   |               
|Remaining Collections After Distributions to Noteholders                        |  |   |                |   |  | $ | 1,992,998.34      |  | 
|                                                                                |  |   |               
|Distribution to Noteholder for Clean-up Call                                    |  |   |                |   |  | $ |                  |  | 
|                                                                                |  |   |               
|Reserve Account Deposit                                                         |  |   |                |   |  | $ |                  |  | 
|Additional Funds Available for Distribution to IOS                              |  |   |                |   |  | $ | 492,998.34        |  | 
|                                                                                |  |   |               
|Total Distribution from the Collection Account                                  |  |   |                |   |  | $ | 11,160,173.53     |  | 
|                                                                                |  |   |               
|Amounts to IOS Capital for current period                                       |  |   |                |   |  |   |                   |  | 
|Adv Payments                                                                    |  |   | 0.00           |   |  |   |                   |  | 
|Sec Deposits                                                                    |  |   | 607.22         |   |  |   |                   |  | 
|Remaining Coll                                                                  |  |   | 492,998.34     |   |  |   |                   |  | 
|Service Fees                                                                    |  |   | 100,519.19     |   |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Total to I.O.S. Capital                                                         |  |   | 594,124.75     |   |  |   | Oct-02            |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 185,000,504.20    |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 174,186,479.61    |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 9,400,926.80      |  | 
|                                                                                |  |   |               
|Class A-1        CUSIP # 45171WAK3                                              |  |   |                |   |  |   |                   |  | 
|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                                                         |  |   | 130,000,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-1 Face                                                         |  |   | 130,000,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-2        CUSIP # 45171WAL1                                              |  |   |                |   |  |   |                   |  | 
|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                                                         |  |   | 54,000,000.00  |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-2 Face                                                         |  |   | 54,000,000.00  |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 





---

|IKON Receivables, LLC                                                                  |  |   |                |   |  |   |                   |  |               |  
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | ------------- | -
|Chase Lease-Backed Notes Series 2000-1                                                 |  |   | Payment Date   |   |  |   | November 15, 2002 |  |               |  
|MONTHLY SERVICER REPORT                                                                |  |   |                |   |  |   |                   |  |               |  
|October 2002                                                                           |  |   | Payment Date   | # |  |   | 30                |  |               |  
|                                                                                       |  |   |               
|Class A-3        CUSIP # 45171WAM9                                                     |  |   |                |   |  |   |                   |  |               |  
|Beginning Class A-3 Principal Balance                                                  |  |   | Oct-02         |   |  | $ | 76,320,702.96     |  |               |  
|Principal in Current Period                                                            |  |   |                |   |  | $ | 9,400,926.80      |  |               |  
|Ending Class A-3 Principal Balance                                                     |  |   |                |   |  | $ | 66,919,776.16     |  |               |  
|                                                                                       |  |   |               
|Interest due this Due Period                                                           |  |   | %              |   |  | $ | 130,784.00        |  |               |  
|                                                                                       |  |   |               
|Interest Paid Per $1,000                                                               |  | $ | 0.5686261070   |   |  | $ | 130,784.00        |  |               |  
|                                                                                       |  |   |                |   |  |   |                   |  |               |  
|Original Class A-3 Face                                                                |  |   | 230,000,000.00 |   |  |   |                   |  |               |  
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ | 40.8735947789  |   |  | $ | 9,400,926.80      |  |               |  
|                                                                                       |  |   |                |   |  |   |                   |  |               |  
|Original Class A-3 Face                                                                |  |   | 230,000,000.00 |   |  |   |                   |  |               |  
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                   |  |               |  
|(Ending Class A-3 Principal/Original Class A-3 Face)                                   |  |   | 29.0955548525  | % |  |   |                   |  |               |  
|                                                                                       |  |   |                |   |  |   |                   |  |               |  
|                                                                                       |  |   |               
|Class A-4        CUSIP # 45171WAN7                                                     |  |   |                |   |  |   |                   |  |               |  
|Beginning Class A-4 Principal Balance                                                  |  |   | Oct-02         |   |  | $ | 84,510,000.00     |  |               |  
|Principal in Current Period                                                            |  |   |                |   |  | $ |                  |  |               |  
|Ending Class A-4 Principal Balance                                                     |  |   |                |   |  | $ | 84,510,000.00     |  |               |  
|                                                                                       |  |   |               
|Interest due this Due Period                                                           |  |   | %              |   |  | $ | 147,728.18        |  |               |  
|                                                                                       |  |   |               
|Interest Paid Per $1,000                                                               |  | $ | 1.7480555556   |   |  | $ | 147,728.18        |  |               |  
|                                                                                       |  |   |                |   |  |   |                   |  |               |  
|Original Class A-4 Face                                                                |  |   | 84,510,000.00  |   |  |   |                   |  |               |  
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $ |                  |  |               |  
|                                                                                       |  |   |                |   |  |   |                   |  |               |  
|Original Class A-4 Face                                                                |  |   | 84,510,000.00  |   |  |   |                   |  |               |  
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                   |  |               |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                                   |  |   | 100.0000000000 | % |  |   |                   |  |               |  
|                                                                                       |  |   |                |   |  |   |                   |  |               |  
|                                                                                       |  |   |               
|Overcollateralization Amount                                                           |  |   |                |   |  | $ | 22,756,703.45     |  | 13.0645636    | %
|                                                                                      
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                              
|                                                                                       |  |   |               
|Discounted Present Value of the Leases which are:                                      |  |   |                |   |  |   |                   |  |               |  
|31-60 DAYS OVERDUE                                                                     |  |   | Oct-02         |   |  | $ | 7,539,228.76      |  |               |  
|61-90 DAYS OVERDUE                                                                     |  |   | Oct-02         |   |  | $ | 2,899,442.01      |  |               |  
|91-120 DAYS OVERDUE                                                                    |  |   | Oct-02         |   |  | $ | 817,504.22        |  |               |  
|                                                                                       |  |   |               
|Servicer Advance since previous months report                                         |  |   |                |   |  | $ |                  |  |               |  
|                                                                                       |  |   |               
|Other Information to be provided                                                       |  |   |                |   |  |   |                   |  |               |  
|Total Contracts for Reporting Period - Oct 02                                          |  |   | 21380          |   |  |   |                   |  |               |  
|Total amount of Lease Payments received during prior Period                            |  |   |                |   |  | $ | 10,249,302.36     |  |               |  
|                                                                                       |  |   |               
|Total amount of Casualty Payments received during prior Period                         |  |   |                |   |  | $ |                  |  |               |  
|                                                                                       |  |   |               
|Total amount of Termination Payments received during prior Period                      |  |   |                |   |  | $ | 1,623,068.51      |  |               |  
|                                                                                       |  |   |               
|Total amount of Non-Performing Lease Payments received during prior Period             |  |   |                |   |  | $ |                  |  |               |  
|                                                                                       |  |   |               
|Retainable Deposits on Deposit                                                         |  |   |                |   |  | $ | 25,460.48         |  |               |  
|                                                                                       |  |   |               
|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                       |  |   | 10.000000%     |   |  | $ | 55,561,502.22     |  |               |  
|                                                                                       |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |   | Oct-02         |   |  | $ | 29,862,917.42     |  | 29,862,917.42 |  
|Maximum Allowable Substitutions for Non-Performing Leases                              |  |   | 10.000000%     |   |  | $ | 55,561,502.22     |  |               |  
|                                                                                       |  |   |               
|Interest Rate Swap                                                                     |  |   |                |   |  |   |                   |  |               |  





---

|IKON Receivables, LLC                                         |  |              |   |  |                   |  | 
|------------------------------------------------------------- |  | ------------ | - |  | ----------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                        |  | Payment Date |   |  | November 15, 2002 |  | 
|MONTHLY SERVICER REPORT                                       |  |              |   |  |                   |  | 
|October 2002                                                  |  | Payment Date | # |  | 30                |  | 
|                                                              |  |              |  
|Class A-3 Fixed Swap Rate                                     |  | 7.802        | % |  |                   |  | 
|Class A-4 Fixed Swap Rate                                     |  | 7.820        | % |  |                   |  | 
|a) Fixed Swap Interest Payable                                |  |              |   |  | 1,046,935.27      |  | 
|                                                              |  |              |  
|Class A-3 Note Interest Rate                                  |  | 1.99000      | % |  |                   |  | 
|Class A-4 Note Interest Rate                                  |  | 2.03000      | % |  |                   |  | 
|b) Floating Swap Interest Receivable                          |  |              |   |  | 278,512.18        |  | 
|                                                              |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a) |  |              |   |  |                  |  | 
|(Available Funds deposited to Collection Account)           |  |              |   |  |                   |  | 
|                                                              |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)      |  |              |   |  | 768,423.09        |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                  |  |                |  |   |                   |  |             
|---------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | ------------
|Chase Lease-Backed Notes Series 2000-1                                 |  | Payment Date   |  |   | December 16, 2002 |  |             
|MONTHLY SERVICER REPORT                                                |  |                |  |   |                   |  |             
|November 2002                                                          |  | Payment Date # |  |   | 31                |  |             
|                                                                       |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                         |  |                |  |   |                   |  |             
|Beginning Balance (DPVL as of previous Determination Date)             |  |                |  | $ | 174,186,479.61    |  |             
|                                                                       |  |                | 
|Less:    Lease Payments Due - current month                            |  | Nov-02         |  | $ | 10,296,920.84     |  |             
|Add:    Interest (@ Discount Rate of 8.75%)                            |  |                |  | $ | 1,270,109.75      |  |             
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc  |  | Nov-02         |  | $ | 297,538.57        |  |             
|Less:    Warranty Leases                                               |  |                |  | $ |                  |  |             
|Less:    DPV Amounts on Early Termination Leases                       |  | Nov-02         |  | $ | 1,135,756.07      |  |             
|Add:    DPV Substitute Leases                                          |  | Nov-02         |  | $ | 297,539.00        |  |             
|Add:    DPV Additional Leases                                          |  | Nov-02         |  | $ |                  |  |             
|                                                                       |  |                |  |   |                   |  |             
|                                                                       |  |                | 
|Ending Balance (DPVL as of current Determination Date)                 |  |                |  | $ | 164,023,912.88    |  |             
|                                                                       |  |                | 
|OVERDUE LEASE PAYMENTS                                                 |  |                |  |   |                   |  |             
|                                                                       |  |                | 
|Beginning Balance                                                      |  |                |  |   | 11,086,629.02     |  |             
|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         |  |   | 1,310,025.57      |  |             
|                                                                       |  |                |  |   |                   |  |             
|Total Cash to be reimbursed to IOS                                     |  |                |  |   | 1,310,025.57      |  |             
|Add:    Servicer Adv for scheduled payments not made in current period |  | Nov-02         |  |   | 1,627,184.76      |  |             
|                                                                       |  |                |  |   |                   |  |             
|Ending Balance                                                         |  |                |  |   | 11,403,788.21     |  |             
|                                                                      
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                           
|                                                                       |  |                | 
|Beginning Balance                                                      |  |                |  |   | 620,452.34        |  |             
|Less:    Applied to Current from Prepaid                               |  | Nov-02         |  |   | 700,551.71        |  |             
|Less:    Repurchased Leases                                            |  |                |  |   |                  |  |             
|Less:    Advance Payments on Non-Performing Leases                     |  |                |  |   |                  |  |             
|Add:    Received This Month                                            |  |                |  |   | 866,103.80        |  |             
|Add:    Received in Prior Month                                        |  |                |  |   |                  |  | (165,552.09)
|                                                                       |  |                |  |   |                   |  |             
|Ending Balance                                                         |  |                |  |   | 786,004.43        |  |             
|                                                                      
|RECONCILIATION OF RESERVE ACCOUNT                                     
|                                                                       |  |                | 
|Beginning Balance                                                      |  | Nov-02         |  |   | 5,539,024.70      |  |             
|Less:    Deposit to Collection Account (if any)                        |  |                |  |   |                  |  |             
|Ending Balance                                                         |  |                |  |   | 5,539,024.70      |  |             
|                                                                       |  |                | 
|Required Reserve Account                                               |  |                |  |   |                   |  |             
|Lesser of 1% of $ and Outstanding Note Amount                          |  |                |  |   | 5,539,024.70      |  |             
|                                                                       |  |                | 
|Reserve Account in excess of Required Reserve                          |  |                |  |   |                  |  |             
|Deposits into Reserve Account                                          |  |                |  |   |                  |  |             
|Amounts Released to Issuer                                             |  |                |  |   |                  |  |             
|                                                                       |  |                |  |   |                   |  |             
|                                                                       |  |                | 
|Ending Balance                                                         |  |                |  |   | 5,539,024.70      |  |             
|                                                                      
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                            
|                                                                       |  |                | 
|Beginning Balance                                                      |  | Nov-02         |  |   | 25,460.48         |  |             
|Less Retainable Deposits to be Deposited into Collection Account and   |  |                |  |   | 741.33            |  |             
|Amounts Repayable to Lessees                                           |  |                |  |   |                   |  |             
|Add Additional Security Deposits collected on leases                   |  |                |  |   |                   |  |             
|                                                                       |  |                |  |   |                   |  |             
|Ending Balance                                                         |  | Nov-02         |  |   | 24,719.15         |  |             





---

|IKON Receivables, LLC                                                            |  |                |   |  |                   |   |  |                  
|-------------------------------------------------------------------------------- |  | -------------- | - |  | ----------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-1                                           |  | Payment Date   |   |  | December 16, 2002 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |                |   |  |                   |   |  |                  
|November 2002                                                                    |  | Payment Date # |   |  | 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                                                                       |  |                |   |  | 2.05              | % |  | Annualized Nov 02
|Last Month                                                                       |  |                |   |  | 2.11              | % |  | Annualized Oct 02
|Two Months ago                                                                   |  |                |   |  | 2.29              | % |  | Annualized Sep 02
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |   |  | 2.15              | % |  |                  
|                                                                                 |  |                |  
|Calculate Delinquent Rate                                                        |  |                |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |                |   |  | 61                |   |  |                  
|                                                                                 |  |                |  
|Discounted Present Value of Delinquent Leases:                                   |  |                |   |  |                   |   |  |                  
|This Month                                                                       |  |                |   |  | 2.36              | % |  |                  
|Last Month                                                                       |  |                |   |  | 2.13              | % |  |                  
|Two Months ago                                                                   |  |                |   |  | 2.16              | % |  |                  
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |   |  | 2.22              | % |  |                  
|                                                                                 |  |                |  
|Acceleration Event                                                               |  |                |   |  |                   |   |  |                  
|Triggered if                                                                     |  |                |   |  |                   |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25           | % |  |                   |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00           | % |  |                   |   |  |                  
|                                                                                 |  |                |  
|Acceleration Event Triggered? (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                                           |  | Nov-02         |   |  | 9,279,209.91      |   |  |                  
|Lease Payments Received on Prior Months Receivables                              |  | Nov-02         |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution              |  | Nov-02         |   |  | 9,279,209.91      |   |  |                  
|Reimbursed Servicer Advances                                                     |  |                |   |  |                  |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided            |  |                |   |  | 1,135,756.07      |   |  |                  
|Advanced Payments Applied to Current                                             |  |                |   |  | 700,551.71        |   |  |                  
|Lease Purchase Amounts                                                           |  |                |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |                |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |                |   |  |                  |   |  |                  
|                                                                                 |  |                |  
|Investment Earnings on Accounts:                                                 |  |                |   |  |                   |   |  |                  
|Collection Account                                                               |  | Oct-02         |   |  | 10,598.42         |   |  |                  
|Reserve Account                                                                  |  | Oct-02         |   |  | 6,508.21          |   |  |                  
|Security Deposit Account                                                         |  | Oct-02         |   |  | 37.83             |   |  |                  
|Casualty Payments                                                                |  |                |   |  |                  |   |  |                  
|Servicer Adv for scheduled payments not made in current period                   |  |                |   |  |                  |   |  |                  
|Payments Received From Swap Counterparty                                         |  |                |   |  |                  |   |  |                  
|Funds For Redemption (Optional Clean-Up Call)                                    |  |                |   |  |                  |   |  |                  
|                                                                                 |  |                |   |  |                   |   |  |                  
|Total amounts in the Collection Account related to the Current Collection Period |  |                |   |  | 11,132,662.15     |   |  |                  
|                                                                                 |  |                |  
|Transfers made by Trustee to the Collection Account                              |  |                |   |  |                   |   |  |                  
|Optional Payments Received from AMBAC                                            |  |                |   |  |                   |   |  |                  
|Insured Payments Received from AMBAC                                             |  |                |   |  |                  |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                          |  |                |   |  |                  |   |  |                  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Nov-02         |   |  | 741.33            |   |  |                  
|                                                                                 |  |                |   |  |                   |   |  |                  
|Less     Credit for payments applied in prior period                             |  |                |   |  |                   |   |  |                  





---

|IKON Receivables, LLC                                                        |  |                |   |  |   |                   |  |                                   
|---------------------------------------------------------------------------- |  | -------------- | - |  | - | ----------------- |  | ----------------------------------
|Chase Lease-Backed Notes Series 2000-1                                       |  | Payment Date   |   |  |   | December 16, 2002 |  |                                   
|MONTHLY SERVICER REPORT                                                      |  |                |   |  |   |                   |  |                                   
|November 2002                                                                |  | Payment Date # |   |  |   | 31                |  |                                   
|                                                                             |  |                |  
|Total deposited into the Collection Account                                  |  |                |   |  |   | 11,133,403.48     |  |                                   
|                                                                            
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                       
|                                                                             |  |                |  
|Surety Fee                                                                   |  | 0.18           | % |  |   | 22,714.47         |  | Surety Fee Nov 02                 
|0.18% of Outstanding Principal Amount of the Notes                           |  |                |   |  |   |                   |  |                                   
|                                                                             |  |                |  
|Payment to Swap Counterparty                                                 |  |                |   |  |   | 778,015.04        |  | November 02                       
|                                                                             |  |                |  
|Transfer TO Advance Payment Que in Collection Account                        |  | Nov-02         |   |  |   | 165,552.05        |  | INCREASES balance in Adv que      
|Transfer FROM Security Deposit Account to Collection Act                     |  | Nov-02         |   |  |   | 741.33            |  | Decrease balance in Sec Dep       
|                                                                             |  |                |   |  |   |                   |  |                                   
|Servicing Fee                                                                |  | 0.75           | % |  |   | 94,643.61         |  | No Distribution on this Amount    
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV      |  |                |   |  |   |                   |  |                                   
|Trustee Fee                                                                  |  |                |   |  |   |                  |  | Annual Fee                        
|Service Fee Less Trustee Fee                                                 |  |                |   |  |   | 94,643.61         |  | IOS Net Servicing Fee Distribution
|Reimburse Servicer Advances owed to IOS not prev reimbursed                  |  |                |   |  |   |                  |  | IOS Svc Advance reimbursement     
|                                                                             |  |                |   |  |   |                   |  |                                   
|                                                                             |  |                |  
|Remaining Available to be Distributed to Noteholders                         |  |                |   |  |   | 10,071,736.99     |  |                                   
|                                                                             |  |                |  
|Disbursements                                                                |  |                |   |  |   |                   |  | Actual Days                       
|Class A-1 Interest Due (Act/360 Basis)                                       |  | 6.99625        | % |  | $ |                  |  | 31                                
|Class A-2 Interest Due (30/360 Basis)                                        |  | 7.51000        | % |  | $ |                  |  |                                   
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.38125 + .19 = 1.57125% |  | 1.57125        | % |  | $ | 90,543.85         |  | Libor + .19                       
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.38125 + .23 = 1.61125% |  | 1.61125        | % |  | $ | 117,254.69        |  | Libor + .23                       
|                                                                             |  |                |   |  |   |                   |  |                                   
|Total Class A Interest Due                                                   |  |                |   |  | $ | 207,798.54        |  |                                   
|Class A Interest Paid                                                        |  |                |   |  | $ | 207,798.54        |  |                                   
|Cumulative Outstanding Amounts Owed to AMBAC                                 |  |                |   |  | $ |                  |  |                                   
|Reimburse Amounts due AMBAC                                                  |  |                |   |  | $ |                  |  |                                   
|Beginning Aggregate Class A Note Balance                                     |  |                |   |  | $ | 151,429,776.16    |  |                                   
|Class A Principal Payment While Class A-1 Outstanding                        |  |                |   |  | $ |                  |  | 9,042,395.24                      
|Class A Principal Payment After Class A-1 Retired                            |  | 86.93273       | % |  | $ | 8,834,596.70      |  |                                   
|Aggregate Class A Principal Payment                                          |  |                |   |  | $ | 8,834,596.70      |  |                                   
|Class A Principal Paid                                                       |  |                |   |  | $ | 8,834,596.70      |  |                                   
|Ending Aggregate Class A Note Balance                                        |  |                |   |  | $ | 142,595,179.46    |  |                                   
|Overcollateralization Floor                                                  |  |                |   |  |   |                   |  |                                   
|2.5% of $555,615,022.22                                                      |  |                |   |  | $ | 13,890,375.56     |  |                                   
|Plus: Cumulative Loss Amount                                                 |  |                |   |  | $ |                  |  |                                   
|Less: Reserve Account Ending Balance                                         |  |                |   |  | $ | 5,539,024.70      |  |                                   
|Overcollateralization Floor                                                  |  |                |   |  | $ | 8,351,350.86      |  | N                                 
|Additional Class A Principal                                                 |  |                |   |  | $ |                  |  |                                   
|Additional Principal Class A Paid                                            |  |                |   |  | $ |                  |  |                                   
|End of Period Class A Note Balance                                           |  |                |   |  | $ | 142,595,179.46    |  |                                   
|                                                                             |  |                |  
|Remaining Collections After Distributions to Noteholders                     |  |                |   |  | $ | 1,029,341.75      |  |                                   
|                                                                             |  |                |  
|Distribution to Noteholder for Clean-up Call                                 |  |                |   |  | $ |                  |  |                                   
|                                                                             |  |                |  
|Reserve Account Deposit                                                      |  |                |   |  | $ |                  |  |                                   
|Additional Funds Available for Distribution to IOS                           |  |                |   |  | $ | 329,341.75        |  |                                   
|                                                                             |  |                |  
|Total Distribution from the Collection Account                               |  |                |   |  | $ | 10,433,403.48     |  |                                   





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                          |  |   | Payment Date   |   |  |   | December 16, 2002 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  | 
|November 2002                                                                   |  |   | Payment Date # |   |  |   | 31                |  | 
|                                                                                |  |   |               
|Amounts to IOS Capital for current period                                       |  |   |                |   |  |   |                   |  | 
|Adv Payments                                                                    |  |   | 0.00           |   |  |   |                   |  | 
|Sec Deposits                                                                    |  |   | 741.33         |   |  |   |                   |  | 
|Remaining Coll                                                                  |  |   | 329,341.75     |   |  |   |                   |  | 
|Service Fees                                                                    |  |   | 94,643.61      |   |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Total to I.O.S. Capital                                                         |  |   | 424,726.69     |   |  |   | Nov-02            |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 174,186,479.61    |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 164,023,912.88    |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 8,834,596.70      |  | 
|                                                                                |  |   |               
|Class A-1        CUSIP # 45171WAK3                                              |  |   |                |   |  |   |                   |  | 
|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                                                         |  |   | 130,000,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-1 Face                                                         |  |   | 130,000,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-2        CUSIP # 45171WAL1                                              |  |   |                |   |  |   |                   |  | 
|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                                                         |  |   | 54,000,000.00  |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-2 Face                                                         |  |   | 54,000,000.00  |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-3        CUSIP # 45171WAM9                                              |  |   |                |   |  |   |                   |  | 
|Beginning Class A-3 Principal Balance                                           |  |   | Nov-02         |   |  | $ | 66,919,776.16     |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 8,834,596.70      |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 58,085,179.46     |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 90,543.85         |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.3936689187   |   |  | $ | 90,543.85         |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3 Face                                                         |  |   | 230,000,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 38.4112899954  |   |  | $ | 8,834,596.70      |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-3 Face                                                         |  |   | 230,000,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 25.2544258526  | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 





---

|IKON Receivables, LLC                                                                  |  |   |                |   |  |   |                   |  |               |  
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | ------------- | -
|Chase Lease-Backed Notes Series 2000-1                                                 |  |   | Payment Date   |   |  |   | December 16, 2002 |  |               |  
|MONTHLY SERVICER REPORT                                                                |  |   |                |   |  |   |                   |  |               |  
|November 2002                                                                          |  |   | Payment Date # |   |  |   | 31                |  |               |  
|                                                                                       |  |   |               
|Class A-4    CUSIP # 45171WAN7                                                         |  |   |                |   |  |   |                   |  |               |  
|Beginning Class A-4 Principal Balance                                                  |  |   | Nov-02         |   |  | $ | 84,510,000.00     |  |               |  
|Principal in Current Period                                                            |  |   |                |   |  | $ |                  |  |               |  
|Ending Class A-4 Principal Balance                                                     |  |   |                |   |  | $ | 84,510,000.00     |  |               |  
|                                                                                       |  |   |               
|Interest due this Due Period                                                           |  |   | %              |   |  | $ | 117,254.69        |  |               |  
|                                                                                       |  |   |               
|Interest Paid Per $1,000                                                               |  | $ | 1.3874652778   |   |  | $ | 117,254.69        |  |               |  
|                                                                                       |  |   |                |   |  |   |                   |  |               |  
|Original Class A-4 Face                                                                |  |   | 84,510,000.00  |   |  |   |                   |  |               |  
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $ |                  |  |               |  
|                                                                                       |  |   |                |   |  |   |                   |  |               |  
|Original Class A-4 Face                                                                |  |   | 84,510,000.00  |   |  |   |                   |  |               |  
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                   |  |               |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                                   |  |   | 100.0000000000 | % |  |   |                   |  |               |  
|                                                                                       |  |   |                |   |  |   |                   |  |               |  
|Overcollateralization Amount                                                           |  |   |                |   |  | $ | 21,428,733.42     |  | 13.0643959    | %
|                                                                                      
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                              
|                                                                                       |  |   |               
|Discounted Present Value of the Leases which are:                                      |  |   |                |   |  |   |                   |  |               |  
|31-60 DAYS OVERDUE                                                                     |  |   | Nov-02         |   |  | $ | 8,636,164.95      |  |               |  
|61-90 DAYS OVERDUE                                                                     |  |   | Nov-02         |   |  | $ | 2,947,673.47      |  |               |  
|91-120 DAYS OVERDUE                                                                    |  |   | Nov-02         |   |  | $ | 930,127.38        |  |               |  
|                                                                                       |  |   |               
|Servicer Advance since previous months report                                         |  |   |                |   |  | $ |                  |  |               |  
|                                                                                       |  |   |               
|Other Information to be provided                                                       |  |   |                |   |  |   |                   |  |               |  
|Total Contracts for Reporting Period - Nov 02                                          |  |   | 21380          |   |  |   |                   |  |               |  
|                                                                                       |  |   |               
|Total amount of Lease Payments received during prior Period                            |  |   |                |   |  | $ | 9,279,209.91      |  |               |  
|                                                                                       |  |   |               
|Total amount of Casualty Payments received during prior Period                         |  |   |                |   |  | $ |                  |  |               |  
|                                                                                       |  |   |               
|Total amount of Termination Payments received during prior Period                      |  |   |                |   |  | $ | 1,135,756.07      |  |               |  
|                                                                                       |  |   |               
|Total amount of Non-Performing Lease Payments received during prior Period             |  |   |                |   |  | $ |                  |  |               |  
|                                                                                       |  |   |               
|Retainable Deposits on Deposit                                                         |  |   |                |   |  | $ | 24,719.15         |  |               |  
|                                                                                       |  |   |               
|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                       |  |   | 10.000000%     |   |  | $ | 55,561,502.22     |  |               |  
|                                                                                       |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |   | Nov-02         |   |  | $ | 30,160,456.42     |  | 30,160,456.42 |  
|Maximum Allowable Substitutions for Non-Performing Leases                              |  |   | 10.000000%     |   |  | $ | 55,561,502.22     |  |               |  
|                                                                                       |  |   |               
|Interest Rate Swap                                                                     |  |   |                |   |  |   |                   |  |               |  
|                                                                                       |  |   |               
|Class A-3 Fixed Swap Rate                                                              |  |   | 7.802          | % |  |   |                   |  |               |  
|Class A-4 Fixed Swap Rate                                                              |  |   | 7.820          | % |  |   |                   |  |               |  
|a) Fixed Swap Interest Payable                                                         |  |   |                |   |  |   | 985,813.58        |  |               |  
|                                                                                       |  |   |               
|Class A-3 Note Interest Rate                                                           |  |   | 1.57125        | % |  |   |                   |  |               |  
|Class A-4 Note Interest Rate                                                           |  |   | 1.61125        | % |  |   |                   |  |               |  
|b) Floating Swap Interest Receivable                                                   |  |   |                |   |  |   | 207,798.54        |  |               |  





---

|IKON Receivables, LLC                                         |  |                |  |                   |  | 
|------------------------------------------------------------- |  | -------------- |  | ----------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                        |  | Payment Date   |  | December 16, 2002 |  | 
|MONTHLY SERVICER REPORT                                       |  |                |  |                   |  | 
|November 2002                                                 |  | Payment Date # |  | 31                |  | 
|                                                              |  |                | 
|Net Swap Interest Receivable From Swap Counterparty (b-a) |  |                |  |                  |  | 
|(Available Funds deposited to Collection Account)           |  |                |  |                   |  | 
|Net Swap Interest Payable to Swap Counterparty (a-b)      |  |                |  | 778,015.04        |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                             |  |                |  |   |                  |  |           
|------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ---------------- |  | ----------
|Chase Lease-Backed Notes Series 2000-1                                                            |  | Payment Date   |  |   | January 15, 2003 |  |           
|MONTHLY SERVICER REPORT                                                                           |  |                |  |   |                  |  |           
|December 2002                                                                                     |  | Payment Date # |  |   | 32               |  |           
|                                                                                                  |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |                |  |   |                  |  |           
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                |  | $ | 164,023,912.88   |  |           
|                                                                                                  |  |                | 
|Less:    Lease Payments Due - current month                                                       |  | Dec-02         |  | $ | 9,779,059.52     |  |           
|Add:    Interest (@ Discount Rate of 8.75%)                                                       |  |                |  | $ | 1,196,007.70     |  |           
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                             |  | Dec-02         |  | $ | 295,411.74       |  |           
|Less:    Warranty Leases                                                                          |  |                |  | $ |                 |  |           
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Dec-02         |  | $ | 1,189,845.98     |  |           
|Add:    DPV Substitute Leases                                                                     |  | Dec-02         |  | $ | 295,412.00       |  |           
|Add:    DPV Additional Leases                                                                     |  | Dec-02         |  | $ |                 |  |           
|                                                                                                  |  |                |  |   |                  |  |           
|                                                                                                  |  |                | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                |  | $ | 154,251,015.34   |  |           
|                                                                                                  |  |                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                |  |   |                  |  |           
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 11,403,788.21    |  |           
|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         |  |   | 1,283,122.84     |  |           
|                                                                                                  |  |                |  |   |                  |  |           
|Total Cash to be reimbursed to IOS                                                                |  |                |  |   | 1,283,122.84     |  |           
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Dec-02         |  |   | 1,461,793.95     |  |           
|                                                                                                  |  |                |  |   |                  |  |           
|Ending Balance                                                                                    |  |                |  |   | 11,582,459.32    |  |           
|                                                                                                 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                      
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 786,004.43       |  |           
|Less:    Applied to Current from Prepaid                                                          |  | Dec-02         |  |   | 589,915.65       |  |           
|Less:    Repurchased Leases                                                                       |  |                |  |   |                 |  |           
|Less:    Advance Payments on Non-Performing Leases                                                |  |                |  |   |                 |  |           
|Add:    Received This Month                                                                       |  |                |  |   | 355,135.54       |  |           
|Add:    Received in Prior Month                                                                   |  |                |  |   |                 |  | 234,780.11
|                                                                                                  |  |                |  |   |                  |  |           
|Ending Balance                                                                                    |  |                |  |   | 551,224.32       |  |           
|                                                                                                  |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |                |  |   |                  |  |           
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Dec-02         |  |   | 5,539,024.70     |  |           
|Less:    Deposit to Collection Account (if any)                                                   |  |                |  |   |                 |  |           
|Ending Balance                                                                                    |  |                |  |   | 5,539,024.70     |  |           
|                                                                                                  |  |                | 
|Required Reserve Account                                                                          |  |                |  |   |                  |  |           
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                |  |   | 5,539,024.70     |  |           
|                                                                                                  |  |                | 
|Reserve Account in excess of Required Reserve                                                     |  |                |  |   |                 |  |           
|Deposits into Reserve Account                                                                     |  |                |  |   |                 |  |           
|Amounts Released to Issuer                                                                        |  |                |  |   |                 |  |           
|                                                                                                  |  |                |  |   |                  |  |           
|                                                                                                  |  |                | 
|Ending Balance                                                                                    |  |                |  |   | 5,539,024.70     |  |           
|                                                                                                 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                       
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Dec-02         |  |   | 24,719.15        |  |           
|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         |  |   | 24,719.15        |  |           





---

|IKON Receivables, LLC                                                            |  |                |   |  |                  |   |  |                  
|-------------------------------------------------------------------------------- |  | -------------- | - |  | ---------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-1                                           |  | Payment Date   |   |  | January 15, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |                |   |  |                  |   |  |                  
|December 2002                                                                    |  | Payment Date # |   |  | 32               |   |  |                  
|                                                                                 |  |                |  
|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                                                                       |  |                |   |  | 2.16             | % |  | Annualized Dec 02
|Last Month                                                                       |  |                |   |  | 2.05             | % |  | Annualized Nov 02
|Two Months ago                                                                   |  |                |   |  | 2.11             | % |  | Annualized Oct 02
|3 mos. Average                                                                   |  |                |   |  | 2.11             | % |  |                  
|Calculate Delinquent Rate                                                        |  |                |   |  |                  |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |                |   |  | 61               |   |  |                  
|                                                                                 |  |                |  
|Discounted Present Value of Delinquent Leases:                                   |  |                |   |  |                  |   |  |                  
|This Month                                                                       |  |                |   |  | 2.28             | % |  |                  
|Last Month                                                                       |  |                |   |  | 2.36             | % |  |                  
|Two Months ago                                                                   |  |                |   |  | 2.13             | % |  |                  
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |   |  | 2.26             | % |  |                  
|                                                                                 |  |                |  
|Acceleration Event                                                               |  |                |   |  |                  |   |  |                  
|Triggered if                                                                     |  |                |   |  |                  |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25           | % |  |                  |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00           | % |  |                  |   |  |                  
|                                                                                 |  |                |  
|Acceleration Event Triggered? (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                                           |  | Dec-02         |   |  | 9,010,472.76     |   |  |                  
|Lease Payments Received on Prior Months Receivables                              |  | Dec-02         |   |  |                 |   |  |                  
|Lease payments received in current month available for distribution              |  | Dec-02         |   |  | 9,010,472.76     |   |  |                  
|Reimbursed Servicer Advances                                                     |  |                |   |  |                 |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided            |  |                |   |  | 689,845.98       |   |  |                  
|Advanced Payments Applied to Current                                             |  |                |   |  | 589,915.65       |   |  |                  
|Lease Purchase Amounts                                                           |  |                |   |  |                 |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |                |   |  |                 |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |                |   |  |                 |   |  |                  
|                                                                                 |  |                |  
|Investment Earnings on Accounts:                                                 |  |                |   |  |                  |   |  |                  
|Collection Account                                                               |  | Dec-02         |   |  | 10,146.81        |   |  |                  
|Reserve Account                                                                  |  | Dec-02         |   |  | 5,992.17         |   |  |                  
|Security Deposit Account                                                         |  | Dec-02         |   |  | 33.88            |   |  |                  
|Casualty Payments                                                                |  |                |   |  |                 |   |  |                  
|Servicer Adv for scheduled payments not made in current period                   |  |                |   |  |                 |   |  |                  
|Payments Received From Swap Counterparty                                         |  |                |   |  |                 |   |  |                  
|Funds For Redemption (Optional Clean-Up Call)                                    |  |                |   |  |                 |   |  |                  
|                                                                                 |  |                |   |  |                  |   |  |                  
|                                                                                 |  |                |  
|Total amounts in the Collection Account related to the Current Collection Period |  |                |   |  | 10,306,407.25    |   |  |                  
|                                                                                 |  |                |  
|Transfers made by Trustee to the Collection Account                              |  |                |   |  |                  |   |  |                  
|Optional Payments Received from AMBAC                                            |  |                |   |  |                  |   |  |                  
|Insured Payments Received from AMBAC                                             |  |                |   |  |                 |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                          |  |                |   |  |                 |   |  |                  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Dec-02         |   |  |                 |   |  |                  
|                                                                                 |  |                |   |  |                  |   |  |                  





---

|IKON Receivables, LLC                                                        |  |                |   |  |   |                  |  |                                  
|---------------------------------------------------------------------------- |  | -------------- | - |  | - | ---------------- |  | ---------------------------------
|Chase Lease-Backed Notes Series 2000-1                                       |  | Payment Date   |   |  |   | January 15, 2003 |  |                                  
|MONTHLY SERVICER REPORT                                                      |  |                |   |  |   |                  |  |                                  
|December 2002                                                                |  | Payment Date # |   |  |   | 32               |  |                                  
|                                                                             |  |                |  
|Less     Credit for payments applied in prior period                         |  |                |   |  |   |                  |  |                                  
|                                                                             |  |                |  
|Total deposited into the Collection Account                                  |  |                |   |  |   | 10,306,407.25    |  |                                  
|                                                                             |  |                |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                        |  |                |   |  |   |                  |  |                                  
|                                                                             |  |                |  
|Surety Fee                                                                   |  | 0.18           | % |  |   | 21,389.28        |  | Surety Fee Dec 02                
|0.18% of Outstanding Principal Amount of the Notes                           |  |                |   |  |   |                  |  |                                  
|                                                                             |  |                |  
|Payment to Swap Counterparty                                                 |  |                |   |  |   | 734,241.78       |  | December 2002                    
|                                                                             |  |                |  
|Transfer FROM Advance Payment Que in Collection Account                      |  | Dec-02         |   |  |   | 234,780.11       |  | DECREASES Balancein Adv que      
|Transfer FROM Security Deposit Account to Collection Act                     |  | Dec-02         |   |  |   |                 |  | DECREASESBalance in Sec Dep      
|                                                                             |  |                |   |  |   |                 |  |                                  
|                                                                             |  |                |  
|Servicing Fee                                                                |  | 0.75           | % |  |   | 89,121.99        |  | No Distribution onthis Amount    
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV      |  |                |   |  |   |                  |  |                                  
|                                                                             |  |                |  
|Trustee Fee                                                                  |  |                |   |  |   | 3,675.00         |  | Annual Fee                       
|Service Fee Less Trustee Fee                                                 |  |                |   |  |   | 85,446.99        |  | IOS Net ServicingFee Distribution
|Reimburse Servicer Advances owed to IOS not prev reimbursed                  |  |                |   |  |   |                 |  | IOS Svc Advancereimbursement     
|                                                                             |  |                |   |  |   |                  |  |                                  
|                                                                             |  |                |  
|Remaining Available to be Distributed to Noteholders                         |  |                |   |  |   | 9,226,874.10     |  |                                  
|                                                                             |  |                |  
|Disbursements                                                                |  |                |   |  |   |                  |  | Actual Days                      
|Class A-1 Interest Due (Act/360 Basis)                                       |  | 6.99625        | % |  | $ |                 |  | 30                               
|Class A-2 Interest Due (30/360 Basis)                                        |  | 7.51000        | % |  | $ |                 |  |                                  
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.42000 + .19 = 1.61000% |  | 1.61000        | % |  | $ | 77,930.95        |  | Libor + .19                      
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.42000 + .23 = 1.65000% |  | 1.65000        | % |  | $ | 116,201.25       |  | Libor + .23                      
|                                                                             |  |                |   |  |   |                  |  |                                  
|Total Class A Interest Due                                                   |  |                |   |  | $ | 194,132.20       |  |                                  
|Class A Interest Paid                                                        |  |                |   |  | $ | 194,132.20       |  |                                  
|Cumulative Outstanding Amounts Owed to AMBAC                                 |  |                |   |  | $ |                 |  |                                  
|Reimburse Amounts due AMBAC                                                  |  |                |   |  | $ |                 |  |                                  
|Beginning Aggregate Class A Note Balance                                     |  |                |   |  | $ | 142,595,179.46   |  |                                  
|Class A Principal Payment While Class A-1 Outstanding                        |  |                |   |  | $ |                 |  | 8,689,978.83                     
|Class A Principal Payment After Class A-1 Retired                            |  | 86.93273       | % |  | $ | 8,495,846.63     |  |                                  
|Aggregate Class A Principal Payment                                          |  |                |   |  | $ | 8,495,846.63     |  |                                  
|Class A Principal Paid                                                       |  |                |   |  | $ | 8,495,846.63     |  |                                  
|Ending Aggregate Class A Note Balance                                        |  |                |   |  | $ | 134,099,332.83   |  |                                  
|Overcollateralization Floor                                                  |  |                |   |  |   |                  |  |                                  
|2.5% of $555,615,022.22                                                      |  |                |   |  | $ | 13,890,375.56    |  |                                  
|Plus: Cumulative Loss Amount                                                 |  |                |   |  | $ |                 |  |                                  
|Less: Reserve Account Ending Balance                                         |  |                |   |  | $ | 5,539,024.70     |  |                                  
|Overcollateralization Floor                                                  |  |                |   |  | $ | 8,351,350.86     |  | N                                
|Additional Class A Principal                                                 |  |                |   |  | $ |                 |  |                                  
|Additional Principal Class A Paid                                            |  |                |   |  | $ |                 |  |                                  
|End of Period Class A Note Balance                                           |  |                |   |  | $ | 134,099,332.83   |  |                                  
|                                                                             |  |                |  
|Remaining Collections After Distributions to Noteholders                     |  |                |   |  | $ | 536,895.27       |  |                                  
|                                                                             |  |                |  
|Distribution to Noteholder for Clean-up Call                                 |  |                |   |  | $ |                 |  |                                  
|                                                                             |  |                |  
|Reserve Account Deposit                                                      |  |                |   |  | $ |                 |  |                                  
|Additional Funds Available for Distribution to IOS                           |  |                |   |  | $ | 536,895.27       |  |                                  





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                  |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ---------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                          |  |   | Payment Date   |   |  |   | January 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                  |  | 
|December 2002                                                                   |  |   | Payment Date # |   |  |   | 32               |  | 
|                                                                                |  |   |               
|Total Distribution from the Collection Account                                  |  |   |                |   |  | $ | 10,306,407.25    |  | 
|Amounts to IOS Capital for current period                                       |  |   |                |   |  |   |                  |  | 
|Adv Payments                                                                    |  |   | 234,780.11     |   |  |   |                  |  | 
|Sec Deposits                                                                    |  |   | 0.00           |   |  |   |                  |  | 
|Remaining Coll                                                                  |  |   | 536,895.27     |   |  |   |                  |  | 
|Service Fees                                                                    |  |   | 85,446.99      |   |  |   |                  |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Total to I.O.S. Capital                                                         |  |   | 857,122.36     |   |  |   | Dec-02           |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                  |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 164,023,912.88   |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 154,251,015.34   |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 8,495,846.63     |  | 
|Class A-1        CUSIP # 45171WAK3                                              |  |   |                |   |  |   |                  |  | 
|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                                                         |  |   | 130,000,000.00 |   |  |   |                  |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Original Class A-1 Face                                                         |  |   | 130,000,000.00 |   |  |   |                  |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                  |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|                                                                                |  |   |               
|Class A-2        CUSIP # 45171WAL1                                              |  |   |                |   |  |   |                  |  | 
|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                                                         |  |   | 54,000,000.00  |   |  |   |                  |  | 
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Original Class A-2 Face                                                         |  |   | 54,000,000.00  |   |  |   |                  |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                  |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|                                                                                |  |   |               
|Class A-3        CUSIP # 45171WAM9                                              |  |   |                |   |  |   |                  |  | 
|Beginning Class A-3 Principal Balance                                           |  |   | Dec-02         |   |  | $ | 58,085,179.46    |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 8,495,846.63     |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 49,589,332.83    |  | 
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 77,930.95        |  | 
|Interest Paid Per $1,000                                                        |  | $ | 0.3388302135   |   |  | $ | 77,930.95        |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Original Class A-3 Face                                                         |  |   | 230,000,000.00 |   |  |   |                  |  | 
|Principal Paid Per $1,000                                                       |  | $ | 36.9384636230  |   |  | $ | 8,495,846.63     |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Original Class A-3 Face                                                         |  |   | 230,000,000.00 |   |  |   |                  |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 21.5605794899  | % |  |   |                  |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 





---

|IKON Receivables, LLC                                                                  |  |   |                |   |  |   |                  |  |               |  
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ---------------- |  | ------------- | -
|Chase Lease-Backed Notes Series 2000-1                                                 |  |   | Payment Date   |   |  |   | January 15, 2003 |  |               |  
|MONTHLY SERVICER REPORT                                                                |  |   |                |   |  |   |                  |  |               |  
|December 2002                                                                          |  |   | Payment Date # |   |  |   | 32               |  |               |  
|                                                                                       |  |   |               
|Class A-4        CUSIP # 45171WAN7                                                     |  |   |                |   |  |   |                  |  |               |  
|Beginning Class A-4 Principal Balance                                                  |  |   | Dec-02         |   |  | $ | 84,510,000.00    |  |               |  
|Principal in Current Period                                                            |  |   |                |   |  | $ |                 |  |               |  
|Ending Class A-4 Principal Balance                                                     |  |   |                |   |  | $ | 84,510,000.00    |  |               |  
|Interest due this Due Period                                                           |  |   | %              |   |  | $ | 116,201.25       |  |               |  
|Interest Paid Per $1,000                                                               |  | $ | 1.3750000000   |   |  | $ | 116,201.25       |  |               |  
|                                                                                       |  |   |                |   |  |   |                  |  |               |  
|Original Class A-4 Face                                                                |  |   | 84,510,000.00  |   |  |   |                  |  |               |  
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $ |                 |  |               |  
|                                                                                       |  |   |                |   |  |   |                  |  |               |  
|Original Class A-4 Face                                                                |  |   | 84,510,000.00  |   |  |   |                  |  |               |  
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                  |  |               |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                                   |  |   | 100.0000000000 | % |  |   |                  |  |               |  
|                                                                                       |  |   |                |   |  |   |                  |  |               |  
|Overcollateralization Amount                                                           |  |   |                |   |  | $ | 20,151,682.51    |  | 13.0642139    | %
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                              
|Discounted Present Value of the Leases which are:                                      |  |   |                |   |  |   |                  |  |               |  
|31-60 DAYS OVERDUE                                                                     |  |   | Dec-02         |   |  | $ | 10,284,412.24    |  |               |  
|61-90 DAYS OVERDUE                                                                     |  |   | Dec-02         |   |  | $ | 2,918,050.46     |  |               |  
|91-120 DAYS OVERDUE                                                                    |  |   | Dec-02         |   |  | $ | 602,960.99       |  |               |  
|                                                                                       |  |   |               
|Servicer Advance since previous months report                                         |  |   |                |   |  | $ |                 |  |               |  
|                                                                                       |  |   |               
|Other Information to be provided                                                       |  |   |                |   |  |   |                  |  |               |  
|Total Contracts for Reporting Period - Dec 02                                          |  |   | 18759          |   |  |   |                  |  |               |  
|                                                                                       |  |   |               
|Total amount of Lease Payments received during prior Period                            |  |   |                |   |  | $ | 9,010,472.76     |  |               |  
|                                                                                       |  |   |               
|Total amount of Casualty Payments received during prior Period                         |  |   |                |   |  | $ |                 |  |               |  
|                                                                                       |  |   |               
|Total amount of Termination Payments received during prior Period                      |  |   |                |   |  | $ | 689,845.98       |  |               |  
|                                                                                       |  |   |               
|Total amount of Non-Performing Lease Payments received during prior Period             |  |   |                |   |  | $ |                 |  |               |  
|                                                                                       |  |   |               
|Retainable Deposits on Deposit                                                         |  |   |                |   |  | $ | 24,719.15        |  |               |  
|                                                                                       |  |   |               
|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                       |  |   | 10.000000      | % |  | $ | 55,561,502.22    |  |               |  
|                                                                                       |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  |   | Dec-02         |   |  | $ | 30,455,868.42    |  | 30,455,868.42 |  
|Maximum Allowable Substitutions for Non-Performing Leases                              |  |   | 10.000000      | % |  | $ | 55,561,502.22    |  |               |  
|                                                                                       |  |   |               
|Interest Rate Swap                                                                     |  |   |                |   |  |   |                  |  |               |  
|                                                                                       |  |   |               
|Class A-3 Fixed Swap Rate                                                              |  |   | 7.802          | % |  |   |                  |  |               |  
|Class A-4 Fixed Swap Rate                                                              |  |   | 7.820          | % |  |   |                  |  |               |  
|a) Fixed Swap Interest Payable                                                         |  |   |                |   |  |   | 928,373.98       |  |               |  
|                                                                                       |  |   |               
|Class A-3 Note Interest Rate                                                           |  |   | 1.61000        | % |  |   |                  |  |               |  
|Class A-4 Note Interest Rate                                                           |  |   | 1.65000        | % |  |   |                  |  |               |  
|b) Floating Swap Interest Receivable                                                   |  |   |                |   |  |   | 194,132.20       |  |               |  





---

|IKON Receivables, LLC                                         |  |                |  |                  |  | 
|------------------------------------------------------------- |  | -------------- |  | ---------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                        |  | Payment Date   |  | January 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                       |  |                |  |                  |  | 
|December 2002                                                 |  | Payment Date # |  | 32               |  | 
|                                                              |  |                | 
|Net Swap Interest Receivable From Swap Counterparty (b-a) |  |                |  |                 |  | 
|(Available Funds deposited to Collection Account)           |  |                |  |                  |  | 
|Net Swap Interest Payable to Swap Counterparty (a-b)      |  |                |  | 734,241.78       |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                             |  |                |  |   |                   |  |           
|------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | ----------
|Chase Lease-Backed Notes Series 2000-1                                                            |  | Payment Date   |  |   | February 18, 2003 |  |           
|MONTHLY SERVICER REPORT                                                                           |  |                |  |   |                   |  |           
|January 2003                                                                                      |  | Payment Date # |  |   | 33                |  |           
|                                                                                                  |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |                |  |   |                   |  |           
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                |  | $ | 154,251,015.34    |  |           
|                                                                                                  |  |                | 
|Less:    Lease Payments Due - current month                                                       |  | Jan-03         |  | $ | 9,330,782.53      |  |           
|Add:    Interest (@ Discount Rate of 8.75%)                                                       |  |                |  | $ | 1,124,746.99      |  |           
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                             |  | Jan-03         |  | $ | 339,663.41        |  |           
|Less:    Warranty Leases                                                                          |  |                |  | $ |                  |  |           
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Jan-03         |  | $ | 2,510,196.23      |  |           
|Add:    DPV Substitute Leases                                                                     |  | Jan-03         |  | $ | 339,664.00        |  |           
|Add:    DPV Additional Leases                                                                     |  | Jan-03         |  | $ |                  |  |           
|                                                                                                  |  |                |  |   |                   |  |           
|                                                                                                  |  |                | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                |  | $ | 143,534,784.16    |  |           
|                                                                                                  |  |                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                |  |   |                   |  |           
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 11,582,459.32     |  |           
|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         |  |   | 1,287,200.07      |  |           
|                                                                                                  |  |                |  |   |                   |  |           
|Total Cash to be reimbursed to IOS                                                                |  |                |  |   | 1,287,200.07      |  |           
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Jan-03         |  |   | 1,418,192.25      |  |           
|                                                                                                  |  |                |  |   |                   |  |           
|Ending Balance                                                                                    |  |                |  |   | 11,713,451.50     |  |           
|                                                                                                 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                      
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 551,224.32        |  |           
|Less:    Applied to Current from Prepaid                                                          |  | Jan-03         |  |   | 613,746.02        |  |           
|Less:    Repurchased Leases                                                                       |  |                |  |   |                  |  |           
|Less:    Advance Payments on Non-Performing Leases                                                |  |                |  |   |                  |  |           
|Add:    Received This Month                                                                       |  |                |  |   | 512,971.50        |  |           
|Add:    Received in Prior Month                                                                   |  |                |  |   |                  |  | 100,774.52
|                                                                                                  |  |                |  |   |                   |  |           
|Ending Balance                                                                                    |  |                |  |   | 450,449.80        |  |           
|                                                                                                 
|RECONCILIATION OF RESERVE ACCOUNT                                                                
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Jan-03         |  |   | 5,539,024.70      |  |           
|Less:    Deposit to Collection Account (if any)                                                   |  |                |  |   |                  |  |           
|Ending Balance                                                                                    |  |                |  |   | 5,539,024.70      |  |           
|                                                                                                  |  |                | 
|Required Reserve Account                                                                          |  |                |  |   |                   |  |           
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                |  |   | 5,539,024.70      |  |           
|                                                                                                  |  |                | 
|Reserve Account in excess of Required Reserve                                                     |  |                |  |   |                  |  |           
|Deposits into Reserve Account                                                                     |  |                |  |   |                  |  |           
|Amounts Released to Issuer                                                                        |  |                |  |   |                  |  |           
|                                                                                                  |  |                |  |   |                   |  |           
|                                                                                                  |  |                | 
|Ending Balance                                                                                    |  |                |  |   | 5,539,024.70      |  |           
|                                                                                                 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                       
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Jan-03         |  |   | 24,719.15         |  |           
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                |  |   | 7,055.27          |  |           
|Add Additional Security Deposits collected on leases                                              |  |                |  |   |                   |  |           
|                                                                                                  |  |                |  |   |                   |  |           
|                                                                                                  |  |                | 
|Ending Balance                                                                                    |  | Jan-03         |  |   | 17,663.88         |  |           





---

|IKON Receivables, LLC                                                            |  |                |   |  |                   |   |  |                  
|-------------------------------------------------------------------------------- |  | -------------- | - |  | ----------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-1                                           |  | Payment Date   |   |  | February 18, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |                |   |  |                   |   |  |                  
|January 2003                                                                     |  | Payment Date # |   |  | 33                |   |  |                  
|                                                                                 |  |                |  
|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                                                                       |  |                |   |  | 2.64              | % |  | Annualized Jan 03
|Last Month                                                                       |  |                |   |  | 2.16              | % |  | Annualized Dec 02
|Two Months ago                                                                   |  |                |   |  | 2.05              | % |  | Annualized Nov 02
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |   |  | 2.28              | % |  |                  
|                                                                                 |  |                |  
|Calculate Delinquent Rate                                                        |  |                |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |                |   |  | 61                |   |  |                  
|                                                                                 |  |                |  
|Discounted Present Value of Delinquent Leases:                                   |  |                |   |  |                   |   |  |                  
|This Month                                                                       |  |                |   |  | 2.33              | % |  |                  
|Last Month                                                                       |  |                |   |  | 2.28              | % |  |                  
|Two Months ago                                                                   |  |                |   |  | 2.36              | % |  |                  
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |   |  | 2.32              | % |  |                  
|                                                                                 |  |                |  
|Acceleration Event                                                               |  |                |   |  |                   |   |  |                  
|Triggered if                                                                     |  |                |   |  |                   |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25           | % |  |                   |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00           | % |  |                   |   |  |                  
|                                                                                 |  |                |  
|Acceleration Event Triggered? (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                                           |  | Jan-03         |   |  | 9,197,954.81      |   |  |                  
|Lease Payments Received on Prior Months Receivables                              |  | Jan-03         |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution              |  | Jan-03         |   |  | 9,197,954.81      |   |  |                  
|Reimbursed Servicer Advances                                                     |  |                |   |  |                  |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided            |  |                |   |  | 1,250,000.00      |   |  |                  
|Advanced Payments Applied to Current                                             |  |                |   |  | 613,746.02        |   |  |                  
|Lease Purchase Amounts                                                           |  |                |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |                |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |                |   |  |                  |   |  |                  
|                                                                                 |  |                |  
|Investment Earnings on Accounts:                                                 |  |                |   |  |                   |   |  |                  
|Collection Account                                                               |  | Jan-03         |   |  | 9,344.64          |   |  |                  
|Reserve Account                                                                  |  | Jan-03         |   |  | 5,808.34          |   |  |                  
|Security Deposit Account                                                         |  | Jan-03         |   |  | 32.45             |   |  |                  
|Casualty Payments                                                                |  |                |   |  |                  |   |  |                  
|Servicer Adv for scheduled payments not made in current period                   |  |                |   |  |                  |   |  |                  
|Payments Received From Swap Counterparty                                         |  |                |   |  |                  |   |  |                  
|Funds For Redemption (Optional Clean-Up Call)                                    |  |                |   |  |                  |   |  |                  
|                                                                                 |  |                |   |  |                   |   |  |                  
|                                                                                 |  |                |  
|Total amounts in the Collection Account related to the Current Collection Period |  |                |   |  | 11,076,886.26     |   |  |                  





---

|IKON Receivables, LLC                                                       |  |                |   |  |   |                   |  |                                   
|--------------------------------------------------------------------------- |  | -------------- | - |  | - | ----------------- |  | ----------------------------------
|Chase Lease-Backed Notes Series 2000-1                                      |  | Payment Date   |   |  |   | February 18, 2003 |  |                                   
|MONTHLY SERVICER REPORT                                                     |  |                |   |  |   |                   |  |                                   
|January 2003                                                                |  | Payment Date # |   |  |   | 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 Reserve Account                     |  |                |   |  |   |                  |  |                                   
|Retainable Deposits from Security Deposit Acct (net of additions)           |  | Dec-02         |   |  |   | 7,055.27          |  |                                   
|                                                                            |  |                |   |  |   |                   |  |                                   
|Less     Credit for payments applied in prior period                        |  |                |   |  |   |                   |  |                                   
|                                                                            |  |                |  
|Total deposited into the Collection Account                                 |  |                |   |  |   | 11,083,941.53     |  |                                   
|                                                                           
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                      
|                                                                            |  |                |  
|Surety Fee                                                                  |  | 0.18           | % |  |   | 20,114.90         |  | Surety Fee Jan 03                 
|0.18% of Outstanding Principal Amount of the Notes                          |  |                |   |  |   |                   |  |                                   
|                                                                            |  |                |  
|Payment to Swap Counterparty                                                |  |                |   |  |   | 672,371.20        |  | Jan-03                            
|                                                                            |  |                |  
|Transfer FROM Advance Payment Que in Collection Account                     |  | Jan-03         |   |  |   | 100,774.52        |  | DECREASES Balance in Adv que      
|Transfer FROM Security Deposit Account to Collection Act                    |  | Jan-03         |   |  |   | 7,055.27          |  | DECREASES Balance in Sec Dep      
|                                                                            |  |                |   |  |   |                  |  |                                   
|                                                                            |  |                |  
|Servicing Fee                                                               |  | 0.75           | % |  |   | 83,812.08         |  | No Distribution on this Amount    
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV     |  |                |   |  |   |                   |  |                                   
|                                                                            |  |                |  
|Trustee Fee                                                                 |  |                |   |  |   |                  |  | Annual Fee                        
|                                                                            |  |                |  
|Service Fee Less Trustee Fee                                                |  |                |   |  |   | 83,812.08         |  | IOS Net Servicing Fee Distribution
|Reimburse Servicer Advances owed to IOS not prev reimbursed                 |  |                |   |  |   |                  |  | IOS Svc Advance reimbursement     
|                                                                            |  |                |   |  |   |                   |  |                                   
|                                                                            |  |                |  
|Remaining Available to be Distributed to Noteholders                        |  |                |   |  |   | 10,199,813.56     |  |                                   
|                                                                            |  |                |  
|Disbursements                                                               |  |                |   |  |   |                   |  | Actual Days                       
|Class A-1 Interest Due (Act/360 Basis)                                      |  | 6.99625        | % |  | $ |                  |  | 34                                
|Class A-2 Interest Due (30/360 Basis)                                       |  | 7.51000        | % |  | $ |                  |  |                                   
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.37000 + .19 = 1.56000 |  | 1.56000        | % |  | $ | 73,061.62         |  | Libor + .19                       
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.37000 + .23 = 1.60000 |  | 1.60000        | % |  | $ | 127,704.00        |  | Libor + .23                       
|                                                                            |  |                |   |  |   |                   |  |                                   
|Total Class A Interest Due                                                  |  |                |   |  | $ | 200,765.62        |  |                                   
|Class A Interest Paid                                                       |  |                |   |  | $ | 200,765.62        |  |                                   
|Cumulative Outstanding Amounts Owed to AMBAC                                |  |                |   |  | $ |                  |  |                                   
|Reimburse Amounts due AMBAC                                                 |  |                |   |  | $ |                  |  |                                   
|Beginning Aggregate Class A Note Balance                                    |  |                |   |  | $ | 134,099,332.83    |  |                                   
|Class A Principal Payment While Class A-1 Outstanding                       |  |                |   |  | $ |                  |  | 9,516,677.94                      
|Class A Principal Payment After Class A-1 Retired                           |  | 86.93273       | % |  | $ | 9,315,912.32      |  |                                   
|Aggregate Class A Principal Payment                                         |  |                |   |  | $ | 9,315,912.32      |  |                                   
|Class A Principal Paid                                                      |  |                |   |  | $ | 9,315,912.32      |  |                                   
|Ending Aggregate Class A Note Balance                                       |  |                |   |  | $ | 124,783,420.51    |  |                                   
|Overcollateralization Floor                                                 |  |                |   |  |   |                   |  |                                   
|2.5% of $555,615,022.22                                                     |  |                |   |  | $ | 13,890,375.56     |  |                                   
|Plus: Cumulative Loss Amount                                                |  |                |   |  | $ |                  |  |                                   
|Less: Reserve Account Ending Balance                                        |  |                |   |  | $ | 5,539,024.70      |  |                                   
|Overcollateralization Floor                                                 |  |                |   |  | $ | 8,351,350.86      |  | N                                 
|Additional Class A Principal                                                |  |                |   |  | $ |                  |  |                                   
|Additional Principal Class A Paid                                           |  |                |   |  | $ |                  |  |                                   
|End of Period Class A Note Balance                                          |  |                |   |  | $ | 124,783,420.51    |  |                                   





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                          |  |   | Payment Date   |   |  |   | February 18, 2003 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  | 
|January 2003                                                                    |  |   | Payment Date # |   |  |   | 33                |  | 
|                                                                                |  |   |               
|Remaining Collections After Distributions to Noteholders                        |  |   |                |   |  | $ | 683,135.62        |  | 
|                                                                                |  |   |               
|Distribution to Noteholder for Clean-up Call                                    |  |   |                |   |  | $ |                  |  | 
|                                                                                |  |   |               
|Reserve Account Deposit                                                         |  |   |                |   |  | $ |                  |  | 
|Additional Funds Available for Distribution to IOS                              |  |   |                |   |  | $ | 683,135.62        |  | 
|                                                                                |  |   |               
|Total Distribution from the Collection Account                                  |  |   |                |   |  | $ | 11,083,941.53     |  | 
|                                                                                |  |   |               
|Amounts to IOS Capital for current period                                       |  |   |                |   |  |   |                   |  | 
|Adv Payments                                                                    |  |   | 100,774.52     |   |  |   |                   |  | 
|Sec Deposits                                                                    |  |   | 7,055.27       |   |  |   |                   |  | 
|Remaining Coll                                                                  |  |   | 683,135.62     |   |  |   |                   |  | 
|Service Fees                                                                    |  |   | 83,812.08      |   |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Total to I.O.S. Capital                                                         |  |   | 874,777.50     |   |  |   | Jan-03            |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 154,251,015.34    |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 143,534,784.16    |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 9,315,912.32      |  | 
|                                                                                |  |   |               
|Class A-1        CUSIP # 45171WAK3                                              |  |   |                |   |  |   |                   |  | 
|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                                                         |  |   | 130,000,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-1 Face                                                         |  |   | 130,000,000.00 |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|                                                                                |  |   |               
|Class A-2        CUSIP # 45171WAL1                                              |  |   |                |   |  |   |                   |  | 
|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                                                         |  |   | 54,000,000.00  |   |  |   |                   |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 
|Original Class A-2 Face                                                         |  |   | 54,000,000.00  |   |  |   |                   |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                   |  | 
|                                                                                |  |   |                |   |  |   |                   |  | 





---

|IKON Receivables, LLC                                |  |   |                |   |  |   |                   |  |            
|---------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | -----------
|Chase Lease-Backed Notes Series 2000-1               |  |   | Payment Date   |   |  |   | February 18, 2003 |  |            
|MONTHLY SERVICER REPORT                              |  |   |                |   |  |   |                   |  |            
|January 2003                                         |  |   | Payment Date # |   |  |   | 33                |  |            
|                                                     |  |   |               
|Class A-3        CUSIP # 45171WAM9                   |  |   |                |   |  |   |                   |  |            
|Beginning Class A-3 Principal Balance                |  |   | Jan-03         |   |  | $ | 49,589,332.83     |  |            
|Principal in Current Period                          |  |   |                |   |  | $ | 9,315,912.32      |  |            
|Ending Class A-3 Principal Balance                   |  |   |                |   |  | $ | 40,273,420.51     |  |            
|                                                     |  |   |               
|Interest due this Due Period                         |  |   | %              |   |  | $ | 73,061.62         |  |            
|                                                     |  |   |               
|Interest Paid Per $1,000                             |  | $ | 0.3176592045   |   |  | $ | 73,061.62         |  |            
|                                                     |  |   |                |   |  |   |                   |  |            
|Original Class A-3 Face                              |  |   | 230,000,000.00 |   |  |   |                   |  |            
|                                                     |  |   |               
|Principal Paid Per $1,000                            |  | $ | 40.5039666114  |   |  | $ | 9,315,912.32      |  |            
|                                                     |  |   |                |   |  |   |                   |  |            
|Original Class A-3 Face                              |  |   | 230,000,000.00 |   |  |   |                   |  |            
|                                                     |  |   |               
|Ending Principal Balance Factor                      |  |   |                |   |  |   |                   |  |            
|(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 17.5101828302  | % |  |   |                   |  |            
|                                                     |  |   |                |   |  |   |                   |  |            
|                                                     |  |   |               
|Class A-4        CUSIP # 45171WAN7                   |  |   |                |   |  |   |                   |  |            
|Beginning Class A-4 Principal Balance                |  |   | Jan-03         |   |  | $ | 84,510,000.00     |  |            
|Principal in Current Period                          |  |   |                |   |  | $ |                  |  |            
|Ending Class A-4 Principal Balance                   |  |   |                |   |  | $ | 84,510,000.00     |  |            
|                                                     |  |   |               
|Interest due this Due Period                         |  |   | %              |   |  | $ | 127,704.00        |  |            
|                                                     |  |   |               
|Interest Paid Per $1,000                             |  | $ | 1.5111111111   |   |  | $ | 127,704.00        |  |            
|                                                     |  |   |                |   |  |   |                   |  |            
|Original Class A-4 Face                              |  |   | 84,510,000.00  |   |  |   |                   |  |            
|                                                     |  |   |               
|Principal Paid Per $1,000                            |  | $ |               |   |  | $ |                  |  |            
|                                                     |  |   |                |   |  |   |                   |  |            
|Original Class A-4 Face                              |  |   | 84,510,000.00  |   |  |   |                   |  |            
|                                                     |  |   |               
|Ending Principal Balance Factor                      |  |   |                |   |  |   |                   |  |            
|(Ending Class A-4 Principal/Original Class A-4 Face) |  |   | 100.0000000000 | % |  |   |                   |  |            
|                                                     |  |   |                |   |  |   |                   |  |            
|                                                     |  |   |               
|Overcollateralization Amount                         |  |   |                |   |  | $ | 18,751,363.65     |  | 13.0639857%
|                                                     |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED             |  |   |                |   |  |   |                   |  |            
|                                                     |  |   |               
|Discounted Present Value of the Leases which are:    |  |   |                |   |  |   |                   |  |            
|31-60 DAYS OVERDUE                                   |  |   | Jan-03         |   |  | $ | 7,402,281.30      |  |            
|61-90 DAYS OVERDUE                                   |  |   | Jan-03         |   |  | $ | 2,676,664.77      |  |            
|91-120 DAYS OVERDUE                                  |  |   | Jan-03         |   |  | $ | 666,864.19        |  |            
|                                                     |  |   |               
|Servicer Advance since previous months report       |  |   |                |   |  | $ |                  |  |            





---

|IKON Receivables, LLC                                                                  |  |                |   |  |   |                   |  |              
|-------------------------------------------------------------------------------------- |  | -------------- | - |  | - | ----------------- |  | -------------
|Chase Lease-Backed Notes Series 2000-1                                                 |  | Payment Date   |   |  |   | February 18, 2003 |  |              
|MONTHLY SERVICER REPORT                                                                |  |                |   |  |   |                   |  |              
|January 2003                                                                           |  | Payment Date # |   |  |   | 33                |  |              
|                                                                                       |  |                |  
|Other Information to be provided                                                       |  |                |   |  |   |                   |  |              
|Total Contracts for Reporting Period - Jan 03                                          |  | 17514          |   |  |   |                   |  |              
|                                                                                       |  |                |  
|Total amount of Lease Payments received during prior Period                            |  |                |   |  | $ | 9,197,954.81      |  |              
|                                                                                       |  |                |  
|Total amount of Casualty Payments received during prior Period                         |  |                |   |  | $ |                  |  |              
|                                                                                       |  |                |  
|Total amount of Termination Payments received during prior Period                      |  |                |   |  | $ | 1,250,000.00      |  |              
|                                                                                       |  |                |  
|Total amount of Non-Performing Lease Payments received during prior Period             |  |                |   |  | $ |                  |  |              
|                                                                                       |  |                |  
|Retainable Deposits on Deposit                                                         |  |                |   |  | $ | 17,663.88         |  |              
|                                                                                       |  |                |  
|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                       |  | 10.000000      | % |  | $ | 55,561,502.22     |  |              
|                                                                                       |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Jan-03         |   |  | $ | 30,795,532.42     |  | 30,795,532.42
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.000000      | % |  | $ | 55,561,502.22     |  |              
|                                                                                       |  |                |  
|Interest Rate Swap                                                                     |  |                |   |  |   |                   |  |              
|                                                                                       |  |                |  
|Class A-3 Fixed Swap Rate                                                              |  | 7.802          | % |  |   |                   |  |              
|Class A-4 Fixed Swap Rate                                                              |  | 7.820          | % |  |   |                   |  |              
|a) Fixed Swap Interest Payable                                                         |  |                |   |  |   | 873,136.81        |  |              
|                                                                                       |  |                |  
|Class A-3 Note Interest Rate                                                           |  | 1.56000        | % |  |   |                   |  |              
|Class A-4 Note Interest Rate                                                           |  | 1.60000        | % |  |   |                   |  |              
|b) Floating Swap Interest Receivable                                                   |  |                |   |  |   | 200,765.62        |  |              
|                                                                                       |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                          |  |                |   |  |   |                  |  |              
|(Available Funds deposited to Collection Account)                                    |  |                |   |  |   |                   |  |              
|                                                                                       |  |                |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                               |  |                |   |  |   | 672,371.20        |  |              



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|                                                                                                      |  |                |  |   | Final          |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | -------------- |  | 
|                                                                                                      |  |                | 
|IKON Receivables, LLC                                                                                 |  |                |  |   |                |  | 
|Chase Lease-Backed Notes Series 2000-1                                                                |  | Payment Date   |  |   | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                                  |  |                |  |   |                |  | 
|February 2003                                                                                         |  | Payment Date # |  |   | 34             |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 143,534,784.16 |  | 
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 7,658,941.01   |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 674,252.89     |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   | 37,461.46      |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 1,847,302.33   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Subtotal:                                                                                             |  |                |  | $ | 133,316,826.47 |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases (FOOTNOTE 2)                                                            |  |                |  |   |                |  | 
|Non-performing                                                                                        |  |                |  |   | 674,252.89     |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   | 37,461.46      |  | 
|Add:    DPV Additional Leases for Early Terminations (FOOTNOTE 2)                                     |  |                |  |   | 1,847,302.33   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 135,875,843.15 |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 11,713,451.50  |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 914,917.92     |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 2,230,775.66   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 13,029,309.24  |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 450,449.80     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 524,563.07     |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |               |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 537,616.23     |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 463,502.96     |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 5,539,024.70   |  | 
|Less: Deposit to Collection Account (if any)                                                          |  |                |  |   |               |  | 
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70   |  | 
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                |  | 
|Lesser of 1% of $ and Outstanding Note Amount                                                         |  |                |  |   | 5,539,024.70   |  | 
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   |               |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70   |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 17,663.88      |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 457.00         |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 17,206.88      |  | 





---

|                                                                          |  |                                                                                  |   |              | Final          |   |  |                  
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - | ------------ | -------------- | - |  | -----------------
|                                                                          |  |                                                                                  |  
|IKON Receivables, LLC                                                     |  |                                                                                  |   |              |                |   |  |                  
|Chase Lease-Backed Notes Series 2000-1                                    |  | Payment Date                                                                     |   |              | March 17, 2003 |   |  |                  
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                      |  |                                                                                  |   |              |                |   |  |                  
|February 2003                                                             |  | Payment Date #                                                                   |   |              | 34             |   |  |                  
|                                                                         
|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                                                                |  |                                                                                  |   |              | 1.24           | % |  | Annualized Feb 03
|Last Month                                                                |  |                                                                                  |   |              | 0.75           | % |  | Annualized Jan 03
|Two Months ago                                                            |  |                                                                                  |   |              | 0.92           | % |  | Annualized Dec 02
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |              | 0.97           | % |  |                  
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |              |                |   |  |                  
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |              | 61             |   |  |                  
|                                                                          |  |                                                                                  |  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |              |                |   |  |                  
|This Month                                                                |  |                                                                                  |   |              | 2.82           | % |  |                  
|Last Month                                                                |  |                                                                                  |   |              | 2.33           | % |  |                  
|Two Months ago                                                            |  |                                                                                  |   |              | 2.06           | % |  |                  
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |              | 2.40           | % |  |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |              |                |   |  |                  
|Triggered if                                                              |  |                                                                                  |   |              |                |   |  |                  
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |              |                |   |  |                  
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |              |                |   |  |                  
|Acceleration Event Triggered? (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              |   |  |                  
|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                              |   | 6,709,668.47 |                |   | 
|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                                                                 |   |              |                |   | 
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |              |                |   | 
|                                                                          |  | Advance payments for current month                                               |   | 524,563.07   |                |   | 
|                                                                          |  | 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                                                               |   | 8,728.56     |                |   | 
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   | 5,079.92     |                |   | 
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   | 25.65        |                |   | 
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |             |                |   | 
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   | 2,230,775.66 |                |   | 
|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 |   | 9,478,841.33 |                |   | 





---

|                                                                                  |  |                |   |  |   | Final          |  |                          
|--------------------------------------------------------------------------------- |  | -------------- | - |  | - | -------------- |  | -------------------------
|                                                                                  |  |                |  
|IKON Receivables, LLC                                                             |  |                |   |  |   |                |  |                          
|Chase Lease-Backed Notes Series 2000-1                                            |  | Payment Date   |   |  |   | March 17, 2003 |  |                          
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                              |  |                |   |  |   |                |  |                          
|February 2003                                                                     |  | Payment Date # |   |  |   | 34             |  |                          
|                                                                                  |  |                |  
|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)                 |  |                |   |  |   | 457.00         |  |                          
|                                                                                  |  |                |  
|Less     Credit for payments applied in prior period                              |  |                |   |  |   |               |  |                          
|                                                                                  |  |                |   |  |   |                |  |                          
|                                                                                  |  |                |  
|Total deposited into the Collection Account                                       |  |                |   |  |   | 9,479,298.33   |  |                          
|                                                                                 
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                            
|                                                                                  |  |                |  
|Surety Fee                                                                        |  | 0.18           | % |  |   | 18,717.51      |  | Surety Fee               
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes |  |                |   |  |   |                |  |                          
|                                                                                  |  |                |  
|Payment to Swap Counterparty - Update Monthly                                     |  |                |   |  |   | 666,843.58     |  |                          
|(ii)      Section 3.03 (b) (ii)                                                   |  |                |   |  |   |                |  |                          
|                                                                                  |  |                |  
|Servicing Fee                                                                     |  | 0.75           | % |  |   | 77,989.64      |  |                          
|0.75% of the Lesser of Outstanding Principal Amount of the Notes
or DPV           |  |                |   |  |   |                |  |                          
|(iii)    Section 3.03 (b) (iii)                                                   |  |                |   |  |   |                |  |                          
|                                                                                  |  |                |  
|Trustee Fee                                                                       |  |                |   |  |   |               |  | Annual Fee               
|                                                                                  |  |                |   |  |   |                |  |                          
|Servicing Fee Less Trustee Fee                                                    |  |                |   |  |   | 77,989.64      |  | IOSC NetServicing Fee    
|                                                                                  |  |                |  
|(iv)     Section 3.03 (b) (iv)                                                    |  |                |   |  |   |                |  |                          
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                |   |  |   | 914,917.92     |  | IOSC Svc Advreimbursement
|                                                                                  |  |                |   |  |   |                |  |                          
|Remaining Available to be Distributed to
Noteholders                              |  |                |   |  |   | 7,800,829.68   |  |                          
|(v)    Disbursements Section 3.03 (b) (v)                                         |  |                |   |  |   |                |  | Actual Daysfor A1-A3-A4  
|Class A-1 Interest Due (Act/360 Basis)                                            |  | 6.99625        | % |  | $ |               |  | 27                       
|Class A-2 Interest Due (30/360 Basis)                                             |  | 7.51000        | % |  | $ |               |  |                          
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.34000 +
..19 = 1.53000%     |  | 1.53000        | % |  | $ | 46,213.75      |  | Libor + .19              
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.34000 +
..23 = 1.57000%     |  | 1.57000        | % |  | $ | 99,510.53      |  | Libor + .23              
|                                                                                  |  |                |   |  |   |                |  |                          
|Total Class A Interest Due                                                        |  |                |   |  | $ | 145,724.28     |  |                          
|Class A Interest Paid                                                             |  |                |   |  | $ | 145,724.28     |  |                          
|Cumulative Outstanding Amounts Owed to AMBAC                                      |  |                |   |  | $ |               |  |                          
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |                |   |  | $ |               |  |                          
|Beginning Aggregate Class A Note Balance                                          |  |                |   |  | $ | 124,783,420.51 |  |                          
|Class A Principal Payment While Class A-1
Outstanding                             |  |                |   |  | $ |               |  |                          
|Class A Principal Payment After Class A-1
Retired                                 |  | 86.93273       | % |  | $ | 6,658,126.51   |  |                          
|Aggregate Class A Principal Payment                                               |  |                |   |  | $ | 6,658,126.51   |  |                          
|(vii)   Class A Principal Paid                                                    |  |                |   |  | $ | 6,658,126.51   |  |                          
|Ending Aggregate Class A Note Balance                                             |  |                |   |  | $ | 118,125,294.00 |  |                          
|Overcollateralization Floor                                                       |  |                |   |  |   |                |  |                          
|2.5% of $553,902,470.26                                                           |  |                |   |  | $ | 13,847,561.76  |  |                          
|Plus: Cumulative Loss Amount                                                      |  |                |   |  | $ |               |  |                          
|Less: Reserve Account Ending Balance                                              |  |                |   |  | $ | 5,539,024.70   |  |                          
|Overcollateralization Floor                                                       |  |                |   |  | $ | 8,308,537.06   |  | N                        
|(viii)  Additional Class A Principal                                              |  |                |   |  | $ |               |  |                          
|Additional Principal Class A Paid                                                 |  |                |   |  | $ |               |  |                          
|End of Period Class A Note Balance                                                |  |                |   |  | $ | 118,125,294.00 |  |                          
|Remaining Collections After Distributions to
Noteholders                          |  |                |   |  | $ | 996,978.89     |  |                          





---

|                                                                                     |  |   |                |   |  |   | Final                   |  |                  
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | ----------------------- |  | -----------------
|                                                                                     |  |   |               
|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                         |  |                  
|Chase Lease-Backed Notes Series 2000-1                                               |  |   | Payment Date   |   |  |   | March 17, 2003          |  |                  
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                 |  |   |                |   |  |   |                         |  |                  
|February 2003                                                                        |  |   | Payment Date # |   |  |   | 34                      |  |                  
|                                                                                     |  |   |               
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |   |                |   |  | $ |                        |  |                  
|                                                                                     |  |   |               
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |   |                |   |  | $ | 996,978.89              |  |                  
|                                                                                     |  |   |               
|Total Distribution from the Collection Account                                       |  |   |                |   |  | $ | 9,479,298.33            |  |                  
|                                                                                     |  |   |               
|Trustee Transfer to IOSC                                                             |  |   |                |   |  |   | IOSC Transferto Trustee |  |                  
|                                                                                     |  |   |               
|Remaining Coll                                                                       |  |   | 996,978.89     |   |  |   | 13,053.16               |  | Adv Payments     
|Servicer Advances Reimbursement                                                      |  |   | 914,917.92     |   |  |   | 666,843.58              |  | Swap Payment     
|Servicing Fees Less Trustee Fees                                                     |  |   | 77,989.64      |   |  |   | 2,230,775.66            |  | Servicer Advances
|                                                                                     |  |   |                |   |  |   |                         |  |                  
|                                                                                     |  |   | 1,989,886.45   |   |  |   | 2,910,672.40            |  |                  
|                                                                                     |  |   |               
|RECONCILIATION OF NOTES                                                              |  |   |                |   |  |   |                         |  |                  
|                                                                                     |  |   |               
|Beginning Discounted Present Value of the Leases                                     |  |   |                |   |  | $ | 143,534,784.16          |  |                  
|                                                                                     |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date      |  |   |                |   |  | $ | 135,875,843.15          |  |                  
|                                                                                     |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period              |  |   |                |   |  | $ | 6,658,126.51            |  |                  
|Class A-1        CUSIP # 45171W AT 4                                                 |  |   |                |   |  |   |                         |  |                  
|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                                                              |  |   | 130,000,000.00 |   |  |   |                         |  |                  
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |                        |  |                  
|                                                                                     |  |   |                |   |  |   |                         |  |                  
|Original Class A-1 Face                                                              |  |   | 130,000,000.00 |   |  |   |                         |  |                  
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                         |  |                  
|(Ending Class A Principal/Original Class A-1 Face)                                   |  |   | 0.0000000000   | % |  |   |                         |  |                  
|                                                                                     |  |   |                |   |  |   |                         |  |                  
|Class A-2        CUSIP # 45171W AU 1                                                 |  |   |                |   |  |   |                         |  |                  
|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                                                              |  |   | 54,000,000.00  |   |  |   |                         |  |                  
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |                        |  |                  
|                                                                                     |  |   |                |   |  |   |                         |  |                  
|Original Class A-2 Face                                                              |  |   | 54,000,000.00  |   |  |   |                         |  |                  
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                         |  |                  
|(Ending Class A-2 Principal/Original Class A-2 Face)                                 |  |   | 0.0000000000   | % |  |   |                         |  |                  
|                                                                                     |  |   |                |   |  |   |                         |  |                  
|Class A-3        CUSIP # 45171W AV 9                                                 |  |   |                |   |  |   |                         |  |                  
|Beginning Class A-3 Principal Balance                                                |  |   |                |   |  | $ | 40,273,420.51           |  |                  
|Principal in Current Period                                                          |  |   |                |   |  | $ | 6,658,126.51            |  |                  
|Ending Class A-3 Principal Balance                                                   |  |   |                |   |  | $ | 33,615,294.00           |  |                  
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 46,213.75               |  |                  
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 0.2009293480   |   |  | $ | 46,213.75               |  |                  
|                                                                                     |  |   |                |   |  |   |                         |  |                  
|Original Class A-3 Face                                                              |  |   | 230,000,000.00 |   |  |   |                         |  |                  
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ | 28.9483761264  |   |  | $ | 6,658,126.51            |  |                  
|                                                                                     |  |   |                |   |  |   |                         |  |                  
|Original Class A-3 Face                                                              |  |   | 230,000,000.00 |   |  |   |                         |  |                  
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                         |  |                  
|(Ending Class A-3 Principal/Original Class A-3 Face)                                 |  |   | 14.6153452178  | % |  |   |                         |  |                  
|                                                                                     |  |   |                |   |  |   |                         |  |                  





---

|                                                                                     |  |   |                |   |  |   | Final          |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|                                                                                     |  |   |               
|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|Chase Lease-Backed Notes Series 2000-1                                               |  |   | Payment Date   |   |  |   | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                 |  |   |                |   |  |   |                |  | 
|February 2003                                                                        |  |   | Payment Date # |   |  |   | 34             |  | 
|                                                                                     |  |   |               
|Class A-4        CUSIP # 45171W AW 7                                                 |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 84,510,000.00  |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 84,510,000.00  |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 99,510.53      |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 1.1775000000   |   |  | $ | 99,510.53      |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 84,510,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |               |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 84,510,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 17,750,549.15  |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 7,240,692.13   |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 2,848,268.58   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 986,326.48     |  | 
|                                                                                     |  |   |               
|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) |  |   | 0.01%          |   |  | $ | 37,461.46      |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 5.68%          |   |  | $ | 31,469,044.70  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |   |               
|Cumulative Additions made for Early Terminated Leases since Closing (FOOTNOTE 4)     |  |   | 7.58%          |   |  | $ | 41,988,045.84  |  | 
|Maximum Allowable Additions for Early Terminated Leases                              |  |   | 20.00%         |   |  | $ | 110,780,494.05 |  | 
|                                                                                     |  |   |               
|Interest Rate Swap                                                                   |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-3 Fixed Swap Rate                                                            |  |   | 7.802          | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  |   | 7.820          | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |   |                |   |  |   | 812,567.86     |  | 
|                                                                                     |  |   |               
|Class A-3 Note Interest Rate                                                         |  |   | 1.53000        | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  |   | 1.57000        | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |   |                |   |  |   | 145,724.28     |  | 
|                                                                                     |  |   |               
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |   |                |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |   |                |   |  |   | 666,843.58     |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|                                       |  |                |  | Final          |  | 
|-------------------------------------- |  | -------------- |  | -------------- |  | 
|                                       |  |                | 
|IKON Receivables, LLC                  |  |                |  |                |  | 
|Chase Lease-Backed Notes Series 2000-1 |  | Payment Date   |  | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)   |  |                |  |                |  | 
|February 2003                          |  | Payment Date # |  | 34             |  | 



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 and Delinquency Rate 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      |  | 2.64       | % |  | 2.16           | %
|New Calculation          |  | 0.75       | % |  | 0.92           | %
|                         |  |           
|Delinquency Rate:        |  |            |   |  |                |  
|Previously Reported      |  | 2.33       | % |  | 2.28           | %
|New Calculation          |  | 2.33       | % |  | 2.06           | %



|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 Assignment and Servicing Agreement.





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |                |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                                                |  | Payment Date   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                |  | 
|March 2003                                                                                            |  | Payment Date # |  |   | 35             |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 135,875,843.15 |  | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 7,341,844.85   |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 677,367.22     |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   | 318,665.55     |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 2,825,624.47   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Subtotal:                                                                                             |  |                |  | $ | 124,712,341.06 |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases (FOOTNOTE 1)                                                            |  |                |  |   |                |  | 
|Non-Performing                                                                                        |  |                |  |   | 677,367.22     |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   |               |  | 
|Add:    DPV Additional Leases for Early Terminations (FOOTNOTE 1)                                     |  |                |  |   | 3,247,560.61   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 128,637,268.89 |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 13,029,309.24  |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,000,263.79   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 2,183,849.09   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 14,212,894.54  |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 463,502.96     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 644,058.81     |  | 
|Less:   Repurchased Leases                                                                            |  |                |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |               |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 694,955.21     |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 514,399.36     |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 5,539,024.70   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |               |  | 
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70   |  | 
|Required Reserve Account                                                                              |  |                |  |   |                |  | 
|Lesser of 1% of $ or Outstanding Note Amount                                                          |  |                |  |   | 5,539,024.70   |  | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   |               |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70   |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|Beginning Balance                                                                                     |  |                |  |   | 17,206.88      |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 369.00         |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 16,837.88      |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |                |   |               |                  
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | -------------- | - | ------------- | -----------------
|Chase Lease-Backed Notes Series 2000-1                                    |  | Payment Date                                                                     |   |  | April 15, 2003 |   |               |                  
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |                |   |               |                  
|March 2003                                                                |  | Payment Date #                                                                   |   |  | 35             |   |               |                  
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | 3.31           | % |               | Annualized Mar 03
|Last Month                                                                |  |                                                                                  |   |  | 3.30           | % |               | Annualized Feb 03
|Two Months ago                                                            |  |                                                                                  |   |  | 0.13           | % |               | Annualized Jan 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                                                                |  |                                                                                  |   |  | 2.40           | % |               |                  
|Last Month                                                                |  |                                                                                  |   |  | 2.82           | % |               |                  
|Two Months ago                                                            |  |                                                                                  |   |  | 2.33           | % |               |                  
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 2.52           | % |               |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |                |   |               |                  
|Triggered if                                                              |  |                                                                                  |   |  |                |   |               |                  
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |                |   |               |                  
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |                |   |               |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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              |   |               |                  
|                                                                         
|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                              |   |  |                |   | 9,492,943.34  |                  
|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)                                                      |  | Early Termination cash                                                           |   |  |                |   | 2,825,624.47  |                  
|                                                                          |  | Advance payments for current month                                               |   |  |                |   | 644,058.81    |                  
|                                                                          |  | 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                                                               |   |  |                |   | 6,484.80      |                  
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |                |   | 5,364.96      |                  
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |                |   | 16.52         |                  
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |                |   |              |                  
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                |   | 2,183,849.09  |                  
|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 |   |  |                |   | 15,158,341.99 |                  
|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)         |  |                                                                                  |   |  | 369.00         |   |               |                  
|Less     Credit for payments applied in prior period                      |  |                                                                                  |   |  |               |   |               |                  
|                                                                          |  |                                                                                  |   |  |                |   |               |                  
|Total deposited into the Collection Account                               |  |                                                                                  |   |  | 15,158,710.99  |   |               |                  





---

|IKON Receivables, LLC                                                                |  |                |   |  |   |                         |  |                               
|------------------------------------------------------------------------------------ |  | -------------- | - |  | - | ----------------------- |  | ------------------------------
|Chase Lease-Backed Notes Series 2000-1                                               |  | Payment Date   |   |  |   | April 15, 2003          |  |                               
|MONTHLY SERVICER REPORT                                                              |  |                |   |  |   |                         |  |                               
|March 2003                                                                           |  | Payment Date # |   |  |   | 35                      |  |                               
|                                                                                    
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                               
|Surety Fee                                                                           |  | 0.18           | % |  |   | 17,718.79               |  | Surety Fee                    
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes    |  |                |   |  |   |                         |  |                               
|                                                                                     |  |                |  
|Payment to Swap Counterparty- Update Monthly                                         |  |                |   |  |   | 626,675.80              |  | IKON Transfer                 
|(ii)      Section 3.03 (b) (ii)                                                      |  |                |   |  |   |                         |  |                               
|Servicing Fee                                                                        |  | 0.75           | % |  |   | 73,828.31               |  | 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                                                                          |  |                |   |  |   |                        |  | Annual Fee                    
|                                                                                     |  |                |   |  |   |                         |  |                               
|Servicing Fee Less Trustee Fee                                                       |  |                |   |  |   | 73,828.31               |  | IOSC Net Servicing Fee        
|(iv)     Section 3.03 (b) (iv)                                                       |  |                |   |  |   |                         |  |                               
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                         |  |                |   |  |   | 1,000,263.79            |  | IOSC Svc Adv reimbursement    
|                                                                                     |  |                |   |  |   |                         |  |                               
|Remaining Available to be Distributed to Noteholders                                 |  |                |   |  |   | 13,440,224.30           |  |                               
|                                                                                     |  |                |  
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |                |   |  |   |                         |  | Actual Days for A1-A3-A4      
|Class A-1 Interest Due (Act/360 Basis)                                               |  | 6.99625        | % |  | $ |                        |  | 29                            
|Class A-2 Interest Due (30/360 Basis)                                                |  | 7.51000        | % |  | $ |                        |  |                               
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.28000 +
..19 = 1.47000%        |  | 1.47000        | % |  | $ | 39,806.11               |  | Libor + .19                   
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.28000 +
..23 = 1.51000%        |  | 1.51000        | % |  | $ | 102,797.03              |  | Libor + .23                   
|                                                                                     |  |                |   |  |   |                         |  |                               
|Total Class A Interest Due                                                           |  |                |   |  | $ | 142,603.14              |  |                               
|Class A Interest Paid                                                                |  |                |   |  | $ | 142,603.14              |  |                               
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |                |   |  | $ |                        |  |                               
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |                |   |  | $ |                        |  |                               
|Beginning Aggregate Class A Note Balance                                             |  |                |   |  | $ | 118,125,294.00          |  |                               
|Class A Principal Payment While Class A-1
Outstanding                                |  |                |   |  | $ |                        |  |                               
|Class A Principal Payment After Class A-1
Retired                                    |  | 86.93273       | % |  | $ | 6,292,690.22            |  |                               
|Aggregate Class A Principal Payment                                                  |  |                |   |  | $ | 6,292,690.22            |  |                               
|(vii)   Class A Principal Paid                                                       |  |                |   |  | $ | 6,292,690.22            |  |                               
|Ending Aggregate Class A Note Balance                                                |  |                |   |  | $ | 111,832,603.78          |  |                               
|Overcollateralization Floor                                                          |  |                |   |  |   |                         |  |                               
|2.5% of $553,902,470.26                                                              |  |                |   |  | $ | 13,847,561.76           |  |                               
|Plus: Cumulative Loss Amount                                                         |  |                |   |  | $ |                        |  |                               
|Less: Reserve Account Ending Balance                                                 |  |                |   |  | $ | 5,539,024.70            |  |                               
|Overcollateralization Floor                                                          |  |                |   |  | $ | 8,308,537.06            |  | N                             
|(viii)  Additional Class A Principal                                                 |  |                |   |  | $ |                        |  |                               
|Additional Principal Class A Paid                                                    |  |                |   |  | $ |                        |  |                               
|End of Period Class A Note Balance                                                   |  |                |   |  | $ | 111,832,603.78          |  |                               
|                                                                                     |  |                |  
|Remaining Collections After Distributions to Noteholders                             |  |                |   |  | $ | 7,004,930.94            |  |                               
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |                |   |  | $ |                        |  |                               
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |                |   |  | $ | 7,004,930.94            |  |                               
|                                                                                     |  |                |  
|Total Distribution from the Collection
Account                                       |  |                |   |  | $ | 15,158,710.99           |  |                               
|                                                                                     |  |                |  
|Trustee Transfer to IOSC                                                             |  |                |   |  |   | IOSC Transferto Trustee |  |                               
|                                                                                     |  |                |  
|                                                                                     |  |                |   |  | $ | 2,825,624.47            |  | Early Terms                   
|Remaining Coll                                                                       |  | 7,004,930.94   |   |  |   | 50,896.40               |  | Adv Payments                  
|Servicer Advances Reimbursement                                                      |  | 1,000,263.79   |   |  |   | 626,675.80              |  | Swap Payment                  
|Servicing Fee Less Trustee Fee                                                       |  | 73,828.31      |   |  |   | 2,183,849.09            |  | Servicer Advances             
|                                                                                     |  |                |   |  |   |                         |  |                               
|                                                                                     |  | 8,079,023.04   |   |  |   | 5,687,045.76            |  |                               





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                          |  |   | Payment Date   |   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                |  | 
|March 2003                                                                      |  |   | Payment Date # |   |  |   | 35             |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 135,875,843.15 |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 128,637,268.89 |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 6,292,690.22   |  | 
|                                                                                |  |   |               
|Class A-1        CUSIP # 45171W AT 4                                            |  |   |                |   |  |   |                |  | 
|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                                                         |  |   | 130,000,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-1 Face                                                         |  |   | 130,000,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Class A-2        CUSIP # 45171W AU 1                                            |  |   |                |   |  |   |                |  | 
|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                                                         |  |   | 54,000,000.00  |   |  |   |                |  | 
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Original Class A-2 Face                                                         |  |   | 54,000,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Class A-3        CUSIP # 45171W AV 9                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-3 Principal Balance                                           |  |   |                |   |  | $ | 33,615,294.00  |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 6,292,690.22   |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 27,322,603.78  |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 39,806.11      |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.1730700463   |   |  | $ | 39,806.11      |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Original Class A-3 Face                                                         |  |   | 230,000,000.00 |   |  |   |                |  | 
|Principal Paid Per $1,000                                                       |  | $ | 27.3595226839  |   |  | $ | 6,292,690.22   |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Original Class A-3 Face                                                         |  |   | 230,000,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 11.8793929490  | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Class A-4        CUSIP # 45171W AW 7                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                           |  |   |                |   |  | $ | 84,510,000.00  |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 84,510,000.00  |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 102,797.03     |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.2163888889   |   |  | $ | 102,797.03     |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Original Class A-4 Face                                                         |  |   | 84,510,000.00  |   |  |   |                |  | 
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Original Class A-4 Face                                                         |  |   | 84,510,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 16,804,665.11  |  | 





---

|IKON Receivables, LLC                                                                |  |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                               |  | Payment Date   |   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |                |   |  |   |                |  | 
|March 2003                                                                           |  | Payment Date # |   |  |   | 35             |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |                |  
|Discounted Present Value of the Leases which are:                                    |  |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |                |   |  | $ | 8,276,558.28   |  | 
|61-90 DAYS OVERDUE                                                                   |  |                |   |  | $ | 2,458,259.70   |  | 
|91-120 DAYS OVERDUE                                                                  |  |                |   |  | $ | 628,971.08     |  | 
|                                                                                     |  |                |  
|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%         |   |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 5.80%          |   |  | $ | 32,146,411.92  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%         |   |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |                |  
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 7.58%          |   |  | $ | 41,988,045.84  |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00%         |   |  | $ | 110,780,494.05 |  | 
|                                                                                     |  |                |  
|Interest Rate Swap                                                                   |  |                |   |  |   |                |  | 
|                                                                                     |  |                |  
|Class A-3 Fixed Swap Rate                                                            |  | 7.802          | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 7.820          | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |                |   |  |   | 769,278.94     |  | 
|                                                                                     |  |                |  
|Class A-3 Note Interest Rate                                                         |  | 1.47000        | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.51000        | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |                |   |  |   | 142,603.14     |  | 
|                                                                                     |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |                |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |                |   |  |   |                |  | 
|                                                                                     |  |                |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |                |   |  |   | 626,675.80     |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 



FOOTNOTES:



|1 | 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.



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



The Last Month and Two Months Ago calculation relating to the Annualized Default Rate has been recalculated in accordance with the
definitions set forth in the Indenture and the Assignment and Servicing Agreement. The previously reported calculation and the calculation in accordance with the documentation are as follows:



|                         |  | Last Month |   |  | Two Months Ago |  
|------------------------ |  | ---------- | - |  | -------------- | -
|Annualized Default Rate: |  |            |   |  |                |  
|Previously Reported      |  | 1.24       | % |  | 0.75           | %
|New Calculation          |  | 3.30       | % |  | 0.13           | %





---

|IKON Receivables, LLC                                                    |  |                |  |   |                |   |  |                  
|------------------------------------------------------------------------ |  | -------------- |  | - | -------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-1                                   |  | Payment Date   |  |   | May 15, 2003   |   |  |                  
|MONTHLY SERVICER REPORT                                                  |  |                |  |   |                |   |  |                  
|April 2003                                                               |  | Payment Date # |  |   | 36             |   |  |                  
|                                                                         |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                           |  |                |  |   |                |   |  |                  
|Beginning Balance (DPVL as of last date of previous Due Period)          |  |                |  | $ | 128,637,268.89 |   |  |                  
|                                                                         |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month            |  |                |  |   | 7,373,326.53   |   |  |                  
|Less:    DPV Non-Performing Leases - current monthover 120 days,etc     |  |                |  |   | 385,252.80     |   |  |                  
|Less:    DPV Adjusted / Warranty Leases                                  |  |                |  |   |               |   |  |                  
|Less:    DPV Amounts on Early Termination Leases                         |  |                |  |   | 2,098,519.92   |   |  |                  
|                                                                         |  |                |  |   |                |   |  |                  
|                                                                         |  |                | 
|Subtotal:                                                                |  |                |  | $ | 118,780,169.64 |   |  |                  
|Add:    DPV Substitute Leases                                            |  |                |  |   |                |   |  |                  
|Non-Performing                                                           |  |                |  |   | 385,934.25     |   |  |                  
|Adjusted / Warranty                                                      |  |                |  |   |               |   |  |                  
|Add:    DPV Additional Leases for Early Terminations                     |  |                |  |   |               |   |  |                  
|                                                                         |  |                |  |   |                |   |  |                  
|Ending Balance (DPVL as of last date of current Due Period)              |  |                |  | $ | 119,166,103.89 |   |  |                  
|                                                                         |  |                | 
|OVERDUE LEASE PAYMENTS                                                   |  |                |  |   |                |   |  |                  
|                                                                         |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:          |  |                |  |   |                |   |  |                  
|Beginning outstanding servicer advances                                  |  |                |  |   | 14,212,894.54  |   |  |                  
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed    |  |                |  |   | 1,179,370.95   |   |  |                  
|Add:    Servicer Adv for scheduled payments not made in current period   |  |                |  |   | 1,097,014.65   |   |  |                  
|                                                                         |  |                |  |   |                |   |  |                  
|Ending outstanding servicer advances                                     |  |                |  |   | 14,130,538.24  |   |  |                  
|                                                                         |  |                | 
|ADVANCE LEASE PAYMENTS                                                   |  |                |  |   |                |   |  |                  
|Beginning amount of lease payments to be applied in future               |  |                |  |   | 514,399.36     |   |  |                  
|Less:    Applied to Current from Prepaid - including intermonth activity |  |                |  |   | 593,233.57     |   |  |                  
|Less:    Repurchased Leases                                              |  |                |  |   |               |   |  |                  
|Less:    Advance Payments on Non-Performing Leases                       |  |                |  |   |               |   |  |                  
|Add:    Received This Month - including intermonth activity              |  |                |  |   | 621,800.59     |   |  |                  
|Add:    Received in Prior Month                                          |  |                |  |   |               |   |  |                  
|                                                                         |  |                |  |   |                |   |  |                  
|Ending amount of lease payments to be applied in future                  |  |                |  |   | 542,966.39     |   |  |                  
|                                                                         |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                        |  |                |  |   |                |   |  |                  
|Beginning Balance                                                        |  |                |  |   | 5,539,024.70   |   |  |                  
|Less: Deposit to Collection Account (if any)                             |  |                |  |   |               |   |  |                  
|Ending Balance                                                           |  |                |  |   | 5,539,024.70   |   |  |                  
|Required Reserve Account                                                 |  |                |  |   |                |   |  |                  
|Lesser of 1% of $ or Outstanding Notes Amount                            |  |                |  |   | 5,539,024.70   |   |  |                  
|Reserve Account in excess of Required Reserve                            |  |                |  |   |               |   |  |                  
|Deposits into Reserve Account                                            |  |                |  |   |               |   |  |                  
|Amounts Released to Issuer                                               |  |                |  |   |               |   |  |                  
|                                                                         |  |                |  |   |                |   |  |                  
|Ending Balance                                                           |  |                |  |   | 5,539,024.70   |   |  |                  
|                                                                        
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                              
|Beginning Balance                                                        |  |                |  |   | 16,837.88      |   |  |                  
|Less:    Retainable Deposits to be Deposited into Collection Account and |  |                |  |   |                |   |  |                  
|Amounts Repayable to Lessees                                             |  |                |  |   | 400.84         |   |  |                  
|Add:    Additional Security Deposits collected on leases                 |  |                |  |   |               |   |  |                  
|                                                                         |  |                |  |   |                |   |  |                  
|Ending Balance                                                           |  |                |  |   | 16,437.04      |   |  |                  
|                                                                         |  |                | 
|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                                                               |  |                |  |   | 0.38           | % |  | Annualized Apr 03
|Last Month                                                               |  |                |  |   | 3.31           | % |  | Annualized Mar 03
|Two Months ago                                                           |  |                |  |   | 3.30           | % |  | Annualized Feb 03
|3 mos. Average                                                           |  |                |  |   | 2.33           | % |  |                  





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |               |   |               | 
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- | - | ------------- | 
|Chase Lease-Backed Notes Series 2000-1                                    |  | Payment Date                                                                     |   |  | May 15, 2003  |   |               | 
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |               |   |               | 
|April 2003                                                                |  | Payment Date #                                                                   |   |  | 36            |   |               | 
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |               |   |               | 
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61            |   |               | 
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |               |   |               | 
|This Month                                                                |  |                                                                                  |   |  | 2.28          | % |               | 
|Last Month                                                                |  |                                                                                  |   |  | 2.40          | % |               | 
|Two Months ago                                                            |  |                                                                                  |   |  | 2.82          | % |               | 
|3 mos. Average                                                            |  |                                                                                  |   |  | 2.50          | % |               | 
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |               |   |               | 
|Triggered if                                                              |  |                                                                                  |   |  |               |   |               | 
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |               |   |               | 
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |               |   |               | 
|Acceleration Event Triggered? (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             |   |               | 
|                                                                         
|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                              |   |  |               |   | 7,266,512.28  | 
|Section 3.03 (a) (i)                                                      |  | Lease payments received on current months receivables                           |   |  |               |   | 4,855,601.88  | 
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |   | 2,410,910.40  | 
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |               |   | 2,098,519.92  | 
|                                                                          |  | Advance payments for current month                                               |   |  |               |   | 593,233.57    | 
|                                                                          |  | 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                                                               |   |  |               |   | 8,264.52      | 
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |               |   | 4,879.75      | 
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |               |   | 14.63         | 
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |               |   |              | 
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |   | 1,097,014.65  | 
|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 |   |  |               |   | 11,068,439.32 | 
|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)         |  |                                                                                  |   |  | 400.84        |   |               | 
|                                                                          |  |                                                                                  |  
|Less Credit for payments applied in prior period                          |  |                                                                                  |   |  |              |   |               | 
|                                                                          |  |                                                                                  |   |  |               |   |               | 
|                                                                          |  |                                                                                  |  
|Total deposited into the Collection Account                               |  |                                                                                  |   |  | 11,068,840.16 |   |               | 





---

|IKON Receivables, LLC                                                                |  |                |   |  |   |                          |  |                               
|------------------------------------------------------------------------------------ |  | -------------- | - |  | - | ------------------------ |  | ------------------------------
|Chase Lease-Backed Notes Series 2000-1                                               |  | Payment Date   |   |  |   | May 15, 2003             |  |                               
|MONTHLY SERVICER REPORT                                                              |  |                |   |  |   |                          |  |                               
|April 2003                                                                           |  | Payment Date # |   |  |   | 36                       |  |                               
|                                                                                    
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                               
|Surety Fee                                                                           |  | 0.18           | % |  |   | 16,774.89                |  | Surety Fee                    
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes    |  |                |   |  |   |                          |  |                               
|                                                                                     |  |                |  
|Payment to Swap Counterpaty - Update Monthly                                         |  |                |   |  |   | 585,758.21               |  | IKON Transfer                 
|(ii)      Section 3.03 (b) (ii)                                                      |  |                |   |  |   |                          |  |                               
|                                                                                     |  |                |  
|Servicing Fee                                                                        |  | 0.75           | % |  |   | 69,895.38                |  | 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                                                                          |  |                |   |  |   |                         |  | Annual Fee                    
|                                                                                     |  |                |   |  |   |                          |  |                               
|Servicing Fee Less Trustee Fee                                                       |  |                |   |  |   | 69,895.38                |  | IOSC Net Servicing Fee        
|(iv)     Section 3.03 (b) (iv)                                                       |  |                |   |  |   |                          |  |                               
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                         |  |                |   |  |   | 1,179,370.95             |  | IOSC Svc Adv reimbursement    
|                                                                                     |  |                |   |  |   |                          |  |                               
|                                                                                     |  |                |  
|Remaining Available to be Distributed to Noteholders                                 |  |                |   |  |   | 9,217,040.73             |  |                               
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |                |   |  |   |                          |  | Actual Days for A1-A3-A4      
|Class A-1 Interest Due (Act/360 Basis)                                               |  | 6.99625        | % |  | $ |                         |  | 30                            
|Class A-2 Interest Due (30/360 Basis)                                                |  | 7.51000        | % |  | $ |                         |  |                               
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.31000 + .19 = 1.50000%         |  | 1.50000        | % |  | $ | 34,153.25                |  | Libor + .19                   
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.31000 + .23 = 1.54000%         |  | 1.54000        | % |  | $ | 108,454.50               |  | Libor + .23                   
|                                                                                     |  |                |   |  |   |                          |  |                               
|Total Class A Interest Due                                                           |  |                |   |  | $ | 142,607.75               |  |                               
|Class A Interest Paid                                                                |  |                |   |  | $ | 142,607.75               |  |                               
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |                |   |  | $ |                         |  |                               
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |                |   |  | $ |                         |  |                               
|Beginning Aggregate Class A Note
Balance                                             |  |                |   |  | $ | 111,832,603.78           |  |                               
|Class A Principal Payment While Class A-1 Outstanding                                |  |                |   |  | $ |                         |  |                               
|Class A Principal Payment After Class A-1 Retired                                    |  | 86.93273       | % |  | $ | 8,233,542.30             |  |                               
|Aggregate Class A Principal Payment                                                  |  |                |   |  | $ | 8,233,542.30             |  |                               
|(vii)   Class A Principal Paid                                                       |  |                |   |  | $ | 8,233,542.30             |  |                               
|Ending Aggregate Class A Note Balance                                                |  |                |   |  | $ | 103,599,061.49           |  |                               
|Overcollateralization Floor                                                          |  |                |   |  |   |                          |  |                               
|2.5% of $553,902,470.26                                                              |  |                |   |  | $ | 13,847,561.76            |  |                               
|Plus: Cumulative Loss Amount                                                         |  |                |   |  | $ |                         |  |                               
|Less: Reserve Account Ending Balance                                                 |  |                |   |  | $ | 5,539,024.70             |  |                               
|Overcollateralization Floor                                                          |  |                |   |  | $ | 8,308,537.06             |  | N                             
|(viii)  Additional Class A Principal                                                 |  |                |   |  | $ |                         |  |                               
|Additional Principal Class A Paid                                                    |  |                |   |  | $ |                         |  |                               
|End of Period Class A Note Balance                                                   |  |                |   |  | $ | 103,599,061.49           |  |                               
|                                                                                     |  |                |  
|Remaining Collections After Distributions to Noteholders                             |  |                |   |  | $ | 840,890.68               |  |                               
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |                |   |  | $ |                         |  |                               
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b)
(xi)) |  |                |   |  | $ | 840,890.68               |  |                               
|                                                                                     |  |                |  
|Total Distribution from the Collection Account                                       |  |                |   |  | $ | 11,068,840.16            |  |                               
|                                                                                     |  |                |  
|Trustee Transfer to IOSC                                                             |  |                |   |  |   | IOSC Transfer to Trustee |  |                               
|                                                                                     |  |                |   |  | $ | 2,098,519.92             |  | Early Terms                   
|Remaining Coll                                                                       |  | 840,890.68     |   |  |   | 28,567.02                |  | Adv Payments                  
|Servicer Advances Reimbursement                                                      |  | 1,179,370.95   |   |  |   | 585,758.21               |  | Swap Payment                  
|Servicing Fee Less Trustee Fee                                                       |  | 69,895.38      |   |  |   | 1,097,014.65             |  | Servicer Advances             
|                                                                                     |  |                |   |  |   |                          |  |                               
|                                                                                     |  | 2,090,157.01   |   |  |   | 3,809,859.80             |  |                               





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                          |  |   | Payment Date   |   |  |   | May 15, 2003   |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                |  | 
|April 2003                                                                      |  |   | Payment Date # |   |  |   | 36             |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                |  | 
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 128,637,268.89 |  | 
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 119,166,103.89 |  | 
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 8,233,542.30   |  | 
|                                                                                |  |   |               
|Class A - 1        CUSIP # 45171W AT 4                                          |  |   |                |   |  |   |                |  | 
|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                                                         |  |   | 130,000,000.00 |   |  |   |                |  | 
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-1 Face                                                         |  |   | 130,000,000.00 |   |  |   |                |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Class A-2        CUSIP # 45171W AU 1                                            |  |   |                |   |  |   |                |  | 
|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                                                         |  |   | 54,000,000.00  |   |  |   |                |  | 
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-2 Face                                                         |  |   | 54,000,000.00  |   |  |   |                |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Class A-3        CUSIP # 45171W AV 9                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-3 Principal Balance                                           |  |   |                |   |  | $ | 27,322,603.78  |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 8,233,542.30   |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 19,089,061.49  |  | 
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 34,153.25      |  | 
|Interest Paid Per $1,000                                                        |  | $ | 0.1484924119   |   |  | $ | 34,153.25      |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                         |  |   | 230,000,000.00 |   |  |   |                |  | 
|Principal Paid Per $1,000                                                       |  | $ | 35.7980099883  |   |  | $ | 8,233,542.30   |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                         |  |   | 230,000,000.00 |   |  |   |                |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 8.2995919502   | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Class A-4        CUSIP # 45171W AW 7                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                           |  |   |                |   |  | $ | 84,510,000.00  |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 84,510,000.00  |  | 
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 108,454.50     |  | 
|Interest Paid Per $1,000                                                        |  | $ | 1.2833333333   |   |  | $ | 108,454.50     |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                         |  |   | 84,510,000.00  |   |  |   |                |  | 
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                         |  |   | 84,510,000.00  |   |  |   |                |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 15,567,042.40  |  | 





---

|IKON Receivables, LLC                                                                |  |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                               |  | Payment Date   |   |  |   | May 15, 2003   |  | 
|MONTHLY SERVICER REPORT                                                              |  |                |   |  |   |                |  | 
|April 2003                                                                           |  | Payment Date # |   |  |   | 36             |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |                |  
|Discounted Present Value of the Leases which are:                                    |  |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |                |   |  | $ | 6,241,669.95   |  | 
|61-90 DAYS OVERDUE                                                                   |  |                |   |  | $ | 1,787,365.55   |  | 
|91-120 DAYS OVERDUE                                                                  |  |                |   |  | $ | 928,773.38     |  | 
|                                                                                     |  |                |  
|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          | % |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 5.87           | % |  | $ | 32,532,346.17  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00          | % |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |                |  
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 7.58           | % |  | $ | 41,988,045.84  |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00          | % |  | $ | 110,780,494.05 |  | 
|                                                                                     |  |                |  
|Interest Rate Swap                                                                   |  |                |   |  |   |                |  | 
|                                                                                     |  |                |  
|Class A-3 Fixed Swap Rate                                                            |  | 7.802          | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 7.820          | % |  |   |                |  | 
|                                                                                     |  |                |  
|a) Fixed Swap Interest Payable                                                       |  |                |   |  |   | 728,365.96     |  | 
|Class A-3 Note Interest Rate                                                         |  | 1.50000        | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.54000        | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |                |   |  |   | 142,607.75     |  | 
|                                                                                     |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |                |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |                |   |  |   |                |  | 
|                                                                                     |  |                |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |                |   |  |   | 585,758.21     |  | 



|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, LLC                                                                                 |  |                |  |   |                |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                                                |  | Payment Date   |  |   | June 16, 2003  |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                |  | 
|May 2003                                                                                              |  | Payment Date # |  |   | 37             |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 119,166,103.89 |  | 
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 6,535,916.18   |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 494,416.03     |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   | 6,834.47       |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 1,395,383.16   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Subtotal:                                                                                             |  |                |  | $ | 110,733,554.05 |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |                |  | 
|Non-Performing                                                                                        |  |                |  |   | 494,472.42     |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   | 6,834.47       |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 111,234,860.94 |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 14,130,538.24  |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 2,078,085.13   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 2,056,005.63   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 14,108,458.74  |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 542,966.39     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 400,179.62     |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |               |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 371,001.72     |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 513,788.48     |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 5,539,024.70   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |               |  | 
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70   |  | 
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 5,539,024.70   |  | 
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   |               |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70   |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 16,437.04      |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   |               |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   | 322.84         |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 16,759.88      |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |               |   |               |                  
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- | - | ------------- | -----------------
|Chase Lease-Backed Notes Series 2000-1                                    |  | Payment Date                                                                     |   |  | June 16, 2003 |   |               |                  
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |               |   |               |                  
|May 2003                                                                  |  | Payment Date #                                                                   |   |  | 37            |   |               |                  
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | 1.47          | % |               | Annualized May 03
|Last Month                                                                |  |                                                                                  |   |  | 0.38          | % |               | Annualized Apr 03
|Two Months ago                                                            |  |                                                                                  |   |  | 3.31          | % |               | Annualized Mar 03
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 1.72          | % |               |                  
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |               |   |               |                  
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61            |   |               |                  
|                                                                          |  |                                                                                  |  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |               |   |               |                  
|This Month                                                                |  |                                                                                  |   |  | 2.97          | % |               |                  
|Last Month                                                                |  |                                                                                  |   |  | 2.28          | % |               |                  
|Two Months ago                                                            |  |                                                                                  |   |  | 2.40          | % |               |                  
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 2.55          | % |               |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |               |   |               |                  
|Triggered if                                                              |  |                                                                                  |   |  |               |   |               |                  
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |               |   |               |                  
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |               |   |               |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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             |   |               |                  
|                                                                         
|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                              |   |  |               |   | 7,096,867.53  |                  
|Section 3.03 (a) (i)                                                      |  | Lease payments received on current months receivables                           |   |  |               |   | 5,018,782.40  |                  
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |   | 2,078,085.13  |                  
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |               |   | 1,395,383.16  |                  
|                                                                          |  | Advance payments for current month                                               |   |  |               |   | 400,179.62    |                  
|                                                                          |  | 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                                                               |   |  |               |   | 8,881.09      |                  
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |               |   | 4,875.62      |                  
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |               |   | 14.30         |                  
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |               |   |              |                  
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |   | 2,056,005.63  |                  
|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 |   |  |               |   | 10,962,206.95 |                  





---

|IKON Receivables, LLC                                                                  |  |                |   |  |   |                |  |                               
|-------------------------------------------------------------------------------------- |  | -------------- | - |  | - | -------------- |  | ------------------------------
|Chase Lease-Backed Notes Series 2000-1                                                 |  | Payment Date   |   |  |   | June 16, 2003  |  |                               
|MONTHLY SERVICER REPORT                                                                |  |                |   |  |   |                |  |                               
|May 2003                                                                               |  | Payment Date # |   |  |   | 37             |  |                               
|                                                                                       |  |                |  
|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                                            |  |                |   |  |   | 10,962,206.95  |  |                               
|                                                                                      
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                                 
|                                                                                       |  |                |  
|Surety Fee                                                                             |  | 0.18           | % |  |   | 15,539.86      |  | Surety Fee                    
|(i)         Section 3.03 (b) (i)    0.18% of Outstanding
Principal Amount of the Notes |  |                |   |  |   |                |  |                               
|Payment to Swap Counterparty - Update
Monthly                                          |  |                |   |  |   | 533,697.33     |  | IKON Transfer                 
|(ii)        Section 3.03 (b) (ii)                                                      |  |                |   |  |   |                |  |                               
|Servicing Fee                                                                          |  | 0.75           | % |  |   | 64,749.41      |  | 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                                                                            |  |                |   |  |   |               |  | Annual Fee                    
|                                                                                       |  |                |   |  |   |                |  |                               
|Servicing Fee Less Trustee Fee                                                         |  |                |   |  |   | 64,749.41      |  | IOSC Net Servicing Fee        
|(iv)       Section 3.03 (b) (iv)                                                       |  |                |   |  |   |                |  |                               
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                           |  |                |   |  |   | 2,078,085.13   |  | IOSC Svc Adv reimbursement    
|                                                                                       |  |                |   |  |   |                |  |                               
|Remaining Available to be Distributed to Noteholders                                   |  |                |   |  |   | 8,270,135.21   |  |                               
|(v)        Disbursements Section 3.03 (b) (v)                                          |  |                |   |  |   |                |  | Actual Days for A1-A3-A4      
|Class A-1 Interest Due (Act/360
Basis)                                                 |  | 6.99625        | % |  | $ |               |  | 32                            
|Class A-2 Interest Due (30/360
Basis)                                                  |  | 7.51000        | % |  | $ |               |  |                               
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate =
1.31000 + .19 = 1.50000%           |  | 1.50000        | % |  | $ | 25,452.08      |  | Libor + .19                   
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate =
1.31000 + .23 = 1.54000%           |  | 1.54000        | % |  | $ | 115,684.80     |  | Libor + .23                   
|                                                                                       |  |                |   |  |   |                |  |                               
|Total Class A Interest Due                                                             |  |                |   |  | $ | 141,136.88     |  |                               
|Class A Interest Paid                                                                  |  |                |   |  | $ | 141,136.88     |  |                               
|Cumulative Outstanding Amounts Owed to
AMBAC                                           |  |                |   |  | $ |               |  |                               
|(vi)       Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |                |   |  | $ |               |  |                               
|Beginning Aggregate Class A Note
Balance                                               |  |                |   |  | $ | 103,599,061.49 |  |                               
|Class A Principal Payment While Class A-1
Outstanding                                  |  |                |   |  | $ |               |  |                               
|Class A Principal Payment After Class A-1
Retired                                      |  | 86.93273       | % |  | $ | 6,894,846.02   |  |                               
|Aggregate Class A Principal Payment                                                    |  |                |   |  | $ | 6,894,846.02   |  |                               
|(vii)      Class A Principal Paid                                                      |  |                |   |  | $ | 6,894,846.02   |  |                               
|Ending Aggregate Class A Note
Balance                                                  |  |                |   |  | $ | 96,704,215.47  |  |                               
|Overcollateralization Floor                                                            |  |                |   |  |   |                |  |                               
|2.5% of $553,902,470.26                                                                |  |                |   |  | $ | 13,847,561.76  |  |                               
|Plus: Cumulative Loss Amount                                                           |  |                |   |  | $ |               |  |                               
|Less: Reserve Account Ending Balance                                                   |  |                |   |  | $ | 5,539,024.70   |  |                               
|Overcollateralization Floor                                                            |  |                |   |  | $ | 8,308,537.06   |  | N                             
|(viii)    Additional Class A Principal                                                 |  |                |   |  | $ |               |  |                               
|Additional Principal Class A Paid                                                      |  |                |   |  | $ |               |  |                               
|End of Period Class A Note Balance                                                     |  |                |   |  | $ | 96,704,215.47  |  |                               
|                                                                                       |  |                |  
|Remaining Collections After Distributions to Noteholders                               |  |                |   |  | $ | 1,234,152.31   |  |                               





---

|IKON Receivables, LLC                                                                  |  |   |                |   |  |   |                         |  |                  
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------------- |  | -----------------
|Chase Lease-Backed Notes Series 2000-1                                                 |  |   | Payment Date   |   |  |   | June 16, 2003           |  |                  
|MONTHLY SERVICER REPORT                                                                |  |   |                |   |  |   |                         |  |                  
|May 2003                                                                               |  |   | Payment Date # |   |  |   | 37                      |  |                  
|                                                                                       |  |   |               
|(ix)       Reserve Account Deposit (section 3.03 (b) (ix))                             |  |   |                |   |  | $ |                        |  |                  
|(xi)       Additional Funds Available for Distribution to IOSC (section 3.03 (b)
(xi)) |  |   |                |   |  | $ | 1,234,152.31            |  |                  
|Total Distribution from the Collection Account                                         |  |   |                |   |  | $ | 10,962,206.95           |  |                  
|Trustee Transfer to IOSC                                                               |  |   |                |   |  |   | IOSC Transferto Trustee |  |                  
|Adv Payments                                                                           |  | $ | 29,177.90      |   |  |   |                         |  |                  
|Remaining Coll                                                                         |  |   | 1,234,152.31   |   |  | $ | 1,395,383.16            |  | Early Terms      
|Servicer Advances Reimbursement                                                        |  |   | 2,078,085.13   |   |  |   | 533,697.33              |  | Swap Payment     
|Servicing Fee Less Trustee Fee                                                         |  |   | 64,749.41      |   |  |   | 2,056,005.63            |  | Servicer Advances
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|                                                                                       |  |   | 3,406,164.76   |   |  |   | 3,985,086.12            |  |                  
|                                                                                       |  |   |               
|RECONCILIATION OF NOTES                                                                |  |   |                |   |  |   |                         |  |                  
|Beginning Discounted Present Value of the Leases                                       |  |   |                |   |  | $ | 119,166,103.89          |  |                  
|                                                                                       |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date        |  |   |                |   |  | $ | 111,234,860.94          |  |                  
|                                                                                       |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period                |  |   |                |   |  | $ | 6,894,846.02            |  |                  
|                                                                                       |  |   |               
|Class A - 1        CUSIP # 45171W AT 4                                                 |  |   |                |   |  |   |                         |  |                  
|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                                                                |  |   | 130,000,000.00 |   |  |   |                         |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $ |                        |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|Original Class A-1 Face                                                                |  |   | 130,000,000.00 |   |  |   |                         |  |                  
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                         |  |                  
|(Ending Class A Principal/Original Class A-1 Face)                                     |  |   | 0.0000000000   | % |  |   |                         |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|                                                                                       |  |   |               
|Class A-2        CUSIP # 45171W AU 1                                                   |  |   |                |   |  |   |                         |  |                  
|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                                                                |  |   | 54,000,000.00  |   |  |   |                         |  |                  
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $ |                        |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|Original Class A-2 Face                                                                |  |   | 54,000,000.00  |   |  |   |                         |  |                  
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                         |  |                  
|(Ending Class A-2 Principal/Original Class A-2 Face)                                   |  |   | 0.0000000000   | % |  |   |                         |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|                                                                                       |  |   |               
|Class A-3        CUSIP # 45171W AV 9                                                   |  |   |                |   |  |   |                         |  |                  
|Beginning Class A-3 Principal Balance                                                  |  |   |                |   |  | $ | 19,089,061.49           |  |                  
|Principal in Current Period                                                            |  |   |                |   |  | $ | 6,894,846.02            |  |                  
|Ending Class A-3 Principal Balance                                                     |  |   |                |   |  | $ | 12,194,215.47           |  |                  
|                                                                                       |  |   |               
|Interest due this Due Period                                                           |  |   | %              |   |  | $ | 25,452.08               |  |                  
|                                                                                       |  |   |               
|Interest Paid Per $1,000                                                               |  | $ | 0.1106612260   |   |  | $ | 25,452.08               |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|Original Class A-3 Face                                                                |  |   | 230,000,000.00 |   |  |   |                         |  |                  
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ | 29.9775913886  |   |  | $ | 6,894,846.02            |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|Original Class A-3 Face                                                                |  |   | 230,000,000.00 |   |  |   |                         |  |                  
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                         |  |                  
|(Ending Class A-3 Principal/Original Class A-3 Face)                                   |  |   | 5.3018328113   | % |  |   |                         |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                               |  |   | Payment Date   |   |  |   | June 16, 2003  |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                |  | 
|May 2003                                                                             |  |   | Payment Date # |   |  |   | 37             |  | 
|                                                                                     |  |   |               
|Class A-4        CUSIP # 45171W AW 7                                                 |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 84,510,000.00  |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 84,510,000.00  |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 115,684.80     |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 1.3688888889   |   |  | $ | 115,684.80     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 84,510,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |               |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 84,510,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 14,530,645.47  |  | 
|                                                                                     |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 4,850,921.19   |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 2,795,160.60   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 506,131.45     |  | 
|                                                                                     |  |   |               
|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%          |   |  | $ | 6,834.47       |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 5.96%          |   |  | $ | 33,026,818.59  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |   |               
|Cumulative Additions made for Early Termination Leases since Closing                 |  |   | 7.58%          |   |  | $ | 41,988,045.84  |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  |   | 20.00%         |   |  | $ | 110,780,494.05 |  | 
|                                                                                     |  |   |               
|Interest Rate Swap                                                                   |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-3 Fixed Swap Rate                                                            |  |   | 7.802          | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  |   | 7.820          | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |   |                |   |  |   | 674,834.21     |  | 
|                                                                                     |  |   |               
|Class A-3 Note Interest Rate                                                         |  |   | 1.50000        | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  |   | 1.54000        | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |   |                |   |  |   | 141,136.88     |  | 
|                                                                                     |  |   |               
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |   |                |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |   |                |   |  |   | 533,697.33     |  | 
|                                                                                     |  |  
|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, LLC                                                                                 |  |                |  |   |                |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                                                |  | Payment Date   |  |   | July 15, 2003  |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                |  | 
|June 2003                                                                                             |  | Payment Date # |  |   | 38             |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 111,234,860.94 |  | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 6,590,826.26   |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 158,797.81     |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   |               |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 2,098,596.80   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Subtotal:                                                                                             |  |                |  | $ | 102,386,640.07 |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |                |  | 
|Non-Performing                                                                                        |  |                |  |   | 162,782.93     |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   |               |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 102,549,423.00 |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 14,108,458.74  |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,010,791.90   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 1,066,850.88   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 14,164,517.72  |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 513,788.48     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 563,100.65     |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |               |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 658,318.43     |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 609,006.26     |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 5,539,024.70   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |               |  | 
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70   |  | 
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 5,539,024.70   |  | 
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   |               |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70   |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 16,759.88      |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 2,851.90       |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 13,907.98      |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |               |   |               |                   
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- | - | ------------- | ------------------
|Chase Lease-Backed Notes Series 2000-1                                    |  | Payment Date                                                                     |   |  | July 15, 2003 |   |               |                   
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |               |   |               |                   
|June 2003                                                                 |  | Payment Date                                                                     | # |  | 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                                                                |  |                                                                                  |   |  | -2.62         | % |               | Annualized June 03
|Last Month                                                                |  |                                                                                  |   |  | 1.47          | % |               | Annualized May 03 
|Two Months ago                                                            |  |                                                                                  |   |  | 0.38          | % |               | Annualized Apr 03 
|3 mos. Average                                                            |  |                                                                                  |   |  | -0.26         | % |               |                   
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |               |   |               |                   
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61            |   |               |                   
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |               |   |               |                   
|This Month                                                                |  |                                                                                  |   |  | 2.46          | % |               |                   
|Last Month                                                                |  |                                                                                  |   |  | 2.97          | % |               |                   
|Two Months ago                                                            |  |                                                                                  |   |  | 2.28          | % |               |                   
|3 mos. Average                                                            |  |                                                                                  |   |  | 2.57          | % |               |                   
|Acceleration Event                                                        |  |                                                                                  |   |  |               |   |               |                   
|Triggered if                                                              |  |                                                                                  |   |  |               |   |               |                   
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |               |   |               |                   
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |               |   |               |                   
|Acceleration Event Triggered? (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             |   |               |                   
|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                              |   |  |               |   | 6,617,758.49  |                   
|Section 3.03 (a) (i)                                                      |  | Lease payments received on current months receivables                           |   |  |               |   | 5,606,966.59  |                   
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |   | 1,010,791.90  |                   
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |               |   | 2,098,596.80  |                   
|                                                                          |  | Advance payments for current month                                               |   |  |               |   | 563,100.65    |                   
|                                                                          |  | 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                                                               |   |  |               |   | 8,188.39      |                   
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |               |   | 4,593.94      |                   
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |               |   | 13.30         |                   
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |               |   |              |                   
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |   | 1,066,850.88  |                   
|Section 3.03 (a) (viii)                                                   |  | Payments Received From Swap Counterparty                                         |   |  |               |   |              |                   
|Section 3.03 (a) (viii)                                                   |  | Retainable Security Deposits                                                     |   |  |               |   |               |                   
|Section 3.03 (a) (ix)                                                     |  | Funds For Redemption (Optional Clean-Up Call)                                    |   |  |               |   |              |                   
|                                                                          |  |                                                                                  |   |  |               |   |               |                   
|                                                                          |  | Total amounts in the Collection Account related to the Current Collection Period |   |  |               |   | 10,359,102.45 |                   





---

|IKON Receivables, LLC                                                               |  |              |   |  |   |               |  |                               
|----------------------------------------------------------------------------------- |  | ------------ | - |  | - | ------------- |  | ------------------------------
|Chase Lease-Backed Notes Series 2000-1                                              |  | Payment Date |   |  |   | July 15, 2003 |  |                               
|MONTHLY SERVICER REPORT                                                             |  |              |   |  |   |               |  |                               
|June 2003                                                                           |  | Payment Date | # |  |   | 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)                   |  |              |   |  |   | 2,851.90      |  |                               
|Less     Credit for payments applied in prior period                                |  |              |   |  |   |              |  |                               
|                                                                                    |  |              |   |  |   |               |  |                               
|Total deposited into the Collection Account                                         |  |              |   |  |   | 10,361,954.35 |  |                               
|                                                                                   
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                              
|Surety Fee                                                                          |  | 0.18         | % |  |   | 14,505.63     |  | Surety Fee                    
|(i)         Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes |  |              |   |  |   |               |  |                               
|Payment to Swap Counterparty - Update
Monthly                                       |  |              |   |  |   | 520,559.28    |  | IKON Transfer                 
|(ii)        Section 3.03 (b) (ii)                                                   |  |              |   |  |   |               |  |                               
|Servicing Fee                                                                       |  | 0.75         | % |  |   | 60,440.13     |  | 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                                                                         |  |              |   |  |   |              |  | Annual Fee                    
|                                                                                    |  |              |   |  |   |               |  |                               
|Servicing Fee Less Trustee Fee                                                      |  |              |   |  |   | 60,440.13     |  | IOSC Net Servicing Fee        
|(iv)       Section 3.03 (b) (iv)                                                    |  |              |   |  |   |               |  |                               
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                        |  |              |   |  |   | 1,010,791.90  |  | IOSC Svc Adv reimbursement    
|                                                                                    |  |              |   |  |   |               |  |                               
|Remaining Available to be Distributed to Noteholders                                |  |              |   |  |   | 8,755,657.41  |  |                               
|(v)      Disbursements Section 3.03 (b) (v)                                         |  |              |   |  |   |               |  | Actual Days for A1-A3-A4      
|Class A-1 Interest Due (Act/360
Basis)                                              |  | 6.99625      | % |  | $ |              |  | 29                            
|Class A-2 Interest Due (30/360
Basis)                                               |  | 7.51000      | % |  | $ |              |  |                               
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate =
1.18000 + .19 = 1.37000%        |  | 1.37000      | % |  | $ | 13,457.67     |  | Libor + .19                   
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate =
1.18000 + .23 = 1.41000%        |  | 1.41000      | % |  | $ | 95,989.28     |  | Libor + .23                   
|                                                                                    |  |              |   |  |   |               |  |                               
|                                                                                    |  |              |   |  |   |               |  |                               
|Total Class A Interest Due                                                          |  |              |   |  | $ | 109,446.95    |  |                               
|Class A Interest Paid                                                               |  |              |   |  | $ | 109,446.95    |  |                               
|Cumulative Outstanding Amounts Owed to
AMBAC                                        |  |              |   |  | $ |              |  |                               
|(vi)       Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |              |   |  | $ |              |  |                               
|Beginning Aggregate Class A Note
Balance                                            |  |              |   |  | $ | 96,704,215.47 |  |                               
|Class A Principal Payment While Class A-1
Outstanding                               |  |              |   |  | $ |              |  |                               
|Class A Principal Payment After Class A-1
Retired                                   |  | 86.93273     | % |  | $ | 7,550,488.31  |  |                               
|Aggregate Class A Principal Payment                                                 |  |              |   |  | $ | 7,550,488.31  |  |                               
|(vii)      Class A Principal Paid                                                   |  |              |   |  | $ | 7,550,488.31  |  |                               
|Ending Aggregate Class A Note
Balance                                               |  |              |   |  | $ | 89,153,727.15 |  |                               
|Overcollateralization Floor                                                         |  |              |   |  |   |               |  |                               
|2.5% of $553,902,470.26                                                             |  |              |   |  | $ | 13,847,561.76 |  |                               
|Plus: Cumulative Loss Amount                                                        |  |              |   |  | $ |              |  |                               
|Less: Reserve Account Ending Balance                                                |  |              |   |  | $ | 5,539,024.70  |  |                               
|Overcollateralization Floor                                                         |  |              |   |  | $ | 8,308,537.06  |  | N                             
|(viii)    Additional Class A Principal                                              |  |              |   |  | $ |              |  |                               
|Additional Principal Class A Paid                                                   |  |              |   |  | $ |              |  |                               
|End of Period Class A Note Balance                                                  |  |              |   |  | $ | 89,153,727.15 |  |                               
|                                                                                    |  |              |  
|Remaining Collections After Distributions to Noteholders                            |  |              |   |  | $ | 1,095,722.15  |  |                               





---

|IKON Receivables, LLC                                                                  |  |   |                |   |  |   |                         |  |                  
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------------- |  | -----------------
|Chase Lease-Backed Notes Series 2000-1                                                 |  |   | Payment Date   |   |  |   | July 15, 2003           |  |                  
|MONTHLY SERVICER REPORT                                                                |  |   |                |   |  |   |                         |  |                  
|June 2003                                                                              |  |   | Payment Date   | # |  |   | 38                      |  |                  
|                                                                                       |  |   |               
|(ix)       Reserve Account Deposit (section 3.03 (b) (ix))                             |  |   |                |   |  | $ |                        |  |                  
|(xi)       Additional Funds Available for Distribution to IOSC (section 3.03 (b)
(xi)) |  |   |                |   |  | $ | 1,095,722.15            |  |                  
|Total Distribution from the Collection Account                                         |  |   |                |   |  | $ | 10,361,954.35           |  |                  
|Trustee Transfer to IOSC                                                               |  |   |                |   |  |   | IOSC Transferto Trustee |  |                  
|                                                                                       |  |   |                |   |  | $ | 95,217.78               |  | Advance Payments 
|Remaining Coll                                                                         |  | $ | 1,095,722.15   |   |  |   | 2,098,596.80            |  | Early Terms      
|Servicer Advances Reimbursement                                                        |  |   | 1,010,791.90   |   |  |   | 520,559.28              |  | Swap Payment     
|Servicing Fee Less Trustee Fee                                                         |  |   | 60,440.13      |   |  |   | 1,066,850.88            |  | Servicer Advances
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|                                                                                       |  |   | 2,166,954.18   |   |  |   | 3,781,224.73            |  |                  
|                                                                                       |  |   |               
|RECONCILIATION OF NOTES                                                                |  |   |                |   |  |   |                         |  |                  
|                                                                                       |  |   |               
|Beginning Discounted Present Value of the Leases                                       |  |   |                |   |  | $ | 111,234,860.94          |  |                  
|                                                                                       |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date        |  |   |                |   |  | $ | 102,549,423.00          |  |                  
|                                                                                       |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period                |  |   |                |   |  | $ | 7,550,488.31            |  |                  
|                                                                                       |  |   |               
|Class A-1        CUSIP # 45171W AT 4                                                   |  |   |                |   |  |   |                         |  |                  
|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                                                                |  |   | 130,000,000.00 |   |  |   |                         |  |                  
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $ |                        |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|Original Class A-1 Face                                                                |  |   | 130,000,000.00 |   |  |   |                         |  |                  
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                         |  |                  
|(Ending Class A Principal/Original Class A-1 Face)                                     |  |   | 0.0000000000   | % |  |   |                         |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|                                                                                       |  |   |               
|Class A-2        CUSIP # 45171W AU 1                                                   |  |   |                |   |  |   |                         |  |                  
|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                                                                |  |   | 54,000,000.00  |   |  |   |                         |  |                  
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $ |                        |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|Original Class A-2 Face                                                                |  |   | 54,000,000.00  |   |  |   |                         |  |                  
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                         |  |                  
|(Ending Class A-2 Principal/Original Class A-2 Face)                                   |  |   | 0.0000000000   | % |  |   |                         |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|                                                                                       |  |   |               
|Class A-3        CUSIP # 45171W AV 9                                                   |  |   |                |   |  |   |                         |  |                  
|Beginning Class A-3 Principal Balance                                                  |  |   |                |   |  | $ | 12,194,215.47           |  |                  
|Principal in Current Period                                                            |  |   |                |   |  | $ | 7,550,488.31            |  |                  
|Ending Class A-3 Principal Balance                                                     |  |   |                |   |  | $ | 4,643,727.15            |  |                  
|Interest due this Due Period                                                           |  |   | %              |   |  | $ | 13,457.67               |  |                  
|Interest Paid Per $1,000                                                               |  | $ | 0.0585116160   |   |  | $ | 13,457.67               |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|Original Class A-3 Face                                                                |  |   | 230,000,000.00 |   |  |   |                         |  |                  
|Principal Paid Per $1,000                                                              |  | $ | 32.8282100596  |   |  | $ | 7,550,488.31            |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  
|Original Class A-3 Face                                                                |  |   | 230,000,000.00 |   |  |   |                         |  |                  
|Ending Principal Balance Factor                                                        |  |   |                |   |  |   |                         |  |                  
|(Ending Class A-3 Principal/Original Class A-3 Face)                                   |  |   | 2.0190118054   | % |  |   |                         |  |                  
|                                                                                       |  |   |                |   |  |   |                         |  |                  





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                               |  |   | Payment Date   |   |  |   | July 15, 2003  |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                |  | 
|June 2003                                                                            |  |   | Payment Date   | # |  |   | 38             |  | 
|                                                                                     |  |   |               
|Class A-4        CUSIP # 45171W AW 7                                                 |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 84,510,000.00  |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 84,510,000.00  |  | 
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 95,989.28      |  | 
|Interest Paid Per $1,000                                                             |  | $ | 1.1358333333   |   |  | $ | 95,989.28      |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 84,510,000.00  |   |  |   |                |  | 
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |               |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 84,510,000.00  |   |  |   |                |  | 
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 13,395,695.85  |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 4,437,912.19   |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 1,519,594.88   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 1,001,037.62   |  | 
|Other Information to be provided                                                     |  |   |                |   |  |   |                |  | 
|Total Contracts for Reporting Period                                                 |  |   | Jun-03         |   |  |   | 17,694         |  | 
|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%          |   |  | $ | 6,834.47       |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 5.99%          |   |  | $ | 33,189,601.52  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |   |               
|Cumulative Additions made for Early Termination Leases since Closing                 |  |   | 7.58%          |   |  | $ | 41,988,045.84  |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  |   | 20.00%         |   |  | $ | 110,780,494.05 |  | 
|                                                                                     |  |   |               
|Interest Rate Swap                                                                   |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-3 Fixed Swap Rate                                                            |  |   | 7.802          | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  |   | 7.820          | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |   |                |   |  |   | 630,006.22     |  | 
|                                                                                     |  |   |               
|Class A-3 Note Interest Rate                                                         |  |   | 1.37000        | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  |   | 1.41000        | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |   |                |   |  |   | 109,446.95     |  | 
|                                                                                     |  |   |               
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |   |                |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |   |                |   |  |   | 520,559.28     |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |                 |   |  |                   
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | --------------- | - |  | ------------------
|Chase Lease-Backed Notes Series 2000-1                                                                |  | Payment Date   |  |   | August 15, 2003 |   |  |                   
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                 |   |  |                   
|July 2003                                                                                             |  | Payment Date # |  |   | 39              |   |  |                   
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                 |   |  |                   
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 102,549,423.00  |   |  |                   
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 6,407,946.42    |   |  |                   
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 824,362.98      |   |  |                   
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   |                |   |  |                   
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 1,680,653.81    |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Subtotal:                                                                                             |  |                |  | $ | 93,636,459.79   |   |  |                   
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |                 |   |  |                   
|Non-Performing                                                                                        |  |                |  |   | 824,392.86      |   |  |                   
|Adjusted / Warranty                                                                                   |  |                |  |   |                |   |  |                   
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |                |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 94,460,852.65   |   |  |                   
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                 |   |  |                   
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                 |   |  |                   
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 14,164,517.72   |   |  |                   
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 902,693.65      |   |  |                   
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 1,013,253.48    |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Ending outstanding servicer advances                                                                  |  |                |  |   | 14,275,077.55   |   |  |                   
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                 |   |  |                   
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 609,006.26      |   |  |                   
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 524,356.71      |   |  |                   
|Less:    Repurchased Leases                                                                           |  |                |  |   |                |   |  |                   
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |                |   |  |                   
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 437,593.87      |   |  |                   
|Add:    Received in Prior Month                                                                       |  |                |  |   |                |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 522,243.42      |   |  |                   
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                 |   |  |                   
|Beginning Balance                                                                                     |  |                |  |   | 5,539,024.70    |   |  |                   
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |                |   |  |                   
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70    |   |  |                   
|Required Reserve Account                                                                              |  |                |  |   |                 |   |  |                   
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 5,539,024.70    |   |  |                   
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |                |   |  |                   
|Deposits into Reserve Account                                                                         |  |                |  |   |                |   |  |                   
|Amounts Released to Issuer                                                                            |  |                |  |   |                |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70    |   |  |                   
|                                                                                                      |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |                |  |   |                 |   |  |                   
|Beginning Balance                                                                                     |  |                |  |   | 13,907.98       |   |  |                   
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   |                |   |  |                   
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |                |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Ending Balance                                                                                        |  |                |  |   | 13,907.98       |   |  |                   
|                                                                                                      |  |                | 
|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                                                                                            |  |                |  |   | 5.70            | % |  | Annualized July 03
|Last Month                                                                                            |  |                |  |   | -2.62           | % |  | Annualized June 03
|Two Months ago                                                                                        |  |                |  |   | 1.47            | % |  | Annualized May 03 
|3 mos. Average                                                                                        |  |                |  |   | 1.52            | % |  |                   





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |                 |   |              | 
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | --------------- | - | ------------ | 
|Chase Lease-Backed Notes Series 2000-1                                    |  | Payment Date                                                                     |   |  | August 15, 2003 |   |              | 
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |                 |   |              | 
|July 2003                                                                 |  | Payment Date #                                                                   |   |  | 39              |   |              | 
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |                 |   |              | 
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61              |   |              | 
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |                 |   |              | 
|This Month                                                                |  |                                                                                  |   |  | 2.33            | % |              | 
|Last Month                                                                |  |                                                                                  |   |  | 2.46            | % |              | 
|Two Months ago                                                            |  |                                                                                  |   |  | 2.97            | % |              | 
|3 mos. Average                                                            |  |                                                                                  |   |  | 2.59            | % |              | 
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |                 |   |              | 
|Triggered if                                                              |  |                                                                                  |   |  |                 |   |              | 
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |                 |   |              | 
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |                 |   |              | 
|Acceleration Event Triggered? (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               |   |              | 
|                                                                         
|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                              |   |  |                 |   | 6,284,782.36 | 
|Section 3.03 (a) (i)                                                      |  | Lease payments received on current months receivables                           |   |  |                 |   | 5,382,088.71 | 
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |                 |   | 902,693.65   | 
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |                 |   | 1,680,653.81 | 
|                                                                          |  | Advance payments for current month                                               |   |  |                 |   | 524,356.71   | 
|                                                                          |  | 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                                                               |   |  |                 |   | 7,958.09     | 
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |                 |   | 4,227.00     | 
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |                 |   | 12.22        | 
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |                 |   |             | 
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                 |   | 1,013,253.48 | 
|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 |   |  |                 |   | 9,515,243.67 | 
|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                               |  |                                                                                  |   |  | 9,515,243.67    |   |              | 





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |                          |                 |  |                               
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | ------------------------ | --------------- |  | ------------------------------
|Chase Lease-Backed Notes Series 2000-1                                               |  |   | Payment Date   |   |  |                          | August 15, 2003 |  |                               
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |                          |                 |  |                               
|July 2003                                                                            |  |   | Payment Date # |   |  |                          | 39              |  |                               
|                                                                                    
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                               
|Surety Fee                                                                           |  |   | 0.18           | % |  |                          | 13,373.06       |  | Surety Fee                    
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes    |  |   |                |   |  |                          |                 |  |                               
|Payment to Swap Counterparty - Update Monthly                                        |  |   |                |   |  |                          | 478,441.45      |  | IKON Transfer                 
|(ii)      Section 3.03 (b) (ii)                                                      |  |   |                |   |  |                          |                 |  |                               
|Servicing Fee                                                                        |  |   | 0.75           | % |  |                          | 55,721.08       |  | 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                                                                          |  |   |                |   |  |                          |                |  | Annual Fee                    
|                                                                                     |  |   |                |   |  |                          |                 |  |                               
|Servicing Fee Less Trustee Fee                                                       |  |   |                |   |  |                          | 55,721.08       |  | IOSC Net Servicing Fee        
|(iv)     Section 3.03 (b) (iv)                                                       |  |   |                |   |  |                          |                 |  |                               
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                         |  |   |                |   |  |                          | 902,693.65      |  | IOSC Svc Adv reimbursement    
|                                                                                     |  |   |                |   |  |                          |                 |  |                               
|                                                                                     |  |   |               
|Remaining Available to be Distributed to Noteholders                                 |  |   |                |   |  |                          | 8,065,014.43    |  |                               
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |   |                |   |  |                          |                 |  | Actual Days for A1-A3-A4      
|Class A-1 Interest Due (Act/360 Basis)                                               |  |   | 6.99625%       |   |  | $                        |                |  | 31                            
|Class A-2 Interest Due (30/360 Basis)                                                |  |   | 7.51000%       |   |  | $                        |                |  |                               
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.10688 +
..19 = 1.29688%        |  |   | 1.29688%       |   |  |                          | $5,185.92       |  | Libor+ .19                    
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.10688 +
..23 = 1.33688%        |  |   | 1.33688%       |   |  |                          | $97,288.10      |  | Libor+ .23                    
|                                                                                     |  |   |                |   |  |                          |                 |  |                               
|Total Class A Interest Due                                                           |  |   |                |   |  | $                        | 102,474.02      |  |                               
|Class A Interest Paid                                                                |  |   |                |   |  | $                        | 102,474.02      |  |                               
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |   |                |   |  | $                        |                |  |                               
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |   |                |   |  | $                        |                |  |                               
|Beginning Aggregate Class A Note Balance                                             |  |   |                |   |  | $                        | 89,153,727.15   |  |                               
|Class A Principal Payment While Class A-1
Outstanding                                |  |   |                |   |  | $                        |                |  |                               
|Class A Principal Payment After Class A-1
Retired                                    |  |   | 86.93273%      |   |  | $                        | 7,031,615.02    |  |                               
|Aggregate Class A Principal Payment                                                  |  |   |                |   |  | $                        | 7,031,615.02    |  |                               
|(vii)   Class A Principal Paid                                                       |  |   |                |   |  | $                        | 7,031,615.02    |  |                               
|Ending Aggregate Class A Note Balance                                                |  |   |                |   |  | $                        | 82,122,112.13   |  |                               
|Overcollateralization Floor                                                          |  |   |                |   |  |                          |                 |  |                               
|2.5% of $553,902,470.26                                                              |  |   |                |   |  | $                        | 13,847,561.76   |  |                               
|Plus: Cumulative Loss Amount                                                         |  |   |                |   |  | $                        |                |  |                               
|Less: Reserve Account Ending Balance                                                 |  |   |                |   |  | $                        | 5,539,024.70    |  |                               
|Overcollateralization Floor                                                          |  |   |                |   |  | $                        | 8,308,537.06    |  | N                             
|(viii)  Additional Class A Principal                                                 |  |   |                |   |  | $                        |                |  |                               
|Additional Principal Class A Paid                                                    |  |   |                |   |  | $                        |                |  |                               
|End of Period Class A Note Balance                                                   |  |   |                |   |  | $                        | 82,122,112.13   |  |                               
|Remaining Collections After Distributions to
Noteholders                             |  |   |                |   |  | $                        | 930,925.39      |  |                               
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |   |                |   |  | $                        |                |  |                               
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |   |                |   |  | $                        | 930,925.39      |  |                               
|Total Distribution from the Collection
Account                                       |  |   |                |   |  | $                        | 9,515,243.67    |  |                               
|Trustee Transfer to IOSC                                                             |  |   |                |   |  | IOSC Transfer to Trustee
|Advance Payments                                                                     |  | $ | 86,762.84      |   |  |                          |                 |  |                               
|Remaining Coll                                                                       |  |   | 930,925.39     |   |  | $                        | 1,680,653.81    |  | Early Terms                   
|Servicer Advances Reimbursement                                                      |  |   | 902,693.65     |   |  |                          | 478,441.45      |  | Swap Payment                  
|Servicing Fee Less Trustee Fee                                                       |  |   | 55,721.08      |   |  |                          | 1,013,253.48    |  | Servicer Advances             
|                                                                                     |  |   |                |   |  |                          |                 |  |                               
|                                                                                     |  |   | 1,976,102.96   |   |  |                          | 3,172,348.74    |  |                               





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                 |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | --------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                          |  |   | Payment Date   |   |  |   | August 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                 |  | 
|July 2003                                                                       |  |   | Payment Date # |   |  |   | 39              |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 102,549,423.00  |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 94,460,852.65   |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 7,031,615.02    |  | 
|                                                                                |  |   |               
|Class A- 1        CUSIP # 45171W AT 4                                           |  |   |                |   |  |   |                 |  | 
|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                                                         |  |   | 130,000,000.00 |   |  |   |                 |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-1 Face                                                         |  |   | 130,000,000.00 |   |  |   |                 |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                 |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Class A-2        CUSIP # 45171W AU 1                                            |  |   |                |   |  |   |                 |  | 
|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                                                         |  |   | 54,000,000.00  |   |  |   |                 |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-2 Face                                                         |  |   | 54,000,000.00  |   |  |   |                 |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                 |  | 
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Class A-3        CUSIP # 45171W AV 9                                            |  |   |                |   |  |   |                 |  | 
|Beginning Class A-3 Principal Balance                                           |  |   |                |   |  | $ | 4,643,727.15    |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 4,643,727.15    |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ |                |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 5,185.92        |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.0225474714   |   |  | $ | 5,185.92        |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-3 Face                                                         |  |   | 230,000,000.00 |   |  |   |                 |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 20.1901180536  |   |  | $ | 4,643,727.15    |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-3 Face                                                         |  |   | 230,000,000.00 |   |  |   |                 |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                 |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 0.0000000000   | % |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Class A-4        CUSIP # 45171W AW 7                                            |  |   |                |   |  |   |                 |  | 
|Beginning Class A-4 Principal Balance                                           |  |   |                |   |  | $ | 84,510,000.00   |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 2,387,887.87    |  | 
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 82,122,112.13   |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 97,288.10       |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.1512022222   |   |  | $ | 97,288.10       |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-4 Face                                                         |  |   | 84,510,000.00  |   |  |   |                 |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 28.2556841899  |   |  | $ | 2,387,887.87    |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-4 Face                                                         |  |   | 84,510,000.00  |   |  |   |                 |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                 |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 97.1744315810  | % |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 12,338,740.52   |  | 





---

|IKON Receivables, LLC                                                                |  |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                               |  | Payment Date   |   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |                |   |  |   |                |  | 
|July 2003                                                                            |  | Payment Date # |   |  |   | 39             |  | 
|                                                                                     |  |                |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |                |   |  |   |                |  | 
|                                                                                     |  |                |  
|Discounted Present Value of the Leases which are:                                    |  |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |                |   |  | $ | 3,202,446.35   |  | 
|61-90 DAYS OVERDUE                                                                   |  |                |   |  | $ | 1,757,206.04   |  | 
|91-120 DAYS OVERDUE                                                                  |  |                |   |  | $ | 446,819.96     |  | 
|                                                                                     |  |                |  
|Other Information to be provided                                                     |  |                |   |  |   |                |  | 
|Total Contracts for Reporting Period                                                 |  | Jul-03         |   |  |   | 16,990         |  | 
|                                                                                     |  |                |  
|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%          |   |  | $ | 6,834.47       |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00%         |   |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 6.14%          |   |  | $ | 34,013,994.38  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%         |   |  | $ | 55,390,247.03  |  | 
|                                                                                     |  |                |  
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 7.58%          |   |  | $ | 41,988,045.84  |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00%         |   |  | $ | 110,780,494.05 |  | 
|                                                                                     |  |                |  
|Interest Rate Swap                                                                   |  |                |   |  |   |                |  | 
|                                                                                     |  |                |  
|Class A-3 Fixed Swap Rate                                                            |  | 7.802          | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 7.820          | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |                |   |  |   | 580,915.47     |  | 
|                                                                                     |  |                |  
|Class A-3 Note Interest Rate                                                         |  | 1.29688        | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.33688        | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |                |   |  |   | 102,474.02     |  | 
|                                                                                     |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |                |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |                |   |  |   |                |  | 
|                                                                                     |  |                |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |                |   |  |   | 478,441.45     |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |              |   |  |   |                    |  | 
|----------------------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ------------------ |  | 
|Chase Lease-Backed Notes Series 2000-1                                                                |  | Payment Date |   |  |   | September 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |              |   |  |   |                    |  | 
|August 2003                                                                                           |  | Payment Date | # |  |   | 40                 |  | 
|                                                                                                      |  |              |  
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |              |   |  |   |                    |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |              |   |  | $ | 94,460,852.65      |  | 
|                                                                                                      |  |              |  
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |              |   |  |   | 6,007,900.11       |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |              |   |  |   | 269,568.03         |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |              |   |  |   | 271.74             |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |              |   |  |   | 1,561,019.08       |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|Subtotal:                                                                                             |  |              |   |  | $ | 86,622,093.69      |  | 
|                                                                                                      |  |              |  
|Add:    DPV Substitute Leases                                                                         |  |              |   |  |   |                    |  | 
|Non-Performing                                                                                        |  |              |   |  |   | 269,574.00         |  | 
|Adjusted / Warranty                                                                                   |  |              |   |  |   | 271.74             |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |              |   |  |   |                   |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |              |   |  | $ | 86,891,939.43      |  | 
|                                                                                                      |  |              |  
|OVERDUE LEASE PAYMENTS                                                                                |  |              |   |  |   |                    |  | 
|                                                                                                      |  |              |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |              |   |  |   |                    |  | 
|                                                                                                      |  |              |  
|Beginning outstanding servicer advances                                                               |  |              |   |  |   | 14,275,077.55      |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |              |   |  |   | 879,853.14         |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |              |   |  |   | 945,362.22         |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|Ending outstanding servicer advances                                                                  |  |              |   |  |   | 14,340,586.63      |  | 
|                                                                                                      |  |              |  
|ADVANCE LEASE PAYMENTS                                                                                |  |              |   |  |   |                    |  | 
|                                                                                                      |  |              |  
|Beginning amount of lease payments to be applied in future                                            |  |              |   |  |   | 522,243.42         |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |              |   |  |   | 544,119.53         |  | 
|Less:    Repurchased Leases                                                                           |  |              |   |  |   |                   |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |              |   |  |   |                   |  | 
|Add:    Received This Month - including intermonth activity                                           |  |              |   |  |   | 508,659.37         |  | 
|Add:    Received in Prior Month                                                                       |  |              |   |  |   |                   |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|Ending amount of lease payments to be applied in future                                               |  |              |   |  |   | 486,783.26         |  | 
|                                                                                                     
|RECONCILIATION OF RESERVE ACCOUNT                                                                    
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 5,539,024.70       |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |              |   |  |   |                   |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 5,539,024.70       |  | 
|                                                                                                      |  |              |  
|Required Reserve Account                                                                              |  |              |   |  |   |                    |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |              |   |  |   | 5,539,024.70       |  | 
|                                                                                                      |  |              |  
|Reserve Account in excess of Required Reserve                                                         |  |              |   |  |   |                   |  | 
|Deposits into Reserve Account                                                                         |  |              |   |  |   |                   |  | 
|Amounts Released to Issuer                                                                            |  |              |   |  |   |                   |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|                                                                                                      |  |              |  
|Ending Balance                                                                                        |  |              |   |  |   | 5,539,024.70       |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 13,907.98          |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |              |   |  |   | 5,591.82           |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |              |   |  |   |                   |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|                                                                                                      |  |              |  
|Ending Balance                                                                                        |  |              |   |  |   | 8,316.16           |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |                    |   |              |                     
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------------ | - | ------------ | --------------------
|Chase Lease-Backed Notes Series 2000-1                                    |  | Payment Date                                                                     |   |  | September 15, 2003 |   |              |                     
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |                    |   |              |                     
|August 2003                                                               |  | Payment Date                                                                     | # |  | 40                 |   |              |                     
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | -1.65              | % |              | Annualized August 03
|Last Month                                                                |  |                                                                                  |   |  | 5.70               | % |              | Annualized July 03  
|Two Months ago                                                            |  |                                                                                  |   |  | -2.62              | % |              | Annualized June 03  
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 0.48               | % |              |                     
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |                    |   |              |                     
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61                 |   |              |                     
|                                                                          |  |                                                                                  |  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |                    |   |              |                     
|This Month                                                                |  |                                                                                  |   |  | 1.88               | % |              |                     
|Last Month                                                                |  |                                                                                  |   |  | 2.33               | % |              |                     
|Two Months ago                                                            |  |                                                                                  |   |  | 2.46               | % |              |                     
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 2.22               | % |              |                     
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |                    |   |              |                     
|Triggered if                                                              |  |                                                                                  |   |  |                    |   |              |                     
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |                    |   |              |                     
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |                    |   |              |                     
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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                  |   |              |                     
|                                                                         
|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                              |   |  |                    |   | 6,027,644.98 |                     
|Section 3.03 (a) (i)                                                      |  | Lease payments received on current months receivables                           |   |  |                    |   | 5,147,791.84 |                     
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |                    |   | 879,853.14   |                     
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |                    |   | 1,561,019.08 |                     
|                                                                          |  | Advance payments for current month                                               |   |  |                    |   | 544,119.53   |                     
|                                                                          |  | 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                                                               |   |  |                    |   | 7,965.17     |                     
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |                    |   | 4,100.39     |                     
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |                    |   | 11.86        |                     
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |                    |   |             |                     
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                    |   | 945,362.22   |                     
|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 |   |  |                    |   | 9,090,223.23 |                     





---

|IKON Receivables, LLC                                                           |  |              |   |  |   |                    |  |                               
|------------------------------------------------------------------------------- |  | ------------ | - |  | - | ------------------ |  | ------------------------------
|Chase Lease-Backed Notes Series 2000-1                                          |  | Payment Date |   |  |   | September 15, 2003 |  |                               
|MONTHLY SERVICER REPORT                                                         |  |              |   |  |   |                    |  |                               
|August 2003                                                                     |  | Payment Date | # |  |   | 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)               |  |              |   |  |   | 5,591.82           |  |                               
|                                                                                |  |              |  
|Less     Credit for payments applied in prior period                            |  |              |   |  |   |                   |  |                               
|                                                                                |  |              |   |  |   |                    |  |                               
|                                                                                |  |              |  
|Total deposited into the Collection Account                                     |  |              |   |  |   | 9,095,815.05       |  |                               
|                                                                               
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                          
|                                                                                |  |              |  
|Surety Fee                                                                      |  | 0.18         | % |  |   | 12,318.32          |  | Surety Fee                    
|(i)     Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the Notes |  |              |   |  |   |                    |  |                               
|                                                                                |  |              |  
|Payment to Swap Counterparty - Update Monthly                                   |  |              |   |  |   | 440,402.64         |  | IKON Transfer                 
|(ii)    Section 3.03 (b) (ii)                                                   |  |              |   |  |   |                    |  |                               
|                                                                                |  |              |  
|Servicing Fee                                                                   |  | 0.75         | % |  |   | 51,326.32          |  | 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                                                                     |  |              |   |  |   |                   |  | Annual Fee                    
|                                                                                |  |              |   |  |   |                    |  |                               
|Servicing Fee Less Trustee Fee                                                  |  |              |   |  |   | 51,326.32          |  | IOSC Net Servicing Fee        
|(iv)   Section 3.03 (b) (iv)                                                    |  |              |   |  |   |                    |  |                               
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                    |  |              |   |  |   | 879,853.14         |  | IOSC Svc Adv reimbursement    
|                                                                                |  |              |   |  |   |                    |  |                               
|Remaining Available to be Distributed to Noteholders                            |  |              |   |  |   | 7,711,914.64       |  |                               
|                                                                                |  |              |  
|(v)    Disbursements Section 3.03 (b) (v)                                       |  |              |   |  |   |                    |  | Actual Days for A1-A3-A4      
|Class A-1 Interest Due (Act/360 Basis)                                          |  | 6.99625      | % |  | $ |                   |  | 31                            
|Class A-2 Interest Due (30/360 Basis)                                           |  | 7.51000      | % |  | $ |                   |  |                               
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.11000 + .19 =
1.30000%    |  | 1.30000      | % |  | $ |                   |  | Libor + .19                   
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.11000 + .23 =
1.34000%    |  | 1.34000      | % |  | $ | 94,759.79          |  | Libor + .23                   
|                                                                                |  |              |   |  |   |                    |  |                               
|Total Class A Interest Due                                                      |  |              |   |  | $ | 94,759.79          |  |                               
|Class A Interest Paid                                                           |  |              |   |  | $ | 94,759.79          |  |                               
|Cumulative Outstanding Amounts Owed to AMBAC                                    |  |              |   |  | $ |                   |  |                               
|(vi)   Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |              |   |  | $ |                   |  |                               
|Beginning Aggregate Class A Note Balance                                        |  |              |   |  | $ | 82,122,112.13      |  |                               
|Class A Principal Payment While Class A-1 Outstanding                           |  |              |   |  | $ |                   |  |                               
|Class A Principal Payment After Class A-1 Retired                               |  | 86.93273     | % |  | $ | 6,579,862.89       |  |                               
|Aggregate Class A Principal Payment                                             |  |              |   |  | $ | 6,579,862.89       |  |                               
|(vii) Class A Principal Paid                                                    |  |              |   |  | $ | 6,579,862.89       |  |                               
|Ending Aggregate Class A Note Balance                                           |  |              |   |  | $ | 75,542,249.24      |  |                               
|Overcollateralization Floor                                                     |  |              |   |  |   |                    |  |                               
|2.5% of $553,902,470.26                                                         |  |              |   |  | $ | 13,847,561.76      |  |                               
|Plus: Cumulative Loss Amount                                                    |  |              |   |  | $ |                   |  |                               
|Less: Reserve Account Ending Balance                                            |  |              |   |  | $ | 5,539,024.70       |  |                               
|Overcollateralization Floor                                                     |  |              |   |  | $ | 8,308,537.06       |  | N                             
|(viii) Additional Class A Principal                                             |  |              |   |  | $ |                   |  |                               
|Additional Principal Class A Paid                                               |  |              |   |  | $ |                   |  |                               
|End of Period Class A Note Balance                                              |  |              |   |  | $ | 75,542,249.24      |  |                               
|                                                                                |  |              |  
|Remaining Collections After Distributions to
Noteholders                        |  |              |   |  | $ | 1,037,291.95       |  |                               





---

|IKON Receivables, LLC                                                              |  |   |                |   |  |                          |                    |  |                  
|---------------------------------------------------------------------------------- |  | - | -------------- | - |  | ------------------------ | ------------------ |  | -----------------
|Chase Lease-Backed Notes Series 2000-1                                             |  |   | Payment Date   |   |  |                          | September 15, 2003 |  |                  
|MONTHLY SERVICER REPORT                                                            |  |   |                |   |  |                          |                    |  |                  
|August 2003                                                                        |  |   | Payment Date   | # |  |                          | 40                 |  |                  
|                                                                                   |  |   |               
|(ix)   Reserve Account Deposit (section 3.03 (b) (ix))                             |  |   |                |   |  | $                        |                   |  |                  
|                                                                                   |  |   |               
|(xi)   Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |   |                |   |  | $                        | 1,037,291.95       |  |                  
|Total Distribution from the Collection Account                                     |  |   |                |   |  | $                        | 9,095,815.05       |  |                  
|                                                                                   |  |   |                |   |  |                          |                    |  |                  
|                                                                                   |  |  
|Trustee Transfer to IOSC                                                           |  |   |                |   |  | IOSC Transfer to Trustee
|Advance Payments                                                                   |  | $ | 35,460.16      |   |  |                          |                    |  |                  
|Remaining Coll                                                                     |  |   | 1,037,291.95   |   |  | $                        | 1,561,019.08       |  | Early Terms      
|Servicer Advances Reimbursement                                                    |  |   | 879,853.14     |   |  |                          | 440,402.64         |  | Swap Payment     
|Servicing Fee Less Trustee Fee                                                     |  |   | 51,326.32      |   |  |                          | 945,362.22         |  | Servicer Advances
|                                                                                   |  |   |                |   |  |                          |                    |  |                  
|                                                                                   |  |   | 2,003,931.57   |   |  |                          | 2,946,783.94       |  |                  
|                                                                                   |  |   |               
|RECONCILIATION OF NOTES                                                            |  |   |                |   |  |                          |                    |  |                  
|                                                                                   |  |   |               
|Beginning Discounted Present Value of the Leases                                   |  |   |                |   |  | $                        | 94,460,852.65      |  |                  
|                                                                                   |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date    |  |   |                |   |  | $                        | 86,891,939.43      |  |                  
|                                                                                   |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period            |  |   |                |   |  | $                        | 6,579,862.89       |  |                  
|                                                                                   |  |   |               
|Class A-1         CUSIP # 45171W AT 4                                              |  |   |                |   |  |                          |                    |  |                  
|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                                                            |  |   | 130,000,000.00 |   |  |                          |                    |  |                  
|                                                                                   |  |   |               
|Principal Paid Per $1,000                                                          |  | $ |               |   |  | $                        |                   |  |                  
|                                                                                   |  |   |                |   |  |                          |                    |  |                  
|Original Class A-1 Face                                                            |  |   | 130,000,000.00 |   |  |                          |                    |  |                  
|                                                                                   |  |   |               
|Ending Principal Balance Factor                                                    |  |   |                |   |  |                          |                    |  |                  
|(Ending Class A Principal/Original Class A-1 Face)                                 |  |   | 0.0000000000   | % |  |                          |                    |  |                  
|                                                                                   |  |   |                |   |  |                          |                    |  |                  
|Class A-2         CUSIP # 45171W AU 1                                              |  |   |                |   |  |                          |                    |  |                  
|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                                                            |  |   | 54,000,000.00  |   |  |                          |                    |  |                  
|                                                                                   |  |   |               
|Principal Paid Per $1,000                                                          |  | $ |               |   |  | $                        |                   |  |                  
|                                                                                   |  |   |                |   |  |                          |                    |  |                  
|Original Class A-2 Face                                                            |  |   | 54,000,000.00  |   |  |                          |                    |  |                  
|                                                                                   |  |   |               
|Ending Principal Balance Factor                                                    |  |   |                |   |  |                          |                    |  |                  
|(Ending Class A-2 Principal/Original Class A-2 Face)                               |  |   | 0.0000000000   | % |  |                          |                    |  |                  
|                                                                                   |  |   |                |   |  |                          |                    |  |                  
|                                                                                   |  |   |               
|Class A-3         CUSIP # 45171W AV 9                                              |  |   |                |   |  |                          |                    |  |                  
|Beginning Class A-3 Principal Balance                                              |  |   |                |   |  | $                        |                   |  |                  
|Principal in Current Period                                                        |  |   |                |   |  | $                        |                   |  |                  
|Ending Class A-3 Principal Balance                                                 |  |   |                |   |  | $                        |                   |  |                  
|                                                                                   |  |   |               
|Interest due this Due Period                                                       |  |   | %              |   |  | $                        |                   |  |                  
|                                                                                   |  |   |               
|Interest Paid Per $1,000                                                           |  | $ |               |   |  | $                        |                   |  |                  
|                                                                                   |  |   |                |   |  |                          |                    |  |                  
|Original Class A-3 Face                                                            |  |   | 230,000,000.00 |   |  |                          |                    |  |                  
|                                                                                   |  |   |               
|Principal Paid Per $1,000                                                          |  | $ |               |   |  | $                        |                   |  |                  
|                                                                                   |  |   |                |   |  |                          |                    |  |                  
|Original Class A-3 Face                                                            |  |   | 230,000,000.00 |   |  |                          |                    |  |                  
|                                                                                   |  |   |               
|Ending Principal Balance Factor                                                    |  |   |                |   |  |                          |                    |  |                  
|(Ending Class A-3 Principal/Original Class A-3 Face)                               |  |   | 0.0000000000   | % |  |                          |                    |  |                  
|                                                                                   |  |   |                |   |  |                          |                    |  |                  





---

|IKON Receivables, LLC                                                                |  |   |               |   |  |   |                    |  | 
|------------------------------------------------------------------------------------ |  | - | ------------- | - |  | - | ------------------ |  | 
|Chase Lease-Backed Notes Series 2000-1                                               |  |   | Payment Date  |   |  |   | September 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |               |   |  |   |                    |  | 
|August 2003                                                                          |  |   | Payment Date  | # |  |   | 40                 |  | 
|                                                                                     |  |   |              
|Class A-4         CUSIP # 45171W AW 7                                                |  |   |               |   |  |   |                    |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |               |   |  | $ | 82,122,112.13      |  | 
|Principal in Current Period                                                          |  |   |               |   |  | $ | 6,579,862.89       |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |               |   |  | $ | 75,542,249.24      |  | 
|                                                                                     |  |   |              
|Interest due this Due Period                                                         |  |   | %             |   |  | $ | 94,759.79          |  | 
|                                                                                     |  |   |              
|Interest Paid Per $1,000                                                             |  | $ | 1.1212849689  |   |  | $ | 94,759.79          |  | 
|                                                                                     |  |   |               |   |  |   |                    |  | 
|Original Class A-4 Face                                                              |  |   | 84,510,000.00 |   |  |   |                    |  | 
|                                                                                     |  |   |              
|Principal Paid Per $1,000                                                            |  | $ | 77.8589858416 |   |  | $ | 6,579,862.89       |  | 
|                                                                                     |  |   |               |   |  |   |                    |  | 
|Original Class A-4 Face                                                              |  |   | 84,510,000.00 |   |  |   |                    |  | 
|                                                                                     |  |   |              
|Ending Principal Balance Factor                                                      |  |   |               |   |  |   |                    |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 89.3885329968 | % |  |   |                    |  | 
|                                                                                     |  |   |               |   |  |   |                    |  | 
|                                                                                     |  |   |              
|Overcollateralization Amount                                                         |  |   |               |   |  | $ | 11,349,690.19      |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |   |              
|Discounted Present Value of the Leases which are:                                    |  |   |               |   |  |   |                    |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |               |   |  | $ | 3,515,755.99       |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |               |   |  | $ | 1,377,406.14       |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |               |   |  | $ | 256,486.35         |  | 
|                                                                                     |  |   |              
|Other Information to be provided                                                     |  |   |               |   |  |   |                    |  | 
|Total Contracts for Reporting Period                                                 |  |   | Aug-03        |   |  |   | 16,356             |  | 
|                                                                                     |  |   |              
|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%         |   |  | $ | 7,106.21           |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%        |   |  | $ | 55,390,247.03      |  | 
|                                                                                     |  |   |              
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 6.19%         |   |  | $ | 34,283,568.38      |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%        |   |  | $ | 55,390,247.03      |  | 
|                                                                                     |  |   |              
|Cumulative Additions made for Early Termination Leases since Closing                 |  |   | 7.58%         |   |  | $ | 41,988,045.84      |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  |   | 20.00%        |   |  | $ | 110,780,494.05     |  | 
|                                                                                     |  |   |              
|Interest Rate Swap                                                                   |  |   |               |   |  |   |                    |  | 
|                                                                                     |  |   |              
|Class A-3 Fixed Swap Rate                                                            |  |   | 7.802         | % |  |   |                    |  | 
|Class A-4 Fixed Swap Rate                                                            |  |   | 7.820         | % |  |   |                    |  | 
|a) Fixed Swap Interest Payable                                                       |  |   |               |   |  |   | 535,162.43         |  | 
|                                                                                     |  |   |              
|Class A-3 Note Interest Rate                                                         |  |   | 1.30000       | % |  |   |                    |  | 
|Class A-4 Note Interest Rate                                                         |  |   | 1.34000       | % |  |   |                    |  | 
|b) Floating Swap Interest Receivable                                                 |  |   |               |   |  |   | 94,759.79          |  | 
|                                                                                     |  |   |              
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |   |               |   |  |   |                   |  | 
|(Available Funds deposited to Collection Account)                                  |  |   |               |   |  |   |                    |  | 
|                                                                                     |  |   |              
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |   |               |   |  |   | 440,402.64         |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |                  |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ---------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                                                |  | Payment Date   |  |   | October 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                  |  | 
|September 2003                                                                                        |  | Payment Date # |  |   | 41               |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                  |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 86,891,939.43    |  | 
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 5,645,295.53     |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 161,573.02       |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   |                 |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 2,741,161.37     |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|                                                                                                      |  |                | 
|Subtotal:                                                                                             |  |                |  | $ | 78,343,909.51    |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |                  |  | 
|Non-Performing                                                                                        |  |                |  |   | 161,869.86       |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   |                 |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |                 |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 78,505,779.37    |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                  |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                  |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 14,340,586.63    |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,057,384.55     |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 840,435.66       |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 14,123,637.74    |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                  |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 486,783.26       |  | 
|Less:    Applied to Current from Prepaid  including intermonth activity                              |  |                |  |   | 466,285.82       |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |                 |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |                 |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 483,870.05       |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |                 |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 504,367.49       |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                  |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 5,539,024.70     |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |                 |  | 
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70     |  | 
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                  |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 5,539,024.70     |  | 
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |                 |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   |                 |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   |                 |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|Ending Balance                                                                                        |  |                |  |   | 5,539,024.70     |  | 
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 8,316.16         |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 1,563.83         |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |                 |  | 
|                                                                                                      |  |                |  |   |                  |  | 
|Ending Balance                                                                                        |  |                |  |   | 6,752.33         |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |                  |   |              |                        
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ---------------- | - | ------------ | -----------------------
|Chase Lease-Backed Notes Series 2000-1                                    |  | Payment Date                                                                     |   |  | October 15, 2003 |   |              |                        
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |                  |   |              |                        
|September 2003                                                            |  | Payment Date #                                                                   |   |  | 41               |   |              |                        
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | -1.71            | % |              | Annualized September 03
|Last Month                                                                |  |                                                                                  |   |  | -1.65            | % |              | Annualized August 03   
|Two Months ago                                                            |  |                                                                                  |   |  | 5.70             | % |              | Annualized July 03     
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 0.78             | % |              |                        
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |                  |   |              |                        
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61               |   |              |                        
|                                                                          |  |                                                                                  |  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |                  |   |              |                        
|This Month                                                                |  |                                                                                  |   |  | 1.76             | % |              |                        
|Last Month                                                                |  |                                                                                  |   |  | 1.88             | % |              |                        
|Two Months ago                                                            |  |                                                                                  |   |  | 2.33             | % |              |                        
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 1.99             | % |              |                        
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |                  |   |              |                        
|Triggered if                                                              |  |                                                                                  |   |  |                  |   |              |                        
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |                  |   |              |                        
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |                  |   |              |                        
|Acceleration Event Triggered? (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                |   |              |                        
|                                                                         
|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                              |   |  |                  |   | 5,741,763.01 |                        
|Section 3.03 (a) (i)                                                      |  | Lease payments received on current months receivables                           |   |  |                  |   | 4,684,378.46 |                        
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |                  |   | 1,057,384.55 |                        
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |                  |   | 2,741,161.37 |                        
|                                                                          |  | Advance payments for current month                                               |   |  |                  |   | 466,285.82   |                        
|                                                                          |  | 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                                                               |   |  |                  |   | 7,193.40     |                        
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |                  |   | 3,891.02     |                        
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |                  |   | 11.25        |                        
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |                  |   |             |                        
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                  |   | 840,435.66   |                        
|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 |   |  |                  |   | 9,800,741.53 |                        





---

|IKON Receivables, LLC                                                               |  |                |   |  |   |                  |  |                              
|----------------------------------------------------------------------------------- |  | -------------- | - |  | - | ---------------- |  | -----------------------------
|Chase Lease-Backed Notes Series 2000-1                                              |  | Payment Date   |   |  |   | October 15, 2003 |  |                              
|MONTHLY SERVICER REPORT                                                             |  |                |   |  |   |                  |  |                              
|September 2003                                                                      |  | Payment Date # |   |  |   | 41               |  |                              
|                                                                                    |  |                |  
|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)                   |  |                |   |  |   | 1,563.83         |  |                              
|Less     Credit for payments applied in prior period                                |  |                |   |  |   |                 |  |                              
|                                                                                    |  |                |   |  |   |                  |  |                              
|                                                                                    |  |                |  
|Total deposited into the Collection Account                                         |  |                |   |  |   | 9,802,305.36     |  |                              
|                                                                                   
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                              
|                                                                                    |  |                |  
|Surety Fee                                                                          |  | 0.18           | % |  |   | 11,331.34        |  | Surety Fee                   
|(i)         Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes |  |                |   |  |   |                  |  |                              
|                                                                                    |  |                |  
|Payment to Swap Counterparty - Update
Monthly                                       |  |                |   |  |   | 407,298.63       |  | IKON Transfer                
|(ii)        Section 3.03 (b) (ii)                                                   |  |                |   |  |   |                  |  |                              
|                                                                                    |  |                |  
|Servicing Fee                                                                       |  | 0.75           | % |  |   | 47,213.91        |  | No Distributionon this Amount
|0.75% of the Lesser of Outstanding Principal Amount of the Notes
or DPV             |  |                |   |  |   |                  |  |                              
|(iii)     Section 3.03 (b) (iii)                                                    |  |                |   |  |   |                  |  |                              
|                                                                                    |  |                |  
|Trustee Fee                                                                         |  |                |   |  |   |                 |  | Annual Fee                   
|                                                                                    |  |                |   |  |   |                  |  |                              
|Servicing Fee Less Trustee Fee                                                      |  |                |   |  |   | 47,213.91        |  | IOSC NetServicing Fee        
|                                                                                    |  |                |  
|(iv)       Section 3.03 (b) (iv)                                                    |  |                |   |  |   |                  |  |                              
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                        |  |                |   |  |   | 1,057,384.55     |  | IOSC Svc Advreimbursement    
|                                                                                    |  |                |   |  |   |                  |  |                              
|                                                                                    |  |                |  
|Remaining Available to be Distributed to Noteholders                                |  |                |   |  |   | 8,279,076.94     |  |                              
|                                                                                    |  |                |  
|(v)        Disbursements    Section 3.03 (b)
(v)                                    |  |                |   |  |   |                  |  | Actual Days for A1-A3-A4     
|Class A-1 Interest Due (Act/360
Basis)                                              |  | 6.99625        | % |  | $ |                 |  | 30                           
|Class A-2 Interest Due (30/360
Basis)                                               |  | 7.51000        | % |  | $ |                 |  |                              
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate =
1.12000 + .19 = 1.31000%        |  | 1.31000        | % |  | $ |                 |  | Libor + .19                  
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate =
1.12000 + .23 = 1.35000%        |  | 1.35000        | % |  | $ | 84,985.03        |  | Libor + .23                  
|                                                                                    |  |                |   |  |   |                  |  |                              
|Total Class A Interest Due                                                          |  |                |   |  | $ | 84,985.03        |  |                              
|Class A Interest Paid                                                               |  |                |   |  | $ | 84,985.03        |  |                              
|Cumulative Outstanding Amounts Owed to
AMBAC                                        |  |                |   |  | $ |                 |  |                              
|(vi)       Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |                |   |  | $ |                 |  |                              
|Beginning Aggregate Class A Note
Balance                                            |  |                |   |  | $ | 75,542,249.24    |  |                              
|Class A Principal Payment While Class A-1
Outstanding                               |  |                |   |  | $ |                 |  |                              
|Class A Principal Payment After Class A-1
Retired                                   |  | 86.93273       | % |  | $ | 7,290,317.88     |  |                              
|Aggregate Class A Principal Payment                                                 |  |                |   |  | $ | 7,290,317.88     |  |                              
|(vii)      Class A Principal Paid                                                   |  |                |   |  | $ | 7,290,317.88     |  |                              
|Ending Aggregate Class A Note
Balance                                               |  |                |   |  | $ | 68,251,931.35    |  |                              
|Overcollateralization Floor                                                         |  |                |   |  |   |                  |  |                              
|2.5% of $553,902,470.26                                                             |  |                |   |  | $ | 13,847,561.76    |  |                              
|Plus: Cumulative Loss Amount                                                        |  |                |   |  | $ |                 |  |                              
|Less: Reserve Account Ending Balance                                                |  |                |   |  | $ | 5,539,024.70     |  |                              
|Overcollateralization Floor                                                         |  |                |   |  | $ | 8,308,537.06     |  | N                            
|(viii)    Additional Class A Principal                                              |  |                |   |  | $ |                 |  |                              
|Additional Principal Class A Paid                                                   |  |                |   |  | $ |                 |  |                              
|End of Period Class A Note Balance                                                  |  |                |   |  | $ | 68,251,931.35    |  |                              
|                                                                                    |  |                |  
|Remaining Collections After Distributions to Noteholders                            |  |                |   |  | $ | 903,774.03       |  |                              





---

|IKON Receivables, LLC                                                                  |  |   |                |   |  |                          |                  |  |                  
|-------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ------------------------ | ---------------- |  | -----------------
|Chase Lease-Backed Notes Series 2000-1                                                 |  |   | Payment Date   |   |  |                          | October 15, 2003 |  |                  
|MONTHLY SERVICER REPORT                                                                |  |   |                |   |  |                          |                  |  |                  
|September 2003                                                                         |  |   | Payment Date # |   |  |                          | 41               |  |                  
|                                                                                       |  |   |               
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                               |  |   |                |   |  | $                        |                 |  |                  
|(xi)       Additional Funds Available for Distribution to IOSC (section 3.03 (b)
(xi)) |  |   |                |   |  | $                        | 903,774.03       |  |                  
|Total Distribution from the Collection Account                                         |  |   |                |   |  | $                        | 9,802,305.36     |  |                  
|                                                                                       |  |  
|Trustee Transfer to IOSC                                                               |  |   |                |   |  | IOSC Transfer to Trustee
|                                                                                       |  |   |                |   |  | $                        | 17,584.23        |  | Advance Payments 
|Remaining Coll                                                                         |  | $ | 903,774.03     |   |  |                          | 2,741,161.37     |  | Early Terms      
|Servicer Advances Reimbursement                                                        |  |   | 1,057,384.55   |   |  |                          | 407,298.63       |  | Swap Payment     
|Servicing Fee Less Trustee Fee                                                         |  |   | 47,213.91      |   |  |                          | 840,435.66       |  | Servicer Advances
|                                                                                       |  |   |                |   |  |                          |                  |  |                  
|                                                                                       |  | $ | 2,008,372.48   |   |  | $                        | 4,006,479.88     |  |                  
|                                                                                       |  |   |               
|RECONCILIATION OF NOTES                                                                |  |   |                |   |  |                          |                  |  |                  
|                                                                                       |  |   |               
|Beginning Discounted Present Value of the Leases                                       |  |   |                |   |  | $                        | 86,891,939.43    |  |                  
|                                                                                       |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date        |  |   |                |   |  | $                        | 78,505,779.37    |  |                  
|                                                                                       |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period                |  |   |                |   |  | $                        | 7,290,317.88     |  |                  
|Class A- 1        CUSIP # 45171W AT 4                                                  |  |   |                |   |  |                          |                  |  |                  
|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                                                                |  |   | 130,000,000.00 |   |  |                          |                  |  |                  
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $                        |                 |  |                  
|                                                                                       |  |   |                |   |  |                          |                  |  |                  
|Original Class A-1 Face                                                                |  |   | 130,000,000.00 |   |  |                          |                  |  |                  
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |                          |                  |  |                  
|(Ending Class A Principal/Original Class A-1 Face)                                     |  |   | 0.0000000000   | % |  |                          |                  |  |                  
|                                                                                       |  |   |                |   |  |                          |                  |  |                  
|Class A-2        CUSIP # 45171W AU 1                                                   |  |   |                |   |  |                          |                  |  |                  
|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                                                                |  |   | 54,000,000.00  |   |  |                          |                  |  |                  
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $                        |                 |  |                  
|                                                                                       |  |   |                |   |  |                          |                  |  |                  
|Original Class A-2 Face                                                                |  |   | 54,000,000.00  |   |  |                          |                  |  |                  
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |                          |                  |  |                  
|(Ending Class A-2 Principal/Original Class A-2 Face)                                   |  |   | 0.0000000000   | % |  |                          |                  |  |                  
|                                                                                       |  |   |                |   |  |                          |                  |  |                  
|                                                                                       |  |   |               
|Class A-3        CUSIP # 45171W AV 9                                                   |  |   |                |   |  |                          |                  |  |                  
|Beginning Class A-3 Principal Balance                                                  |  |   |                |   |  | $                        |                 |  |                  
|Principal in Current Period                                                            |  |   |                |   |  | $                        |                 |  |                  
|Ending Class A-3 Principal Balance                                                     |  |   |                |   |  | $                        |                 |  |                  
|                                                                                       |  |   |               
|Interest due this Due Period                                                           |  |   | %              |   |  | $                        |                 |  |                  
|Interest Paid Per $1,000                                                               |  | $ |               |   |  | $                        |                 |  |                  
|                                                                                       |  |   |                |   |  |                          |                  |  |                  
|Original Class A-3 Face                                                                |  |   | 230,000,000.00 |   |  |                          |                  |  |                  
|                                                                                       |  |   |               
|Principal Paid Per $1,000                                                              |  | $ |               |   |  | $                        |                 |  |                  
|                                                                                       |  |   |                |   |  |                          |                  |  |                  
|Original Class A-3 Face                                                                |  |   | 230,000,000.00 |   |  |                          |                  |  |                  
|                                                                                       |  |   |               
|Ending Principal Balance Factor                                                        |  |   |                |   |  |                          |                  |  |                  
|(Ending Class A-3 Principal/Original Class A-3 Face)                                   |  |   | 0.0000000000   | % |  |                          |                  |  |                  
|                                                                                       |  |   |                |   |  |                          |                  |  |                  





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                  |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | ---------------- |  | 
|Chase Lease-Backed Notes Series 2000-1                                               |  |   | Payment Date   |   |  |   | October 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                  |  | 
|September 2003                                                                       |  |   | Payment Date # |   |  |   | 41               |  | 
|                                                                                     |  |   |               
|Class A-4        CUSIP # 45171W AW 7                                                 |  |   |                |   |  |   |                  |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 75,542,249.24    |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ | 7,290,317.88     |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 68,251,931.35    |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 84,985.03        |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 1.0056209962   |   |  | $ | 84,985.03        |  | 
|                                                                                     |  |   |                |   |  |   |                  |  | 
|Original Class A-4 Face                                                              |  |   | 84,510,000.00  |   |  |   |                  |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ | 86.2657423066  |   |  | $ | 7,290,317.88     |  | 
|                                                                                     |  |   |                |   |  |   |                  |  | 
|Original Class A-4 Face                                                              |  |   | 84,510,000.00  |   |  |   |                  |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                  |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 80.7619587662  | % |  |   |                  |  | 
|                                                                                     |  |   |                |   |  |   |                  |  | 
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 10,253,848.02    |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                  |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 3,461,617.22     |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 987,778.88       |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 396,807.48       |  | 
|                                                                                     |  |   |               
|Other Information to be provided                                                     |  |   |                |   |  |   |                  |  | 
|Total Contracts for Reporting Period                                                 |  |   | Sep-03         |   |  |   | 15,509           |  | 
|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%          |   |  | $ | 7,106.21         |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 55,390,247.03    |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 6.22%          |   |  | $ | 34,445,438.24    |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 55,390,247.03    |  | 
|                                                                                     |  |   |               
|Cumulative Additions made for Early Termination Leases since Closing                 |  |   | 7.58%          |   |  | $ | 41,988,045.84    |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  |   | 20.00%         |   |  | $ | 110,780,494.05   |  | 
|                                                                                     |  |   |               
|Interest Rate Swap                                                                   |  |   |                |   |  |   |                  |  | 
|                                                                                     |  |   |               
|Class A-3 Fixed Swap Rate                                                            |  |   | 7.802          | % |  |   |                  |  | 
|Class A-4 Fixed Swap Rate                                                            |  |   | 7.820          | % |  |   |                  |  | 
|a) Fixed Swap Interest Payable                                                       |  |   |                |   |  |   | 492,283.66       |  | 
|                                                                                     |  |   |               
|Class A-3 Note Interest Rate                                                         |  |   | 1.31000        | % |  |   |                  |  | 
|Class A-4 Note Interest Rate                                                         |  |   | 1.35000        | % |  |   |                  |  | 
|b) Floating Swap Interest Receivable                                                 |  |   |                |   |  |   | 84,985.03        |  | 
|                                                                                     |  |   |               
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |   |                |   |  |   |                 |  | 
|(Available Funds deposited to Collection Account)                                  |  |   |                |   |  |   |                  |  | 
|                                                                                     |  |   |               
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |   |                |   |  |   | 407,298.63       |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |                   |  |            
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | -----------
|Chase Lease-Backed Notes Series 2000-2                                                                |  | Payment Date   |  |   | November 15, 2002 |  |            
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                   |  |            
|October 2002                                                                                          |  | Payment Date # |  |   | 24                |  |            
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                   |  |            
|Beginning Balance (DPVL as of previous Determination Date)                                            |  |                |  | $ | 299,975,938.87    |  |            
|                                                                                                      |  |                | 
|Less:    Lease Payments Due - current month                                                           |  | Oct-02         |  | $ | 15,376,451.10     |  |            
|Add:    Interest (@ Discount Rate of 7.68%)                                                           |  |                |  | $ | 1,919,846.01      |  |            
|Less:    DPV Non-Performing Leases - current month - over 120 days, etc                               |  | Oct-02         |  | $ | 672,488.86        |  |            
|Less:    Warranty Leases                                                                              |  |                |  | $ |                  |  |            
|Less:    DPV Amounts on Early Termination Leases                                                      |  | Oct-02         |  | $ | 1,109,265.63      |  |            
|Add:    DPV Substitute Leases                                                                         |  | Oct-02         |  | $ | 672,489.00        |  |            
|Add:    DPV Additional Leases                                                                         |  | Oct-02         |  |   |                   |  |            
|                                                                                                      |  |                |  |   |                   |  |            
|                                                                                                      |  |                | 
|Ending Balance (DPVL as of current Determination Date)                                                |  |                |  | $ | 285,410,068.29    |  |            
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                   |  |            
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 2,192,504.48      |  |            
|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         |  |   | 2,325,921.72      |  |            
|                                                                                                      |  |                |  |   |                   |  |            
|Total Cash to be reimbursed to IOS                                                                    |  |                |  |   | 2,325,921.72      |  |            
|Add:    Servicer Adv for scheduled payments not made in current period                                |  | Oct-02         |  |   | 1,909,104.89      |  |            
|                                                                                                      |  |                |  |   |                   |  |            
|Ending Balance                                                                                        |  |                |  |   | 1,775,687.65      |  |            
|                                                                                                      |  |                | 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                           |  |                |  |   |                   |  |            
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 672,139.62        |  |            
|Less:    Applied to Current from Prepaid                                                              |  | Oct-02         |  |   | 1,092,549.45      |  |            
|Less:    Repurchased Leases                                                                           |  |                |  |   |                  |  |            
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |                  |  | (30,656.08)
|Add:    Received This Month                                                                           |  |                |  |   | 1,123,205.53      |  |            
|Add:    Received in Prior Month                                                                       |  |                |  |   |                  |  |            
|                                                                                                      |  |                |  |   |                   |  |            
|Ending Balance                                                                                        |  |                |  |   | 702,795.70        |  |            
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                   |  |            
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  | Oct-02         |  |   | 7,049,242.50      |  |            
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |                  |  |            
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50      |  |            
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                   |  |            
|Lesser of 1% of $ and Outstanding Note Amount                                                         |  |                |  |   | 7,049,242.50      |  |            
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |                  |  |            
|Deposits into Reserve Account                                                                         |  |                |  |   | 0.00              |  |            
|Amounts Released to Issuer                                                                            |  |                |  |   |                  |  |            
|                                                                                                      |  |                |  |   |                   |  |            
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50      |  |            
|                                                                                                      |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |                |  |   |                   |  |            
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  | Oct-02         |  |   | 67,652.85         |  |            
|Less     Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 2,703.83          |  |            
|Add      Additional Security Deposits collected on leases                                             |  |                |  |   |                   |  |            
|                                                                                                      |  |                |  |   |                   |  |            
|Ending Balance                                                                                        |  | Oct-02         |  |   | 64,949.02         |  |            





---

|IKON Receivables, LLC                                                            |  |              |   |  |                   |   |  |                  
|-------------------------------------------------------------------------------- |  | ------------ | - |  | ----------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-2                                           |  | Payment Date |   |  | November 15, 2002 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |              |   |  |                   |   |  |                  
|October 2002                                                                     |  | Payment Date | # |  | 24                |   |  |                  
|                                                                                 |  |              |  
|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                                                                       |  |              |   |  | 2.69              | % |  | Annualized Oct 02
|Last Month                                                                       |  |              |   |  | 1.34              | % |  | Annualized Sep 02
|Two Months ago                                                                   |  |              |   |  | 1.29              | % |  | Annualized Aug 02
|3 mos. Average                                                                   |  |              |   |  | 1.77              | % |  |                  
|                                                                                 |  |              |  
|Calculate Delinquent Rate                                                        |  |              |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |              |   |  | 61                |   |  |                  
|Discounted Present Value of Delinquent Leases:                                   |  |              |   |  |                   |   |  |                  
|This Month                                                                       |  |              |   |  | 2.37              | % |  |                  
|Last Month                                                                       |  |              |   |  | 2.30              | % |  |                  
|Two Months ago                                                                   |  |              |   |  | 2.13              | % |  |                  
|3 mos. Average                                                                   |  |              |   |  | 2.27              | % |  |                  
|                                                                                 |  |              |  
|Acceleration Event                                                               |  |              |   |  |                   |   |  |                  
|Triggered if                                                                     |  |              |   |  |                   |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25         | % |  |                   |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00         | % |  |                   |   |  |                  
|Acceleration Event Triggered? (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 deposited calendar month                                          |  | Oct-02       |   |  | 14,700,718.48     |   |  |                  
|Lease Payments Received on Prior Month Receivables                               |  | Oct-02       |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution              |  | Oct-02       |   |  | 14,700,718.48     |   |  |                  
|Reimbursed Servicer Advances                                                     |  |              |   |  |                  |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided            |  |              |   |  | 1,109,265.63      |   |  |                  
|Advanced Payments Applied to Current                                             |  |              |   |  | 1,092,549.45      |   |  |                  
|Lease Purchase Amounts                                                           |  |              |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |              |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |              |   |  |                  |   |  |                  
|Investment Earnings on Accounts:                                                 |  |              |   |  |                   |   |  |                  
|Collection Account                                                               |  | Oct-02       |   |  | 17,746.65         |   |  |                  
|Reserve Account                                                                  |  | Oct-02       |   |  | 9,672.01          |   |  |                  
|Security Deposit Account                                                         |  | Oct-02       |   |  | 93.97             |   |  |                  
|Casualty Payments                                                                |  |              |   |  |                  |   |  |                  
|Servicer Adv for scheduled payments not made in current period                   |  |              |   |  |                  |   |  |                  
|Payments Received From Swap Counterparty                                         |  |              |   |  |                  |   |  |                  
|Funds For Redemption (Optional Clean-Up Call)                                    |  |              |   |  |                  |   |  |                  
|                                                                                 |  |              |   |  |                   |   |  |                  
|Total amounts in the Collection Account related to the Current Collection Period |  |              |   |  | 16,930,046.19     |   |  |                  
|                                                                                 |  |              |  
|Transfers made by Trustee to the Collection Account                              |  |              |   |  |                   |   |  |                  
|Optional Payments Received from AMBAC                                            |  |              |   |  |                   |   |  |                  
|Insured Payments Received from AMBAC                                             |  |              |   |  |                  |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                          |  |              |   |  |                  |   |  |                  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Oct-02       |   |  | 2,703.83          |   |  |                  
|                                                                                 |  |              |   |  |                   |   |  |                  
|Less     Credit for payments applied in prior period                             |  |              |   |  |                  |   |  |                  
|                                                                                 |  |              |  
|Total deposited into the Collection Account                                      |  |              |   |  | 16,932,750.02     |   |  |                  





---

|IKON Receivables, LLC                                                        |  |              |   |  |   |                   |  |                                     
|---------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | ------------------------------------
|Chase Lease-Backed Notes Series 2000-2                                       |  | Payment Date |   |  |   | November 15, 2002 |  |                                     
|MONTHLY SERVICER REPORT                                                      |  |              |   |  |   |                   |  |                                     
|October 2002                                                                 |  | Payment Date | # |  |   | 24                |  |                                     
|                                                                             |  |              |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                        |  |              |   |  |   |                   |  |                                     
|Surety Fee                                                                   |  | 0.18         | % |  |   | 38,793.83         |  | Surety Fee Oct02                    
|0.18% of Outstanding Principal Amount of the Notes                           |  |              |   |  |   |                   |  |                                     
|                                                                             |  |              |  
|Payment to Swap Counterparty                                                 |  |              |   |  |   |                  |  |                                     
|                                                                             |  |              |  
|Transfer TO Advance Payment Que in Collection Account                        |  | Oct-02       |   |  |   | 30,656.08         |  | INCREASEBalance in Advque           
|Transfer FROM Security Deposit Account to Collection Act                     |  | Oct-02       |   |  |   | 2,703.83          |  | DecreaseBalance in SecDep           
|Servicing Fee                                                                |  | 0.75         | % |  |   | 161,640.96        |  | No Distributionon this Amount       
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV      |  |              |   |  |   |                   |  |                                     
|Trustee Fee                                                                  |  |              |   |  |   |                  |  | Trustee BankFees - AnnualFee balance
|Service Fee Less Trustee Fee                                                 |  |              |   |  |   | 161,640.96        |  | IOS ServicingFee Oct 02             
|Reimburse Servicer Advances owed to IOS not prev reimbursed                  |  |              |   |  |   |                  |  | IOS SvcAdvancereimbursement         
|                                                                             |  |              |   |  |   |                   |  |                                     
|                                                                             |  |              |  
|Remaining Available to be Distributed to Noteholders                         |  |              |   |  |   | 16,698,955.32     |  |                                     
|                                                                             |  |              |  
|Disbursements                                                                |  |              |   |  |   |                   |  | Actual Days                         
|Class A-1 Interest Due (Act/360 Basis) Yes                                   |  | 6.66125      | % |  | $ |                  |  | 31                                  
|Class A-2 Interest Due (30/360 Basis) Yes                                    |  | 6.60000      | % |  | $ |                  |  |                                     
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.80000 + .23 = 2.03000% |  | 2.03000      | % |  | $ | 312,411.68        |  | Libor + .23                         
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.80000 + .27 = 2.07000% |  | 2.07000      | % |  | $ | 142,432.45        |  | Libor + .27                         
|                                                                             |  |              |   |  |   |                   |  |                                     
|Total Class A Interest Due                                                   |  |              |   |  | $ | 454,844.13        |  |                                     
|Class A Interest Paid                                                        |  |              |   |  | $ | 454,844.13        |  |                                     
|Cumulative Outstanding Amounts Owed to AMBAC                                 |  |              |   |  | $ |                  |  |                                     
|Reimburse Amounts due AMBAC                                                  |  |              |   |  | $ |                  |  |                                     
|Beginning Aggregate Class A Note Balance                                     |  |              |   |  | $ | 258,625,539.35    |  |                                     
|Class A Principal Payment While Class A-1 Outstanding                        |  |              |   |  | $ |                  |  |                                     
|Class A Principal Payment After Class A-1 Retired                            |  | 86.21542     | % |  | $ | 12,558,026.50     |  |                                     
|Aggregate Class A Principal Payment                                          |  |              |   |  | $ | 12,558,026.50     |  |                                     
|Class A Principal Paid                                                       |  |              |   |  | $ | 12,558,026.50     |  |                                     
|Ending Aggregate Class A Note Balance                                        |  |              |   |  | $ | 246,067,512.85    |  |                                     
|Overcollateralization Floor                                                  |  |              |   |  |   |                   |  |                                     
|2.5% of $704,924,250.06                                                      |  |              |   |  | $ | 17,623,106.25     |  |                                     
|Plus: Cumulative Loss Amount                                                 |  |              |   |  | $ |                  |  |                                     
|Less: Reserve Account Ending Balance                                         |  |              |   |  | $ | 7,049,242.50      |  |                                     
|Overcollateralization Floor                                                  |  |              |   |  | $ | 10,573,863.75     |  | N                                   
|Additional Class A Principal                                                 |  |              |   |  | $ |                  |  |                                     
|Additional Principal Class A Paid                                            |  |              |   |  | $ |                  |  |                                     
|End of Period Class A Note Balance                                           |  |              |   |  | $ | 246,067,512.85    |  |                                     
|Remaining Collections After Distributions to Noteholders                     |  |              |   |  | $ | 3,686,084.69      |  |                                     
|Distribution to Noteholder for Clean-up Call                                 |  |              |   |  | $ |                  |  |                                     
|Reserve Account Deposit                                                      |  |              |   |  | $ | 0.00              |  |                                     
|Additional Funds Available for Distribution to IOS                           |  |              |   |  | $ | 1,686,084.69      |  |                                     
|                                                                             |  |              |  
|Total Distribution from the Collection Account                               |  |              |   |  | $ | 14,932,750.02     |  |                                     
|Amounts to IOS Capital for current period                                    |  |              |   |  |   |                   |  |                                     
|Adv Payments                                                                 |  | 0.00         |   |  |   |                   |  |                                     
|Sec Deposits                                                                 |  | 2,703.83     |   |  |   |                   |  |                                     
|Remaining Coll                                                               |  | 1,686,084.69 |   |  |   |                   |  |                                     
|Service Fees                                                                 |  | 161,640.96   |   |  |   |                   |  |                                     
|                                                                             |  |              |   |  |   |                   |  |                                     
|                                                                             |  | 1,850,429.48 |   |  |   | Oct-02            |  |                                     





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  |            
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | -----------
|Chase Lease-Backed Notes Series 2000-2                                          |  |   | Payment Date   |   |  |   | November 15, 2002 |  |            
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  |            
|October 2002                                                                    |  |   | Payment Date   | # |  |   | 24                |  |            
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  |            
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 299,975,938.87    |  |            
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 285,410,068.29    |  |            
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 12,558,026.50     |  |            
|                                                                                |  |   |               
|Class A - 1        CUSIP #                                                      |  |   |                |   |  |   |                   |  |            
|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                                                         |  |   | 193,532,000.00 |   |  |   |                   |  |            
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |            
|                                                                                |  |   |                |   |  |   |                   |  |            
|Original Class A-1 Face                                                         |  |   | 193,532,000.00 |   |  |   |                   |  |            
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                   |  |            
|                                                                                |  |   |                |   |  |   |                   |  |            
|                                                                                |  |   |               
|Class A-2        CUSIP #                                                        |  |   |                |   |  |   |                   |  |            
|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                                                         |  |   | 70,193,000.00  |   |  |   |                   |  |            
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |            
|                                                                                |  |   |                |   |  |   |                   |  |            
|Original Class A-2 Face                                                         |  |   | 70,193,000.00  |   |  |   |                   |  |            
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                   |  |            
|                                                                                |  |   |                |   |  |   |                   |  |            
|                                                                                |  |   |               
|Class A-3        CUSIP #                                                        |  |   |                |   |  |   |                   |  |            
|Beginning Class A-3 Principal Balance                                           |  |   | Oct-02         |   |  | $ | 178,719,539.35    |  |            
|Principal in Current Period                                                     |  |   |                |   |  | $ | 12,558,026.50     |  |            
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 166,161,512.85    |  |            
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 312,411.68        |  |            
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.0743180318   |   |  | $ | 312,411.68        |  |            
|                                                                                |  |   |                |   |  |   |                   |  |            
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                   |  |            
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 43.1844102416  |   |  | $ | 12,558,026.50     |  |            
|                                                                                |  |   |                |   |  |   |                   |  |            
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                   |  |            
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 57.1394473355  | % |  |   |                   |  |            
|                                                                                |  |   |                |   |  |   |                   |  |            
|                                                                                |  |   |               
|Class A-4        CUSIP #                                                        |  |   |                |   |  |   |                   |  |            
|Beginning Class A-4 Principal Balance                                           |  |   | Oct-02         |   |  | $ | 79,906,000.00     |  |            
|Principal in Current Period                                                     |  |   |                |   |  | $ |                  |  |            
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 79,906,000.00     |  |            
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 142,432.45        |  |            
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.7825000000   |   |  | $ | 142,432.45        |  |            
|                                                                                |  |   |                |   |  |   |                   |  |            
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                   |  |            
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |            
|                                                                                |  |   |                |   |  |   |                   |  |            
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                   |  |            
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                   |  |            
|                                                                                |  |   |                |   |  |   |                   |  |            
|                                                                                |  |   |               
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 39,342,555.44     |  | 13.7845717%





---

|IKON Receivables, LLC                                                                  |  |              |   |  |   |                   |  |              
|-------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | -------------
|Chase Lease-Backed Notes Series 2000-2                                                 |  | Payment Date |   |  |   | November 15, 2002 |  |              
|MONTHLY SERVICER REPORT                                                                |  |              |   |  |   |                   |  |              
|October 2002                                                                           |  | Payment Date | # |  |   | 24                |  |              
|                                                                                       |  |              |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                               |  |              |   |  |   |                   |  |              
|                                                                                       |  |              |  
|Discounted Present Value of the Leases which are:                                      |  |              |   |  |   |                   |  |              
|31-60 DAYS OVERDUE                                                                     |  | Oct-02       |   |  | $ | 9,605,720.09      |  |              
|61-90 DAYS OVERDUE                                                                     |  | Oct-02       |   |  | $ | 4,801,281.42      |  |              
|91-120 DAYS OVERDUE                                                                    |  | Oct-02       |   |  | $ | 1,977,164.12      |  |              
|                                                                                       |  |              |  
|Servicer Advance since previous months report                                         |  |              |   |  | $ |                  |  |              
|                                                                                       |  |              |  
|Other Information to be provided                                                       |  |              |   |  |   |                   |  |              
|Total Contracts for Reporting Period - Oct 02                                          |  | 32727        |   |  |   |                   |  |              
|Total amount of Lease Payments received during prior Period                            |  |              |   |  | $ | 14,700,718.48     |  |              
|                                                                                       |  |              |  
|Total amount of Casualty Payments received during prior Period                         |  |              |   |  | $ |                  |  |              
|                                                                                       |  |              |  
|Total amount of Termination Payments received during prior Period                      |  |              |   |  | $ | 1,109,265.63      |  |              
|                                                                                       |  |              |  
|Total amount of Non-Performing Lease Payments received during prior Period             |  |              |   |  | $ |                  |  |              
|                                                                                       |  |              |  
|Retainable Deposits on Deposit                                                         |  |              |   |  | $ | 64,949.02         |  |              
|                                                                                       |  |              |  
|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                       |  | 10.000000%   |   |  | $ | 70,492,425.01     |  |              
|                                                                                       |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Oct-02       |   |  | $ | 23,402,687.00     |  | 23,402,687.00
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.000000%   |   |  | $ | 70,492,425.01     |  |              
|                                                                                       |  |              |  
|Interest Rate Swap                                                                     |  |              |   |  |   |                   |  |              
|                                                                                       |  |              |  
|Class A-3 Fixed Swap Rate                                                              |  | 6.475        | % |  |   |                   |  |              
|Class A-4 Fixed Swap Rate                                                              |  | 6.475        | % |  |   |                   |  |              
|a) Fixed Swap Interest Payable                                                         |  |              |   |  |   | 1,395,500.31      |  |              
|                                                                                       |  |              |  
|Class A-3 Note Interest Rate                                                           |  | 2.03000      | % |  |   |                   |  |              
|Class A-4 Note Interest Rate                                                           |  | 2.07000      | % |  |   |                   |  |              
|b) Floating Swap Interest Receivable                                                   |  |              |   |  |   | 454,844.13        |  |              
|                                                                                       |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                          |  |              |   |  |   |                  |  |              
|(Available Funds deposited to Collection Account)                                    |  |              |   |  |   |                   |  |              
|                                                                                       |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                               |  |              |   |  |   | 940,656.18        |  |              
|                                                                                       |  |              |  
|RECONCILIATION OF COLLATERAL ACCOUNT                                                   |  |              |   |  |   |                   |  |              
|                                                                                       |  |              |  
|Beginning Balance                                                                      |  | Oct-02       |   |  |   |                  |  |              
|                                                                                       |  |              |  
|Adjustments current month                                                              |  |              |   |  |   |                  |  |              
|                                                                                       |  |              |  
|Ending Balance                                                                         |  |              |   |  |   |                  |  |              



|Prepared by: |  | Ernie Whitley                
|------------ |  | -----------------------------
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | November 8, 2002             
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | November 8, 2002             





---

|IKON Receivables, LLC                                                                             |  |                 |  |   |                   |  |             |  
|------------------------------------------------------------------------------------------------- |  | --------------- |  | - | ----------------- |  | ----------- | -
|Chase Lease-Backed Notes Series 2000-2                                                            |  | Payment Date    |  |   | December 16, 2002 |  |             |  
|MONTHLY SERVICER REPORT                                                                           |  |                 |  |   |                   |  |             |  
|November 2002                                                                                     |  | Payment Date  # |  |   | 25                |  |             |  
|                                                                                                  |  |                 | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |                 |  |   |                   |  |             |  
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                 |  | $ | 285,410,068.29    |  |             |  
|                                                                                                  |  |                 | 
|Less:    Lease Payments Due - current month                                                       |  | Nov-02          |  | $ | 14,897,943.30     |  |             |  
|Add:    Interest (@ Discount Rate of 7.68%)                                                       |  |                 |  | $ | 1,826,624.44      |  |             |  
|Less:    DPV Non-Performing Leases - current month - over 120 days, etc                           |  | Nov-02          |  | $ | 607,299.16        |  |             |  
|Less:    Warranty Leases                                                                          |  |                 |  | $ |                  |  |             |  
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Nov-02          |  | $ | 1,666,387.99      |  |             |  
|Add:    DPV Substitute Leases                                                                     |  | Nov-02          |  | $ | 607,301.00        |  |             |  
|Add:    DPV Additional Leases                                                                     |  | Nov-02          |  |   |                   |  |             |  
|                                                                                                  |  |                 |  |   |                   |  |             |  
|                                                                                                  |  |                 | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                 |  | $ | 270,672,363.28    |  |             |  
|                                                                                                  |  |                 | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                 |  |   |                   |  |             |  
|                                                                                                  |  |                 | 
|Beginning Balance                                                                                 |  |                 |  |   | 1,775,687.70      |  |             |  
|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          |  |   | 1,734,303.53      |  |             |  
|                                                                                                  |  |                 |  |   |                   |  |             |  
|Total Cash to be reimbursed to IOS                                                                |  |                 |  |   | 1,734,303.53      |  |             |  
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Nov-02          |  |   | 2,107,804.78      |  |             |  
|                                                                                                  |  |                 |  |   |                   |  |             |  
|Ending Balance                                                                                    |  |                 |  |   | 2,149,188.95      |  |             |  
|                                                                                                  |  |                 | 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                       |  |                 |  |   |                   |  |             |  
|                                                                                                  |  |                 | 
|Beginning Balance                                                                                 |  |                 |  |   | 702,795.70        |  |             |  
|Less:    Applied to Current from Prepaid                                                          |  | Nov-02          |  |   | 975,669.03        |  |             |  
|Less:    Repurchased Leases                                                                       |  |                 |  |   |                  |  |             |  
|Less:    Advance Payments on Non-Performing Leases                                                |  |                 |  |   |                  |  | (133,418.79 | )
|Add:    Received This Month                                                                       |  |                 |  |   | 1,109,087.82      |  |             |  
|Add:    Received in Prior Month                                                                   |  |                 |  |   |                  |  |             |  
|                                                                                                  |  |                 |  |   |                   |  |             |  
|Ending Balance                                                                                    |  |                 |  |   | 836,214.49        |  |             |  
|                                                                                                  |  |                 | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |                 |  |   |                   |  |             |  
|Beginning Balance                                                                                 |  | Nov-02          |  |   | 7,049,242.50      |  |             |  
|Less:    Deposit to Collection Account (if any)                                                   |  |                 |  |   |                  |  |             |  
|Ending Balance                                                                                    |  |                 |  |   | 7,049,242.50      |  |             |  
|Required Reserve Account                                                                          |  |                 |  |   |                   |  |             |  
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                 |  |   | 7,049,242.50      |  |             |  
|Reserve Account in excess of Required Reserve                                                     |  |                 |  |   |                  |  |             |  
|Deposits into Reserve Account                                                                     |  |                 |  |   | 0.00              |  |             |  
|Amounts Released to Issuer                                                                        |  |                 |  |   |                  |  |             |  
|                                                                                                  |  |                 |  |   |                   |  |             |  
|Ending Balance                                                                                    |  |                 |  |   | 7,049,242.50      |  |             |  
|                                                                                                  |  |                 | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                        |  |                 |  |   |                   |  |             |  
|                                                                                                  |  |                 | 
|Beginning Balance                                                                                 |  | Nov-02          |  |   | 64,949.02         |  |             |  
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                 |  |   | 3,799.95          |  |             |  
|Add Additional Security Deposits collected on leases                                              |  |                 |  |   |                   |  |             |  
|                                                                                                  |  |                 |  |   |                   |  |             |  
|Ending Balance                                                                                    |  | Nov-02          |  |   | 61,149.07         |  |             |  





---

|IKON Receivables, LLC                                                            |  |              |   |  |                   |   |  |                  
|-------------------------------------------------------------------------------- |  | ------------ | - |  | ----------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-2                                           |  | Payment Date |   |  | December 16, 2002 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |              |   |  |                   |   |  |                  
|November 2002                                                                    |  | Payment Date | # |  | 25                |   |  |                  
|                                                                                 |  |              |  
|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                                                                       |  |              |   |  | 2.55              | % |  | Annualized Nov 02
|Last Month                                                                       |  |              |   |  | 2.69              | % |  | Annualized Oct 02
|Two Months ago                                                                   |  |              |   |  | 1.34              | % |  | Annualized Sep 02
|3 mos. Average                                                                   |  |              |   |  | 2.19              | % |  |                  
|                                                                                 |  |              |  
|Calculate Delinquent Rate                                                        |  |              |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |              |   |  | 61                |   |  |                  
|                                                                                 |  |              |  
|Discounted Present Value of Delinquent Leases:                                   |  |              |   |  |                   |   |  |                  
|This Month                                                                       |  |              |   |  | 2.06              | % |  |                  
|Last Month                                                                       |  |              |   |  | 2.37              | % |  |                  
|Two Months ago                                                                   |  |              |   |  | 2.30              | % |  |                  
|3 mos. Average                                                                   |  |              |   |  | 2.24              | % |  |                  
|                                                                                 |  |              |  
|Acceleration Event                                                               |  |              |   |  |                   |   |  |                  
|Triggered if                                                                     |  |              |   |  |                   |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25         | % |  |                   |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00         | % |  |                   |   |  |                  
|Acceleration Event Triggered? (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 deposited calendar month                                          |  | Nov-02       |   |  | 13,548,773.02     |   |  |                  
|Lease Payments Received on Prior Month Receivables                               |  | Nov-02       |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution              |  | Nov-02       |   |  | 13,548,773.02     |   |  |                  
|Reimbursed Servicer Advances                                                     |  |              |   |  |                  |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided            |  |              |   |  | 1,666,387.99      |   |  |                  
|Advanced Payments Applied to Current                                             |  |              |   |  | 975,669.03        |   |  |                  
|Lease Purchase Amounts                                                           |  |              |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |              |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |              |   |  |                  |   |  |                  
|                                                                                 |  |              |  
|Investment Earnings on Accounts:                                                 |  |              |   |  |                   |   |  |                  
|Collection Account                                                               |  | Nov-02       |   |  | 19,113.59         |   |  |                  
|Reserve Account                                                                  |  | Nov-02       |   |  | 8,278.28          |   |  |                  
|Security Deposit Account                                                         |  | Nov-02       |   |  | 77.62             |   |  |                  
|Casualty Payments                                                                |  |              |   |  |                  |   |  |                  
|Servicer Adv for scheduled payments not made in current period                   |  |              |   |  |                  |   |  |                  
|Payments Received From Swap Counterparty                                         |  |              |   |  |                  |   |  |                  
|Funds For Redemption (Optional Clean-Up Call)                                    |  |              |   |  |                  |   |  |                  
|                                                                                 |  |              |   |  |                   |   |  |                  
|Total amounts in the Collection Account related to the Current Collection Period |  |              |   |  | 16,218,299.53     |   |  |                  
|                                                                                 |  |              |  
|Transfers made by Trustee to the Collection Account                              |  |              |   |  |                   |   |  |                  
|Optional Payments Received from AMBAC                                            |  |              |   |  |                   |   |  |                  
|Insured Payments Received from AMBAC                                             |  |              |   |  |                  |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                          |  |              |   |  |                  |   |  |                  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Nov-02       |   |  | 3,799.95          |   |  |                  
|                                                                                 |  |              |   |  |                   |   |  |                  
|                                                                                 |  |              |  
|Less   Credit for payments applied in prior period                               |  |              |   |  |                  |   |  |                  
|                                                                                 |  |              |  
|Total deposited into the Collection Account                                      |  |              |   |  | 16,222,099.48     |   |  |                  





---

|IKON Receivables, LLC                                                        |  |              |   |  |   |                   |  |                                      
|---------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | -------------------------------------
|Chase Lease-Backed Notes Series 2000-2                                       |  | Payment Date |   |  |   | December 16, 2002 |  |                                      
|MONTHLY SERVICER REPORT                                                      |  |              |   |  |   |                   |  |                                      
|November 2002                                                                |  | Payment Date | # |  |   | 25                |  |                                      
|                                                                             |  |              |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                        |  |              |   |  |   |                   |  |                                      
|Surety Fee                                                                   |  | 0.18         | % |  |   | 36,910.13         |  | Surety Fee Nov 02                    
|0.18% of Outstanding Principal Amount of the Notes                           |  |              |   |  |   |                   |  |                                      
|Payment to Swap Counterparty                                                 |  |              |   |  |   |                  |  |                                      
|                                                                             |  |              |  
|Transfer TO Advance Payment Que in Collection Account                        |  | Nov-02       |   |  |   | 133,418.79        |  | INCREASE Balancein Adv que           
|Transfer FROM Security Deposit Account to Collection Act                     |  | Nov-02       |   |  |   | 3,799.95          |  | Decrease Balance inSec Dep           
|                                                                             |  |              |  
|Servicing Fee                                                                |  | 0.75         | % |  |   | 153,792.20        |  | No Distribution onthis Amount        
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV      |  |              |   |  |   |                   |  |                                      
|Trustee Fee                                                                  |  |              |   |  |   |                  |  | Trustee Bank Fees -Annual Fee balance
|Service Fee Less Trustee Fee                                                 |  |              |   |  |   | 153,792.20        |  | IOS Servicing FeeNov 02              
|Reimburse Servicer Advances owed to IOS not prev reimbursed                  |  |              |   |  |   |                  |  | IOS Svc Advancereimbursement         
|                                                                             |  |              |   |  |   |                   |  |                                      
|Remaining Available to be Distributed to Noteholders                         |  |              |   |  |   | 15,894,178.42     |  |                                      
|Disbursements                                                                |  |              |   |  |   |                   |  | Actual Days                          
|Class A-1 Interest Due (Act/360 Basis) Yes                                   |  | 6.66125      | % |  | $ |                  |  | 31                                   
|Class A-2 Interest Due (30/360 Basis) Yes                                    |  | 6.60000      | % |  | $ |                  |  |                                      
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.38125 + .23 = 1.61125% |  | 1.61125      | % |  | $ | 230,543.33        |  | Libor + .23                          
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.38125 + .27 = 1.65125% |  | 1.65125      | % |  | $ | 113,619.12        |  | Libor + .27                          
|                                                                             |  |              |   |  |   |                   |  |                                      
|Total Class A Interest Due                                                   |  |              |   |  | $ | 344,162.45        |  |                                      
|Class A Interest Paid                                                        |  |              |   |  | $ | 344,162.45        |  |                                      
|Cumulative Outstanding Amounts Owed to AMBAC                                 |  |              |   |  | $ |                  |  |                                      
|Reimburse Amounts due AMBAC                                                  |  |              |   |  | $ |                  |  |                                      
|Beginning Aggregate Class A Note Balance                                     |  |              |   |  | $ | 246,067,512.85    |  |                                      
|Class A Principal Payment While Class A-1 Outstanding                        |  |              |   |  | $ |                  |  |                                      
|Class A Principal Payment After Class A-1 Retired                            |  | 86.21542     | % |  | $ | 12,706,174.28     |  |                                      
|Aggregate Class A Principal Payment                                          |  |              |   |  | $ | 12,706,174.28     |  |                                      
|Class A Principal Paid                                                       |  |              |   |  | $ | 12,706,174.28     |  |                                      
|Ending Aggregate Class A Note Balance                                        |  |              |   |  | $ | 233,361,338.57    |  |                                      
|Overcollateralization Floor                                                  |  |              |   |  |   |                   |  |                                      
|2.5% of $704,924,250.06                                                      |  |              |   |  | $ | 17,623,106.25     |  |                                      
|Plus: Cumulative Loss Amount                                                 |  |              |   |  | $ |                  |  |                                      
|Less: Reserve Account Ending Balance                                         |  |              |   |  | $ | 7,049,242.50      |  |                                      
|Overcollateralization Floor                                                  |  |              |   |  | $ | 10,573,863.75     |  | N                                    
|Additional Class A Principal                                                 |  |              |   |  | $ |                  |  |                                      
|Additional Principal Class A Paid                                            |  |              |   |  | $ |                  |  |                                      
|End of Period Class A Note Balance                                           |  |              |   |  | $ | 233,361,338.57    |  |                                      
|Remaining Collections After Distributions to Noteholders                     |  |              |   |  | $ | 2,843,841.69      |  |                                      
|Distribution to Noteholder for Clean-up Call                                 |  |              |   |  | $ |                  |  |                                      
|Reserve Account Deposit                                                      |  |              |   |  | $ | 0.00              |  |                                      
|Additional Funds Available for Distribution to IOS                           |  |              |   |  | $ | 843,841.69        |  |                                      
|                                                                             |  |              |  
|Total Distribution from the Collection Account                               |  |              |   |  | $ | 14,222,099.48     |  |                                      
|Amounts to IOS Capital for current period                                    |  |              |   |  |   |                   |  |                                      
|Adv Payments                                                                 |  | 0.00         |   |  |   |                   |  |                                      
|Sec Deposits                                                                 |  | 3,799.95     |   |  |   |                   |  |                                      
|Remaining Coll                                                               |  | 843,841.69   |   |  |   |                   |  |                                      
|Service Fees                                                                 |  | 153,792.20   |   |  |   |                   |  |                                      
|                                                                             |  |              |   |  |   |                   |  |                                      
|                                                                             |  | 1,001,433.84 |   |  |   | Nov-02            |  |                                      





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  |            |  
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | ---------- | -
|Chase Lease-Backed Notes Series 2000-2                                          |  |   | Payment Date   |   |  |   | December 16, 2002 |  |            |  
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  |            |  
|November 2002                                                                   |  |   | Payment Date   | # |  |   | 25                |  |            |  
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 285,410,068.29    |  |            |  
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 270,672,363.28    |  |            |  
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 12,706,174.28     |  |            |  
|Class A - 1         CUSIP #                                                     |  |   |                |   |  |   |                   |  |            |  
|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                                                         |  |   | 193,532,000.00 |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Original Class A-1 Face                                                         |  |   | 193,532,000.00 |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            |  
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                   |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Class A-2         CUSIP #                                                       |  |   |                |   |  |   |                   |  |            |  
|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                                                         |  |   | 70,193,000.00  |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Original Class A-2 Face                                                         |  |   | 70,193,000.00  |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            |  
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                   |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Class A-3         CUSIP #                                                       |  |   |                |   |  |   |                   |  |            |  
|Beginning Class A-3 Principal Balance                                           |  |   | Nov-02         |   |  | $ | 166,161,512.85    |  |            |  
|Principal in Current Period                                                     |  |   |                |   |  | $ | 12,706,174.28     |  |            |  
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 153,455,338.57    |  |            |  
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 230,543.33        |  |            |  
|Interest Paid Per $1,000                                                        |  | $ | 0.7927899917   |   |  | $ | 230,543.33        |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                   |  |            |  
|Principal Paid Per $1,000                                                       |  | $ | 43.6938592685  |   |  | $ | 12,706,174.28     |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                   |  |            |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            |  
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 52.7700614081  | % |  |   |                   |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Class A-4         CUSIP #                                                       |  |   |                |   |  |   |                   |  |            |  
|Beginning Class A-4 Principal Balance                                           |  |   | Nov-02         |   |  | $ | 79,906,000.00     |  |            |  
|Principal in Current Period                                                     |  |   |                |   |  | $ |                  |  |            |  
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 79,906,000.00     |  |            |  
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 113,619.12        |  |            |  
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.4219097222   |   |  | $ | 113,619.12        |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                   |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 37,311,024.70     |  | 13.7845712 | %





---

|IKON Receivables, LLC                                                                  |  |              |   |  |   |                   |  |              
|-------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | -------------
|Chase Lease-Backed Notes Series 2000-2                                                 |  | Payment Date |   |  |   | December 16, 2002 |  |              
|MONTHLY SERVICER REPORT                                                                |  |              |   |  |   |                   |  |              
|November 2002                                                                          |  | Payment Date | # |  |   | 25                |  |              
|                                                                                       |  |              |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                               |  |              |   |  |   |                   |  |              
|Discounted Present Value of the Leases which are:                                      |  |              |   |  |   |                   |  |              
|31-60 DAYS OVERDUE                                                                     |  | Nov-02       |   |  | $ | 10,412,704.36     |  |              
|61-90 DAYS OVERDUE                                                                     |  | Nov-02       |   |  | $ | 3,134,755.59      |  |              
|91-120 DAYS OVERDUE                                                                    |  | Nov-02       |   |  | $ | 2,435,602.69      |  |              
|Servicer Advance since previous month's report                                         |  |              |   |  | $ |                  |  |              
|Other Information to be provided                                                       |  |              |   |  |   |                   |  |              
|Total Contracts for Reporting Period - Nov 02                                          |  | 32727        |   |  |   |                   |  |              
|Total amount of Lease Payments received during prior Period                            |  |              |   |  | $ | 13,548,773.02     |  |              
|                                                                                       |  |              |  
|Total amount of Casualty Payments received during prior Period                         |  |              |   |  | $ |                  |  |              
|                                                                                       |  |              |  
|Total amount of Termination Payments received during prior Period                      |  |              |   |  | $ | 1,666,387.99      |  |              
|                                                                                       |  |              |  
|Total amount of Non-Performing Lease Payments received during prior Period             |  |              |   |  | $ |                  |  |              
|                                                                                       |  |              |  
|Retainable Deposits on Deposit                                                         |  |              |   |  | $ | 61,149.07         |  |              
|                                                                                       |  |              |  
|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                       |  | 10.000000%   |   |  | $ | 70,492,425.01     |  |              
|                                                                                       |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Nov-02       |   |  | $ | 24,009,988.00     |  | 24,009,988.00
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.000000%   |   |  | $ | 70,492,425.01     |  |              
|Interest Rate Swap                                                                     |  |              |   |  |   |                   |  |              
|                                                                                       |  |              |  
|Class A-3 Fixed Swap Rate                                                              |  | 6.475        | % |  |   |                   |  |              
|Class A-4 Fixed Swap Rate                                                              |  | 6.475        | % |  |   |                   |  |              
|a) Fixed Swap Interest Payable                                                         |  |              |   |  |   | 1,327,739.29      |  |              
|                                                                                       |  |              |  
|Class A-3 Note Interest Rate                                                           |  | 1.61125      | % |  |   |                   |  |              
|Class A-4 Note Interest Rate                                                           |  | 1.65125      | % |  |   |                   |  |              
|b) Floating Swap Interest Receivable                                                   |  |              |   |  |   | 344,162.45        |  |              
|                                                                                       |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                          |  |              |   |  |   |                  |  |              
|(Available Funds deposited to Collection Account)                                    |  |              |   |  |   |                   |  |              
|Net Swap Interest Payable to Swap Counterparty (a-b)                               |  |              |   |  |   | 983,576.84        |  |              
|                                                                                       |  |              |  
|RECONCILIATION OF COLLATERAL ACCOUNT                                                   |  |              |   |  |   |                   |  |              
|                                                                                       |  |              |  
|Beginning Balance                                                                      |  | Oct-02       |   |  |   |                  |  |              
|Adjustments current month                                                              |  |              |   |  |   |                  |  |              
|Ending Balance                                                                         |  |              |   |  |   |                  |  |              



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





---

|IKON Receivables, LLC                                                                             |  |                |  |   |                  |  |           
|------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ---------------- |  | ----------
|Chase Lease-Backed Notes Series 2000-2                                                            |  | Payment Date   |  |   | January 15, 2003 |  |           
|MONTHLY SERVICER REPORT                                                                           |  |                |  |   |                  |  |           
|December 2002                                                                                     |  | Payment Date # |  |   | 26               |  |           
|                                                                                                  |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |                |  |   |                  |  |           
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                |  | $ | 270,672,363.28   |  |           
|                                                                                                  |  |                | 
|Less:    Lease Payments Due - current month                                                       |  | Dec-02         |  | $ | 14,491,994.92    |  |           
|Add:    Interest (@ Discount Rate of 7.68%)                                                       |  |                |  | $ | 1,732,303.12     |  |           
|Less:    DPV Non-Performing Leases - current month - over 120 days, etc                           |  | Dec-02         |  | $ | 380,562.99       |  |           
|Less:    Warranty Leases                                                                          |  |                |  | $ |                 |  |           
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Dec-02         |  | $ | 1,256,713.49     |  |           
|Add:    DPV Substitute Leases                                                                     |  | Dec-02         |  | $ | 380,565.00       |  |           
|Add:    DPV Additional Leases                                                                     |  | Dec-02         |  |   |                  |  |           
|                                                                                                  |  |                |  |   |                  |  |           
|                                                                                                  |  |                | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                |  | $ | 256,655,960.00   |  |           
|                                                                                                  |  |                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                |  |   |                  |  |           
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 2,149,188.95     |  |           
|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         |  |   | 1,746,984.28     |  |           
|                                                                                                  |  |                |  |   |                  |  |           
|Total Cash to be reimbursed to IOS                                                                |  |                |  |   | 1,746,984.28     |  |           
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Dec-02         |  |   | 2,285,525.76     |  |           
|                                                                                                  |  |                |  |   |                  |  |           
|Ending Balance                                                                                    |  |                |  |   | 2,687,730.43     |  |           
|                                                                                                  |  |                | 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                       |  |                |  |   |                  |  |           
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 836,214.49       |  |           
|Less:    Applied to Current from Prepaid                                                          |  | Dec-02         |  |   | 820,099.39       |  |           
|Less:    Repurchased Leases                                                                       |  |                |  |   |                 |  |           
|Less:    Advance Payments on Non-Performing Leases                                                |  |                |  |   |                 |  | 129,765.27
|Add:    Received This Month                                                                       |  |                |  |   | 690,334.12       |  |           
|Add:    Received in Prior Month                                                                   |  |                |  |   |                 |  |           
|                                                                                                  |  |                |  |   |                  |  |           
|Ending Balance                                                                                    |  |                |  |   | 706,449.22       |  |           
|                                                                                                  |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |                |  |   |                  |  |           
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Dec-02         |  |   | 7,049,242.50     |  |           
|Less:    Deposit to Collection Account (if any)                                                   |  |                |  |   |                 |  |           
|Ending Balance                                                                                    |  |                |  |   | 7,049,242.50     |  |           
|                                                                                                  |  |                | 
|Required Reserve Account                                                                          |  |                |  |   |                  |  |           
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                |  |   | 7,049,242.50     |  |           
|                                                                                                  |  |                | 
|Reserve Account in excess of Required Reserve                                                     |  |                |  |   |                 |  |           
|Deposits into Reserve Account                                                                     |  |                |  |   | 0.00             |  |           
|Amounts Released to Issuer                                                                        |  |                |  |   |                 |  |           
|                                                                                                  |  |                |  |   |                  |  |           
|Ending Balance                                                                                    |  |                |  |   | 7,049,242.50     |  |           
|                                                                                                  |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                        |  |                |  |   |                  |  |           
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Dec-02         |  |   | 61,149.07        |  |           
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                |  |   | 4,676.06         |  |           
|Add Additional Security Deposits collected on leases                                              |  |                |  |   |                  |  |           
|                                                                                                  |  |                |  |   |                  |  |           
|Ending Balance                                                                                    |  | Dec-02         |  |   | 56,473.01        |  |           





---

|IKON Receivables, LLC                                                            |  |              |   |  |                  |   |  |                  
|-------------------------------------------------------------------------------- |  | ------------ | - |  | ---------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-2                                           |  | Payment Date |   |  | January 15, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |              |   |  |                  |   |  |                  
|December 2002                                                                    |  | Payment Date | # |  | 26               |   |  |                  
|                                                                                 |  |              |  
|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                                                                       |  |              |   |  | 1.69             | % |  | Annualized Dec 02
|Last Month                                                                       |  |              |   |  | 2.55             | % |  | Annualized Nov 02
|Two Months ago                                                                   |  |              |   |  | 2.69             | % |  | Annualized Oct 02
|                                                                                 |  |              |  
|3 mos. Average                                                                   |  |              |   |  | 2.31             | % |  |                  
|                                                                                 |  |              |  
|Calculate Delinquent Rate                                                        |  |              |   |  |                  |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |              |   |  | 61               |   |  |                  
|                                                                                 |  |              |  
|Discounted Present Value of Delinquent Leases:                                   |  |              |   |  |                  |   |  |                  
|This Month                                                                       |  |              |   |  | 2.17             | % |  |                  
|Last Month                                                                       |  |              |   |  | 2.06             | % |  |                  
|Two Months ago                                                                   |  |              |   |  | 2.37             | % |  |                  
|                                                                                 |  |              |  
|3 mos. Average                                                                   |  |              |   |  | 2.20             | % |  |                  
|                                                                                 |  |              |  
|Acceleration Event                                                               |  |              |   |  |                  |   |  |                  
|Triggered if                                                                     |  |              |   |  |                  |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25         | % |  |                  |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00         | % |  |                  |   |  |                  
|                                                                                 |  |              |  
|Acceleration Event Triggered? (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 deposited calendar month                                          |  | Dec-02       |   |  | 13,133,354.05    |   |  |                  
|Lease Payments Received on Prior Month Receivables                               |  | Dec-02       |   |  |                 |   |  |                  
|Lease payments received in current month available for distribution              |  | Dec-02       |   |  | 13,133,354.05    |   |  |                  
|Reimbursed Servicer Advances                                                     |  |              |   |  |                 |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided            |  |              |   |  | 1,256,713.49     |   |  |                  
|Advanced Payments Applied to Current                                             |  |              |   |  | 820,099.39       |   |  |                  
|Lease Purchase Amounts                                                           |  |              |   |  |                 |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |              |   |  |                 |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |              |   |  |                 |   |  |                  
|                                                                                 |  |              |  
|Investment Earnings on Accounts:                                                 |  |              |   |  |                  |   |  |                  
|Collection Account                                                               |  | Dec-02       |   |  | 17,635.46        |   |  |                  
|Reserve Account                                                                  |  | Dec-02       |   |  | 7,612.98         |   |  |                  
|Security Deposit Account                                                         |  | Dec-02       |   |  | 67.54            |   |  |                  
|Casualty Payments                                                                |  |              |   |  |                 |   |  |                  
|Servicer Adv for scheduled payments not made in current period                   |  |              |   |  |                 |   |  |                  
|Payments Received From Swap Counterparty                                         |  |              |   |  |                 |   |  |                  
|Funds For Redemption (Optional Clean-Up Call)                                    |  |              |   |  |                 |   |  |                  
|                                                                                 |  |              |   |  |                  |   |  |                  
|                                                                                 |  |              |  
|Total amounts in the Collection Account related to the Current Collection Period |  |              |   |  | 15,235,482.91    |   |  |                  
|                                                                                 |  |              |  
|Transfers made by Trustee to the Collection Account                              |  |              |   |  |                  |   |  |                  
|Optional Payments Received from AMBAC                                            |  |              |   |  |                  |   |  |                  
|Insured Payments Received from AMBAC                                             |  |              |   |  |                 |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                          |  |              |   |  |                 |   |  |                  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Dec-02       |   |  | 4,676.06         |   |  |                  
|                                                                                 |  |              |   |  |                  |   |  |                  
|                                                                                 |  |              |  
|Less     Credit for payments applied in prior period                             |  |              |   |  |                 |   |  |                  
|                                                                                 |  |              |  
|Total deposited into the Collection Account                                      |  |              |   |  | 15,240,158.97    |   |  |                  





---

|IKON Receivables, LLC                                                        |  |              |   |  |   |                  |  |                                     
|---------------------------------------------------------------------------- |  | ------------ | - |  | - | ---------------- |  | ------------------------------------
|Chase Lease-Backed Notes Series 2000-2                                       |  | Payment Date |   |  |   | January 15, 2003 |  |                                     
|MONTHLY SERVICER REPORT                                                      |  |              |   |  |   |                  |  |                                     
|December 2002                                                                |  | Payment Date | # |  |   | 26               |  |                                     
|                                                                             |  |              |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                        |  |              |   |  |   |                  |  |                                     
|                                                                             |  |              |  
|Surety Fee                                                                   |  | 0.18         | % |  |   | 35,004.20        |  | Surety Fee Dec 02                   
|0.18% of Outstanding Principal Amount of the Notes                           |  |              |   |  |   |                  |  |                                     
|                                                                             |  |              |  
|Payment to Swap Counterparty                                                 |  |              |   |  |   |                 |  |                                     
|                                                                             |  |              |  
|Transfer FROM Advance Payment Que in Collection Account                      |  | Dec-02       |   |  |   | 129,765.27       |  | Decrease Balancein Adv Act          
|Transfer FROM Security Deposit Account to Collection Act                     |  | Dec-02       |   |  |   | 4,676.06         |  | Decrease Balancein Sec Dep          
|Servicing Fee                                                                |  | 0.75         | % |  |   | 145,850.84       |  | No Distribution onthis Amount       
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV      |  |              |   |  |   |                  |  |                                     
|Trustee Fee                                                                  |  |              |   |  |   | 3,675.00         |  | Trustee Bank Fees- Annual Feebalance
|Service Fee Less Trustee Fee                                                 |  |              |   |  |   | 142,175.84       |  | IOS ServicingFee Dec 02             
|Reimburse Servicer Advances owed to IOS not prev reimbursed                  |  |              |   |  |   |                 |  | IOS Svc Advancereimbursement        
|                                                                             |  |              |   |  |   |                  |  |                                     
|                                                                             |  |              |  
|Remaining Available to be Distributed to Noteholders                         |  |              |   |  |   | 14,924,862.60    |  |                                     
|                                                                             |  |              |  
|Disbursements                                                                |  |              |   |  |   |                  |  | Actual Days                         
|Class A-1 Interest Due (Act/360 Basis) Yes                                   |  | 6.66125      | % |  | $ |                 |  | 30                                  
|Class A-2 Interest Due (30/360 Basis) Yes                                    |  | 6.60000      | % |  | $ |                 |  |                                     
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.42000 + .23 = 1.65000% |  | 1.65000      | % |  | $ | 211,001.09       |  | Libor + .23                         
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.42000 + .27 = 1.69000% |  | 1.69000      | % |  | $ | 112,534.28       |  | Libor + .27                         
|                                                                             |  |              |   |  |   |                  |  |                                     
|Total Class A Interest Due                                                   |  |              |   |  | $ | 323,535.37       |  |                                     
|Class A Interest Paid                                                        |  |              |   |  | $ | 323,535.37       |  |                                     
|Cumulative Outstanding Amounts Owed to AMBAC                                 |  |              |   |  | $ |                 |  |                                     
|Reimburse Amounts due AMBAC                                                  |  |              |   |  | $ |                 |  |                                     
|Beginning Aggregate Class A Note Balance                                     |  |              |   |  | $ | 233,361,338.57   |  |                                     
|Class A Principal Payment While Class A-1 Outstanding                        |  |              |   |  | $ |                 |  |                                     
|Class A Principal Payment After Class A-1 Retired                            |  | 86.21542     | % |  | $ | 12,084,300.95    |  |                                     
|Aggregate Class A Principal Payment                                          |  |              |   |  | $ | 12,084,300.95    |  |                                     
|Class A Principal Paid                                                       |  |              |   |  | $ | 12,084,300.95    |  |                                     
|Ending Aggregate Class A Note Balance                                        |  |              |   |  | $ | 221,277,037.62   |  |                                     
|Overcollateralization Floor                                                  |  |              |   |  |   |                  |  |                                     
|2.5% of $704,924,250.06                                                      |  |              |   |  | $ | 17,623,106.25    |  |                                     
|Plus: Cumulative Loss Amount                                                 |  |              |   |  | $ |                 |  |                                     
|Less: Reserve Account Ending Balance                                         |  |              |   |  | $ | 7,049,242.50     |  |                                     
|Overcollateralization Floor                                                  |  |              |   |  | $ | 10,573,863.75    |  | N                                   
|Additional Class A Principal                                                 |  |              |   |  | $ |                 |  |                                     
|Additional Principal Class A Paid                                            |  |              |   |  | $ |                 |  |                                     
|End of Period Class A Note Balance                                           |  |              |   |  | $ | 221,277,037.62   |  |                                     
|                                                                             |  |              |  
|Remaining Collections After Distributions to Noteholders                     |  |              |   |  | $ | 2,517,026.28     |  |                                     
|                                                                             |  |              |  
|Distribution to Noteholder for Clean-up Call                                 |  |              |   |  | $ |                 |  |                                     
|                                                                             |  |              |  
|Reserve Account Deposit                                                      |  |              |   |  | $ | 0.00             |  |                                     
|Additional Funds Available for Distribution to IOS                           |  |              |   |  | $ | 2,517,026.28     |  |                                     
|                                                                             |  |              |  
|Total Distribution from the Collection Account                               |  |              |   |  | $ | 15,240,158.97    |  |                                     
|Amounts to IOS Capital for current period                                    |  |              |   |  |   |                  |  |                                     
|Adv Payments                                                                 |  | 129,765.27   |   |  |   |                  |  |                                     
|Sec Deposits                                                                 |  | 4,676.06     |   |  |   |                  |  |                                     
|Remaining Coll                                                               |  | 2,517,026.28 |   |  |   |                  |  |                                     
|Service Fees                                                                 |  | 142,175.84   |   |  |   |                  |  |                                     
|                                                                             |  |              |   |  |   |                  |  |                                     
|                                                                             |  | 2,793,643.44 |   |  |   | Dec-02           |  |                                     





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                  |  |            |  
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ---------------- |  | ---------- | -
|Chase Lease-Backed Notes Series 2000-2                                          |  |   | Payment Date   |   |  |   | January 15, 2003 |  |            |  
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                  |  |            |  
|December 2002                                                                   |  |   | Payment Date   | # |  |   | 26               |  |            |  
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                  |  |            |  
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 270,672,363.28   |  |            |  
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 256,655,960.00   |  |            |  
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 12,084,300.95    |  |            |  
|                                                                                |  |   |               
|Class A - 1        CUSIP #                                                      |  |   |                |   |  |   |                  |  |            |  
|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                                                         |  |   | 193,532,000.00 |   |  |   |                  |  |            |  
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |  |            |  
|                                                                                |  |   |                |   |  |   |                  |  |            |  
|Original Class A-1 Face                                                         |  |   | 193,532,000.00 |   |  |   |                  |  |            |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  |            |  
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                  |  |            |  
|                                                                                |  |   |                |   |  |   |                  |  |            |  
|                                                                                |  |   |               
|Class A-2        CUSIP #                                                        |  |   |                |   |  |   |                  |  |            |  
|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                                                         |  |   | 70,193,000.00  |   |  |   |                  |  |            |  
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |  |            |  
|                                                                                |  |   |                |   |  |   |                  |  |            |  
|Original Class A-2 Face                                                         |  |   | 70,193,000.00  |   |  |   |                  |  |            |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  |            |  
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                  |  |            |  
|                                                                                |  |   |                |   |  |   |                  |  |            |  
|                                                                                |  |   |               
|Class A-3        CUSIP #                                                        |  |   |                |   |  |   |                  |  |            |  
|Beginning Class A-3 Principal Balance                                           |  |   | Dec-02         |   |  | $ | 153,455,338.57   |  |            |  
|Principal in Current Period                                                     |  |   |                |   |  | $ | 12,084,300.95    |  |            |  
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 141,371,037.62   |  |            |  
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 211,001.09       |  |            |  
|Interest Paid Per $1,000                                                        |  | $ | 0.7255883443   |   |  | $ | 211,001.09       |  |            |  
|                                                                                |  |   |                |   |  |   |                  |  |            |  
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                  |  |            |  
|Principal Paid Per $1,000                                                       |  | $ | 41.5553677869  |   |  | $ | 12,084,300.95    |  |            |  
|                                                                                |  |   |                |   |  |   |                  |  |            |  
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                  |  |            |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  |            |  
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 48.6145246278  | % |  |   |                  |  |            |  
|                                                                                |  |   |                |   |  |   |                  |  |            |  
|Class A-4        CUSIP #                                                        |  |   |                |   |  |   |                  |  |            |  
|Beginning Class A-4 Principal Balance                                           |  |   | Dec-02         |   |  | $ | 79,906,000.00    |  |            |  
|Principal in Current Period                                                     |  |   |                |   |  | $ |                 |  |            |  
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 79,906,000.00    |  |            |  
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 112,534.28       |  |            |  
|Interest Paid Per $1,000                                                        |  | $ | 1.4083333333   |   |  | $ | 112,534.28       |  |            |  
|                                                                                |  |   |                |   |  |   |                  |  |            |  
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                  |  |            |  
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |  |            |  
|                                                                                |  |   |                |   |  |   |                  |  |            |  
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                  |  |            |  
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  |            |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                  |  |            |  
|                                                                                |  |   |                |   |  |   |                  |  |            |  
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 35,378,922.39    |  | 13.7845707 | %





---

|IKON Receivables, LLC                                                                  |  |              |   |  |   |                  |  |              
|-------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ---------------- |  | -------------
|Chase Lease-Backed Notes Series 2000-2                                                 |  | Payment Date |   |  |   | January 15, 2003 |  |              
|MONTHLY SERVICER REPORT                                                                |  |              |   |  |   |                  |  |              
|December 2002                                                                          |  | Payment Date | # |  |   | 26               |  |              
|                                                                                       |  |              |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                               |  |              |   |  |   |                  |  |              
|Discounted Present Value of the Leases which are:                                      |  |              |   |  |   |                  |  |              
|31-60 DAYS OVERDUE                                                                     |  | Dec-02       |   |  | $ | 12,021,859.32    |  |              
|61-90 DAYS OVERDUE                                                                     |  | Dec-02       |   |  | $ | 4,416,790.63     |  |              
|91-120 DAYS OVERDUE                                                                    |  | Dec-02       |   |  | $ | 1,165,432.87     |  |              
|                                                                                       |  |              |  
|Servicer Advance since previous month's report                                         |  |              |   |  | $ |                 |  |              
|                                                                                       |  |              |  
|Other Information to be provided                                                       |  |              |   |  |   |                  |  |              
|Total Contracts for Reporting Period - Dec 02                                          |  | 30078        |   |  |   |                  |  |              
|                                                                                       |  |              |  
|Total amount of Lease Payments received during prior Period                            |  |              |   |  | $ | 13,133,354.05    |  |              
|                                                                                       |  |              |  
|Total amount of Casualty Payments received during prior Period                         |  |              |   |  | $ |                 |  |              
|                                                                                       |  |              |  
|Total amount of Termination Payments received during prior Period                      |  |              |   |  | $ | 1,256,713.49     |  |              
|Total amount of Non-Performing Lease Payments received during prior Period             |  |              |   |  | $ |                 |  |              
|                                                                                       |  |              |  
|Retainable Deposits on Deposit                                                         |  |              |   |  | $ | 56,473.01        |  |              
|                                                                                       |  |              |  
|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                       |  | 10.000000    | % |  | $ | 70,492,425.01    |  |              
|                                                                                       |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Dec-02       |   |  | $ | 24,390,553.00    |  | 24,390,553.00
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.000000    | % |  | $ | 70,492,425.01    |  |              
|                                                                                       |  |              |  
|Interest Rate Swap                                                                     |  |              |   |  |   |                  |  |              
|                                                                                       |  |              |  
|Class A-3 Fixed Swap Rate                                                              |  | 6.475        | % |  |   |                  |  |              
|Class A-4 Fixed Swap Rate                                                              |  | 6.475        | % |  |   |                  |  |              
|a) Fixed Swap Interest Payable                                                         |  |              |   |  |   | 1,259,178.89     |  |              
|Class A-3 Note Interest Rate                                                           |  | 1.65000      | % |  |   |                  |  |              
|Class A-4 Note Interest Rate                                                           |  | 1.69000      | % |  |   |                  |  |              
|b) Floating Swap Interest Receivable                                                   |  |              |   |  |   | 323,535.37       |  |              
|                                                                                       |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                          |  |              |   |  |   |                 |  |              
|(Available Funds deposited to Collection Account)                                    |  |              |   |  |   |                  |  |              
|                                                                                       |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                               |  |              |   |  |   | 935,643.52       |  |              
|                                                                                       |  |              |  
|RECONCILIATION OF COLLATERAL ACCOUNT                                                   |  |              |   |  |   |                  |  |              
|                                                                                       |  |              |  
|Beginning Balance                                                                      |  | Dec-02       |   |  |   |                 |  |              
|                                                                                       |  |              |  
|Adjustments current month                                                              |  |              |   |  |   |                 |  |              
|                                                                                       |  |              |  
|Ending Balance                                                                         |  |              |   |  |   |                 |  |              



|Prepared by: |  | Ernie Whitley                
|------------ |  | -----------------------------
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | January 10, 2003             
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | January 10, 2003             





---

|IKON Receivables, LLC                                                                             |  |                |  |   |                   |  |          
|------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | ---------
|Chase Lease-Backed Notes Series 2000-2                                                            |  | Payment Date   |  |   | February 18, 2003 |  |          
|MONTHLY SERVICER REPORT                                                                           |  |                |  |   |                   |  |          
|January 2003                                                                                      |  | Payment Date # |  |   | 27                |  |          
|                                                                                                  |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |                |  |   |                   |  |          
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                |  | $ | 256,655,960.00    |  |          
|                                                                                                  |  |                | 
|Less:    Lease Payments Due - current month                                                       |  | Jan-03         |  | $ | 14,120,120.13     |  |          
|Add:    Interest (@ Discount Rate of 7.68%)                                                       |  |                |  | $ | 1,642,598.14      |  |          
|Less:    DPV Non-Performing Leases - current month - over 120 days, etc                           |  | Jan-03         |  | $ | 852,466.82        |  |          
|Less:    Warranty Leases                                                                          |  |                |  | $ |                  |  |          
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Jan-03         |  | $ | 2,604,376.71      |  |          
|Add:    DPV Substitute Leases                                                                     |  | Jan-03         |  | $ | 852,467.00        |  |          
|Add:    DPV Additional Leases                                                                     |  | Jan-03         |  |   |                   |  |          
|                                                                                                  |  |                |  |   |                   |  |          
|                                                                                                  |  |                | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                |  | $ | 241,574,061.48    |  |          
|                                                                                                  |  |                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                |  |   |                   |  |          
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 2,687,730.43      |  |          
|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         |  |   | 1,883,512.13      |  |          
|                                                                                                  |  |                |  |   |                   |  |          
|Total Cash to be reimbursed to IOS                                                                |  |                |  |   | 1,883,512.13      |  |          
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Jan-03         |  |   | 2,034,082.80      |  |          
|                                                                                                  |  |                |  |   |                   |  |          
|Ending Balance                                                                                    |  |                |  |   | 2,838,301.10      |  |          
|                                                                                                 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                      
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 706,449.22        |  |          
|Less:    Applied to Current from Prepaid                                                          |  | Jan-03         |  |   | 962,587.01        |  |          
|Less:    Repurchased Leases                                                                       |  |                |  |   |                  |  |          
|Less:    Advance Payments on Non-Performing Leases                                                |  |                |  |   |                  |  | 24,427.78
|Add:    Received This Month                                                                       |  |                |  |   | 938,159.23        |  |          
|Add:    Received in Prior Month                                                                   |  |                |  |   |                  |  |          
|                                                                                                  |  |                |  |   |                   |  |          
|                                                                                                  |  |                | 
|Ending Balance                                                                                    |  |                |  |   | 682,021.44        |  |          
|                                                                                                 
|RECONCILIATION OF RESERVE ACCOUNT                                                                
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Jan-03         |  |   | 7,049,242.50      |  |          
|Less:    Deposit to Collection Account (if any)                                                   |  |                |  |   |                  |  |          
|Ending Balance                                                                                    |  |                |  |   | 7,049,242.50      |  |          
|                                                                                                  |  |                | 
|Required Reserve Account                                                                          |  |                |  |   |                   |  |          
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                |  |   | 7,049,242.50      |  |          
|                                                                                                  |  |                | 
|Reserve Account in excess of Required Reserve                                                     |  |                |  |   |                  |  |          
|Deposits into Reserve Account                                                                     |  |                |  |   | 0.00              |  |          
|Amounts Released to Issuer                                                                        |  |                |  |   |                  |  |          
|                                                                                                  |  |                |  |   |                   |  |          
|Ending Balance                                                                                    |  |                |  |   | 7,049,242.50      |  |          
|                                                                                                 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                       
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Jan-03         |  |   | 56,473.01         |  |          
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                |  |   | 221.98            |  |          
|Add Additional Security Deposits collected on leases                                              |  |                |  |   |                   |  |          
|                                                                                                  |  |                |  |   |                   |  |          
|Ending Balance                                                                                    |  | Jan-03         |  |   | 56,251.03         |  |          





---

|IKON Receivables, LLC                                                            |  |                |   |  |                   |   |  |                  
|-------------------------------------------------------------------------------- |  | -------------- | - |  | ----------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-2                                           |  | Payment Date   |   |  | February 18, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                          |  |                |   |  |                   |   |  |                  
|January 2003                                                                     |  | Payment Date # |   |  | 27                |   |  |                  
|                                                                                 |  |                |  
|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                                                                       |  |                |   |  | 3.99              | % |  | Annualized Jan 03
|Last Month                                                                       |  |                |   |  | 1.69              | % |  | Annualized Dec 02
|Two Months ago                                                                   |  |                |   |  | 2.55              | % |  | Annualized Nov 02
|3 mos. Average                                                                   |  |                |   |  | 2.74              | % |  |                  
|                                                                                 |  |                |  
|Calculate Delinquent Rate                                                        |  |                |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                 |  |                |   |  | 61                |   |  |                  
|                                                                                 |  |                |  
|Discounted Present Value of Delinquent Leases:                                   |  |                |   |  |                   |   |  |                  
|This Month                                                                       |  |                |   |  | 2.31              | % |  |                  
|Last Month                                                                       |  |                |   |  | 2.17              | % |  |                  
|Two Months ago                                                                   |  |                |   |  | 2.06              | % |  |                  
|                                                                                 |  |                |  
|3 mos. Average                                                                   |  |                |   |  | 2.18              | % |  |                  
|                                                                                 |  |                |  
|Acceleration Event                                                               |  |                |   |  |                   |   |  |                  
|Triggered if                                                                     |  |                |   |  |                   |   |  |                  
|Annualized Default Rate greater than                                             |  | 6.25           | % |  |                   |   |  |                  
|Delinquent Rate greater than                                                     |  | 8.00           | % |  |                   |   |  |                  
|                                                                                 |  |                |  
|Acceleration Event Triggered? (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 deposited calendar month                                          |  | Jan-03         |   |  | 13,478,534.60     |   |  |                  
|Lease Payments Received on Prior Month Receivables                               |  | Jan-03         |   |  |                  |   |  |                  
|Lease payments received in current month available for distribution              |  | Jan-03         |   |  | 13,478,534.60     |   |  |                  
|Reimbursed Servicer Advances                                                     |  |                |   |  |                  |   |  |                  
|Amounts on early Terminations to extent Additional Lease not Provided            |  |                |   |  | 1,250,000.00      |   |  |                  
|Advanced Payments Applied to Current                                             |  |                |   |  | 962,587.01        |   |  |                  
|Lease Purchase Amounts                                                           |  |                |   |  |                  |   |  |                  
|Recoveries to the Extent IOS Capital does not substitute                         |  |                |   |  |                  |   |  |                  
|Late charges on delinquent Lease payments not advanced by the Servicer           |  |                |   |  |                  |   |  |                  
|                                                                                 |  |                |  
|Investment Earnings on Accounts:                                                 |  |                |   |  |                   |   |  |                  
|Collection Account                                                               |  | Jan-03         |   |  | 16,544.48         |   |  |                  
|Reserve Account                                                                  |  | Jan-03         |   |  | 7,379.42          |   |  |                  
|Security Deposit Account                                                         |  | Jan-03         |   |  | 61.08             |   |  |                  
|Casualty Payments                                                                |  |                |   |  |                  |   |  |                  
|Servicer Adv for scheduled payments not made in current period                   |  |                |   |  |                  |   |  |                  
|Payments Received From Swap Counterparty                                         |  |                |   |  |                  |   |  |                  
|Funds For Redemption (Optional Clean-Up Call)                                    |  |                |   |  |                  |   |  |                  
|                                                                                 |  |                |   |  |                   |   |  |                  
|Total amounts in the Collection Account related to the Current Collection Period |  |                |   |  | 15,715,106.59     |   |  |                  
|                                                                                 |  |                |  
|Transfers made by Trustee to the Collection Account                              |  |                |   |  |                   |   |  |                  
|Optional Payments Received from AMBAC                                            |  |                |   |  |                   |   |  |                  
|Insured Payments Received from AMBAC                                             |  |                |   |  |                  |   |  |                  
|Shortfall Required to be Deposited From Reserve Account                          |  |                |   |  |                  |   |  |                  
|Retainable Deposits from Security Deposit Acct (net of additions)                |  | Jan-03         |   |  | 221.98            |   |  |                  
|                                                                                 |  |                |   |  |                   |   |  |                  
|                                                                                 |  |                |  
|Less     Credit for payments applied in prior period                             |  |                |   |  |                  |   |  |                  
|                                                                                 |  |                |  
|Total deposited into the Collection Account                                      |  |                |   |  | 15,715,328.57     |   |  |                  





---

|IKON Receivables, LLC                                                        |  |                |   |  |   |                   |  |                                       
|---------------------------------------------------------------------------- |  | -------------- | - |  | - | ----------------- |  | --------------------------------------
|Chase Lease-Backed Notes Series 2000-2                                       |  | Payment Date   |   |  |   | February 18, 2003 |  |                                       
|MONTHLY SERVICER REPORT                                                      |  |                |   |  |   |                   |  |                                       
|January 2003                                                                 |  | Payment Date # |   |  |   | 27                |  |                                       
|                                                                            
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                       
|                                                                             |  |                |  
|Surety Fee                                                                   |  | 0.18           | % |  |   | 33,191.56         |  | Surety Fee Jan03                      
|0.18% of Outstanding Principal Amount of the Notes                           |  |                |   |  |   |                   |  |                                       
|                                                                             |  |                |  
|Payment to Swap Counterparty                                                 |  |                |   |  |   |                  |  |                                       
|                                                                             |  |                |  
|Transfer FROM Advance Payment Que in Collection Account                      |  | Jan-03         |   |  |   | 24,427.78         |  | Decrease Balance in Adv Act           
|Transfer FROM Security Deposit Account to Collection Act                     |  | Jan-03         |   |  |   | 221.98            |  | Decrease Balance in Sec Dep           
|Servicing Fee                                                                |  | 0.75           | % |  |   | 138,298.15        |  | No Distribution on this Amount        
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV      |  |                |   |  |   |                   |  |                                       
|Trustee Fee                                                                  |  |                |   |  |   |                  |  | Trustee Bank Fees - Annual Fee balance
|Service Fee Less Trustee Fee                                                 |  |                |   |  |   | 138,298.15        |  | IOS Servicing Fee Jan03               
|Reimburse Servicer Advances owed to IOS not prev reimbursed                  |  |                |   |  |   |                  |  | IOS Svc Advance reimbursement         
|                                                                             |  |                |   |  |   |                   |  |                                       
|                                                                             |  |                |  
|Remaining Available to be Distributed to Noteholders                         |  |                |   |  |   | 15,519,189.11     |  |                                       
|                                                                             |  |                |  
|Disbursements                                                                |  |                |   |  |   |                   |  | Actual Days                           
|Class A-1 Interest Due (Act/360 Basis) Yes                                   |  | 6.66125        | % |  | $ |                  |  | 34                                    
|Class A-2 Interest Due (30/360 Basis) Yes                                    |  | 6.60000        | % |  | $ |                  |  |                                       
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.37000 + .23 = 1.60000% |  | 1.60000        | % |  | $ | 213,627.35        |  | Libor + .23                           
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.37000 + .27 = 1.64000% |  | 1.64000        | % |  | $ | 123,765.52        |  | Libor + .27                           
|                                                                             |  |                |   |  |   |                   |  |                                       
|Total Class A Interest Due                                                   |  |                |   |  | $ | 337,392.86        |  |                                       
|Class A Interest Paid                                                        |  |                |   |  | $ | 337,392.86        |  |                                       
|Cumulative Outstanding Amounts Owed to AMBAC                                 |  |                |   |  | $ |                  |  |                                       
|Reimburse Amounts due AMBAC                                                  |  |                |   |  | $ |                  |  |                                       
|Beginning Aggregate Class A Note Balance                                     |  |                |   |  | $ | 221,277,037.62    |  |                                       
|Class A Principal Payment While Class A-1 Outstanding                        |  |                |   |  | $ |                  |  |                                       
|Class A Principal Payment After Class A-1 Retired                            |  | 86.21542       | % |  | $ | 13,002,922.15     |  |                                       
|Aggregate Class A Principal Payment                                          |  |                |   |  | $ | 13,002,922.15     |  |                                       
|Class A Principal Paid                                                       |  |                |   |  | $ | 13,002,922.15     |  |                                       
|Ending Aggregate Class A Note Balance                                        |  |                |   |  | $ | 208,274,115.47    |  |                                       
|Overcollateralization Floor                                                  |  |                |   |  |   |                   |  |                                       
|2.5% of $704,924,250.06                                                      |  |                |   |  | $ | 17,623,106.25     |  |                                       
|Plus: Cumulative Loss Amount                                                 |  |                |   |  | $ |                  |  |                                       
|Less: Reserve Account Ending Balance                                         |  |                |   |  | $ | 7,049,242.50      |  |                                       
|Overcollateralization Floor                                                  |  |                |   |  | $ | 10,573,863.75     |  | N                                     
|Additional Class A Principal                                                 |  |                |   |  | $ |                  |  |                                       
|Additional Principal Class A Paid                                            |  |                |   |  | $ |                  |  |                                       
|End of Period Class A Note Balance                                           |  |                |   |  | $ | 208,274,115.47    |  |                                       
|                                                                             |  |                |  
|Remaining Collections After Distributions to Noteholders                     |  |                |   |  | $ | 2,178,874.10      |  |                                       
|                                                                             |  |                |  
|Distribution to Noteholder for Clean-up Call                                 |  |                |   |  | $ |                  |  |                                       
|                                                                             |  |                |  
|Reserve Account Deposit                                                      |  |                |   |  | $ | 0.00              |  |                                       
|Additional Funds Available for Distribution to IOS                           |  |                |   |  | $ | 2,178,874.09      |  |                                       
|                                                                             |  |                |  
|Total Distribution from the Collection Account                               |  |                |   |  | $ | 15,715,328.57     |  |                                       
|                                                                             |  |                |  
|Amounts to IOS Capital for current period                                    |  |                |   |  |   |                   |  |                                       
|Adv Payments                                                                 |  | 24,427.78      |   |  |   |                   |  |                                       
|Sec Deposits                                                                 |  | 221.98         |   |  |   |                   |  |                                       
|Remaining Coll                                                               |  | 2,178,874.09   |   |  |   |                   |  |                                       
|Service Fees                                                                 |  | 138,298.15     |   |  |   |                   |  |                                       
|                                                                             |  |                |   |  |   |                   |  |                                       
|                                                                             |  | 2,341,822.00   |   |  |   | Jan-03            |  |                                       





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                   |  |            |  
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | ---------- | -
|Chase Lease-Backed Notes Series 2000-2                                          |  |   | Payment Date   |   |  |   | February 18, 2003 |  |            |  
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                   |  |            |  
|January 2003                                                                    |  |   | Payment Date # |   |  |   | 27                |  |            |  
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 256,655,960.00    |  |            |  
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 241,574,061.48    |  |            |  
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 13,002,922.15     |  |            |  
|                                                                                |  |   |               
|Class A-1        CUSIP #                                                        |  |   |                |   |  |   |                   |  |            |  
|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                                                         |  |   | 193,532,000.00 |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Original Class A-1 Face                                                         |  |   | 193,532,000.00 |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            |  
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                   |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Class A-2        CUSIP #                                                        |  |   |                |   |  |   |                   |  |            |  
|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                                                         |  |   | 70,193,000.00  |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Original Class A-2 Face                                                         |  |   | 70,193,000.00  |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            |  
|(Ending Class A-2 Principal/Original Class A-2 Face)                            |  |   | 0.0000000000   | % |  |   |                   |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Class A-3        CUSIP #                                                        |  |   |                |   |  |   |                   |  |            |  
|Beginning Class A-3 Principal Balance                                           |  |   | Jan-03         |   |  | $ | 141,371,037.62    |  |            |  
|Principal in Current Period                                                     |  |   |                |   |  | $ | 13,002,922.15     |  |            |  
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 128,368,115.47    |  |            |  
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 213,627.35        |  |            |  
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.7346194833   |   |  | $ | 213,627.35        |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 44.7143127563  |   |  | $ | 13,002,922.15     |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            |  
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 44.1430933530  | % |  |   |                   |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|Class A-4        CUSIP #                                                        |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Beginning Class A-4 Principal Balance                                           |  |   | Jan-03         |   |  | $ | 79,906,000.00     |  |            |  
|                                                                                |  |   |               
|Principal in Current Period                                                     |  |   |                |   |  | $ |                  |  |            |  
|                                                                                |  |   |               
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 79,906,000.00     |  |            |  
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 123,765.52        |  |            |  
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.5488888889   |   |  | $ | 123,765.52        |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                  |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                   |  |            |  
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                   |  |            |  
|                                                                                |  |   |                |   |  |   |                   |  |            |  
|                                                                                |  |   |               
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 33,299,946.01     |  | 13.7845702 | %





---

|IKON Receivables, LLC                                                                  |  |                |   |  |   |                   |  |              
|-------------------------------------------------------------------------------------- |  | -------------- | - |  | - | ----------------- |  | -------------
|Chase Lease-Backed Notes Series 2000-2                                                 |  | Payment Date   |   |  |   | February 18, 2003 |  |              
|MONTHLY SERVICER REPORT                                                                |  |                |   |  |   |                   |  |              
|January 2003                                                                           |  | Payment Date # |   |  |   | 27                |  |              
|                                                                                       |  |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                               |  |                |   |  |  
|                                                                                       |  |                |  
|Discounted Present Value of the Leases which are:                                      |  |                |   |  |   |                   |  |              
|31-60 DAYS OVERDUE                                                                     |  | Jan-03         |   |  | $ | 9,147,804.78      |  |              
|61-90 DAYS OVERDUE                                                                     |  | Jan-03         |   |  | $ | 3,756,629.36      |  |              
|91-120 DAYS OVERDUE                                                                    |  | Jan-03         |   |  | $ | 1,834,755.11      |  |              
|                                                                                       |  |                |  
|Servicer Advance since previous months report                                         |  |                |   |  | $ |                  |  |              
|                                                                                       |  |                |  
|Other Information to be provided                                                       |  |                |   |  |   |                   |  |              
|Total Contracts for Reporting Period - Jan03                                           |  | 29357          |   |  |   |                   |  |              
|                                                                                       |  |                |  
|Total amount of Lease Payments received during prior Period                            |  |                |   |  | $ | 13,478,534.60     |  |              
|                                                                                       |  |                |  
|Total amount of Casualty Payments received during prior Period                         |  |                |   |  | $ |                  |  |              
|                                                                                       |  |                |  
|Total amount of Termination Payments received during prior Period                      |  |                |   |  | $ | 1,250,000.00      |  |              
|                                                                                       |  |                |  
|Total amount of Non-Performing Lease Payments received during prior Period             |  |                |   |  | $ |                  |  |              
|                                                                                       |  |                |  
|Retainable Deposits on Deposit                                                         |  |                |   |  | $ | 56,251.03         |  |              
|                                                                                       |  |                |  
|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                       |  | 10.000000%     |   |  | $ | 70,492,425.01     |  |              
|                                                                                       |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Jan-03         |   |  | $ | 25,243,020.00     |  | 25,243,020.00
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.000000%     |   |  | $ | 70,492,425.01     |  |              
|                                                                                       |  |                |  
|Interest Rate Swap                                                                     |  |                |   |  |   |                   |  |              
|Class A-3 Fixed Swap Rate                                                              |  | 6.475          | % |  |   |                   |  |              
|Class A-4 Fixed Swap Rate                                                              |  | 6.475          | % |  |   |                   |  |              
|a) Fixed Swap Interest Payable                                                         |  |                |   |  |   | 1,193,974.02      |  |              
|                                                                                       |  |                |  
|Class A-3 Note Interest Rate                                                           |  | 1.60000        | % |  |   |                   |  |              
|Class A-4 Note Interest Rate                                                           |  | 1.64000        | % |  |   |                   |  |              
|b) Floating Swap Interest Receivable                                                   |  |                |   |  |   | 337,392.86        |  |              
|                                                                                       |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                          |  |                |   |  |   |                  |  |              
|(Available Funds deposited to Collection Account)                                    |  |                |   |  |   |                   |  |              
|Net Swap Interest Payable to Swap Counterparty (a-b)                               |  |                |   |  |   | 856,581.15        |  |              
|                                                                                       |  |                |  
|RECONCILIATION OF COLLATERAL ACCOUNT                                                   |  |                |   |  |   |                   |  |              
|                                                                                       |  |                |  
|Beginning Balance                                                                      |  | Dec-02         |   |  |   |                  |  |              
|                                                                                       |  |                |  
|Adjustments current month                                                              |  |                |   |  |   |                  |  |              
|                                                                                       |  |                |  
|Ending Balance                                                                         |  |                |   |  |   |                  |  |              



|Prepared by: |  | Ernie Whitley                
|------------ |  | -----------------------------
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | February 13, 2 003           
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | February 13, 2003            





---

|                                                                                                      |  |                |  |   | Final          |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | -------------- |  | 
|IKON Receivables, LLC                                                                                 |  |                |  |   |                |  | 
|Chase Lease-Backed Notes Series 2000-2                                                                |  | Payment Date   |  |   | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                                  |  |                |  |   |                |  | 
|February 2003                                                                                         |  | Payment Date # |  |   | 28             |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 241,574,061.48 |  | 
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 12,196,668.19  |  | 
|Less:    DPV Non-Performing Leases - current month - over 120 days, etc                               |  |                |  |   | 927,083.28     |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   | 49,212.67      |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 2,256,283.54   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Subtotal:                                                                                             |  |                |  | $ | 226,144,813.80 |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases (FOOTNOTE 2)                                                            |  |                |  |   |                |  | 
|Non-performing                                                                                        |  |                |  |   | 927,083.28     |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   | 49,212.67      |  | 
|Add:    DPV Additional Leases for Early Terminations (FOOTNOTE 2)                                     |  |                |  |   | 633,466.52     |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 227,754,576.27 |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 2,838,301.10   |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,267,581.24   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 3,556,068.98   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 5,126,788.84   |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 682,021.44     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 794,257.31     |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |               |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 746,437.12     |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 634,201.25     |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 7,049,242.50   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |               |  | 
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50   |  | 
|Required Reserve Account                                                                              |  |                |  |   |                |  | 
|Lesser of 1% of $ and Outstanding Note Amount                                                         |  |                |  |   | 7,049,242.50   |  | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   | 0.00           |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50   |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 56,251.03      |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 2,496.41       |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 53,754.62      |  | 





---

|                                                                          |  |                                                                                  |   |  |                |   | Final         |                   |  | 
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | -------------- | - | ------------- | ----------------- |  | 
|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |                |   |               |                  
|Chase Lease-Backed Notes Series 2000-2                                    |  | Payment Date                                                                     |   |  | March 17, 2003 |   |               |                  
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                      |  |                                                                                  |   |  |                |   |               |                  
|February 2003                                                             |  | Payment Date #                                                                   |   |  | 28             |   |               |                  
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | 2.72           | % |               | Annualized Feb 03
|Last Month                                                                |  |                                                                                  |   |  | 3.21           | % |               | Annualized Jan 03
|Two Months ago                                                            |  |                                                                                  |   |  | 3.17           | % |               | Annualized Dec 02
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 3.03           | % |               |                  
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |                |   |               |                  
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61             |   |               |                  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |                |   |               |                  
|This Month                                                                |  |                                                                                  |   |  | 2.27           | % |               |                  
|Last Month                                                                |  |                                                                                  |   |  | 2.31           | % |               |                  
|Two Months ago                                                            |  |                                                                                  |   |  | 2.19           | % |               |                  
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 2.26           | % |               |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |                |   |               |                  
|Triggered if                                                              |  |                                                                                  |   |  |                |   |               |                  
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |                |   |               |                  
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |                |   |               |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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              |   |               |                  
|                                                                          |  |                                                                                 
|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                              |   |  |                |   | 10,493,404.81 |                   |  | 
|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                                                                 |   |  |                |   |               |                   |  | 
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |                |   | 2,192,937.02  |                   |  | 
|                                                                          |  | Advance payments for current month                                               |   |  |                |   | 794,257.31    |                   |  | 
|                                                                          |  | 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                                                               |   |  |                |   | 15,749.17     |                   |  | 
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |                |   | 6,454.38      |                   |  | 
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |                |   | 51.59         |                   |  | 
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |                |   |              |                   |  | 
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                |   | 3,556,068.98  |                   |  | 
|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 |   |  |                |   | 17,058,923.26 |                   |  | 





---

|                                                                                  |  |                |   |  |   | Final          |  |                                    
|--------------------------------------------------------------------------------- |  | -------------- | - |  | - | -------------- |  | -----------------------------------
|IKON Receivables, LLC                                                             |  |                |   |  |   |                |  |                                    
|Chase Lease-Backed Notes Series 2000-2                                            |  | Payment Date   |   |  |   | March 17, 2003 |  |                                    
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                              |  |                |   |  |   |                |  |                                    
|February 2003                                                                     |  | Payment Date # |   |  |   | 28             |  |                                    
|                                                                                  |  |                |  
|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)                 |  |                |   |  |   | 2,496.41       |  |                                    
|Less     Credit for payments applied in prior period                              |  |                |   |  |   |               |  |                                    
|                                                                                  |  |                |   |  |   |                |  |                                    
|Total deposited into the Collection Account                                       |  |                |   |  |   | 17,061,419.67  |  |                                    
|                                                                                  |  |                |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                             |  |                |   |  |   |                |  |                                    
|                                                                                  |  |                |  
|Surety Fee                                                                        |  | 0.18           | % |  |   | 31,241.12      |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes |  |                |   |  |   |                |  |                                    
|Payment to Swap Counterparty                                                      |  |                |   |  |   | 876,172.46     |  |                                    
|(ii)      Section 3.03 (b) (ii)                                                   |  |                |   |  |   |                |  |                                    
|Servicing Fee                                                                     |  | 0.75           | % |  |   | 130,171.32     |  | 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                                                                       |  |                |   |  |   |                |  | Annual Fees                        
|                                                                                  |  |                |   |  |   |                |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                |   |  |   | 130,171.32     |  | IOSC Net Servicing Fee Distribution
|(iv)     Section 3.03 (b) (iv)                                                    |  |                |   |  |   |                |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                |   |  |   | 1,267,581.24   |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                |   |  |   |                |  |                                    
|                                                                                  |  |                |  
|Remaining Available to be Distributed to Noteholders                              |  |                |   |  |   | 14,756,253.53  |  |                                    
|                                                                                  |  |                |  
|(v)    Disbursements Section 3.03 (b) (v)                                         |  |                |   |  |   |                |  | Actual Days for A1-A3-A4           
|Class A-1 Interest Due (Act/360 Basis)                                            |  | 6.66125        | % |  | $ |               |  | 27                                 
|Class A-2 Interest Due (30/360 Basis)                                             |  | 6.60000        | % |  | $ |               |  |                                    
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.34000 +
..23 = 1.57000%     |  | 1.57000        | % |  | $ | 151,153.46     |  | Libor + .23                        
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.34000 +
..27 = 1.61000%     |  | 1.61000        | % |  | $ | 96,486.50      |  | Libor + .27                        
|                                                                                  |  |                |   |  |   |                |  |                                    
|Total Class A Interest Due                                                        |  |                |   |  | $ | 247,639.95     |  |                                    
|Class A Interest Paid                                                             |  |                |   |  | $ | 247,639.95     |  |                                    
|Cumulative Outstanding Amounts Owed to AMBAC                                      |  |                |   |  | $ |               |  |                                    
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |                |   |  | $ |               |  |                                    
|Beginning Aggregate Class A Note Balance                                          |  |                |   |  | $ | 208,274,115.47 |  |                                    
|Class A Principal Payment While Class A-1
Outstanding                             |  |                |   |  | $ |               |  |                                    
|Class A Principal Payment After Class A-1
Retired                                 |  | 86.21542       | % |  | $ | 11,914,527.22  |  |                                    
|Aggregate Class A Principal Payment                                               |  |                |   |  | $ | 11,914,527.22  |  |                                    
|(vii)   Class A Principal Paid                                                    |  |                |   |  | $ | 11,914,527.22  |  |                                    
|Ending Aggregate Class A Note Balance                                             |  |                |   |  | $ | 196,359,588.25 |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  |   |                |  |                                    
|2.5% of $704,924,250.06                                                           |  |                |   |  | $ | 17,623,106.25  |  |                                    
|Plus: Cumulative Loss Amount                                                      |  |                |   |  | $ |               |  |                                    
|Less: Reserve Account Ending Balance                                              |  |                |   |  | $ | 7,049,242.50   |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  | $ | 10,573,863.75  |  | N                                  
|(viii)  Additional Class A Principal                                              |  |                |   |  | $ |               |  |                                    
|Additional Principal Class A Paid                                                 |  |                |   |  | $ |               |  |                                    
|End of Period Class A Note Balance                                                |  |                |   |  | $ | 196,359,588.25 |  |                                    
|                                                                                  |  |                |  
|Remaining Collections After Distributions to Noteholders                          |  |                |   |  | $ | 2,594,086.36   |  |                                    
|                                                                                  |  |                |  
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                          |  |                |   |  |   | 0.00           |  |                                    





---

|                                                                                     |  |   |                |   |  |                          | Final          |  |                   
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | ------------------------ | -------------- |  | ------------------
|IKON Receivables, LLC                                                                |  |   |                |   |  |                          |                |  |                   
|Chase Lease-Backed Notes Series 2000-2                                               |  |   | Payment Date   |   |  |                          | March 17, 2003 |  |                   
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                 |  |   |                |   |  |                          |                |  |                   
|February 2003                                                                        |  |   | Payment Date # |   |  |                          | 28             |  |                   
|                                                                                     |  |   |               
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |   |                |   |  | $                        | 2,594,086.36   |  |                   
|                                                                                     |  |   |               
|Total Distribution from the Collection Account                                       |  |   |                |   |  | $                        | 17,061,419.67  |  |                   
|                                                                                     |  |  
|Trustee Transfer to IOSC                                                             |  |   |                |   |  | IOSC Transfer to Trustee
|Adv Payments                                                                         |  |   | 47,820.19      |   |  |                          |                |  |                   
|Remaining Coll                                                                       |  |   | 2,594,086.36   |   |  |                          | 2,192,937.02   |  | Early Terminations
|Servicer Advances Reimbursement                                                      |  |   | 1,267,581.24   |   |  |                          | 876,172.46     |  | Swap Payment      
|Servicing Fees Less Trustee Fees                                                     |  |   | 130,171.32     |   |  |                          | 3,556,068.98   |  | Servicer Advances 
|                                                                                     |  |   |                |   |  |                          |                |  |                   
|                                                                                     |  |   | 4,039,659.11   |   |  |                          | 6,625,178.46   |  |                   
|                                                                                     |  |   |               
|RECONCILIATION OF NOTES                                                              |  |   |                |   |  |                          |                |  |                   
|                                                                                     |  |   |               
|Beginning Discounted Present Value of the Leases                                     |  |   |                |   |  | $                        | 241,574,061.48 |  |                   
|                                                                                     |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date      |  |   |                |   |  | $                        | 227,754,576.27 |  |                   
|                                                                                     |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period              |  |   |                |   |  | $                        | 11,914,527.22  |  |                   
|                                                                                     |  |   |               
|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                                                              |  |   | 193,532,000.00 |   |  |                          |                |  |                   
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $                        |               |  |                   
|                                                                                     |  |   |                |   |  |                          |                |  |                   
|Original Class A-1 Face                                                              |  |   | 193,532,000.00 |   |  |                          |                |  |                   
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |                          |                |  |                   
|(Ending Class A Principal/Original Class A-1 Face)                                   |  |   | 0.0000000000   | % |  |                          |                |  |                   
|                                                                                     |  |   |                |   |  |                          |                |  |                   
|                                                                                     |  |   |               
|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                                                              |  |   | 70,193,000.00  |   |  |                          |                |  |                   
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $                        |               |  |                   
|                                                                                     |  |   |                |   |  |                          |                |  |                   
|Original Class A-2 Face                                                              |  |   | 70,193,000.00  |   |  |                          |                |  |                   
|                                                                                     |  |   |               
|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                                                |  |   |                |   |  | $                        | 128,368,115.47 |  |                   
|Principal in Current Period                                                          |  |   |                |   |  | $                        | 11,914,527.22  |  |                   
|Ending Class A-3 Principal Balance                                                   |  |   |                |   |  | $                        | 116,453,588.25 |  |                   
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $                        | 151,153.46     |  |                   
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 0.5197849242   |   |  | $                        | 151,153.46     |  |                   
|                                                                                     |  |   |                |   |  |                          |                |  |                   
|Original Class A-3 Face                                                              |  |   | 290,800,000.00 |   |  |                          |                |  |                   
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ | 40.9715516356  |   |  | $                        | 11,914,527.22  |  |                   
|                                                                                     |  |   |                |   |  |                          |                |  |                   
|Original Class A-3 Face                                                              |  |   | 290,800,000.00 |   |  |                          |                |  |                   
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |                          |                |  |                   
|(Ending Class A-3 Principal/Original Class A-3 Face)                                 |  |   | 40.0459381893  | % |  |                          |                |  |                   
|                                                                                     |  |   |                |   |  |                          |                |  |                   





---

|                                                                                     |  |   |                |   |  |   | Final          |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|Chase Lease-Backed Notes Series 2000-2                                               |  |   | Payment Date   |   |  |   | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                 |  |   |                |   |  |   |                |  | 
|February 2003                                                                        |  |   | Payment Date # |   |  |   | 28             |  | 
|                                                                                     |  |   |               
|Class A-4                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 79,906,000.00  |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 79,906,000.00  |  | 
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 96,486.50      |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 1.2075000000   |   |  | $ | 96,486.50      |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Original Class A-4 Face                                                              |  |   | 79,906,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |               |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Original Class A-4 Face                                                              |  |   | 79,906,000.00  |   |  |   |                |  | 
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 31,394,988.02  |  | 
|                                                                                     |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 10,650,641.58  |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 3,871,335.86   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 1,295,328.48   |  | 
|                                                                                     |  |   |               
|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) |  |   | 0.70           | % |  | $ | 49,212.67      |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00          | % |  | $ | 70,492,425.01  |  | 
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 3.71           | % |  | $ | 26,169,820.19  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00          | % |  | $ | 70,492,425.01  |  | 
|Cumulative additions made for early terminated leases since closing (FOOTNOTE 4)     |  |   | 6.93           | % |  | $ | 48,834,717.14  |  | 
|Maximum Allowable additions for early terminated leases                              |  |   | 20.00          | % |  | $ | 140,984,850.01 |  | 
|                                                                                     |  |   |               
|Interest Rate Swap                                                                   |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-3 Fixed Swap Rate                                                            |  |   | 6.475          | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  |   | 6.475          | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |   |                |   |  |   | 1,123,812.41   |  | 
|                                                                                     |  |   |               
|Class A-3 Note Interest Rate                                                         |  |   | 1.57000        | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  |   | 1.61000        | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |   |                |   |  |   | 247,639.95     |  | 
|                                                                                     |  |   |               
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |   |                |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |   |                |   |  |   | 876,172.46     |  | 



|Prepared by: |  | Jeffry D. Everett            
|------------ |  | -----------------------------
|             | 
|Title:       |  | Controller - IOS Capital, LLC
|             | 
|Date:        |  | __________________________   
|             | 
|Approved by: |  | Harry G. Kozee               
|             | 
|Title:       |  | VP-Finance - IOS Capital, LLC
|             | 
|Date:        |  | __________________________   





---

|                                       |  |                |  | Final          |  | 
|-------------------------------------- |  | -------------- |  | -------------- |  | 
|IKON Receivables, LLC                  |  |                |  |                |  | 
|Chase Lease-Backed Notes Series 2000-2 |  | Payment Date   |  | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)   |  |                |  |                |  | 
|February 2003                          |  | Payment Date # |  | 28             |  | 

|            | 
|----------- | 
|Approvedby: | 
|            | 
|Title:      | 
|            | 
|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 and Delinquency Rate 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      |  | 3.99       | % |  | 1.69           | %
|New Calculation          |  | 3.21       | % |  | 3.17           | %
|Delinquency Rate:        |  |            |   |  |                |  
|Previously Reported      |  | 2.31       | % |  | 2.17           | %
|New Calculation          |  | 2.31       | % |  | 2.19           | %



|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 Assignment and Servicing Agreement.





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |                |   |  |                  
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | -------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-2                                                                |  | Payment Date   |  |   | April 15, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                |   |  |                  
|March 2003                                                                                            |  | Payment Date # |  |   | 29             |   |  |                  
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                |   |  |                  
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 227,754,576.27 |   |  |                  
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 11,789,630.65  |   |  |                  
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 576,487.47     |   |  |                  
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   | 104,361.24     |   |  |                  
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 3,956,722.26   |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Subtotal:                                                                                             |  |                |  | $ | 211,327,374.65 |   |  |                  
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |                |   |  |                  
|Non-Performing                                                                                        |  |                |  |   | 576,487.47     |   |  |                  
|Adjusted / Warranty                                                                                   |  |                |  |   | 104,392.93     |   |  |                  
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 212,008,255.05 |   |  |                  
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 5,126,788.84   |   |  |                  
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,478,656.81   |   |  |                  
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 3,317,957.66   |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending outstanding servicer advances                                                                  |  |                |  |   | 6,966,089.69   |   |  |                  
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 634,201.25     |   |  |                  
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 1,005,443.78   |   |  |                  
|Less:    Repurchased Leases                                                                           |  |                |  |   |               |   |  |                  
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |               |   |  |                  
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 1,065,523.22   |   |  |                  
|Add:    Received in Prior Month                                                                       |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 694,280.69     |   |  |                  
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 7,049,242.50   |   |  |                  
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |               |   |  |                  
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50   |   |  |                  
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                |   |  |                  
|Lesser of 1% of $ or Outstanding Note Amount                                                          |  |                |  |   | 7,049,242.50   |   |  |                  
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |               |   |  |                  
|Deposits into Reserve Account                                                                         |  |                |  |   | 0.00           |   |  |                  
|Amounts Released to Issuer                                                                            |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50   |   |  |                  
|                                                                                                      |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 53,754.62      |   |  |                  
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 2,415.50       |   |  |                  
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending Balance                                                                                        |  |                |  |   | 51,339.12      |   |  |                  
|                                                                                                      |  |                | 
|COMPLIANCE RATIO CALCULATIONS                                                                         |  |                |  |   |                |   |  |                  
|Calculate Annualized Default Rate (FOOTNOTE 1)                                                        |  |                |  |   |                |   |  |                  
|# of days delinquent to declare Defaulted Lease                                                       |  |                |  |   | 121            |   |  |                  
|Discounted Present Value of Defaulted Leases (Less Recoveries):                                       |  |                |  |   |                |   |  |                  
|This Month                                                                                            |  |                |  |   | -0.32          | % |  | Annualized Mar 03
|Last Month                                                                                            |  |                |  |   | 2.23           | % |  | Annualized Feb 03
|Two Months ago                                                                                        |  |                |  |   | 2.09           | % |  | Annualized Jan 03
|3 mos. Average                                                                                        |  |                |  |   | 1.33           | % |  |                  





---

|IKON Receivables, LLC                                                            |  |                                                                          |   |  |                |   |               | 
|-------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------ | - |  | -------------- | - | ------------- | 
|Chase Lease-Backed Notes Series 2000-2                                           |  | Payment Date                                                             |   |  | April 15, 2003 |   |               | 
|MONTHLY SERVICER REPORT                                                          |  |                                                                          |   |  |                |   |               | 
|March 2003                                                                       |  | Payment Date #                                                           |   |  | 29             |   |               | 
|                                                                                 |  |                                                                          |  
|Calculate Delinquency Rate                                                       |  |                                                                          |   |  |                |   |               | 
|# of days delinquent to declare Delinquent Lease                                 |  |                                                                          |   |  | 61             |   |               | 
|                                                                                 |  |                                                                          |  
|Discounted Present Value of Delinquent Leases:                                   |  |                                                                          |   |  |                |   |               | 
|This Month                                                                       |  |                                                                          |   |  | 1.92           | % |               | 
|Last Month                                                                       |  |                                                                          |   |  | 2.27           | % |               | 
|Two Months ago                                                                   |  |                                                                          |   |  | 2.31           | % |               | 
|                                                                                 |  |                                                                          |  
|3 mos. Average                                                                   |  |                                                                          |   |  | 2.17           | % |               | 
|                                                                                 |  |                                                                          |  
|Acceleration Event                                                               |  |                                                                          |   |  |                |   |               | 
|Triggered if                                                                     |  |                                                                          |   |  |                |   |               | 
|Annualized Default Rate greater than                                             |  | 6.25                                                                     | % |  |                |   |               | 
|Delinquency Rate greater than                                                    |  | 8.00                                                                     | % |  |                |   |               | 
|                                                                                 |  |                                                                          |  
|Acceleration Event Triggered? (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              |   |               | 
|                                                                                
|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                      |   |  |                |   | 15,276,617.54 | 
|Section 3.03 (a) (i)                                                             |  | Lease Payments Received on Current Months Receivables                   |   |  |                |   | 9,539,027.21  | 
|Section 3.03 (a) (i)                                                             |  | Lease Payments Received on Prior Months Receivables                     |   |  |                |   | 5,737,590.33  | 
|Section 3.03 (a) (i)                                                             |  | Early Termination cash                                                   |   |  |                |   | 3,956,722.26  | 
|                                                                                 |  | Advance payments for current month                                       |   |  |                |   | 1,005,443.78  | 
|                                                                                 |  | 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                                                       |   |  |                |   | 11,974.77     | 
|Section 3.03 (a) (v)                                                             |  | Reserve Account                                                          |   |  |                |   | 6,827.69      | 
|Section 3.03 (a) (v)                                                             |  | Security Deposit Account                                                 |   |  |                |   | 53.25         | 
|Section 3.03 (a) (vi)                                                            |  | Casualty Payments                                                        |   |  |                |   |              | 
|Section 3.03 (a) (vii)                                                           |  | Servicer Adv for scheduled payments not made in current period           |   |  |                |   | 3,317,957.66  | 
|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 |  |                                                                          |   |  | 23,575,596.95  |   |               | 
|                                                                                 |  |                                                                          |  
|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)                |  |                                                                          |   |  | 2,415.50       |   |               | 
|Less   Credit for payments applied in prior period                               |  |                                                                          |   |  |               |   |               | 
|                                                                                 |  |                                                                          |   |  |                |   |               | 
|Total deposited into the Collection Account                                      |  |                                                                          |   |  | 23,578,012.45  |   |               | 





---

|IKON Receivables, LLC                                                                |  |                |   |  |                          |                |  |                                    
|------------------------------------------------------------------------------------ |  | -------------- | - |  | ------------------------ | -------------- |  | -----------------------------------
|Chase Lease-Backed Notes Series 2000-2                                               |  | Payment Date   |   |  |                          | April 15, 2003 |  |                                    
|MONTHLY SERVICER REPORT                                                              |  |                |   |  |                          |                |  |                                    
|March 2003                                                                           |  | Payment Date # |   |  |                          | 29             |  |                                    
|                                                                                     |  |                |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                                |  |                |   |  |                          |                |  |                                    
|                                                                                     |  |                |  
|Surety Fee                                                                           |  | 0.18           | % |  |                          | 29,453.94      |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes    |  |                |   |  |                          |                |  |                                    
|                                                                                     |  |                |  
|Payment to Swap Counterparty                                                         |  |                |   |  |                          | 818,099.24     |  | IKON Transfer                      
|(ii)      Section 3.03 (b) (ii)                                                      |  |                |   |  |                          |                |  |                                    
|                                                                                     |  |                |  
|Servicing Fee                                                                        |  | 0.75           | % |  |                          | 122,724.74     |  | 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                                                                          |  |                |   |  |                          |                |  | Annual Fee                         
|                                                                                     |  |                |   |  |                          |                |  |                                    
|Servicing Fee Less Trustee Fee                                                       |  |                |   |  |                          | 122,724.74     |  | IOSC Net Servicing Fee Distribution
|                                                                                     |  |                |  
|(iv)     Section 3.03 (b) (iv)                                                       |  |                |   |  |                          |                |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                         |  |                |   |  |                          | 1,478,656.81   |  | IOSC Svc Advance reimbursement     
|                                                                                     |  |                |   |  |                          |                |  |                                    
|Remaining Available to be Distributed to
Noteholders                                 |  |                |   |  |                          | 21,129,077.72  |  |                                    
|                                                                                     |  |                |  
|(v)    Disbursements Section 3.03 (b) (v)                                            |  |                |   |  |                          |                |  | Actual Days for A1-A3-A4           
|Class A-1 Interest Due (Act/360 Basis)                                               |  | 6.66125%       |   |  | $                        |               |  | 29                                 
|Class A-2 Interest Due (30/360 Basis)                                                |  | 6.60000%       |   |  | $                        |               |  |                                    
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.28000 +
..23 = 1.51000%        |  | 1.51000%       |   |  | $                        | 141,652.85     |  | Libor + .23                        
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.28000 +
..27 = 1.55000%        |  | 1.55000%       |   |  | $                        | 99,771.52      |  | Libor + .27                        
|                                                                                     |  |                |   |  |                          |                |  |                                    
|Total Class A Interest Due                                                           |  |                |   |  | $                        | 241,424.37     |  |                                    
|Class A Interest Paid                                                                |  |                |   |  | $                        | 241,424.37     |  |                                    
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |                |   |  | $                        |               |  |                                    
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |                |   |  | $                        |               |  |                                    
|Beginning Aggregate Class A Note Balance                                             |  |                |   |  | $                        | 196,359,588.25 |  |                                    
|Class A Principal Payment While Class A-1
Outstanding                                |  |                |   |  | $                        |               |  |                                    
|Class A Principal Payment After Class A-1
Retired                                    |  | 86.21542       | % |  | $                        | 13,575,756.97  |  |                                    
|Aggregate Class A Principal Payment                                                  |  |                |   |  | $                        | 13,575,756.97  |  |                                    
|(vii)   Class A Principal Paid                                                       |  |                |   |  | $                        | 13,575,756.97  |  |                                    
|Ending Aggregate Class A Note Balance                                                |  |                |   |  | $                        | 182,783,831.28 |  |                                    
|Overcollateralization Floor                                                          |  |                |   |  |                          |                |  |                                    
|2.5% of $704,924,250.06                                                              |  |                |   |  | $                        | 17,623,106.25  |  |                                    
|Plus: Cumulative Loss Amount                                                         |  |                |   |  | $                        |               |  |                                    
|Less: Reserve Account Ending Balance                                                 |  |                |   |  | $                        | 7,049,242.50   |  |                                    
|Overcollateralization Floor                                                          |  |                |   |  | $                        | 10,573,863.75  |  | N                                  
|(viii)  Additional Class A Principal                                                 |  |                |   |  | $                        |               |  |                                    
|Additional Principal Class A Paid                                                    |  |                |   |  | $                        |               |  |                                    
|End of Period Class A Note Balance                                                   |  |                |   |  | $                        | 182,783,831.28 |  |                                    
|                                                                                     |  |                |  
|Remaining Collections After Distributions to
Noteholders                             |  |                |   |  | $                        | 7,311,896.37   |  |                                    
|                                                                                     |  |                |  
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |                |   |  |                          | 0.00           |  |                                    
|                                                                                     |  |                |  
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |                |   |  | $                        | 7,311,896.37   |  |                                    
|                                                                                     |  |                |  
|Total Distribution from the Collection
Account                                       |  |                |   |  | $                        | 23,578,012.45  |  |                                    
|                                                                                     |  |               
|Trustee Transfer to IOSC                                                             |  |                |   |  | IOSC Transfer to Trustee
|                                                                                     |  |                |  
|Adv Payments                                                                         |  |                |   |  |                          | 60,079.44      |  | Adv Payments                       
|Remaining Coll                                                                       |  | 7,311,896.37   |   |  |                          | 3,956,722.26   |  | Early Terminations                 
|Servicer Advances Reimbursement                                                      |  | 1,478,656.81   |   |  |                          | 818,099.24     |  | Swap Payment                       
|Servicing Fee Less Trustee Fee                                                       |  | 122,724.74     |   |  |                          | 3,317,957.66   |  | Servicer Advances                  
|                                                                                     |  |                |   |  |                          |                |  |                                    
|                                                                                     |  | 8,913,277.92   |   |  |                          | 8,092,779.16   |  |                                    





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                          |  |   | Payment Date   |   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                |  | 
|March 2003                                                                      |  |   | Payment Date # |   |  |   | 29             |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 227,754,576.27 |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 212,008,255.05 |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 13,575,756.97  |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 193,532,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-1 Face                                                         |  |   | 193,532,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 70,193,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-2 Face                                                         |  |   | 70,193,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|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                                           |  |   |                |   |  | $ | 116,453,588.25 |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 13,575,756.97  |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 102,877,831.28 |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 141,652.85     |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.4871143426   |   |  | $ | 141,652.85     |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 46.6841711636  |   |  | $ | 13,575,756.97  |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 35.3775210714  | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Beginning Class A-4 Principal Balance                                           |  |   |                |   |  | $ | 79,906,000.00  |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 79,906,000.00  |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 99,771.52      |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.2486111111   |   |  | $ | 99,771.52      |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 29,224,423.77  |  | 





---

|IKON Receivables, LLC                                                                |  |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                               |  | Payment Date   |   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |                |   |  |   |                |  | 
|March 2003                                                                           |  | Payment Date # |   |  |   | 29             |  | 
|                                                                                     |  |                |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |                |   |  |   |                |  | 
|                                                                                     |  |                |  
|Discounted Present Value of the Leases which are:                                    |  |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |                |   |  | $ | 12,028,761.90  |  | 
|61-90 DAYS OVERDUE                                                                   |  |                |   |  | $ | 3,066,015.02   |  | 
|91-120 DAYS OVERDUE                                                                  |  |                |   |  | $ | 1,002,672.51   |  | 
|                                                                                     |  |                |  
|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              |  | 2.18           | % |  | $ | 153,605.60     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00          | % |  | $ | 70,492,425.01  |  | 
|                                                                                     |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 3.79           | % |  | $ | 26,746,307.66  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00          | % |  | $ | 70,492,425.01  |  | 
|                                                                                     |  |                |  
|Cumulative additions made for Early Termination Leases since Closing                 |  | 6.93           | % |  | $ | 48,834,717.14  |  | 
|Maximum Allowable additions for Early Termination Leases                             |  | 20.00          | % |  | $ | 140,984,850.01 |  | 
|                                                                                     |  |                |  
|Interest Rate Swap                                                                   |  |                |   |  |   |                |  | 
|                                                                                     |  |                |  
|Class A-3 Fixed Swap Rate                                                            |  | 6.475          | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 6.475          | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |                |   |  |   | 1,059,523.61   |  | 
|                                                                                     |  |                |  
|Class A-3 Note Interest Rate                                                         |  | 1.51000        | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.55000        | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |                |   |  |   | 241,424.37     |  | 
|                                                                                     |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |                |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |                |   |  |   |                |  | 
|                                                                                     |  |                |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |                |   |  |   | 818,099.24     |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 



FOOTNOTE:



|1 | Annualized Default Rate 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 |  | 3.75%
|------------- |  | -----
|January 2003  |  | 2.09%
|February 2003 |  | 2.23%





---

|IKON Receivables, LLC                                                    |  |                |  |   |                |  | 
|------------------------------------------------------------------------ |  | -------------- |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                   |  | Payment Date   |  |   | May 15, 2003   |  | 
|MONTHLY SERVICER REPORT                                                  |  |                |  |   |                |  | 
|April 2003                                                               |  | Payment Date # |  |   | 30             |  | 
|                                                                         |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                           |  |                |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)          |  |                |  | $ | 212,008,255.05 |  | 
|                                                                         |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month            |  |                |  |   | 11,006,965.46  |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc    |  |                |  |   | 795,092.13     |  | 
|Less:    DPV Adjusted / Warranty Leases                                  |  |                |  |   |               |  | 
|Less:    DPV Amounts on Early Termination Leases                         |  |                |  |   | 2,751,446.36   |  | 
|                                                                         |  |                |  |   |                |  | 
|Subtotal:                                                                |  |                |  | $ | 197,454,751.10 |  | 
|                                                                         |  |                | 
|Add:    DPV Substitute Leases                                            |  |                |  |   |                |  | 
|Non-Performing                                                           |  |                |  |   | 796,402.32     |  | 
|Adjusted / Warranty                                                      |  |                |  |   |               |  | 
|Add:    DPV Additional Leases for Early Terminations                     |  |                |  |   |               |  | 
|                                                                         |  |                |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)              |  |                |  | $ | 198,251,153.42 |  | 
|                                                                         |  |                | 
|OVERDUE LEASE PAYMENTS                                                   |  |                |  |   |                |  | 
|                                                                         |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:          |  |                |  |   |                |  | 
|                                                                         |  |                | 
|Beginning outstanding servicer advances                                  |  |                |  |   | 6,966,089.69   |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed    |  |                |  |   | 1,965,236.40   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period   |  |                |  |   | 1,747,485.82   |  | 
|                                                                         |  |                |  |   |                |  | 
|Ending outstanding servicer advances                                     |  |                |  |   | 6,748,339.11   |  | 
|                                                                         |  |                | 
|ADVANCE LEASE PAYMENTS                                                   |  |                |  |   |                |  | 
|                                                                         |  |                | 
|Beginning amount of lease payments to be applied in future               |  |                |  |   | 694,280.69     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity |  |                |  |   | 924,779.39     |  | 
|Less:    Repurchased Leases                                              |  |                |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                       |  |                |  |   |               |  | 
|Add:    Received This Month - including intermonth activity              |  |                |  |   | 857,073.83     |  | 
|Add:    Received in Prior Month                                          |  |                |  |   |               |  | 
|                                                                         |  |                |  |   |                |  | 
|Ending amount of lease payments to be applied in future                  |  |                |  |   | 626,575.13     |  | 
|                                                                         |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                        |  |                |  |   |                |  | 
|                                                                         |  |                | 
|Beginning Balance                                                        |  |                |  |   | 7,049,242.50   |  | 
|Less:    Deposit to Collection Account (if any)                          |  |                |  |   |               |  | 
|Ending Balance                                                           |  |                |  |   | 7,049,242.50   |  | 
|                                                                         |  |                | 
|Required Reserve Account                                                 |  |                |  |   |                |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                            |  |                |  |   | 7,049,242.50   |  | 
|                                                                         |  |                | 
|Reserve Account in excess of Required Reserve                            |  |                |  |   |               |  | 
|Deposits into Reserve Account                                            |  |                |  |   |               |  | 
|Amounts Released to Issuer                                               |  |                |  |   |               |  | 
|                                                                         |  |                |  |   |                |  | 
|Ending Balance                                                           |  |                |  |   | 7,049,242.50   |  | 
|                                                                         |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                               |  |                |  |   |                |  | 
|                                                                         |  |                | 
|Beginning Balance                                                        |  |                |  |   | 51,339.12      |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and |  |                |  |   |                |  | 
|Amounts Repayable to Lessees                                             |  |                |  |   | 2,878.90       |  | 
|Add:    Additional Security Deposits collected on leases                 |  |                |  |   |               |  | 
|                                                                         |  |                |  |   |                |  | 
|Ending Balance                                                           |  |                |  |   | 48,460.22      |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |              |   |               |                  
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------ | - | ------------- | -----------------
|Chase Lease-Backed Notes Series 2000-2                                    |  | Payment Date                                                                     |   |  | May 15, 2003 |   |               |                  
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |              |   |               |                  
|April 2003                                                                |  | Payment Date #                                                                   |   |  | 30           |   |               |                  
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | 1.63         | % |               | Annualized Apr 03
|Last Month                                                                |  |                                                                                  |   |  | -0.32        | % |               | Annualized Mar 03
|Two Months ago                                                            |  |                                                                                  |   |  | 2.23         | % |               | Annualized Feb 03
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 1.18         | % |               |                  
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |              |   |               |                  
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61           |   |               |                  
|                                                                          |  |                                                                                  |  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |              |   |               |                  
|This Month                                                                |  |                                                                                  |   |  | 1.72         | % |               |                  
|Last Month                                                                |  |                                                                                  |   |  | 1.92         | % |               |                  
|Two Months ago                                                            |  |                                                                                  |   |  | 2.27         | % |               |                  
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 1.97         | % |               |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |              |   |               |                  
|Triggered if                                                              |  |                                                                                  |   |  |              |   |               |                  
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |              |   |               |                  
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |              |   |               |                  
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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            |   |               |                  
|                                                                         
|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                              |   |  |              |   | 11,553,073.64 |                  
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Current Months Receivables                           |   |  |              |   | 8,455,654.32  |                  
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |              |   | 3,097,419.32  |                  
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |              |   | 2,751,446.36  |                  
|                                                                          |  | Advance payments for current month                                               |   |  |              |   | 924,779.39    |                  
|                                                                          |  | 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                                                               |   |  |              |   | 12,648.08     |                  
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |              |   | 6,210.43      |                  
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |              |   | 46.15         |                  
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |              |   |              |                  
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |              |   | 1,747,485.82  |                  
|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 |   |  |              |   | 16,995,689.87 |                  





---

|IKON Receivables, LLC                                                             |  |                |   |  |   |                |  |                                    
|--------------------------------------------------------------------------------- |  | -------------- | - |  | - | -------------- |  | -----------------------------------
|Chase Lease-Backed Notes Series 2000-2                                            |  | Payment Date   |   |  |   | May 15, 2003   |  |                                    
|MONTHLY SERVICER REPORT                                                           |  |                |   |  |   |                |  |                                    
|April 2003                                                                        |  | Payment Date # |   |  |   | 30             |  |                                    
|                                                                                  |  |                |  
|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)                 |  |                |   |  |   | 2,878.90       |  |                                    
|                                                                                  |  |                |  
|Less     Credit for payments applied in prior period                              |  |                |   |  |   |               |  |                                    
|                                                                                  |  |                |   |  |   |                |  |                                    
|Total deposited into the Collection Account                                       |  |                |   |  |   | 16,998,568.77  |  |                                    
|                                                                                  |  |                |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                             |  |                |   |  |   |                |  |                                    
|                                                                                  |  |                |  
|Surety Fee                                                                        |  | 0.18           | % |  |   | 27,417.57      |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes |  |                |   |  |   |                |  |                                    
|                                                                                  |  |                |  
|Payment to Swap Counterparty                                                      |  |                |   |  |   | 749,034.97     |  | IKON Transfer                      
|(ii)      Section 3.03 (b) (ii)                                                   |  |                |   |  |   |                |  |                                    
|                                                                                  |  |                |  
|Servicing Fee                                                                     |  | 0.75           | % |  |   | 114,239.89     |  | 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                                                                       |  |                |   |  |   |                |  | Annual Fee                         
|                                                                                  |  |                |   |  |   |                |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                |   |  |   | 114,239.89     |  | IOSC Net Servicing Fee Distribution
|(iv)     Section 3.03 (b) (iv)                                                    |  |                |   |  |   |                |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                |   |  |   | 1,965,236.40   |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                |   |  |   |                |  |                                    
|Remaining Available to be Distributed to
Noteholders                              |  |                |   |  |   | 14,142,639.93  |  |                                    
|                                                                                  |  |                |  
|(v)      Disbursements Section 3.03 (b) (v)                                       |  |                |   |  |   |                |  | Actual Days for A1-A3-A4           
|Class A-1 Interest Due (Act/360 Basis)                                            |  | 6.66125        | % |  | $ |               |  | 30                                 
|Class A-2 Interest Due (30/360 Basis)                                             |  | 6.60000        | % |  | $ |               |  |                                    
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.31000 +
..23 = 1.54000%     |  | 1.54000        | % |  | $ | 132,026.55     |  | Libor + .23                        
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.31000 +
..27 = 1.58000%     |  | 1.58000        | % |  | $ | 105,209.57     |  | Libor + .27                        
|                                                                                  |  |                |   |  |   |                |  |                                    
|Total Class A Interest Due                                                        |  |                |   |  | $ | 237,236.12     |  |                                    
|Class A Interest Paid                                                             |  |                |   |  | $ | 237,236.12     |  |                                    
|Cumulative Outstanding Amounts Owed to AMBAC                                      |  |                |   |  | $ |               |  |                                    
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |                |   |  | $ |               |  |                                    
|Beginning Aggregate Class A Note Balance                                          |  |                |   |  | $ | 182,783,831.28 |  |                                    
|Class A Principal Payment While Class A-1
Outstanding                             |  |                |   |  | $ |               |  |                                    
|Class A Principal Payment After Class A-1
Retired                                 |  | 86.21542       | % |  | $ | 11,860,742.95  |  |                                    
|Aggregate Class A Principal Payment                                               |  |                |   |  | $ | 11,860,742.95  |  |                                    
|(vii)   Class A Principal Paid                                                    |  |                |   |  | $ | 11,860,742.95  |  |                                    
|Ending Aggregate Class A Note Balance                                             |  |                |   |  | $ | 170,923,088.33 |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  |   |                |  |                                    
|2.5% of $704,924,250.06                                                           |  |                |   |  | $ | 17,623,106.25  |  |                                    
|Plus: Cumulative Loss Amount                                                      |  |                |   |  | $ |               |  |                                    
|Less: Reserve Account Ending Balance                                              |  |                |   |  | $ | 7,049,242.50   |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  | $ | 10,573,863.75  |  | N                                  
|(viii)  Additional Class A Principal                                              |  |                |   |  | $ |               |  |                                    
|Additional Principal Class A Paid                                                 |  |                |   |  | $ |               |  |                                    
|End of Period Class A Note Balance                                                |  |                |   |  | $ | 170,923,088.33 |  |                                    





---

|IKON Receivables, LLC                                                                |  |                |  |   |                         |  |                   
|------------------------------------------------------------------------------------ |  | -------------- |  | - | ----------------------- |  | ------------------
|Chase Lease-Backed Notes Series 2000-2                                               |  | Payment Date   |  |   | May 15, 2003            |  |                   
|MONTHLY SERVICER REPORT                                                              |  |                |  |   |                         |  |                   
|April 2003                                                                           |  | Payment Date # |  |   | 30                      |  |                   
|                                                                                     |  |                | 
|Remaining Collections After Distributions to Noteholders                             |  |                |  | $ | 2,044,660.86            |  |                   
|                                                                                     |  |                | 
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |                |  |   |                        |  |                   
|                                                                                     |  |                | 
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |                |  | $ | 2,044,660.86            |  |                   
|                                                                                     |  |                | 
|Total Distribution from the Collection
Account                                       |  |                |  | $ | 16,998,568.77           |  |                   
|                                                                                     |  |                | 
|Trustee Transfer to IOSC                                                             |  |                |  |   | IOSC Transferto Trustee |  |                   
|                                                                                     |  |                | 
|Adv Payments                                                                         |  | 67,705.56      |  |   | 0.00                    |  | Adv Payments      
|Remaining Coll                                                                       |  | 2,044,660.86   |  |   | 2,751,446.36            |  | Early Terminations
|Servicer Advances Reimbursement                                                      |  | 1,965,236.40   |  |   | 749,034.97              |  | Swap Payment      
|Servicing Fee Less Trustee Fee                                                       |  | 114,239.89     |  |   | 1,747,485.82            |  | Servicer Advances 
|                                                                                     |  |                |  |   |                         |  |                   
|                                                                                     |  | 4,191,842.70   |  |   | 5,247,967.15            |  |                   





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                          |  |   | Payment Date   |   |  |   | May 15, 2003   |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                |  | 
|April 2003                                                                      |  |   | Payment Date   | # |  |   | 30             |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 212,008,255.05 |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 198,251,153.42 |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 11,860,742.95  |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 193,532,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-1 Face                                                         |  |   | 193,532,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 70,193,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-2 Face                                                         |  |   | 70,193,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|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                                           |  |   |                |   |  | $ | 102,877,831.28 |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 11,860,742.95  |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 91,017,088.33  |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 132,026.55     |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.4540115204   |   |  | $ | 132,026.55     |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 40.7865988657  |   |  | $ | 11,860,742.95  |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                |  | 
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 31.2988611848  | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                           |  |   |                |   |  | $ | 79,906,000.00  |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 79,906,000.00  |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 105,209.57     |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.3166666667   |   |  | $ | 105,209.57     |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 27,328,065.09  |  | 





---

|IKON Receivables, LLC                                                                |  |              |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | ------------ | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                               |  | Payment Date |   |  |   | May 15, 2003   |  | 
|MONTHLY SERVICER REPORT                                                              |  |              |   |  |   |                |  | 
|April 2003                                                                           |  | Payment Date | # |  |   | 30             |  | 
|                                                                                     |  |              |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Discounted Present Value of the Leases which are:                                    |  |              |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |              |   |  | $ | 6,796,383.84   |  | 
|61-90 DAYS OVERDUE                                                                   |  |              |   |  | $ | 2,527,216.22   |  | 
|91-120 DAYS OVERDUE                                                                  |  |              |   |  | $ | 877,959.89     |  | 
|                                                                                     |  |              |  
|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              |  | 2.18%        |   |  | $ | 153,605.60     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00%       |   |  | $ | 70,492,425.01  |  | 
|                                                                                     |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 3.91%        |   |  | $ | 27,542,709.98  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%       |   |  | $ | 70,492,425.01  |  | 
|                                                                                     |  |              |  
|Cumulative additions made for Early Termination Leases since Closing                 |  | 6.93%        |   |  | $ | 48,834,717.14  |  | 
|Maximum Allowable additions for Early Termination Leases                             |  | 20.00%       |   |  | $ | 140,984,850.01 |  | 
|                                                                                     |  |              |  
|Interest Rate Swap                                                                   |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Class A-3 Fixed Swap Rate                                                            |  | 6.475        | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 6.475        | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |              |   |  |   | 986,271.09     |  | 
|                                                                                     |  |              |  
|Class A-3 Note Interest Rate                                                         |  | 1.54000      | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.58000      | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |              |   |  |   | 237,236.12     |  | 
|                                                                                     |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |              |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |              |   |  |   | 749,034.97     |  | 



|             | 
|------------ | 
|Prepared by: | 
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|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
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|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |                |   |  |                  
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | -------------- | - |  | -----------------
|Chase Lease-Backed Notes Series 2000-2                                                                |  | Payment Date   |  |   | June 16, 2003  |   |  |                  
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                |   |  |                  
|May 2003                                                                                              |  | Payment Date # |  |   | 31             |   |  |                  
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                |   |  |                  
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 198,251,153.42 |   |  |                  
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 10,983,326.47  |   |  |                  
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 632,730.54     |   |  |                  
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   | 7,655.05       |   |  |                  
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 2,422,297.57   |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Subtotal:                                                                                             |  |                |  | $ | 184,205,143.79 |   |  |                  
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |                |   |  |                  
|Non-Performing                                                                                        |  |                |  |   | 632,992.81     |   |  |                  
|Adjusted / Warranty                                                                                   |  |                |  |   | 7,655.05       |   |  |                  
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 184,845,791.65 |   |  |                  
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 6,748,339.11   |   |  |                  
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 3,035,104.49   |   |  |                  
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 3,028,323.19   |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending outstanding servicer advances                                                                  |  |                |  |   | 6,741,557.81   |   |  |                  
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 626,575.13     |   |  |                  
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 597,162.49     |   |  |                  
|Less:    Repurchased Leases                                                                           |  |                |  |   |               |   |  |                  
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |               |   |  |                  
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 690,929.23     |   |  |                  
|Add:    Received in Prior Month                                                                       |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 720,341.87     |   |  |                  
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 7,049,242.50   |   |  |                  
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |               |   |  |                  
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50   |   |  |                  
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                |   |  |                  
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 7,049,242.50   |   |  |                  
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |               |   |  |                  
|Deposits into Reserve Account                                                                         |  |                |  |   |               |   |  |                  
|Amounts Released to Issuer                                                                            |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50   |   |  |                  
|                                                                                                      |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |                |  |   |                |   |  |                  
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 48,460.22      |   |  |                  
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 1,580.82       |   |  |                  
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |               |   |  |                  
|                                                                                                      |  |                |  |   |                |   |  |                  
|Ending Balance                                                                                        |  |                |  |   | 46,879.40      |   |  |                  
|                                                                                                      |  |                | 
|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                                                                                            |  |                |  |   | 0.73           | % |  | Annualized May 03
|Last Month                                                                                            |  |                |  |   | 1.63           | % |  | Annualized Apr 03
|Two Months ago                                                                                        |  |                |  |   | -0.32          | % |  | Annualized Mar 03
|                                                                                                      |  |                | 
|3 mos. Average                                                                                        |  |                |  |   | 0.68           | % |  |                  





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |               |   |               | 
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- | - | ------------- | 
|Chase Lease-Backed Notes Series 2000-2                                    |  | Payment Date                                                                     |   |  | June 16, 2003 |   |               | 
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |               |   |               | 
|May 2003                                                                  |  | Payment Date                                                                     | # |  | 31            |   |               | 
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |               |   |               | 
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61            |   |               | 
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |               |   |               | 
|This Month                                                                |  |                                                                                  |   |  | 1.73          | % |               | 
|Last Month                                                                |  |                                                                                  |   |  | 1.72          | % |               | 
|Two Months ago                                                            |  |                                                                                  |   |  | 1.92          | % |               | 
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 1.79          | % |               | 
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |               |   |               | 
|Triggered if                                                              |  |                                                                                  |   |  |               |   |               | 
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |               |   |               | 
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |               |   |               | 
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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             |   |               | 
|                                                                         
|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                              |   |  |               |   | 11,312,137.12 | 
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Current Months Receivables                           |   |  |               |   | 8,277,032.63  | 
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |   | 3,035,104.49  | 
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |               |   | 2,422,297.57  | 
|                                                                          |  | Advance payments for current month                                               |   |  |               |   | 597,162.49    | 
|                                                                          |  | 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                                                               |   |  |               |   | 11,853.02     | 
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |               |   | 6,204.94      | 
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |               |   | 43.65         | 
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |               |   |              | 
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |   | 3,028,323.19  | 
|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 |   |  |               |   | 17,378,021.98 | 
|                                                                          |  |                                                                                  |  
|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)         |  |                                                                                  |   |  | 1,580.82      |   |               | 
|                                                                          |  |                                                                                  |   | 
|Less                                                                      |  | Credit for payments applied in prior period                                      |   |  |               |   |              | 
|                                                                          |  |                                                                                  |   |  |               |   |               | 
|                                                                          |  |                                                                                  |  
|Total deposited into the Collection Account                               |  |                                                                                  |   |  | 17,379,602.80 |   |               | 





---

|IKON Receivables, LLC                                                                |  |              |   |  |   |                          |  |                                   
|------------------------------------------------------------------------------------ |  | ------------ | - |  | - | ------------------------ |  | ----------------------------------
|Chase Lease-Backed Notes Series 2000-2                                               |  | Payment Date |   |  |   | June 16, 2003            |  |                                   
|MONTHLY SERVICER REPORT                                                              |  |              |   |  |   |                          |  |                                   
|May 2003                                                                             |  | Payment Date | # |  |   | 31                       |  |                                   
|                                                                                     |  |              |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                                |  |              |   |  |   |                          |  |                                   
|                                                                                     |  |              |  
|Surety Fee                                                                           |  | 0.18         | % |  |   | 25,638.46                |  | Surety Fee                        
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes    |  |              |   |  |   |                          |  |                                   
|                                                                                     |  |              |  
|Payment to Swap Counterparty                                                         |  |              |   |  |   | 685,456.68               |  | IKON Transfer                     
|(ii)      Section 3.03 (b) (ii)                                                      |  |              |   |  |   |                          |  |                                   
|                                                                                     |  |              |  
|Servicing Fee                                                                        |  | 0.75         | % |  |   | 106,826.93               |  | No Distribution onthis Amount     
|0.75% of the Lesser of Outstanding Principal Amount of the Notes
or DPV              |  |              |   |  |   |                          |  |                                   
|                                                                                     |  |              |  
|(iii)    Section 3.03 (b) (iii)                                                      |  |              |   |  |   |                          |  |                                   
|Trustee Fee                                                                          |  |              |   |  |   |                          |  | Annual Fee                        
|                                                                                     |  |              |   |  |   |                          |  |                                   
|Servicing Fee Less Trustee Fee                                                       |  |              |   |  |   | 106,826.93               |  | IOSC Net ServicingFee Distribution
|                                                                                     |  |              |  
|(iv)     Section 3.03 (b) (iv)                                                       |  |              |   |  |   |                          |  |                                   
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                         |  |              |   |  |   | 3,035,104.49             |  | IOSC Svc Advancereimbursement     
|                                                                                     |  |              |   |  |   |                          |  |                                   
|Remaining Available to be Distributed to
Noteholders                                 |  |              |   |  |   | 13,526,576.24            |  |                                   
|                                                                                     |  |              |  
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |              |   |  |   |                          |  | Actual Days forA1-A3-A4           
|Class A-1 Interest Due (Act/360 Basis)                                               |  | 6.66125      | % |  | $ |                         |  | 32                                
|Class A-2 Interest Due (30/360 Basis)                                                |  | 6.60000      | % |  | $ |                         |  |                                   
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.31000 +
..23 = 1.54000%        |  | 1.54000      | % |  | $ | 124,592.28               |  | Libor + .23                       
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.31000 +
..27 = 1.58000%        |  | 1.58000      | % |  | $ | 112,223.54               |  | Libor + .27                       
|                                                                                     |  |              |   |  |   |                          |  |                                   
|Total Class A Interest Due                                                           |  |              |   |  | $ | 236,815.82               |  |                                   
|Class A Interest Paid                                                                |  |              |   |  | $ | 236,815.82               |  |                                   
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |              |   |  | $ |                         |  |                                   
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |              |   |  | $ |                         |  |                                   
|Beginning Aggregate Class A Note Balance                                             |  |              |   |  | $ | 170,923,088.33           |  |                                   
|Class A Principal Payment While Class A-1
Outstanding                                |  |              |   |  | $ |                         |  |                                   
|Class A Principal Payment After Class A-1
Retired                                    |  | 86.21542     | % |  | $ | 11,557,488.95            |  |                                   
|Aggregate Class A Principal Payment                                                  |  |              |   |  | $ | 11,557,488.95            |  |                                   
|(vii)   Class A Principal Paid                                                       |  |              |   |  | $ | 11,557,488.95            |  |                                   
|Ending Aggregate Class A Note Balance                                                |  |              |   |  | $ | 159,365,599.37           |  |                                   
|Overcollateralization Floor                                                          |  |              |   |  |   |                          |  |                                   
|2.5% of $704,924,250.06                                                              |  |              |   |  | $ | 17,623,106.25            |  |                                   
|Plus: Cumulative Loss Amount                                                         |  |              |   |  | $ |                         |  |                                   
|Less: Reserve Account Ending Balance                                                 |  |              |   |  | $ | 7,049,242.50             |  |                                   
|Overcollateralization Floor                                                          |  |              |   |  | $ | 10,573,863.75            |  | N                                 
|(viii)  Additional Class A Principal                                                 |  |              |   |  | $ |                         |  |                                   
|Additional Principal Class A Paid                                                    |  |              |   |  | $ |                         |  |                                   
|End of Period Class A Note Balance                                                   |  |              |   |  | $ | 159,365,599.37           |  |                                   
|                                                                                     |  |              |  
|Remaining Collections After Distributions to Noteholders                             |  |              |   |  | $ | 1,732,271.47             |  |                                   
|                                                                                     |  |              |  
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |              |   |  |   |                         |  |                                   
|                                                                                     |  |              |  
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |              |   |  | $ | 1,732,271.47             |  |                                   
|                                                                                     |  |              |  
|Total Distribution from the Collection Account                                       |  |              |   |  | $ | 17,379,602.80            |  |                                   
|                                                                                     |  |              |  
|Trustee Transfer to IOSC                                                             |  |              |   |  |   | IOSC Transfer to Trustee |  |                                   
|                                                                                     |  |              |  
|                                                                                     |  |              |   |  |   | 93,766.74                |  | Adv Payments                      
|Remaining Coll                                                                       |  | 1,732,271.47 |   |  |   | 2,422,297.57             |  | Early Terminations                
|Servicer Advances Reimbursement                                                      |  | 3,035,104.49 |   |  |   | 685,456.68               |  | Swap Payment                      
|Servicing Fee Less Trustee Fee                                                       |  | 106,826.93   |   |  |   | 3,028,323.19             |  | Servicer Advances                 
|                                                                                     |  |              |   |  |   |                          |  |                                   
|                                                                                     |  | 4,874,202.89 |   |  |   | 6,229,844.18             |  |                                   





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                          |  |   | Payment Date   |   |  |   | June 16, 2003  |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                |  | 
|May 2003                                                                        |  |   | Payment Date   | # |  |   | 31             |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 198,251,153.42 |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 184,845,791.65 |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 11,557,488.95  |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 193,532,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-1 Face                                                         |  |   | 193,532,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 70,193,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-2 Face                                                         |  |   | 70,193,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|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                                           |  |   |                |   |  | $ | 91,017,088.33  |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 11,557,488.95  |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 79,459,599.37  |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 124,592.28     |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.4284466331   |   |  | $ | 124,592.28     |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 39.7437721889  |   |  | $ | 11,557,488.95  |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 27.3244839659  | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                           |  |   |                |   |  | $ | 79,906,000.00  |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 79,906,000.00  |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 112,223.54     |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.4044444444   |   |  | $ | 112,223.54     |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |               |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 25,480,192.28  |  | 





---

|IKON Receivables, LLC                                                                |  |              |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | ------------ | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                               |  | Payment Date |   |  |   | June 16, 2003  |  | 
|MONTHLY SERVICER REPORT                                                              |  |              |   |  |   |                |  | 
|May 2003                                                                             |  | Payment Date | # |  |   | 31             |  | 
|                                                                                     |  |              |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Discounted Present Value of the Leases which are:                                    |  |              |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |              |   |  | $ | 6,116,993.95   |  | 
|61-90 DAYS OVERDUE                                                                   |  |              |   |  | $ | 2,246,287.63   |  | 
|91-120 DAYS OVERDUE                                                                  |  |              |   |  | $ | 946,246.70     |  | 
|                                                                                     |  |              |  
|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              |  | 2.29%        |   |  | $ | 161,260.65     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00%       |   |  | $ | 70,492,425.01  |  | 
|                                                                                     |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 4.00%        |   |  | $ | 28,175,702.79  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%       |   |  | $ | 70,492,425.01  |  | 
|                                                                                     |  |              |  
|Cumulative additions made for Early Termination Leases since Closing                 |  | 6.93%        |   |  | $ | 48,834,717.14  |  | 
|Maximum Allowable additions for Early Termination Leases                             |  | 20.00%       |   |  | $ | 140,984,850.01 |  | 
|                                                                                     |  |              |  
|Interest Rate Swap                                                                   |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Class A-3 Fixed Swap Rate                                                            |  | 6.475        | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 6.475        | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |              |   |  |   | 922,272.50     |  | 
|                                                                                     |  |              |  
|Class A-3 Note Interest Rate                                                         |  | 1.54000      | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.58000      | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |              |   |  |   | 236,815.82     |  | 
|                                                                                     |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |              |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |              |   |  |   | 685,456.68     |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |                |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                                                |  | Payment Date   |  |   | July 15, 2003  |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                |  | 
|June 2003                                                                                             |  | Payment Date # |  |   | 32             |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 184,845,791.65 |  | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 9,392,005.47   |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 436,974.74     |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   | 1,523.55       |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 2,521,127.28   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Subtotal:                                                                                             |  |                |  | $ | 172,494,160.61 |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |                |  | 
|Non-Performing                                                                                        |  |                |  |   | 439,250.20     |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   | 1,523.55       |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 172,934,934.36 |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 6,741,557.81   |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,459,753.81   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 1,748,350.37   |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 7,030,154.37   |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 720,341.87     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 832,024.13     |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |               |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 943,474.11     |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 831,791.85     |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 7,049,242.50   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |               |  | 
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50   |  | 
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 7,049,242.50   |  | 
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   |               |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50   |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |                |  |   |                |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 46,879.40      |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 3,297.30       |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |               |  | 
|                                                                                                      |  |                |  |   |                |  | 
|Ending Balance                                                                                        |  |                |  |   | 43,582.10      |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |               |   |               |                   
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- | - | ------------- | ------------------
|Chase Lease-Backed Notes Series 2000-2                                    |  | Payment Date                                                                     |   |  | July 15, 2003 |   |               |                   
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |               |   |               |                   
|June 2003                                                                 |  | Payment Date #                                                                   |   |  | 32            |   |               |                   
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | 0.36          | % |               | Annualized June 03
|Last Month                                                                |  |                                                                                  |   |  | 0.73          | % |               | Annualized May 03 
|Two Months ago                                                            |  |                                                                                  |   |  | 1.63          | % |               | Annualized Apr 03 
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 0.91          | % |               |                   
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |               |   |               |                   
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61            |   |               |                   
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |               |   |               |                   
|This Month                                                                |  |                                                                                  |   |  | 1.65          | % |               |                   
|Last Month                                                                |  |                                                                                  |   |  | 1.73          | % |               |                   
|Two Months ago                                                            |  |                                                                                  |   |  | 1.72          | % |               |                   
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 1.70          | % |               |                   
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |               |   |               |                   
|Triggered if                                                              |  |                                                                                  |   |  |               |   |               |                   
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |               |   |               |                   
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |               |   |               |                   
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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             |   |               |                   
|                                                                          |  |                                                                                  |  
|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                              |   |  |               |   | 9,619,573.65  |                   
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Current Months Receivables                           |   |  |               |   | 8,159,819.84  |                   
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |   | 1,459,753.81  |                   
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |               |   | 2,521,127.28  |                   
|                                                                          |  | Advance payments for current month                                               |   |  |               |   | 832,024.13    |                   
|                                                                          |  | 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                                                               |   |  |               |   | 10,950.46     |                   
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |               |   | 5,846.50      |                   
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |               |   | 39.34         |                   
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |               |   |              |                   
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |   | 1,748,350.37  |                   
|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 |   |  |               |   | 14,737,911.73 |                   





---

|IKON Receivables, LLC                                                             |  |                |   |  |   |                |  |                                    
|--------------------------------------------------------------------------------- |  | -------------- | - |  | - | -------------- |  | -----------------------------------
|Chase Lease-Backed Notes Series 2000-2                                            |  | Payment Date   |   |  |   | July 15, 2003  |  |                                    
|MONTHLY SERVICER REPORT                                                           |  |                |   |  |   |                |  |                                    
|June 2003                                                                         |  | Payment Date # |   |  |   | 32             |  |                                    
|                                                                                  |  |                |  
|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)                 |  |                |   |  |   | 3,297.30       |  |                                    
|Less     Credit for payments applied in prior period                              |  |                |   |  |   |               |  |                                    
|                                                                                  |  |                |   |  |   |                |  |                                    
|                                                                                  |  |                |  
|Total deposited into the Collection Account                                       |  |                |   |  |   | 14,741,209.03  |  |                                    
|                                                                                  |  |                |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                             |  |                |   |  |   |                |  |                                    
|Surety Fee                                                                        |  | 0.18           | % |  |   | 23,904.84      |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes |  |                |   |  |   |                |  |                                    
|                                                                                  |  |                |  
|Payment to Swap Counterparty                                                      |  |                |   |  |   | 676,322.70     |  | IKON Transfer                      
|(ii)      Section 3.03 (b) (ii)                                                   |  |                |   |  |   |                |  |                                    
|                                                                                  |  |                |  
|Servicing Fee                                                                     |  | 0.75           | % |  |   | 99,603.50      |  | 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                                                                       |  |                |   |  |   |                |  | Annual Fee                         
|                                                                                  |  |                |   |  |   |                |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                |   |  |   | 99,603.50      |  | IOSC Net Servicing Fee Distribution
|(iv)     Section 3.03 (b) (iv)                                                    |  |                |   |  |   |                |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                |   |  |   | 1,459,753.81   |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                |   |  |   |                |  |                                    
|                                                                                  |  |                |  
|Remaining Available to be Distributed to Noteholders                              |  |                |   |  |   | 12,481,624.18  |  |                                    
|                                                                                  |  |                |  
|(v)    Disbursements Section 3.03 (b) (v)                                         |  |                |   |  |   |                |  | Actual Days for A1-A3-A4           
|Class A-1 Interest Due (Act/360 Basis)                                            |  | 6.66125        | % |  | $ |               |  | 29                                 
|Class A-2 Interest Due (30/360 Basis)                                             |  | 6.60000        | % |  | $ |               |  |                                    
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.18000 +
..23 = 1.41000%     |  | 1.41000        | % |  | $ | 90,252.86      |  | Libor + .23                        
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.18000 +
..27 = 1.45000%     |  | 1.45000        | % |  | $ | 93,334.65      |  | Libor + .27                        
|                                                                                  |  |                |   |  |   |                |  |                                    
|Total Class A Interest Due                                                        |  |                |   |  | $ | 183,587.51     |  |                                    
|Class A Interest Paid                                                             |  |                |   |  | $ | 183,587.51     |  |                                    
|Cumulative Outstanding Amounts Owed to AMBAC                                      |  |                |   |  | $ |               |  |                                    
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |                |   |  | $ |               |  |                                    
|Beginning Aggregate Class A Note Balance                                          |  |                |   |  | $ | 159,365,599.37 |  |                                    
|Class A Principal Payment While Class A-1
Outstanding                             |  |                |   |  | $ |               |  |                                    
|Class A Principal Payment After Class A-1
Retired                                 |  | 86.21542       | % |  | $ | 10,268,995.64  |  |                                    
|Aggregate Class A Principal Payment                                               |  |                |   |  | $ | 10,268,995.64  |  |                                    
|(vii)   Class A Principal Paid                                                    |  |                |   |  | $ | 10,268,995.64  |  |                                    
|Ending Aggregate Class A Note Balance                                             |  |                |   |  | $ | 149,096,603.73 |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  |   |                |  |                                    
|2.5% of $704,924,250.06                                                           |  |                |   |  | $ | 17,623,106.25  |  |                                    
|Plus: Cumulative Loss Amount                                                      |  |                |   |  | $ |               |  |                                    
|Less: Reserve Account Ending Balance                                              |  |                |   |  | $ | 7,049,242.50   |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  | $ | 10,573,863.75  |  | N                                  
|(viii)  Additional Class A Principal                                              |  |                |   |  | $ |               |  |                                    
|Additional Principal Class A Paid                                                 |  |                |   |  | $ |               |  |                                    
|End of Period Class A Note Balance                                                |  |                |   |  | $ | 149,096,603.73 |  |                                    
|                                                                                  |  |                |  
|Remaining Collections After Distributions to Noteholders                          |  |                |   |  | $ | 2,029,041.03   |  |                                    





---

|IKON Receivables, LLC                                                              |  |   |                |   |  |                          |                |  |                   
|---------------------------------------------------------------------------------- |  | - | -------------- | - |  | ------------------------ | -------------- |  | ------------------
|Chase Lease-Backed Notes Series 2000-2                                             |  |   | Payment Date   |   |  |                          | July 15, 2003  |  |                   
|MONTHLY SERVICER REPORT                                                            |  |   |                |   |  |                          |                |  |                   
|June 2003                                                                          |  |   | Payment Date # |   |  |                          | 32             |  |                   
|                                                                                   |  |   |               
|(ix)   Reserve Account Deposit (section 3.03 (b) (ix))                             |  |   |                |   |  |                          |               |  |                   
|                                                                                   |  |   |               
|(xi)   Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |   |                |   |  | $                        | 2,029,041.03   |  |                   
|Total Distribution from the Collection Account                                     |  |   |                |   |  | $                        | 14,741,209.03  |  |                   
|Trustee Transfer to IOSC                                                           |  |   |                |   |  | IOSC Transfer to Trustee
|                                                                                   |  |   |                |   |  |                          | 111,449.98     |  | Adv Payments      
|Remaining Coll                                                                     |  |   | 2,029,041.03   |   |  |                          | 2,521,127.28   |  | Early Terminations
|Servicer Advances Reimbursement                                                    |  |   | 1,459,753.81   |   |  |                          | 676,322.70     |  | Swap Payment      
|Servicing Fee Less Trustee Fee                                                     |  |   | 99,603.50      |   |  |                          | 1,748,350.37   |  | Servicer Advances 
|                                                                                   |  |   |                |   |  |                          |                |  |                   
|                                                                                   |  |   | 3,588,398.34   |   |  |                          | 5,057,250.33   |  |                   
|                                                                                   |  |   |               
|RECONCILIATION OF NOTES                                                            |  |   |                |   |  |                          |                |  |                   
|                                                                                   |  |   |               
|Beginning Discounted Present Value of the Leases                                   |  |   |                |   |  | $                        | 184,845,791.65 |  |                   
|                                                                                   |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date    |  |   |                |   |  | $                        | 172,934,934.36 |  |                   
|                                                                                   |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period            |  |   |                |   |  | $                        | 10,268,995.64  |  |                   
|                                                                                   |  |   |               
|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                                                            |  |   | 193,532,000.00 |   |  |                          |                |  |                   
|                                                                                   |  |   |               
|Principal Paid Per $1,000                                                          |  | $ |               |   |  | $                        |               |  |                   
|                                                                                   |  |   |                |   |  |                          |                |  |                   
|Original Class A-1 Face                                                            |  |   | 193,532,000.00 |   |  |                          |                |  |                   
|                                                                                   |  |   |               
|Ending Principal Balance Factor                                                    |  |   |                |   |  |                          |                |  |                   
|(Ending Class A Principal/Original Class A-1 Face)                                 |  |   | 0.0000000000   | % |  |                          |                |  |                   
|                                                                                   |  |   |                |   |  |                          |                |  |                   
|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                                                            |  |   | 70,193,000.00  |   |  |                          |                |  |                   
|                                                                                   |  |   |               
|Principal Paid Per $1,000                                                          |  | $ |               |   |  | $                        |               |  |                   
|                                                                                   |  |   |                |   |  |                          |                |  |                   
|Original Class A-2 Face                                                            |  |   | 70,193,000.00  |   |  |                          |                |  |                   
|                                                                                   |  |   |               
|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                                              |  |   |                |   |  | $                        | 79,459,599.37  |  |                   
|Principal in Current Period                                                        |  |   |                |   |  | $                        | 10,268,995.64  |  |                   
|Ending Class A-3 Principal Balance                                                 |  |   |                |   |  | $                        | 69,190,603.73  |  |                   
|                                                                                   |  |   |               
|Interest due this Due Period                                                       |  |   | %              |   |  | $                        | 90,252.86      |  |                   
|Interest Paid Per $1,000                                                           |  | $ | 0.3103605970   |   |  | $                        | 90,252.86      |  |                   
|                                                                                   |  |   |                |   |  |                          |                |  |                   
|Original Class A-3 Face                                                            |  |   | 290,800,000.00 |   |  |                          |                |  |                   
|                                                                                   |  |   |               
|Principal Paid Per $1,000                                                          |  | $ | 35.3129148493  |   |  | $                        | 10,268,995.64  |  |                   
|                                                                                   |  |   |                |   |  |                          |                |  |                   
|Original Class A-3 Face                                                            |  |   | 290,800,000.00 |   |  |                          |                |  |                   
|Ending Principal Balance Factor                                                    |  |   |                |   |  |                          |                |  |                   
|(Ending Class A-3 Principal/Original Class A-3 Face)                               |  |   | 23.7931924810  | % |  |                          |                |  |                   
|                                                                                   |  |   |                |   |  |                          |                |  |                   





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                               |  |   | Payment Date   |   |  |   | July 15, 2003  |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                |  | 
|June 2003                                                                            |  |   | Payment Date # |   |  |   | 32             |  | 
|                                                                                     |  |   |               
|Class A-4                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 79,906,000.00  |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 79,906,000.00  |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 93,334.65      |  | 
|Interest Paid Per $1,000                                                             |  | $ | 1.1680555556   |   |  | $ | 93,334.65      |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 79,906,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |               |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-4 Face                                                              |  |   | 79,906,000.00  |   |  |   |                |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 23,838,330.63  |  | 
|                                                                                     |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 6,000,370.45   |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 2,004,223.35   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 848,788.38     |  | 
|                                                                                     |  |   |               
|Other Information to be provided                                                     |  |   |                |   |  |   |                |  | 
|Total Contracts for Reporting Period                                                 |  |   | Jun-03         |   |  |   | 27,066         |  | 
|                                                                                     |  |   |               
|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              |  |   | 2.31%          |   |  | $ | 162,784.20     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 70,492,425.01  |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 4.06%          |   |  | $ | 28,614,952.99  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 70,492,425.01  |  | 
|                                                                                     |  |   |               
|Cumulative additions made for Early Termination Leases since Closing                 |  |   | 6.93%          |   |  | $ | 48,834,717.14  |  | 
|Maximum Allowable additions for Early Termination Leases                             |  |   | 20.00%         |   |  | $ | 140,984,850.01 |  | 
|                                                                                     |  |   |               
|Interest Rate Swap                                                                   |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-3 Fixed Swap Rate                                                            |  |   | 6.475          | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  |   | 6.475          | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |   |                |   |  |   | 859,910.21     |  | 
|                                                                                     |  |   |               
|Class A-3 Note Interest Rate                                                         |  |   | 1.41000        | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  |   | 1.45000        | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |   |                |   |  |   | 183,587.51     |  | 
|                                                                                     |  |   |               
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |   |                |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |   |                |   |  |   | 676,322.70     |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |                 |   |  |                   
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | --------------- | - |  | ------------------
|Chase Lease-Backed Notes Series 2000-2                                                                |  | Payment Date   |  |   | August 15, 2003 |   |  |                   
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                 |   |  |                   
|July 2003                                                                                             |  | Payment Date # |  |   | 33              |   |  |                   
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                 |   |  |                   
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 172,934,934.36  |   |  |                   
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 9,357,638.01    |   |  |                   
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 407,977.09      |   |  |                   
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   |                |   |  |                   
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 2,152,450.58    |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|                                                                                                      |  |                | 
|Subtotal:                                                                                             |  |                |  | $ | 161,016,868.68  |   |  |                   
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |                 |   |  |                   
|Non-Performing                                                                                        |  |                |  |   | 408,511.89      |   |  |                   
|Adjusted / Warranty                                                                                   |  |                |  |   |                |   |  |                   
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |                |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 161,425,380.57  |   |  |                   
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                 |   |  |                   
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                 |   |  |                   
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 7,030,154.37    |   |  |                   
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,450,214.96    |   |  |                   
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 1,269,641.09    |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Ending outstanding servicer advances                                                                  |  |                |  |   | 6,849,580.50    |   |  |                   
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                 |   |  |                   
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 831,791.85      |   |  |                   
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 761,541.80      |   |  |                   
|Less:    Repurchased Leases                                                                           |  |                |  |   |                |   |  |                   
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |                |   |  |                   
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 657,133.56      |   |  |                   
|Add:    Received in Prior Month                                                                       |  |                |  |   |                |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 727,383.61      |   |  |                   
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                 |   |  |                   
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 7,049,242.50    |   |  |                   
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |                |   |  |                   
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50    |   |  |                   
|Required Reserve Account                                                                              |  |                |  |   |                 |   |  |                   
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 7,049,242.50    |   |  |                   
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |                |   |  |                   
|Deposits into Reserve Account                                                                         |  |                |  |   |                |   |  |                   
|Amounts Released to Issuer                                                                            |  |                |  |   |                |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50    |   |  |                   
|                                                                                                      |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |                |  |   |                 |   |  |                   
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 43,582.10       |   |  |                   
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   |                |   |  |                   
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |                |   |  |                   
|                                                                                                      |  |                |  |   |                 |   |  |                   
|Ending Balance                                                                                        |  |                |  |   | 43,582.10       |   |  |                   
|                                                                                                      |  |                | 
|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                                                                                            |  |                |  |   | 0.21            | % |  | Annualized July 03
|Last Month                                                                                            |  |                |  |   | 0.36            | % |  | Annualized June 03
|Two Months ago                                                                                        |  |                |  |   | 0.73            | % |  | Annualized May 03 
|3 mos. Average                                                                                        |  |                |  |   | 0.43            | % |  |                   





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |                 |   |               | 
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | --------------- | - | ------------- | 
|Chase Lease-Backed Notes Series 2000-2                                    |  | Payment Date                                                                     |   |  | August 15, 2003 |   |               | 
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |                 |   |               | 
|July 2003                                                                 |  | Payment Date  #                                                                  |   |  | 33              |   |               | 
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |                 |   |               | 
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61              |   |               | 
|                                                                          |  |                                                                                  |  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |                 |   |               | 
|This Month                                                                |  |                                                                                  |   |  | 1.60            | % |               | 
|Last Month                                                                |  |                                                                                  |   |  | 1.65            | % |               | 
|Two Months ago                                                            |  |                                                                                  |   |  | 1.73            | % |               | 
|3 mos. Average                                                            |  |                                                                                  |   |  | 1.66            | % |               | 
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |                 |   |               | 
|Triggered if                                                              |  |                                                                                  |   |  |                 |   |               | 
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |                 |   |               | 
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |                 |   |               | 
|Acceleration Event Triggered? (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               |   |               | 
|                                                                         
|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                              |   |  |                 |   | 9,504,831.41  | 
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Current Months Receivables                           |   |  |                 |   | 8,054,616.45  | 
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |                 |   | 1,450,214.96  | 
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |                 |   | 2,152,450.58  | 
|                                                                          |  | Advance payments for current month                                               |   |  |                 |   | 761,541.80    | 
|                                                                          |  | 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                                                               |   |  |                 |   | 11,086.77     | 
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |                 |   | 5,379.49      | 
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |                 |   | 34.27         | 
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |                 |   |              | 
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                 |   | 1,269,641.09  | 
|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 |   |  |                 |   | 13,704,965.41 | 
|                                                                          |  |                                                                                  |  
|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                               |  |                                                                                  |   |  | 13,704,965.41   |   |               | 





---

|IKON Receivables, LLC                                                              |  |                          |                |   |  |   |                 |  |                                  
|---------------------------------------------------------------------------------- |  | ------------------------ | -------------- | - |  | - | --------------- |  | ---------------------------------
|Chase Lease-Backed Notes Series 2000-2                                             |  |                          | Payment Date   |   |  |   | August 15, 2003 |  |                                  
|MONTHLY SERVICER REPORT                                                            |  |                          |                |   |  |   |                 |  |                                  
|July 2003                                                                          |  |                          | Payment Date # |   |  |   | 33              |  |                                  
|                                                                                   |  |                          |               
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                              |  |                          |                |   |  |   |                 |  |                                  
|                                                                                   |  |                          |               
|Surety Fee                                                                         |  |                          | 0.18           | % |  |   | 22,364.49       |  | Surety Fee                       
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes  |  |                          |                |   |  |   |                 |  |                                  
|                                                                                   |  |                          |               
|Payment to Swap Counterparty                                                       |  |                          |                |   |  |   | 630,107.76      |  | IKONTransfer                     
|(ii)      Section 3.03 (b) (ii)                                                    |  |                          |                |   |  |   |                 |  |                                  
|                                                                                   |  |                          |               
|Servicing Fee                                                                      |  |                          | 0.75           | % |  |   | 93,185.38       |  | NoDistributionon thisAmount      
|0.75% of the Lesser of Outstanding Principal Amount of the Notes or DPV            |  |                          |                |   |  |   |                 |  |                                  
|                                                                                   |  |                          |               
|(iii)    Section 3.03 (b) (iii)                                                    |  |                          |                |   |  |   |                 |  |                                  
|Trustee Fee                                                                        |  |                          |                |   |  |   |                 |  | Annual Fee                       
|                                                                                   |  |                          |                |   |  |   |                 |  |                                  
|Servicing Fee Less Trustee Fee                                                     |  |                          |                |   |  |   | 93,185.38       |  | IOSC NetServicing FeeDistribution
|                                                                                   |  |                          |               
|(iv)     Section 3.03 (b) (iv)                                                     |  |                          |                |   |  |   |                 |  |                                  
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                       |  |                          |                |   |  |   | 1,450,214.96    |  | IOSC SvcAdvancereimbursement     
|                                                                                   |  |                          |                |   |  |   |                 |  |                                  
|                                                                                   |  |                          |               
|Remaining Available to be Distributed to Noteholders                               |  |                          |                |   |  |   | 11,509,092.82   |  |                                  
|                                                                                   |  |                          |               
|(v)    Disbursements Section 3.03 (b) (v)                                          |  |                          |                |   |  |   |                 |  | Actual Daysfor A1-A3-A4          
|Class A-1 Interest Due (Act/360 Basis)                                             |  |                          | 6.66125        | % |  | $ |                |  | 31                               
|Class A-2 Interest Due (30/360 Basis)                                              |  |                          | 6.60000        | % |  | $ |                |  |                                  
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.10688 + .23 =
1.33688%       |  |                          | 1.33688        | % |  | $ | 79,652.38       |  | Libor + .23                      
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.10688 + .27 =
1.37688%       |  |                          | 1.37688        | % |  | $ | 94,740.28       |  | Libor + .27                      
|                                                                                   |  |                          |                |   |  |   |                 |  |                                  
|Total Class A Interest Due                                                         |  |                          |                |   |  | $ | 174,392.66      |  |                                  
|Class A Interest Paid                                                              |  |                          |                |   |  | $ | 174,392.66      |  |                                  
|Cumulative Outstanding Amounts Owed to AMBAC                                       |  |                          |                |   |  | $ |                |  |                                  
|(vi)   Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |                          |                |   |  | $ |                |  |                                  
|Beginning Aggregate Class A Note Balance                                           |  |                          |                |   |  | $ | 149,096,603.73  |  |                                  
|Class A Principal Payment While Class A-1 Outstanding                              |  |                          |                |   |  | $ |                |  |                                  
|Class A Principal Payment After Class A-1 Retired                                  |  |                          | 86.21542       | % |  | $ | 9,923,010.14    |  |                                  
|Aggregate Class A Principal Payment                                                |  |                          |                |   |  | $ | 9,923,010.14    |  |                                  
|(vii) Class A Principal Paid                                                       |  |                          |                |   |  | $ | 9,923,010.14    |  |                                  
|Ending Aggregate Class A Note Balance                                              |  |                          |                |   |  | $ | 139,173,593.59  |  |                                  
|Overcollateralization Floor                                                        |  |                          |                |   |  |   |                 |  |                                  
|2.5% of $704,924,250.06                                                            |  |                          |                |   |  | $ | 17,623,106.25   |  |                                  
|Plus: Cumulative Loss Amount                                                       |  |                          |                |   |  | $ |                |  |                                  
|Less: Reserve Account Ending Balance                                               |  |                          |                |   |  | $ | 7,049,242.50    |  |                                  
|Overcollateralization Floor                                                        |  |                          |                |   |  | $ | 10,573,863.75   |  | N                                
|(viii)Additional Class A Principal                                                 |  |                          |                |   |  | $ |                |  |                                  
|Additional Principal Class A Paid                                                  |  |                          |                |   |  | $ |                |  |                                  
|End of Period Class A Note Balance                                                 |  |                          |                |   |  | $ | 139,173,593.59  |  |                                  
|                                                                                   |  |                          |               
|Remaining Collections After Distributions to Noteholders                           |  |                          |                |   |  | $ | 1,411,690.02    |  |                                  
|                                                                                   |  |                          |               
|(ix)   Reserve Account Deposit (section 3.03 (b) (ix))                             |  |                          |                |   |  |   |                |  |                                  
|                                                                                   |  |                          |               
|(xi)   Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |                          |                |   |  | $ | 1,411,690.02    |  |                                  
|                                                                                   |  |                          |               
|Total Distribution from the Collection Account                                     |  |                          |                |   |  | $ | 13,704,965.41   |  |                                  
|                                                                                   | 
|Trustee Transfer to IOSC                                                           |  | IOSC Transfer to Trustee
|Adv Payments                                                                       |  | $                        | 104,408.24     |   |  |   |                 |  |                                  
|Remaining Coll                                                                     |  |                          | 1,411,690.02   |   |  | $ | 2,152,450.58    |  | EarlyTerminations                
|Servicer Advances Reimbursement                                                    |  |                          | 1,450,214.96   |   |  |   | 630,107.76      |  | SwapPayment                      
|Servicing Fee Less Trustee Fee                                                     |  |                          | 93,185.38      |   |  |   | 1,269,641.09    |  | ServicerAdvances                 
|                                                                                   |  |                          |                |   |  |   |                 |  |                                  
|                                                                                   |  |                          | 3,059,498.59   |   |  |   | 4,052,199.43    |  |                                  





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                 |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | --------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                          |  |   | Payment Date   |   |  |   | August 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                 |  | 
|July 2003                                                                       |  |   | Payment Date # |   |  |   | 33              |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 172,934,934.36  |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 161,425,380.57  |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 9,923,010.14    |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 193,532,000.00 |   |  |   |                 |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-1 Face                                                         |  |   | 193,532,000.00 |   |  |   |                 |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                 |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 70,193,000.00  |   |  |   |                 |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-2 Face                                                         |  |   | 70,193,000.00  |   |  |   |                 |  | 
|                                                                                |  |   |               
|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                                           |  |   |                |   |  | $ | 69,190,603.73   |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 9,923,010.14    |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 59,267,593.59   |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 79,652.38       |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.2739077606   |   |  | $ | 79,652.38       |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 34.1231435357  |   |  | $ | 9,923,010.14    |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                 |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 20.3808781274  | % |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Beginning Class A-4 Principal Balance                                           |  |   |                |   |  | $ | 79,906,000.00   |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ |                |  | 
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 79,906,000.00   |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 94,740.28       |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.1856466667   |   |  | $ | 94,740.28       |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                 |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                 |  | 
|                                                                                |  |   |                |   |  |   |                 |  | 
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 22,251,786.98   |  | 





---

|IKON Receivables, LLC                                                                |  |                |   |  |   |                 |  | 
|------------------------------------------------------------------------------------ |  | -------------- | - |  | - | --------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                               |  | Payment Date   |   |  |   | August 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |                |   |  |   |                 |  | 
|July 2003                                                                            |  | Payment Date # |   |  |   | 33              |  | 
|                                                                                     |  |                |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |                |   |  |   |                 |  | 
|                                                                                     |  |                |  
|Discounted Present Value of the Leases which are:                                    |  |                |   |  |   |                 |  | 
|31-60 DAYS OVERDUE                                                                   |  |                |   |  | $ | 5,918,341.70    |  | 
|61-90 DAYS OVERDUE                                                                   |  |                |   |  | $ | 1,869,457.90    |  | 
|91-120 DAYS OVERDUE                                                                  |  |                |   |  | $ | 714,768.12      |  | 
|                                                                                     |  |                |  
|Other Information to be provided                                                     |  |                |   |  |   |                 |  | 
|Total Contracts for Reporting Period                                                 |  | Jul-03         |   |  |   | 25,850          |  | 
|                                                                                     |  |                |  
|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              |  | 0.02%          |   |  | $ | 162,784.20      |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00%         |   |  | $ | 70,492,425.01   |  | 
|                                                                                     |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 4.12%          |   |  | $ | 29,023,464.88   |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%         |   |  | $ | 70,492,425.01   |  | 
|                                                                                     |  |                |  
|Cumulative additions made for Early Termination Leases since Closing                 |  | 6.93%          |   |  | $ | 48,834,717.14   |  | 
|Maximum Allowable additions for Early Termination Leases                             |  | 20.00%         |   |  | $ | 140,984,850.01  |  | 
|                                                                                     |  |                |  
|Interest Rate Swap                                                                   |  |                |   |  |   |                 |  | 
|                                                                                     |  |                |  
|Class A-3 Fixed Swap Rate                                                            |  | 6.475          | % |  |   |                 |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 6.475          | % |  |   |                 |  | 
|a) Fixed Swap Interest Payable                                                       |  |                |   |  |   | 804,500.42      |  | 
|                                                                                     |  |                |  
|Class A-3 Note Interest Rate                                                         |  | 1.33688        | % |  |   |                 |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.37688        | % |  |   |                 |  | 
|b) Floating Swap Interest Receivable                                                 |  |                |   |  |   | 174,392.66      |  | 
|                                                                                     |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |                |   |  |   |                |  | 
|(Available Funds deposited to Collection Account)                                  |  |                |   |  |   |                 |  | 
|                                                                                     |  |                |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |                |   |  |   | 630,107.76      |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |              |   |  |   |                    |  | 
|----------------------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ------------------ |  | 
|Chase Lease-Backed Notes Series 2000-2                                                                |  | Payment Date |   |  |   | September 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |              |   |  |   |                    |  | 
|August 2003                                                                                           |  | Payment Date | # |  |   | 34                 |  | 
|                                                                                                      |  |              |  
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |              |   |  |   |                    |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |              |   |  | $ | 161,425,380.57     |  | 
|                                                                                                      |  |              |  
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |              |   |  |   | 8,611,933.83       |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |              |   |  |   | 245,280.55         |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |              |   |  |   |                   |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |              |   |  |   | 2,363,951.81       |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|Subtotal:                                                                                             |  |              |   |  | $ | 150,204,214.38     |  | 
|                                                                                                      |  |              |  
|Add:    DPV Substitute Leases                                                                         |  |              |   |  |   |                    |  | 
|Non-Performing                                                                                        |  |              |   |  |   | 245,963.57         |  | 
|Adjusted / Warranty                                                                                   |  |              |   |  |   |                   |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |              |   |  |   |                   |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |              |   |  | $ | 150,450,177.95     |  | 
|                                                                                                      |  |              |  
|OVERDUE LEASE PAYMENTS                                                                                |  |              |   |  |   |                    |  | 
|                                                                                                      |  |              |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |              |   |  |   |                    |  | 
|Beginning outstanding servicer advances                                                               |  |              |   |  |   | 6,849,580.50       |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |              |   |  |   | 1,238,598.54       |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |              |   |  |   | 1,283,862.20       |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|Ending outstanding servicer advances                                                                  |  |              |   |  |   | 6,894,844.16       |  | 
|                                                                                                      |  |              |  
|ADVANCE LEASE PAYMENTS                                                                                |  |              |   |  |   |                    |  | 
|                                                                                                      |  |              |  
|Beginning amount of lease payments to be applied in future                                            |  |              |   |  |   | 727,383.61         |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |              |   |  |   | 660,925.14         |  | 
|Less:    Repurchased Leases                                                                           |  |              |   |  |   |                   |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |              |   |  |   |                   |  | 
|Add:    Received This Month - including intermonth activity                                           |  |              |   |  |   | 665,631.21         |  | 
|Add:    Received in Prior Month                                                                       |  |              |   |  |   |                   |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|Ending amount of lease payments to be applied in future                                               |  |              |   |  |   | 732,089.68         |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |              |   |  |   |                    |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 7,049,242.50       |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |              |   |  |   |                   |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 7,049,242.50       |  | 
|                                                                                                      |  |              |  
|Required Reserve Account                                                                              |  |              |   |  |   |                    |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |              |   |  |   | 7,049,242.50       |  | 
|                                                                                                      |  |              |  
|Reserve Account in excess of Required Reserve                                                         |  |              |   |  |   |                   |  | 
|Deposits into Reserve Account                                                                         |  |              |   |  |   |                   |  | 
|Amounts Released to Issuer                                                                            |  |              |   |  |   |                   |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 7,049,242.50       |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |              |   |  |   |                    |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 43,582.10          |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |              |   |  |   | 11,575.97          |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |              |   |  |   |                   |  | 
|                                                                                                      |  |              |   |  |   |                    |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 32,006.13          |  | 





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |                    |   |               |                     
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------------ | - | ------------- | --------------------
|Chase Lease-Backed Notes Series 2000-2                                    |  | Payment Date                                                                     |   |  | September 15, 2003 |   |               |                     
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |                    |   |               |                     
|August 2003                                                               |  | Payment Date                                                                     | # |  | 34                 |   |               |                     
|                                                                          |  |                                                                                  |  
|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                                                                |  |                                                                                  |   |  | -2.29              | % |               | Annualized August 03
|Last Month                                                                |  |                                                                                  |   |  | 0.21               | % |               | Annualized July 03  
|Two Months ago                                                            |  |                                                                                  |   |  | 0.36               | % |               | Annualized June 03  
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | -0.57              | % |               |                     
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |                    |   |               |                     
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61                 |   |               |                     
|                                                                          |  |                                                                                  |  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |                    |   |               |                     
|This Month                                                                |  |                                                                                  |   |  | 1.57               | % |               |                     
|Last Month                                                                |  |                                                                                  |   |  | 1.60               | % |               |                     
|Two Months ago                                                            |  |                                                                                  |   |  | 1.65               | % |               |                     
|                                                                          |  |                                                                                  |  
|3 mos. Average                                                            |  |                                                                                  |   |  | 1.61               | % |               |                     
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |                    |   |               |                     
|Triggered if                                                              |  |                                                                                  |   |  |                    |   |               |                     
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |                    |   |               |                     
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |                    |   |               |                     
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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                  |   |               |                     
|                                                                         
|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                              |   |  |                    |   | 8,710,145.19  |                     
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Current Months Receivables                           |   |  |                    |   | 7,471,546.65  |                     
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |                    |   | 1,238,598.54  |                     
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |                    |   | 2,363,951.81  |                     
|                                                                          |  | Advance payments for current month                                               |   |  |                    |   | 660,925.14    |                     
|                                                                          |  | 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                                                               |   |  |                    |   | 11,373.60     |                     
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |                    |   | 5,391.53      |                     
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |                    |   | 32.21         |                     
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |                    |   |              |                     
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                    |   | 1,283,862.20  |                     
|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 |   |  |                    |   | 13,035,681.68 |                     





---

|IKON Receivables, LLC                                                             |  |                |   |  |   |                    |  |                                    
|--------------------------------------------------------------------------------- |  | -------------- | - |  | - | ------------------ |  | -----------------------------------
|Chase Lease-Backed Notes Series 2000-2                                            |  | Payment Date   |   |  |   | September 15, 2003 |  |                                    
|MONTHLY SERVICER REPORT                                                           |  |                |   |  |   |                    |  |                                    
|August 2003                                                                       |  | Payment Date # |   |  |   | 34                 |  |                                    
|                                                                                  |  |                |  
|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)                 |  |                |   |  |   | 11,575.97          |  |                                    
|                                                                                  |  |                |  
|Less   Credit for payments applied in prior period                                |  |                |   |  |   |                   |  |                                    
|                                                                                  |  |                |   |  |   |                    |  |                                    
|Total deposited into the Collection Account                                       |  |                |   |  |   | 13,047,257.65      |  |                                    
|                                                                                  |  |                |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                             |  |                |   |  |   |                    |  |                                    
|                                                                                  |  |                |  
|Surety Fee                                                                        |  | 0.18           | % |  |   | 20,876.04          |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes |  |                |   |  |   |                    |  |                                    
|Payment to Swap Counterparty                                                      |  |                |   |  |   | 587,614.33         |  | IKON Transfer                      
|(ii)      Section 3.03 (b) (ii)                                                   |  |                |   |  |   |                    |  |                                    
|Servicing Fee                                                                     |  | 0.75           | % |  |   | 86,983.50          |  | 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                                                                       |  |                |   |  |   |                    |  | Annual Fee                         
|                                                                                  |  |                |   |  |   |                    |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                |   |  |   | 86,983.50          |  | IOSC Net Servicing Fee Distribution
|(iv)     Section 3.03 (b) (iv)                                                    |  |                |   |  |   |                    |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                |   |  |   | 1,238,598.54       |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                |   |  |   |                    |  |                                    
|Remaining Available to be Distributed to Noteholders                              |  |                |   |  |   | 11,113,185.24      |  |                                    
|(v)      Disbursements Section 3.03 (b) (v)                                       |  |                |   |  |   |                    |  | Actual Days for A1-A3-A4           
|Class A-1 Interest Due (Act/360 Basis)                                            |  | 6.66125        | % |  | $ |                   |  | 31                                 
|Class A-2 Interest Due (30/360 Basis)                                             |  | 6.60000        | % |  | $ |                   |  |                                    
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.11000 +
..23 = 1.34000%     |  | 1.34000        | % |  | $ | 68,388.22          |  | Libor + .23                        
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.11000 +
..27 = 1.38000%     |  | 1.38000        | % |  | $ | 94,954.96          |  | Libor + .27                        
|                                                                                  |  |                |   |  |   |                    |  |                                    
|Total Class A Interest Due                                                        |  |                |   |  | $ | 163,343.18         |  |                                    
|Class A Interest Paid                                                             |  |                |   |  | $ | 163,343.18         |  |                                    
|Cumulative Outstanding Amounts Owed to AMBAC                                      |  |                |   |  | $ |                   |  |                                    
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                        |  |                |   |  | $ |                   |  |                                    
|Beginning Aggregate Class A Note Balance                                          |  |                |   |  | $ | 139,173,593.59     |  |                                    
|Class A Principal Payment While Class A-1
Outstanding                             |  |                |   |  | $ |                   |  |                                    
|Class A Principal Payment After Class A-1
Retired                                 |  | 86.21542       | % |  | $ | 9,462,317.03       |  |                                    
|Aggregate Class A Principal Payment                                               |  |                |   |  | $ | 9,462,317.03       |  |                                    
|(vii)   Class A Principal Paid                                                    |  |                |   |  | $ | 9,462,317.03       |  |                                    
|Ending Aggregate Class A Note Balance                                             |  |                |   |  | $ | 129,711,276.56     |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  |   |                    |  |                                    
|2.5% of $704,924,250.06                                                           |  |                |   |  | $ | 17,623,106.25      |  |                                    
|Plus: Cumulative Loss Amount                                                      |  |                |   |  | $ |                   |  |                                    
|Less: Reserve Account Ending Balance                                              |  |                |   |  | $ | 7,049,242.50       |  |                                    
|Overcollateralization Floor                                                       |  |                |   |  | $ | 10,573,863.75      |  | N                                  
|(viii)  Additional Class A Principal                                              |  |                |   |  | $ |                   |  |                                    
|Additional Principal Class A Paid                                                 |  |                |   |  | $ |                   |  |                                    
|End of Period Class A Note Balance                                                |  |                |   |  | $ | 129,711,276.56     |  |                                    
|                                                                                  |  |                |  
|Remaining Collections After Distributions to
Noteholders                          |  |                |   |  | $ | 1,487,525.02       |  |                                    





---

|IKON Receivables, LLC                                                                |  |                          |                |   |  |   |                    |  |                   
|------------------------------------------------------------------------------------ |  | ------------------------ | -------------- | - |  | - | ------------------ |  | ------------------
|Chase Lease-Backed Notes Series 2000-2                                               |  |                          | Payment Date   |   |  |   | September 15, 2003 |  |                   
|MONTHLY SERVICER REPORT                                                              |  |                          |                |   |  |   |                    |  |                   
|August 2003                                                                          |  |                          | Payment Date # |   |  |   | 34                 |  |                   
|                                                                                     |  |                          |               
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |                          |                |   |  |   |                   |  |                   
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |                          |                |   |  | $ | 1,487,525.02       |  |                   
|                                                                                     |  |                          |               
|Total Distribution from the Collection Account                                       |  |                          |                |   |  | $ | 13,047,257.65      |  |                   
|                                                                                     | 
|Trustee Transfer to IOSC                                                             |  | IOSC Transfer to Trustee
|                                                                                     |  |                          |               
|                                                                                     |  |                          |                |   |  | $ | 4,706.07           |  | Adv Payments      
|Remaining Coll                                                                       |  | $                        | 1,487,525.02   |   |  |   | 2,363,951.81       |  | Early Terminations
|Servicer Advances Reimbursement                                                      |  |                          | 1,238,598.54   |   |  |   | 587,614.33         |  | Swap Payment      
|Servicing Fee Less Trustee Fee                                                       |  |                          | 86,983.50      |   |  |   | 1,283,862.20       |  | Servicer Advances 
|                                                                                     |  |                          |                |   |  |   |                    |  |                   
|                                                                                     |  |                          | 2,813,107.06   |   |  |   | 4,240,134.41       |  |                   
|                                                                                     |  |                          |               
|RECONCILIATION OF NOTES                                                              |  |                          |                |   |  |   |                    |  |                   
|                                                                                     |  |                          |               
|Beginning Discounted Present Value of the Leases                                     |  |                          |                |   |  | $ | 161,425,380.57     |  |                   
|                                                                                     |  |                          |               
|Discounted Present Value of the Performing Leases as of this Determination Date      |  |                          |                |   |  | $ | 150,450,177.95     |  |                   
|                                                                                     |  |                          |               
|Class A Principal and Additional Principal to be Paid in Current Period              |  |                          |                |   |  | $ | 9,462,317.03       |  |                   
|                                                                                     |  |                          |               
|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                                                              |  |                          | 193,532,000.00 |   |  |   |                    |  |                   
|                                                                                     |  |                          |               
|Principal Paid Per $1,000                                                            |  | $                        |               |   |  | $ |                   |  |                   
|                                                                                     |  |                          |                |   |  |   |                    |  |                   
|Original Class A-1 Face                                                              |  |                          | 193,532,000.00 |   |  |   |                    |  |                   
|                                                                                     |  |                          |               
|Ending Principal Balance Factor                                                      |  |                          |                |   |  |   |                    |  |                   
|(Ending Class A Principal/Original Class A-1 Face)                                   |  |                          | 0.0000000000   | % |  |   |                    |  |                   
|                                                                                     |  |                          |                |   |  |   |                    |  |                   
|                                                                                     |  |                          |               
|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                                                              |  |                          | 70,193,000.00  |   |  |   |                    |  |                   
|                                                                                     |  |                          |               
|Principal Paid Per $1,000                                                            |  | $                        |               |   |  | $ |                   |  |                   
|                                                                                     |  |                          |                |   |  |   |                    |  |                   
|Original Class A-2 Face                                                              |  |                          | 70,193,000.00  |   |  |   |                    |  |                   
|                                                                                     |  |                          |               
|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                                                |  |                          |                |   |  | $ | 59,267,593.59      |  |                   
|Principal in Current Period                                                          |  |                          |                |   |  | $ | 9,462,317.03       |  |                   
|Ending Class A-3 Principal Balance                                                   |  |                          |                |   |  | $ | 49,805,276.56      |  |                   
|                                                                                     |  |                          |               
|Interest due this Due Period                                                         |  |                          | %              |   |  | $ | 68,388.22          |  |                   
|                                                                                     |  |                          |               
|Interest Paid Per $1,000                                                             |  | $                        | 0.2351726882   |   |  | $ | 68,388.22          |  |                   
|                                                                                     |  |                          |                |   |  |   |                    |  |                   
|Original Class A-3 Face                                                              |  |                          | 290,800,000.00 |   |  |   |                    |  |                   
|                                                                                     |  |                          |               
|Principal Paid Per $1,000                                                            |  | $                        | 32.5389169006  |   |  | $ | 9,462,317.03       |  |                   
|                                                                                     |  |                          |                |   |  |   |                    |  |                   
|Original Class A-3 Face                                                              |  |                          | 290,800,000.00 |   |  |   |                    |  |                   
|                                                                                     |  |                          |               
|Ending Principal Balance Factor                                                      |  |                          |                |   |  |   |                    |  |                   
|(Ending Class A-3 Principal/Original Class A-3 Face)                                 |  |                          | 17.1269864374  | % |  |   |                    |  |                   
|                                                                                     |  |                          |                |   |  |   |                    |  |                   





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                    |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | ------------------ |  | 
|Chase Lease-Backed Notes Series 2000-2                                               |  |   | Payment Date   |   |  |   | September 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                    |  | 
|August 2003                                                                          |  |   | Payment Date # |   |  |   | 34                 |  | 
|                                                                                     |  |   |               
|Class A-4                                                                            |  |   |                |   |  |   |                    |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 79,906,000.00      |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |                   |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 79,906,000.00      |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 94,954.96          |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 1.1883333333   |   |  | $ | 94,954.96          |  | 
|                                                                                     |  |   |                |   |  |   |                    |  | 
|Original Class A-4 Face                                                              |  |   | 79,906,000.00  |   |  |   |                    |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |                   |  | 
|                                                                                     |  |   |                |   |  |   |                    |  | 
|Original Class A-4 Face                                                              |  |   | 79,906,000.00  |   |  |   |                    |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                    |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                                 |  |   | 100.0000000000 | % |  |   |                    |  | 
|                                                                                     |  |   |                |   |  |   |                    |  | 
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 20,738,901.39      |  | 
|                                                                                     |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |   |                |   |  |   |                    |  | 
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                    |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 5,381,270.21       |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 1,814,290.90       |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 552,988.83         |  | 
|                                                                                     |  |   |               
|Other Information to be provided                                                     |  |   |                |   |  |   |                    |  | 
|Total Contracts for Reporting Period                                                 |  |   | Aug-03         |   |  |   | 24,554             |  | 
|                                                                                     |  |   |               
|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              |  |   | 0.02%          |   |  | $ | 162,784.20         |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 70,492,425.01      |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 4.15%          |   |  | $ | 29,269,428.45      |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 70,492,425.01      |  | 
|                                                                                     |  |   |               
|Cumulative additions made for Early Termination Leases since Closing                 |  |   | 6.93%          |   |  | $ | 48,834,717.14      |  | 
|Maximum Allowable additions for Early Termination Leases                             |  |   | 20.00%         |   |  | $ | 140,984,850.01     |  | 
|                                                                                     |  |   |               
|Interest Rate Swap                                                                   |  |   |                |   |  |   |                    |  | 
|                                                                                     |  |   |               
|Class A-3 Fixed Swap Rate                                                            |  |   | 6.475          | % |  |   |                    |  | 
|Class A-4 Fixed Swap Rate                                                            |  |   | 6.475          | % |  |   |                    |  | 
|a) Fixed Swap Interest Payable                                                       |  |   |                |   |  |   | 750,957.52         |  | 
|                                                                                     |  |   |               
|Class A-3 Note Interest Rate                                                         |  |   | 1.34000        | % |  |   |                    |  | 
|Class A-4 Note Interest Rate                                                         |  |   | 1.38000        | % |  |   |                    |  | 
|b) Floating Swap Interest Receivable                                                 |  |   |                |   |  |   | 163,343.18         |  | 
|                                                                                     |  |   |               
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |   |                |   |  |   |                   |  | 
|(Available Funds deposited to Collection Account)                                  |  |   |                |   |  |   |                    |  | 
|                                                                                     |  |   |               
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |   |                |   |  |   | 587,614.33         |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |                |  |   |                  |   |  |                        
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ---------------- | - |  | -----------------------
|Chase Lease-Backed Notes Series 2000-2                                                                |  | Payment Date   |  |   | October 15, 2003 |   |  |                        
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                  |   |  |                        
|September 2003                                                                                        |  | Payment Date # |  |   | 35               |   |  |                        
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                  |   |  |                        
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 150,450,177.95   |   |  |                        
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |                |  |   | 8,118,813.51     |   |  |                        
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |                |  |   | 233,441.33       |   |  |                        
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   |                 |   |  |                        
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 2,942,450.92     |   |  |                        
|                                                                                                      |  |                |  |   |                  |   |  |                        
|Subtotal:                                                                                             |  |                |  | $ | 139,155,472.19   |   |  |                        
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |                  |   |  |                        
|Non-Performing                                                                                        |  |                |  |   | 246,255.70       |   |  |                        
|Adjusted / Warranty                                                                                   |  |                |  |   |                 |   |  |                        
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |                 |   |  |                        
|                                                                                                      |  |                |  |   |                  |   |  |                        
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 139,401,727.89   |   |  |                        
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                  |   |  |                        
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                  |   |  |                        
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 6,894,844.16     |   |  |                        
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,453,442.12     |   |  |                        
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 1,226,246.96     |   |  |                        
|                                                                                                      |  |                |  |   |                  |   |  |                        
|Ending outstanding servicer advances                                                                  |  |                |  |   | 6,667,649.00     |   |  |                        
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                  |   |  |                        
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 732,089.68       |   |  |                        
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 537,416.90       |   |  |                        
|Less:    Repurchased Leases                                                                           |  |                |  |   |                 |   |  |                        
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |                 |   |  |                        
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 499,282.96       |   |  |                        
|Add:    Received in Prior Month                                                                       |  |                |  |   |                 |   |  |                        
|                                                                                                      |  |                |  |   |                  |   |  |                        
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 693,955.75       |   |  |                        
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                  |   |  |                        
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 7,049,242.50     |   |  |                        
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |                 |   |  |                        
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50     |   |  |                        
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                  |   |  |                        
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 7,049,242.50     |   |  |                        
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |                 |   |  |                        
|Deposits into Reserve Account                                                                         |  |                |  |   |                 |   |  |                        
|Amounts Released to Issuer                                                                            |  |                |  |   |                 |   |  |                        
|                                                                                                      |  |                |  |   |                  |   |  |                        
|Ending Balance                                                                                        |  |                |  |   | 7,049,242.50     |   |  |                        
|                                                                                                     
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                           
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 32,006.13        |   |  |                        
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   | 849.94           |   |  |                        
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |                 |   |  |                        
|                                                                                                      |  |                |  |   |                  |   |  |                        
|Ending Balance                                                                                        |  |                |  |   | 31,156.19        |   |  |                        
|                                                                                                      |  |                | 
|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                                                                                            |  |                |  |   | -0.67            | % |  | Annualized September 03
|Last Month                                                                                            |  |                |  |   | -2.29            | % |  | Annualized August 03   
|Two Months ago                                                                                        |  |                |  |   | 0.21             | % |  | Annualized July 03     
|                                                                                                      |  |                | 
|3 mos. Average                                                                                        |  |                |  |   | -0.92            | % |  |                        





---

|IKON Receivables, LLC                                                     |  |                                                                                  |   |  |                  |   |               | 
|------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ---------------- | - | ------------- | 
|Chase Lease-Backed Notes Series 2000-2                                    |  | Payment Date                                                                     |   |  | October 15, 2003 |   |               | 
|MONTHLY SERVICER REPORT                                                   |  |                                                                                  |   |  |                  |   |               | 
|September 2003                                                            |  | Payment Date #                                                                   |   |  | 35               |   |               | 
|                                                                          |  |                                                                                  |  
|Calculate Delinquency Rate                                                |  |                                                                                  |   |  |                  |   |               | 
|# of days delinquent to declare Delinquent Lease                          |  |                                                                                  |   |  | 61               |   |               | 
|                                                                          |  |                                                                                  |  
|Discounted Present Value of Delinquent Leases:                            |  |                                                                                  |   |  |                  |   |               | 
|This Month                                                                |  |                                                                                  |   |  | 1.48             | % |               | 
|Last Month                                                                |  |                                                                                  |   |  | 1.57             | % |               | 
|Two Months ago                                                            |  |                                                                                  |   |  | 1.60             | % |               | 
|3 mos. Average                                                            |  |                                                                                  |   |  | 1.55             | % |               | 
|                                                                          |  |                                                                                  |  
|Acceleration Event                                                        |  |                                                                                  |   |  |                  |   |               | 
|Triggered if                                                              |  |                                                                                  |   |  |                  |   |               | 
|Annualized Default Rate greater than                                      |  | 6.25                                                                             | % |  |                  |   |               | 
|Delinquency Rate greater than                                             |  | 8.00                                                                             | % |  |                  |   |               | 
|                                                                          |  |                                                                                  |  
|Acceleration Event Triggered? (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                |   |               | 
|                                                                         
|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                              |   |  |                  |   | 8,394,314.83  | 
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Current Months Receivables                           |   |  |                  |   | 6,940,872.71  | 
|Section 3.03 (a) (i)                                                      |  | Lease Payments Received on Prior Months Receivables                             |   |  |                  |   | 1,453,442.12  | 
|Section 3.03 (a) (i)                                                      |  | Early Termination cash                                                           |   |  |                  |   | 2,942,450.92  | 
|                                                                          |  | Advance payments for current month                                               |   |  |                  |   | 537,416.90    | 
|                                                                          |  | 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                                                               |   |  |                  |   | 10,636.87     | 
|Section 3.03 (a) (v)                                                      |  | Reserve Account                                                                  |   |  |                  |   | 5,207.03      | 
|Section 3.03 (a) (v)                                                      |  | Security Deposit Account                                                         |   |  |                  |   | 30.56         | 
|Section 3.03 (a) (vi)                                                     |  | Casualty Payments                                                                |   |  |                  |   |              | 
|Section 3.03 (a) (vii)                                                    |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                  |   | 1,226,246.96  | 
|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 |   |  |                  |   | 13,116,304.07 | 
|                                                                          |  |                                                                                  |  
|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)         |  |                                                                                  |   |  | 849.94           |   |               | 
|                                                                          |  |                                                                                  |  
|Less     Credit for payments applied in prior period                      |  |                                                                                  |   |  |                 |   |               | 
|                                                                          |  |                                                                                  |   |  |                  |   |               | 
|                                                                          |  |                                                                                  |  
|Total deposited into the Collection Account                               |  |                                                                                  |   |  | 13,117,154.01    |   |               | 





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |                          |                  |  |                                   
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | ------------------------ | ---------------- |  | ----------------------------------
|Chase Lease-Backed Notes Series 2000-2                                               |  |   | Payment Date   |   |  |                          | October 15, 2003 |  |                                   
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |                          |                  |  |                                   
|September 2003                                                                       |  |   | Payment Date # |   |  |                          | 35               |  |                                   
|                                                                                    
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                               
|                                                                                     |  |   |               
|Surety Fee                                                                           |  |   | 0.18           | % |  |                          | 19,456.69        |  | Surety Fee                        
|(i)       Section 3.03 (b) (i) 0.18% of Outstanding Principal Amount of the
Notes    |  |   |                |   |  |                          |                  |  |                                   
|                                                                                     |  |   |               
|Payment to Swap Counterparty                                                         |  |   |                |   |  |                          | 551,311.71       |  | IKON Transfer                     
|(ii)      Section 3.03 (b) (ii)                                                      |  |   |                |   |  |                          |                  |  |                                   
|                                                                                     |  |   |               
|Servicing Fee                                                                        |  |   | 0.75           | % |  |                          | 81,069.55        |  | No Distribution onthis Amount     
|0.75% of the Lesser of Outstanding Principal Amount of the Notes
or DPV              |  |   |                |   |  |                          |                  |  |                                   
|                                                                                     |  |   |               
|(iii)    Section 3.03 (b) (iii)                                                      |  |   |                |   |  |                          |                  |  |                                   
|Trustee Fee                                                                          |  |   |                |   |  |                          |                  |  | Annual Fee                        
|                                                                                     |  |   |                |   |  |                          |                  |  |                                   
|Servicing Fee Less Trustee Fee                                                       |  |   |                |   |  |                          | 81,069.55        |  | IOSC Net ServicingFee Distribution
|                                                                                     |  |   |               
|(iv)     Section 3.03 (b) (iv)                                                       |  |   |                |   |  |                          |                  |  |                                   
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                         |  |   |                |   |  |                          | 1,453,442.12     |  | IOSC Svc Advancereimbursement     
|                                                                                     |  |   |                |   |  |                          |                  |  |                                   
|Remaining Available to be Distributed to
Noteholders                                 |  |   |                |   |  |                          | 11,011,873.94    |  |                                   
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |   |                |   |  |                          |                  |  | Actual Days for A1-A3-A4          
|Class A-1 Interest Due (Act/360 Basis)                                               |  |   | 6.66125        | % |  | $                        |                 |  | 30                                
|Class A-2 Interest Due (30/360 Basis)                                                |  |   | 6.60000        | % |  | $                        |                 |  |                                   
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.12000 +
..23 = 1.35000%        |  |   | 1.35000        | % |  | $                        | 56,030.94        |  | Libor + .23                       
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.12000 +
..27 = 1.39000%        |  |   | 1.39000        | % |  | $                        | 92,557.78        |  | Libor + .27                       
|                                                                                     |  |   |                |   |  |                          |                  |  |                                   
|Total Class A Interest Due                                                           |  |   |                |   |  | $                        | 148,588.72       |  |                                   
|Class A Interest Paid                                                                |  |   |                |   |  | $                        | 148,588.72       |  |                                   
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |   |                |   |  | $                        |                 |  |                                   
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |   |                |   |  | $                        |                 |  |                                   
|Beginning Aggregate Class A Note Balance                                             |  |   |                |   |  | $                        | 129,711,276.56   |  |                                   
|Class A Principal Payment While Class A-1
Outstanding                                |  |   |                |   |  | $                        |                 |  |                                   
|Class A Principal Payment After Class A-1
Retired                                    |  |   | 86.21542       | % |  | $                        | 9,525,467.62     |  |                                   
|Aggregate Class A Principal Payment                                                  |  |   |                |   |  | $                        | 9,525,467.62     |  |                                   
|(vii)   Class A Principal Paid                                                       |  |   |                |   |  | $                        | 9,525,467.62     |  |                                   
|Ending Aggregate Class A Note Balance                                                |  |   |                |   |  | $                        | 120,185,808.94   |  |                                   
|Overcollateralization Floor                                                          |  |   |                |   |  |                          |                  |  |                                   
|2.5% of $704,924,250.06                                                              |  |   |                |   |  | $                        | 17,623,106.25    |  |                                   
|Plus: Cumulative Loss Amount                                                         |  |   |                |   |  | $                        |                 |  |                                   
|Less: Reserve Account Ending Balance                                                 |  |   |                |   |  | $                        | 7,049,242.50     |  |                                   
|Overcollateralization Floor                                                          |  |   |                |   |  | $                        | 10,573,863.75    |  | N                                 
|(viii)  Additional Class A Principal                                                 |  |   |                |   |  | $                        |                 |  |                                   
|Additional Principal Class A Paid                                                    |  |   |                |   |  | $                        |                 |  |                                   
|End of Period Class A Note Balance                                                   |  |   |                |   |  | $                        | 120,185,808.94   |  |                                   
|                                                                                     |  |   |               
|Remaining Collections After Distributions to
Noteholders                             |  |   |                |   |  | $                        | 1,337,817.60     |  |                                   
|                                                                                     |  |   |               
|(ix)     Reserve Account Deposit (section 3.03 (b) (ix))                             |  |   |                |   |  |                          |                 |  |                                   
|                                                                                     |  |   |               
|(xi)     Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi)) |  |   |                |   |  | $                        | 1,337,817.60     |  |                                   
|                                                                                     |  |   |               
|Total Distribution from the Collection
Account                                       |  |   |                |   |  | $                        | 13,117,154.01    |  |                                   
|                                                                                     |  |  
|Trustee Transfer to IOSC                                                             |  |   |                |   |  | IOSC Transfer to Trustee
|                                                                                     |  |   |               
|Adv Payments                                                                         |  | $ | 38,133.93      |   |  |                          |                  |  |                                   
|Remaining Coll                                                                       |  |   | 1,337,817.60   |   |  | $                        | 2,942,450.92     |  | Early Terminations                
|Servicer Advances Reimbursement                                                      |  |   | 1,453,442.12   |   |  |                          | 551,311.71       |  | Swap Payment                      
|Servicing Fee Less Trustee Fee                                                       |  |   | 81,069.55      |   |  |                          | 1,226,246.96     |  | Servicer Advances                 
|                                                                                     |  |   |                |   |  |                          |                  |  |                                   
|                                                                                     |  | $ | 2,910,463.20   |   |  | $                        | 4,720,009.59     |  |                                   





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |   |                  |  | 
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ---------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                          |  |   | Payment Date   |   |  |   | October 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |   |                  |  | 
|September 2003                                                                  |  |   | Payment Date # |   |  |   | 35               |  | 
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |   |                  |  | 
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $ | 150,450,177.95   |  | 
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $ | 139,401,727.89   |  | 
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $ | 9,525,467.62     |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 193,532,000.00 |   |  |   |                  |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Original Class A-1 Face                                                         |  |   | 193,532,000.00 |   |  |   |                  |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  | 
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |   |                  |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|                                                                                |  |   |               
|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                                                         |  |   | 70,193,000.00  |   |  |   |                  |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Original Class A-2 Face                                                         |  |   | 70,193,000.00  |   |  |   |                  |  | 
|                                                                                |  |   |               
|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                                           |  |   |                |   |  | $ | 49,805,276.56    |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ | 9,525,467.62     |  | 
|Ending Class A-3 Principal Balance                                              |  |   |                |   |  | $ | 40,279,808.94    |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 56,030.94        |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 0.1926785974   |   |  | $ | 56,030.94        |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                  |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ | 32.7560784825  |   |  | $ | 9,525,467.62     |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Original Class A-3 Face                                                         |  |   | 290,800,000.00 |   |  |   |                  |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                            |  |   | 13.8513785891  | % |  |   |                  |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|                                                                                |  |   |               
|Class A-4                                                                       |  |   |                |   |  |   |                  |  | 
|Beginning Class A-4 Principal Balance                                           |  |   |                |   |  | $ | 79,906,000.00    |  | 
|Principal in Current Period                                                     |  |   |                |   |  | $ |                 |  | 
|Ending Class A-4 Principal Balance                                              |  |   |                |   |  | $ | 79,906,000.00    |  | 
|                                                                                |  |   |               
|Interest due this Due Period                                                    |  |   | %              |   |  | $ | 92,557.78        |  | 
|                                                                                |  |   |               
|Interest Paid Per $1,000                                                        |  | $ | 1.1583333333   |   |  | $ | 92,557.78        |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                  |  | 
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $ |                 |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Original Class A-4 Face                                                         |  |   | 79,906,000.00  |   |  |   |                  |  | 
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |   |                  |  | 
|(Ending Class A-4 Principal/Original Class A-4 Face)                            |  |   | 100.0000000000 | % |  |   |                  |  | 
|                                                                                |  |   |                |   |  |   |                  |  | 
|Overcollateralization Amount                                                    |  |   |                |   |  | $ | 19,215,918.95    |  | 





---

|IKON Receivables, LLC                                                                |  |                |   |  |   |                  |  | 
|------------------------------------------------------------------------------------ |  | -------------- | - |  | - | ---------------- |  | 
|Chase Lease-Backed Notes Series 2000-2                                               |  | Payment Date   |   |  |   | October 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |                |   |  |   |                  |  | 
|September 2003                                                                       |  | Payment Date # |   |  |   | 35               |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |                |  
|Discounted Present Value of the Leases which are:                                    |  |                |   |  |   |                  |  | 
|31-60 DAYS OVERDUE                                                                   |  |                |   |  | $ | 4,488,045.15     |  | 
|61-90 DAYS OVERDUE                                                                   |  |                |   |  | $ | 1,525,892.03     |  | 
|91-120 DAYS OVERDUE                                                                  |  |                |   |  | $ | 530,557.21       |  | 
|                                                                                     |  |                |  
|Other Information to be provided                                                     |  |                |   |  |   |                  |  | 
|Total Contracts for Reporting Period                                                 |  | Sep-03         |   |  |   | 23,226           |  | 
|                                                                                     |  |                |  
|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              |  | 0.02%          |   |  | $ | 162,784.20       |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00%         |   |  | $ | 70,492,425.01    |  | 
|                                                                                     |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 4.19%          |   |  | $ | 29,515,684.15    |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%         |   |  | $ | 70,492,425.01    |  | 
|                                                                                     |  |                |  
|Cumulative additions made for Early Termination Leases since Closing                 |  | 6.93%          |   |  | $ | 48,834,717.14    |  | 
|Maximum Allowable additions for Early Termination Leases                             |  | 20.00%         |   |  | $ | 140,984,850.01   |  | 
|                                                                                     |  |                |  
|Interest Rate Swap                                                                   |  |                |   |  |   |                  |  | 
|                                                                                     |  |                |  
|Class A-3 Fixed Swap Rate                                                            |  | 6.475          | % |  |   |                  |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 6.475          | % |  |   |                  |  | 
|a) Fixed Swap Interest Payable                                                       |  |                |   |  |   | 699,900.43       |  | 
|                                                                                     |  |                |  
|Class A-3 Note Interest Rate                                                         |  | 1.35000        | % |  |   |                  |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.39000        | % |  |   |                  |  | 
|b) Floating Swap Interest Receivable                                                 |  |                |   |  |   | 148,588.72       |  | 
|                                                                                     |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |                |   |  |   |                 |  | 
|(Available Funds deposited to Collection Account)                                  |  |                |   |  |   |                  |  | 
|                                                                                     |  |                |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |                |   |  |   | 551,311.71       |  | 



|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, LLC                                                   |  |                |  |   |                   |  |             
|----------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | ------------
|Deutsche Lease-Backed Notes Series 2001-1                               |  | Payment Date   |  |   | November 15, 2002 |  |             
|MONTHLY SERVICER REPORT                                                 |  |                |  |   |                   |  |             
|October 2002                                                            |  | Payment Date # |  |   | 17                |  |             
|                                                                        |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                          |  |                |  |   |                   |  |             
|Beginning Balance (DPVL as of previous Determination Date)              |  |                |  | $ | 397,746,198.91    |  |             
|                                                                        |  |                | 
|Less:    Lease Payments Due - current month                             |  | Oct-02         |  | $ | 16,075,756.86     |  |             
|Add:    Interest (@ Discount Rate of 5.97%)                             |  |                |  | $ | 1,978,787.34      |  |             
|Less:    DPV Non-Performing Leases - current month - over 120 days, etc |  | Oct-02         |  | $ | 584,787.27        |  |             
|Less:    Warranty Leases                                                |  |                |  | $ |                  |  |             
|Less:    DPV Amounts on Early Termination Leases                        |  | Oct-02         |  | $ | 1,196,122.14      |  |             
|Add:    DPV Substitute Leases                                           |  | Oct-02         |  | $ | 584,788.00        |  |             
|Add:    DPV Additional Leases                                           |  | Oct-02         |  | $ |                  |  |             
|                                                                        |  |                |  |   |                   |  |             
|Ending Balance (DPVL as of current Determination Date)                  |  |                |  | $ | 382,453,107.98    |  |             
|                                                                        |  |                | 
|OVERDUE LEASE PAYMENTS                                                  |  |                |  |   |                   |  |             
|                                                                        |  |                | 
|Beginning Balance                                                       |  |                |  |   | 2,613,616.58      |  |             
|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         |  |   | 2,726,646.92      |  |             
|                                                                        |  |                |  |   |                   |  |             
|Total Cash to be reimbursed to IOS                                      |  |                |  |   | 2,726,646.92      |  |             
|Add:    Servicer Adv for scheduled payments not made in current period  |  | Oct-02         |  |   | 2,368,809.15      |  |             
|                                                                        |  |                |  |   |                   |  |             
|Ending Balance                                                          |  |                |  |   | 2,255,778.81      |  |             
|                                                                       
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                            
|                                                                        |  |                | 
|Beginning Balance                                                       |  |                |  |   | 630,556.52        |  |             
|Less:    Applied to Current from Prepaid                                |  | Oct-02         |  |   | 1,219,833.66      |  |             
|Less:    Repurchased Leases                                             |  |                |  |   |                  |  |             
|Less:    Advance Payments on Non-Performing Leases                      |  |                |  |   |                  |  |             
|Add:    Received This Month                                             |  |                |  |   | 1,350,120.19      |  |             
|Add:    Received in Prior Month                                         |  |                |  |   |                  |  | (130,286.53)
|                                                                        |  |                |  |   |                   |  |             
|Ending Balance                                                          |  |                |  |   | 760,843.05        |  |             
|                                                                        |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                       |  |                |  |   |                   |  |             
|                                                                        |  |                | 
|Beginning Balance                                                       |  | Oct-02         |  |   | 6,467,570.37      |  |             
|Less:    Deposit to Collection Account (if any)                         |  |                |  |   |                  |  |             
|Ending Balance                                                          |  |                |  |   | 6,467,570.37      |  |             
|                                                                        |  |                | 
|Required Reserve Account                                                |  |                |  |   |                   |  |             
|Lesser of 1% of $ and Outstanding Note Amount                           |  |                |  |   | 6,467,570.37      |  |             
|                                                                        |  |                | 
|Reserve Account in excess of Required Reserve                           |  |                |  |   |                  |  |             
|Deposits into Reserve Account                                           |  |                |  |   |                  |  |             
|Amounts Released to Issuer                                              |  |                |  |   |                  |  |             
|                                                                        |  |                |  |   |                   |  |             
|Ending Balance                                                          |  |                |  |   | 6,467,570.37      |  |             
|                                                                       
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                             
|                                                                        |  |                | 
|Beginning Balance                                                       |  | Oct-02         |  |   | 4,662.35          |  |             
|Less Retainable Deposits to be Deposited into Collection Account and    |  |                |  |   | 94.34             |  |             
|Amounts Repayable to Lessees                                            |  |                |  |   |                   |  |             
|Add Additional Security Deposits collected on leases                    |  |                |  |   |                   |  |             
|                                                                        |  |                |  |   |                   |  |             
|Ending Balance                                                          |  | Oct-02         |  |   | 4,568.01          |  |             





---

|IKON Receivables, LLC                                                                                               |  |   |                |   |  |                   |   |  |                  
|------------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----------------- | - |  | -----------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                           |  |   | Payment Date   |   |  | November 15, 2002 |   |  |                  
|MONTHLY SERVICER REPORT                                                                                             |  |   |                |   |  |                   |   |  |                  
|October 2002                                                                                                        |  |   | 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 Occurring)                                   |  |   |                |   |  |                  |   |  |                  
|Lesser of:      2% of Discounted PV of Leases as of Cutoff Date                                                     |  | $ | 7,954,923.98   |   |  |                   |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                         |  | $ | 332,783,311.13 |   |  |                   |   |  |                  
|                                                                                                                    |  |   |               
|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                                                                                                          |  |   |                |   |  | 1.76              | % |  | Annualized Oct 02
|Last Month                                                                                                          |  |   |                |   |  | 1.46              | % |  | Annualized Sep 02
|Two Months ago                                                                                                      |  |   |                |   |  | 1.95              | % |  | Annualized Aug 02
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 1.72              | % |  |                  
|                                                                                                                    |  |   |               
|Calculate Delinquent Rate                                                                                           |  |   |                |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                    |  |   |                |   |  | 61                |   |  |                  
|                                                                                                                    |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                      |  |   |                |   |  |                   |   |  |                  
|This Month                                                                                                          |  |   |                |   |  | 2.15              | % |  |                  
|Last Month                                                                                                          |  |   |                |   |  | 2.63              | % |  |                  
|Two Months ago                                                                                                      |  |   |                |   |  | 2.00              | % |  |                  
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 2.26              | % |  |                  
|                                                                                                                    |  |   |               
|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 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, LLC                                                            |  |              |   |  |                   |  |                                   
|-------------------------------------------------------------------------------- |  | ------------ | - |  | ----------------- |  | ----------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                        |  | Payment Date |   |  | November 15, 2002 |  |                                   
|MONTHLY SERVICER REPORT                                                          |  |              |   |  |                   |  |                                   
|October 2002                                                                     |  | Payment Date | # |  | 17                |  |                                   
|                                                                                
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT       
|                                                                                 |  |              |  
|Deposits by or on behalf of the Servicer:                                        |  |              |   |  |                   |  |                                   
|                                                                                 |  |              |  
|Lease Payments received calendar month                                           |  | Oct-02       |   |  | 15,213,760.97     |  |                                   
|Lease Payments Received on Prior Months Receivables                             |  | Oct-02       |   |  |                  |  |                                   
|Lease payments received in current month available for distribution              |  | Oct-02       |   |  | 15,213,760.97     |  |                                   
|Reimbursed Servicer Advances                                                     |  |              |   |  |                  |  |                                   
|Amounts on early Terminations to extent Additional Lease not Provided            |  |              |   |  | 1,196,122.14      |  |                                   
|Advanced Payments Applied to Current                                             |  |              |   |  | 1,219,833.66      |  |                                   
|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                                                               |  | Oct-02       |   |  | 9,573.85          |  |                                   
|Reserve Account                                                                  |  | Oct-02       |   |  | 5,905.90          |  |                                   
|Security Deposit Account                                                         |  | Oct-02       |   |  | 4.33              |  |                                   
|Casualty Payments                                                                |  |              |   |  |                  |  |                                   
|Servicer Adv for scheduled payments not made in current period                   |  |              |   |  |                  |  |                                   
|Payments Received From Swap Counterparty                                         |  |              |   |  |                  |  |                                   
|Funds For Redemption (Optional Clean-Up Call)                                    |  |              |   |  |                  |  |                                   
|                                                                                 |  |              |   |  |                   |  |                                   
|Total amounts in the Collection Account related to the Current Collection Period |  |              |   |  | 17,645,200.85     |  |                                   
|                                                                                 |  |              |  
|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       |   |  | 94.34             |  |                                   
|                                                                                 |  |              |   |  |                   |  |                                   
|Less  Credit for payments applied in prior period                                |  |              |   |  |                  |  |                                   
|                                                                                 |  |              |  
|Total deposited into the Collection Account                                      |  |              |   |  | 17,645,295.19     |  |                                   
|                                                                                
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                           
|                                                                                 |  |              |  
|Surety Fee                                                                       |  | 0.24         | % |  | 70,577.41         |  | Surety Fee October 02             
|0.24% of Outstanding Principal Amount of the Notes                               |  |              |   |  |                   |  |                                   
|                                                                                 |  |              |  
|Payment to Swap Counterparty - Update Monthly                                    |  | Sep-02       |   |  | 862,925.40        |  |                                   
|                                                                                 |  |              |  
|Transfer TO Advance Payment Que in Collection Account                            |  | Oct-02       |   |  | 130,286.53        |  | INCREASES Balance in Adv que      
|Transfer From Security Deposit Account to Collection Act                         |  | Oct-02       |   |  | 94.34             |  | Decreases Balance in Sec Dep      
|                                                                                 |  |              |   |  |                  |  |                                   
|Servicing Fee                                                                    |  | 0.75         | % |  | 220,554.42        |  | 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    | % |  | 414.32            |  | Trustee Fees - Bank of New York   
|Minimum Fee = $ 250.00                                                           |  |              |   |  |                   |  |                                   
|Service Fee Less Trustee Fee                                                     |  |              |   |  | 220,140.10        |  | IOS Net Servicing Fee Distribution
|                                                                                 |  |              |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed                      |  |              |   |  |                  |  | IOS Svc Advance reimbursement     
|                                                                                 |  |              |   |  |                   |  |                                   
|Remaining Available to be Distributed to Noteholders                             |  |              |   |  | 16,360,857.08     |  |                                   





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |                               |                   |  |                         
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----------------------------- | ----------------- |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                       |  |   | Payment Date   |   |  |                               | November 15, 2002 |  |                         
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |                               |                   |  |                         
|October 2002                                                                    |  |   | Payment Date # |   |  |                               | 17                |  |                         
|                                                                                |  |   |               
|Disbursements                                                                   |  |   |                |   |  |                               |                   |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                          |  |   | 3.73375        | % |  | $                             |                  |  | 31                      
|Class A-2 Interest Due (30/360 Basis)                                           |  |   | 4.16000        | % |  | $                             |                  |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.80250 + .23 = 2.03250%    |  |   | 2.03250        | % |  | $                             | 396,749.60        |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.80250 + .26 = 2.06250%    |  |   | 2.06250        | % |  | $                             | 224,136.46        |  | Libor + .26             
|                                                                                |  |   |                |   |  |                               |                   |  |                         
|Total Class A Interest Due                                                      |  |   |                |   |  | $                             | 620,886.06        |  |                         
|Class A Interest Paid                                                           |  |   |                |   |  | $                             | 620,886.06        |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                    |  |   |                |   |  | $                             |                  |  |                         
|Reimburse Amounts due AMBAC                                                     |  |   |                |   |  | $                             |                  |  |                         
|Beginning Aggregate Class A Note Balance                                        |  |   |                |   |  | $                             | 352,887,073.08    |  |                         
|Class A Principal Payment While Class A-1 Outstanding                           |  |   |                |   |  | $                             |                  |  |                         
|Class A Principal Payment After Class A-1 Retired                               |  |   | 89.16570       | % |  | $                             | 13,636,191.58     |  |                         
|Aggregate Class A Principal Payment                                             |  |   |                |   |  | $                             | 13,636,191.58     |  |                         
|Class A Principal Paid                                                          |  |   |                |   |  | $                             | 13,636,191.58     |  |                         
|Ending Aggregate Class A Note Balance                                           |  |   |                |   |  | $                             | 339,250,881.50    |  |                         
|Overcollateralization Floor                                                     |  |   |                |   |  |                               |                   |  |                         
|2.5% of $555,615,022.22                                                         |  |   |                |   |  | $                             | 13,890,375.56     |  |                         
|Plus: Cumulative Loss Amount                                                    |  |   |                |   |  | $                             |                  |  |                         
|Less: Reserve Account Ending Balance                                            |  |   |                |   |  | $                             | 6,467,570.37      |  |                         
|Overcollateralization Floor                                                     |  |   |                |   |  | $                             | 7,422,805.19      |  | N                       
|Additional Class A Principal                                                    |  |   |                |   |  | $                             |                  |  |                         
|Additional Principal Class A Paid                                               |  |   |                |   |  | $                             |                  |  |                         
|End of Period Class A Note Balance                                              |  |   |                |   |  | $                             | 339,250,881.50    |  |                         
|                                                                                |  |   |               
|Remaining Collections After Distributions to Noteholders                        |  |   |                |   |  | $                             | 2,103,779.44      |  |                         
|                                                                                |  |   |               
|Distribution to Noteholder for Clean-up Call                                    |  |   |                |   |  | $                             |                  |  |                         
|                                                                                |  |   |               
|Reserve Account Deposit                                                         |  |   |                |   |  | $                             |                  |  |                         
|                                                                                |  |   |               
|Renewal Account Deposit                                                         |  |   |                |   |  | $                             |                  |  |                         
|Additional Funds Available for Distribution to IOS                              |  |   |                |   |  | $                             | 603,779.44        |  |                         
|Total Distribution from the Collection Account                                  |  |   |                |   |  | $                             | 16,145,295.19     |  |                         
|Amounts to IOS Capital for current period                                       |  |   | Oct-02         |   |  |                               |                   |  |                         
|Adv Payments                                                                    |  |   | 0.00           |   |  | Transfer from Collection Acct
|Sec Deposits                                                                    |  |   | 94.34          |   |  | Transfer from Sec Dep Acct   
|Remaining Coll                                                                  |  |   | 603,779.44     |   |  | Transfer from Collection Acct
|Service Fees                                                                    |  |   | 220,140.10     |   |  | Transfer from Collection Acct
|                                                                                |  |   |                |   |  |                               |                   |  |                         
|                                                                                |  |   | 824,013.88     |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $                             | 397,746,198.91    |  |                         
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $                             | 382,453,107.98    |  |                         
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $                             | 13,636,191.58     |  |                         
|                                                                                |  |   |               
|Class A - 1        CUSIP # 45171W AT 4                                          |  |   |                |   |  |                               |                   |  |                         
|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                                                         |  |   | 168,000,000.00 |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $                             |                  |  |                         
|                                                                                |  |   |                |   |  |                               |                   |  |                         
|Original Class A-1 Face                                                         |  |   | 168,000,000.00 |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |                               |                   |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |                               |                   |  |                         
|                                                                                |  |   |                |   |  |                               |                   |  |                         





---

|IKON Receivables, LLC                                                      |  |   |                |   |  |   |                   |  |            
|-------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | -----------
|Deutsche Lease-Backed Notes Series 2001-1                                  |  |   | Payment Date   |   |  |   | November 15, 2002 |  |            
|MONTHLY SERVICER REPORT                                                    |  |   |                |   |  |   |                   |  |            
|October 2002                                                               |  |   | Payment Date # |   |  |   | 17                |  |            
|                                                                           |  |   |               
|Class A-2        CUSIP # 45171W AU 1                                       |  |   |                |   |  |   |                   |  |            
|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                                                    |  |   | 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)                       |  |   | 0.0000000000   | % |  |   |                   |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|Class A-3        CUSIP # 45171W AV 9                                       |  |   |                |   |  |   |                   |  |            
|Beginning Class A-3 Principal Balance                                      |  |   | Oct-02         |   |  | $ | 226,687,073.08    |  |            
|Principal in Current Period                                                |  |   |                |   |  | $ | 13,636,191.58     |  |            
|Ending Class A-3 Principal Balance                                         |  |   |                |   |  | $ | 213,050,881.50    |  |            
|                                                                           |  |   |               
|Interest due this Due Period                                               |  |   | %              |   |  | $ | 396,749.60        |  |            
|                                                                           |  |   |               
|Interest Paid Per $1,000                                                   |  | $ | 1.5259600168   |   |  | $ | 396,749.60        |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|Original Class A-3 Face                                                    |  |   | 260,000,000.00 |   |  |   |                   |  |            
|                                                                           |  |   |               
|Principal Paid Per $1,000                                                  |  | $ | 52.4468906913  |   |  | $ | 13,636,191.58     |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|Original Class A-3 Face                                                    |  |   | 260,000,000.00 |   |  |   |                   |  |            
|                                                                           |  |   |               
|Ending Principal Balance Factor                                            |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|(Ending Class A-3 Principal/Original Class A-3 Face)                       |  |   | 81.9426467309  | % |  |   |                   |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|Class A-4        CUSIP # 45171W AW 7                                       |  |   |                |   |  |   |                   |  |            
|Beginning Class A-4 Principal Balance                                      |  |   | Oct-02         |   |  | $ | 126,200,000.00    |  |            
|Principal in Current Period                                                |  |   |                |   |  | $ |                  |  |            
|Ending Class A-4 Principal Balance                                         |  |   |                |   |  | $ | 126,200,000.00    |  |            
|                                                                           |  |   |               
|Interest due this Due Period                                               |  |   | %              |   |  | $ | 224,136.46        |  |            
|                                                                           |  |   |               
|Interest Paid Per $1,000                                                   |  | $ | 1.7760416667   |   |  | $ | 224,136.46        |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|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)                       |  |   | 100.0000000000 | % |  |   |                   |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|Overcollateralization Amount                                               |  |   |                |   |  | $ | 43,202,226.48     |  | 11.2960846%
|                                                                          
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                  
|                                                                           |  |   |               
|Discounted Present Value of the Leases which are:                          |  |   |                |   |  |   |                   |  |            
|31-60 DAYS OVERDUE                                                         |  |   | Oct-02         |   |  | $ | 19,179,285.96     |  |            
|61-90 DAYS OVERDUE                                                         |  |   | Oct-02         |   |  | $ | 5,177,343.66      |  |            
|91-120 DAYS OVERDUE                                                        |  |   | Oct-02         |   |  | $ | 3,058,685.45      |  |            
|                                                                           |  |   |               
|Servicer Advance since previous months report                             |  |   |                |   |  | $ |                  |  |            
|                                                                           |  |   |               
|Other Information to be provided                                           |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|Total amount of Lease Payments received during prior Period                |  |   |                |   |  | $ | 15,213,760.97     |  |            
|                                                                           |  |   |               
|Total amount of Casualty Payments received during prior Period             |  |   |                |   |  | $ |                  |  |            
|                                                                           |  |   |               
|Total amount of Termination Payments received during prior Period          |  |   |                |   |  | $ | 1,196,122.14      |  |            
|                                                                           |  |   |               
|Total amount of Non-Performing Lease Payments received during prior Period |  |   |                |   |  | $ |                  |  |            





---

|IKON Receivables, LLC                                                                  |  |                |   |  |   |                   |  | 
|-------------------------------------------------------------------------------------- |  | -------------- | - |  | - | ----------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                              |  | Payment Date   |   |  |   | November 15, 2002 |  | 
|MONTHLY SERVICER REPORT                                                                |  |                |   |  |   |                   |  | 
|October 2002                                                                           |  | Payment Date # |   |  |   | 17                |  | 
|                                                                                       |  |                |  
|Retainable Deposits on Deposit                                                         |  |                |   |  | $ | 4,568.01          |  | 
|                                                                                       |  |                |  
|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                       |  | 10.000000%     |   |  | $ | 55,561,502.22     |  | 
|                                                                                       |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Oct-02         |   |  | $ | 14,082,397.00     |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.000000%     |   |  | $ | 55,561,502.22     |  | 
|                                                                                       |  |                |  
|Interest Rate Swap                                                                     |  |                |   |  |   |                   |  | 
|                                                                                       |  |                |  
|Class A-3 Fixed Swap Rate                                                              |  | 4.825          | % |  |   |                   |  | 
|Class A-4 Fixed Swap Rate                                                              |  | 5.435          | % |  |   |                   |  | 
|a) Fixed Swap Interest Payable                                                         |  |                |   |  |   | 1,483,051.77      |  | 
|                                                                                       |  |                |  
|Class A-3 Note Interest Rate                                                           |  | 2.03250        | % |  |   |                   |  | 
|Class A-4 Note Interest Rate                                                           |  | 2.06250        | % |  |   |                   |  | 
|b) Floating Swap Interest Receivable                                                   |  |                |   |  |   | 620,886.06        |  | 
|                                                                                       |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                          |  |                |   |  |   |                  |  | 
|(Available Funds deposited to Collection Account)                                    |  |                |   |  |   |                   |  | 
|                                                                                       |  |                |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                               |  |                |   |  |   | 862,165.71        |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                             |  |                |  |   |                   |  |           
|------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | ----------
|Deutsche Lease-Backed Notes Series 2001-1                                                         |  | Payment Date   |  |   | December 16, 2002 |  |           
|MONTHLY SERVICER REPORT                                                                           |  |                |  |   |                   |  |           
|November 2002                                                                                     |  | Payment Date # |  |   | 18                |  |           
|                                                                                                  |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |                |  |   |                   |  |           
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                |  | $ | 382,453,107.98    |  |           
|                                                                                                  |  |                | 
|Less:    Lease Payments Due - current month                                                       |  | Nov-02         |  | $ | 15,681,336.68     |  |           
|Add:    Interest (@ Discount Rate of 5.97%)                                                       |  |                |  | $ | 1,902,704.21      |  |           
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                             |  | Nov-02         |  | $ | 484,295.75        |  |           
|Less:    Warranty Leases                                                                          |  |                |  | $ |                  |  |           
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Nov-02         |  | $ | 790,121.51        |  |           
|Add:    DPV Substitute Leases                                                                     |  | Nov-02         |  | $ | 484,296.00        |  |           
|Add:    DPV Additional Leases                                                                     |  | Nov-02         |  | $ |                  |  |           
|                                                                                                  |  |                |  |   |                   |  |           
|                                                                                                  |  |                | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                |  | $ | 367,884,354.25    |  |           
|                                                                                                  |  |                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                |  |   |                   |  |           
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 2,255,778.81      |  |           
|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         |  |   | 2,236,595.49      |  |           
|                                                                                                  |  |                |  |   |                   |  |           
|Total Cash to be reimbursed to IOS                                                                |  |                |  |   | 2,236,595.49      |  |           
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Nov-02         |  |   | 2,694,608.18      |  |           
|                                                                                                  |  |                |  |   |                   |  |           
|Ending Balance                                                                                    |  |                |  |   | 2,713,791.50      |  |           
|                                                                                                 
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                                                      
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 760,843.05        |  |           
|Less:    Applied to Current from Prepaid                                                          |  | Nov-02         |  |   | 1,299,857.30      |  |           
|Less:    Repurchased Leases                                                                       |  |                |  |   |                  |  |           
|Less:    Advance Payments on Non-Performing Leases                                                |  |                |  |   |                  |  |           
|Add:    Received This Month                                                                       |  |                |  |   | 1,186,133.38      |  |           
|Add:    Received in Prior Month                                                                   |  |                |  |   |                  |  | 113,723.92
|                                                                                                  |  |                |  |   |                   |  |           
|Ending Balance                                                                                    |  |                |  |   | 647,119.13        |  |           
|                                                                                                  |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |                |  |   |                   |  |           
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Nov-02         |  |   | 6,467,570.37      |  |           
|Less:    Deposit to Collection Account (if any)                                                   |  |                |  |   |                  |  |           
|Ending Balance                                                                                    |  |                |  |   | 6,467,570.37      |  |           
|                                                                                                  |  |                | 
|Required Reserve Account                                                                          |  |                |  |   |                   |  |           
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                |  |   | 6,467,570.37      |  |           
|                                                                                                  |  |                | 
|Reserve Account in excess of Required Reserve                                                     |  |                |  |   |                  |  |           
|Deposits into Reserve Account                                                                     |  |                |  |   |                  |  |           
|Amounts Released to Issuer                                                                        |  |                |  |   |                  |  |           
|                                                                                                  |  |                |  |   |                   |  |           
|                                                                                                  |  |                | 
|Ending Balance                                                                                    |  |                |  |   | 6,467,570.37      |  |           
|                                                                                                 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                       
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Nov-02         |  |   | 4,568.01          |  |           
|Less Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |                |  |   |                   |  |           
|Add Additional Security Deposits collected on leases                                              |  |                |  |   | 44.34             |  |           
|                                                                                                  |  |                |  |   |                   |  |           
|Ending Balance                                                                                    |  | Nov-02         |  |   | 4,612.35          |  |           





---

|IKON Receivables, LLC                                                                                               |  |   |                |   |  |                   |   |  |                  
|------------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----------------- | - |  | -----------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                           |  |   | Payment Date   |   |  | December 16, 2002 |   |  |                  
|MONTHLY SERVICER REPORT                                                                                             |  |   |                |   |  |                   |   |  |                  
|November 2002                                                                                                       |  |   | Payment Date # |   |  | 18                |   |  |                  
|                                                                                                                   
|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                                                      |  | $ | 7,649,062.16   |   |  |                   |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                         |  | $ | 319,792,979.89 |   |  |                   |   |  |                  
|                                                                                                                    |  |   |               
|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                                                                                                          |  |   |                |   |  | 1.52              | % |  | Annualized Nov 02
|Last Month                                                                                                          |  |   |                |   |  | 1.76              | % |  | Annualized Oct 02
|Two Months ago                                                                                                      |  |   |                |   |  | 1.46              | % |  | Annualized Sep 02
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 1.58              | % |  |                  
|                                                                                                                    |  |   |               
|Calculate Delinquent Rate                                                                                           |  |   |                |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                    |  |   |                |   |  | 61                |   |  |                  
|                                                                                                                    |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                      |  |   |                |   |  |                   |   |  |                  
|This Month                                                                                                          |  |   |                |   |  | 1.89              | % |  |                  
|Last Month                                                                                                          |  |   |                |   |  | 2.15              | % |  |                  
|Two Months ago                                                                                                      |  |   |                |   |  | 2.63              | % |  |                  
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 2.22              | % |  |                  
|                                                                                                                    |  |   |               
|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, LLC                                                            |  |                |   |  |                   |  |                                   
|-------------------------------------------------------------------------------- |  | -------------- | - |  | ----------------- |  | ----------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                        |  | Payment Date   |   |  | December 16, 2002 |  |                                   
|MONTHLY SERVICER REPORT                                                          |  |                |   |  |                   |  |                                   
|November 2002                                                                    |  | Payment Date # |   |  | 18                |  |                                   
|                                                                                
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT       
|                                                                                 |  |                |  
|Deposits by or on behalf of the Servicer:                                        |  |                |   |  |                   |  |                                   
|                                                                                 |  |                |  
|Lease Payments received calendar month                                           |  | Nov-02         |   |  | 13,923,466.69     |  |                                   
|Lease Payments Received on Prior Month's Receivables                             |  | Nov-02         |   |  |                  |  |                                   
|Lease payments received in current month available for distribution              |  | Nov-02         |   |  | 13,923,466.69     |  |                                   
|Reimbursed Servicer Advances                                                     |  |                |   |  |                  |  |                                   
|Amounts on early Terminations to extent Additional Lease not Provided            |  |                |   |  | 790,121.51        |  |                                   
|Advanced Payments Applied to Current                                             |  |                |   |  | 1,299,857.30      |  |                                   
|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         |   |  | 8,536.13          |  |                                   
|Reserve Account                                                                  |  | Nov-02         |   |  | 4,721.70          |  |                                   
|Security Deposit Account                                                         |  | Nov-02         |   |  | 3.47              |  |                                   
|Casualty Payments                                                                |  |                |   |  |                  |  |                                   
|Servicer Adv for scheduled payments not made in current period                   |  |                |   |  |                  |  |                                   
|Payments Received From Swap Counterparty                                         |  |                |   |  |                  |  |                                   
|Funds For Redemption (Optional Clean-Up Call)                                    |  |                |   |  |                  |  |                                   
|Total amounts in the Collection Account related to the Current Collection Period |  |                |   |  | 16,026,706.80     |  |                                   
|                                                                                 |  |                |  
|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                                      |  |                |   |  | 16,026,706.80     |  |                                   
|                                                                                
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                           
|                                                                                 |  |                |  
|Surety Fee                                                                       |  | 0.24           | % |  | 67,850.18         |  | Surety Fee November 02            
|0.24% of Outstanding Principal Amount of the Notes                               |  |                |   |  |                   |  |                                   
|                                                                                 |  |                |  
|Payment to Swap Counterparty - Update Monthly                                    |  | Nov-02         |   |  | 954,263.93        |  |                                   
|                                                                                 |  |                |  
|Transfer FROM Advance Payment Que in Collection Account                          |  | Nov-02         |   |  | 113,723.92        |  | DECREASES Balance in Adv que      
|Transfer TO Security Deposit Account FROM Collection Act                         |  | Nov-02         |   |  | 44.34             |  | INCREASES Balance in Sec Dep      
|                                                                                 |  |                |   |  |                  |  |                                   
|                                                                                 |  |                |  
|Servicing Fee                                                                    |  | 0.75           | % |  | 212,031.80        |  | 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      | % |  | 398.39            |  | Trustee Fees - Bank of New York   
|Minimum Fee = $ 250.00                                                           |  |                |   |  |                   |  |                                   
|Service Fee Less Trustee Fee                                                     |  |                |   |  | 211,633.41        |  | IOS Net Servicing Fee Distribution
|                                                                                 |  |                |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed                      |  |                |   |  |                  |  | IOS Svc Advance reimbursement     
|                                                                                 |  |                |   |  |                   |  |                                   
|                                                                                 |  |                |  
|Remaining Available to be Distributed to Noteholders                             |  |                |   |  | 14,678,792.63     |  |                                   





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |                               |                   |  |                         
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----------------------------- | ----------------- |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                       |  |   | Payment Date   |   |  |                               | December 16, 2002 |  |                         
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |                               |                   |  |                         
|November 2002                                                                   |  |   | Payment Date # |   |  |                               | 18                |  |                         
|                                                                                |  |   |               
|Disbursements                                                                   |  |   |                |   |  |                               |                   |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                          |  |   | 3.73375        | % |  | $                             |                  |  | 31                      
|Class A-2 Interest Due (30/360 Basis)                                           |  |   | 4.16000        | % |  | $                             |                  |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.38125 + .23 = 1.61125%    |  |   | 1.61125        | % |  | $                             | 295,600.70        |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.38125 + .26 = 1.64125%    |  |   | 1.64125        | % |  | $                             | 178,358.28        |  | Libor + .26             
|                                                                                |  |   |                |   |  |                               |                   |  |                         
|Total Class A Interest Due                                                      |  |   |                |   |  | $                             | 473,958.99        |  |                         
|Class A Interest Paid                                                           |  |   |                |   |  | $                             | 473,958.99        |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                    |  |   |                |   |  | $                             |                  |  |                         
|Reimburse Amounts due AMBAC                                                     |  |   |                |   |  | $                             |                  |  |                         
|Beginning Aggregate Class A Note Balance                                        |  |   |                |   |  | $                             | 339,250,881.50    |  |                         
|Class A Principal Payment While Class A-1 Outstanding                           |  |   |                |   |  | $                             |                  |  |                         
|Class A Principal Payment After Class A-1 Retired                               |  |   | 89.16570       | % |  | $                             | 12,990,331.24     |  |                         
|Aggregate Class A Principal Payment                                             |  |   |                |   |  | $                             | 12,990,331.24     |  |                         
|Class A Principal Paid                                                          |  |   |                |   |  | $                             | 12,990,331.24     |  |                         
|Ending Aggregate Class A Note Balance                                           |  |   |                |   |  | $                             | 326,260,550.26    |  |                         
|Overcollateralization Floor                                                     |  |   |                |   |  |                               |                   |  |                         
|2.5% of $555,615,022.22                                                         |  |   |                |   |  | $                             | 13,890,375.56     |  |                         
|Plus: Cumulative Loss Amount                                                    |  |   |                |   |  | $                             |                  |  |                         
|Less: Reserve Account Ending Balance                                            |  |   |                |   |  | $                             | 6,467,570.37      |  |                         
|Overcollateralization Floor                                                     |  |   |                |   |  | $                             | 7,422,805.19      |  | N                       
|Additional Class A Principal                                                    |  |   |                |   |  | $                             |                  |  |                         
|Additional Principal Class A Paid                                               |  |   |                |   |  | $                             |                  |  |                         
|End of Period Class A Note Balance                                              |  |   |                |   |  | $                             | 326,260,550.26    |  |                         
|                                                                                |  |   |               
|Remaining Collections After Distributions to Noteholders                        |  |   |                |   |  | $                             | 214,502.40        |  |                         
|                                                                                |  |   |               
|Distribution to Noteholder for Clean-up Call                                    |  |   |                |   |  | $                             |                  |  |                         
|                                                                                |  |   |               
|Reserve Account Deposit                                                         |  |   |                |   |  | $                             |                  |  |                         
|                                                                                |  |   |               
|Renewal Account Deposit                                                         |  |   |                |   |  | $                             |                  |  |                         
|Additional Funds Available for Distribution to IOS                              |  |   |                |   |  | $                             | 214,502.40        |  |                         
|                                                                                |  |   |               
|Total Distribution from the Collection Account                                  |  |   |                |   |  | $                             | 15,026,706.80     |  |                         
|                                                                                |  |   |               
|Amounts to IOS Capital for current period                                       |  |   | Nov-02         |   |  |                               |                   |  |                         
|Adv Payments                                                                    |  |   | 113,723.92     |   |  | Transfer from Collection Acct
|Sec Deposits                                                                    |  |   | 0.00           |   |  | Transfer from Sec Dep Acct   
|Remaining Coll                                                                  |  |   | 214,502.40     |   |  | Transfer from Collection Acct
|Service Fees                                                                    |  |   | 211,633.41     |   |  | Transfer from Collection Acct
|                                                                                |  |   |                |   |  |                               |                   |  |                         
|                                                                                |  |   | 539,859.73     |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $                             | 382,453,107.98    |  |                         
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $                             | 367,884,354.25    |  |                         
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $                             | 12,990,331.24     |  |                         
|                                                                                |  |   |               
|Class A-1        CUSIP # 45171W AT 4                                            |  |   |                |   |  |                               |                   |  |                         
|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                                                         |  |   | 168,000,000.00 |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $                             |                  |  |                         
|                                                                                |  |   |                |   |  |                               |                   |  |                         
|Original Class A-1 Face                                                         |  |   | 168,000,000.00 |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |                               |                   |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |                               |                   |  |                         
|                                                                                |  |   |                |   |  |                               |                   |  |                         





---

|IKON Receivables, LLC                                                      |  |   |                |   |  |   |                   |  |            
|-------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | -----------
|Deutsche Lease-Backed Notes Series 2001-1                                  |  |   | Payment Date   |   |  |   | December 16, 2002 |  |            
|MONTHLY SERVICER REPORT                                                    |  |   |                |   |  |   |                   |  |            
|November 2002                                                              |  |   | Payment Date # |   |  |   | 18                |  |            
|                                                                           |  |   |               
|Class A-2        CUSIP # 45171W AU 1                                       |  |   |                |   |  |   |                   |  |            
|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                                                    |  |   | 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)                       |  |   | 0.0000000000   | % |  |   |                   |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|Class A-3        CUSIP # 45171W AV 9                                       |  |   |                |   |  |   |                   |  |            
|Beginning Class A-3 Principal Balance                                      |  |   | Nov-02         |   |  | $ | 213,050,881.50    |  |            
|Principal in Current Period                                                |  |   |                |   |  | $ | 12,990,331.24     |  |            
|Ending Class A-3 Principal Balance                                         |  |   |                |   |  | $ | 200,060,550.26    |  |            
|                                                                           |  |   |               
|Interest due this Due Period                                               |  |   | %              |   |  | $ | 295,600.70        |  |            
|                                                                           |  |   |               
|Interest Paid Per $1,000                                                   |  | $ | 1.1369257711   |   |  | $ | 295,600.70        |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|Original Class A-3 Face                                                    |  |   | 260,000,000.00 |   |  |   |                   |  |            
|                                                                           |  |   |               
|Principal Paid Per $1,000                                                  |  | $ | 49.9628124718  |   |  | $ | 12,990,331.24     |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|Original Class A-3 Face                                                    |  |   | 260,000,000.00 |   |  |   |                   |  |            
|                                                                           |  |   |               
|Ending Principal Balance Factor                                            |  |   |                |   |  |   |                   |  |            
|(Ending Class A-3 Principal/Original Class A-3 Face)                       |  |   | 76.9463654836  | % |  |   |                   |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|Class A-4        CUSIP # 45171W AW 7                                       |  |   |                |   |  |   |                   |  |            
|Beginning Class A-4 Principal Balance                                      |  |   | Nov-02         |   |  | $ | 126,200,000.00    |  |            
|Principal in Current Period                                                |  |   |                |   |  | $ |                  |  |            
|Ending Class A-4 Principal Balance                                         |  |   |                |   |  | $ | 126,200,000.00    |  |            
|                                                                           |  |   |               
|Interest due this Due Period                                               |  |   | %              |   |  | $ | 178,358.28        |  |            
|                                                                           |  |   |               
|Interest Paid Per $1,000                                                   |  | $ | 1.4132986111   |   |  | $ | 178,358.28        |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|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)                       |  |   | 100.0000000000 | % |  |   |                   |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|Overcollateralization Amount                                               |  |   |                |   |  | $ | 41,623,803.99     |  | 11.3143719%
|                                                                          
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                  
|                                                                           |  |   |               
|Discounted Present Value of the Leases which are:                          |  |   |                |   |  |   |                   |  |            
|31-60 DAYS OVERDUE                                                         |  |   | Nov-02         |   |  | $ | 16,424,838.05     |  |            
|61-90 DAYS OVERDUE                                                         |  |   | Nov-02         |   |  | $ | 5,308,519.14      |  |            
|91-120 DAYS OVERDUE                                                        |  |   | Nov-02         |   |  | $ | 1,627,465.05      |  |            
|                                                                           |  |   |               
|Servicer Advance since previous months report                             |  |   |                |   |  | $ |                  |  |            
|                                                                           |  |   |               
|Other Information to be provided                                           |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|Total amount of Lease Payments received during prior Period                |  |   |                |   |  | $ | 13,923,466.69     |  |            
|                                                                           |  |   |               
|Total amount of Casualty Payments received during prior Period             |  |   |                |   |  | $ |                  |  |            
|                                                                           |  |   |               
|Total amount of Termination Payments received during prior Period          |  |   |                |   |  | $ | 790,121.51        |  |            
|                                                                           |  |   |               
|Total amount of Non-Performing Lease Payments received during prior Period |  |   |                |   |  | $ |                  |  |            
|                                                                           |  |   |               
|Retainable Deposits on Deposit                                             |  |   |                |   |  | $ | 4,612.35          |  |            





---

|IKON Receivables, LLC                                                                  |  |                |   |  |   |                   |  | 
|-------------------------------------------------------------------------------------- |  | -------------- | - |  | - | ----------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                              |  | Payment Date   |   |  |   | December 16, 2002 |  | 
|MONTHLY SERVICER REPORT                                                                |  |                |   |  |   |                   |  | 
|November 2002                                                                          |  | Payment Date # |   |  |   | 18                |  | 
|                                                                                       |  |                |  
|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                       |  | 10.000000%     |   |  | $ | 55,561,502.22     |  | 
|                                                                                       |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Nov-02         |   |  | $ | 14,566,693.00     |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.000000%     |   |  | $ | 55,561,502.22     |  | 
|                                                                                       |  |                |  
|Interest Rate Swap                                                                     |  |                |   |  |   |                   |  | 
|                                                                                       |  |                |  
|Class A-3 Fixed Swap Rate                                                              |  | 4.825          | % |  |   |                   |  | 
|Class A-4 Fixed Swap Rate                                                              |  | 5.435          | % |  |   |                   |  | 
|a) Fixed Swap Interest Payable                                                         |  |                |   |  |   | 1,428,222.92      |  | 
|                                                                                       |  |                |  
|Class A-3 Note Interest Rate                                                           |  | 1.61125        | % |  |   |                   |  | 
|Class A-4 Note Interest Rate                                                           |  | 1.64125        | % |  |   |                   |  | 
|b) Floating Swap Interest Receivable                                                   |  |                |   |  |   | 473,958.99        |  | 
|                                                                                       |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                          |  |                |   |  |   |                  |  | 
|(Available Funds deposited to Collection Account)                                    |  |                |   |  |   |                   |  | 
|                                                                                       |  |                |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                               |  |                |   |  |   | 954,263.93        |  | 



|Prepared by: |  | Ernie Whitley                
|------------ |  | -----------------------------
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | December 10, 2002            
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | December 10, 2002            





---

|IKON Receivables, LLC                                                                             |  |                |  |   |                  |  |            |  
|------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ---------------- |  | ---------- | -
|Deutsche Lease-Backed Notes Series 2001-1                                                         |  | Payment Date   |  |   | January 15, 2003 |  |            |  
|MONTHLY SERVICER REPORT                                                                           |  |                |  |   |                  |  |            |  
|December 2002                                                                                     |  | Payment Date # |  |   | 19               |  |            |  
|                                                                                                  |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                    |  |                |  |   |                  |  |            |  
|Beginning Balance (DPVL as of previous Determination Date)                                        |  |                |  | $ | 367,884,354.25   |  |            |  
|                                                                                                  |  |                | 
|Less:    Lease Payments Due - current month                                                       |  | Dec-02         |  | $ | 15,789,588.63    |  |            |  
|Add:    Interest (@ Discount Rate of 5.97%)                                                       |  |                |  | $ | 1,830,224.66     |  |            |  
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                             |  | Dec-02         |  | $ | 481,190.58       |  |            |  
|Less:    Warranty Leases                                                                          |  |                |  | $ |                 |  |            |  
|Less:    DPV Amounts on Early Termination Leases                                                  |  | Dec-02         |  | $ | 646,016.71       |  |            |  
|Add:    DPV Substitute Leases                                                                     |  | Dec-02         |  | $ | 481,195.00       |  |            |  
|Add:    DPV Additional Leases                                                                     |  | Dec-02         |  | $ |                 |  |            |  
|                                                                                                  |  |                |  |   |                  |  |            |  
|                                                                                                  |  |                | 
|Ending Balance (DPVL as of current Determination Date)                                            |  |                |  | $ | 353,278,977.99   |  |            |  
|                                                                                                  |  |                | 
|OVERDUE LEASE PAYMENTS                                                                            |  |                |  |   |                  |  |            |  
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 2,713,791.50     |  |            |  
|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         |  |   | 2,077,748.50     |  |            |  
|                                                                                                  |  |                |  |   |                  |  |            |  
|Total Cash to be reimbursed to IOS                                                                |  |                |  |   | 2,077,748.50     |  |            |  
|Add:    Servicer Adv for scheduled payments not made in current period                            |  | Dec-02         |  |   | 2,710,207.29     |  |            |  
|                                                                                                  |  |                |  |   |                  |  |            |  
|Ending Balance                                                                                    |  |                |  |   | 3,346,250.29     |  |            |  
|                                                                                                 
|COLLECTION ACCOUNT  ADVANCE LEASE PAYMENTS                                                      
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  |                |  |   | 647,119.13       |  |            |  
|Less:    Applied to Current from Prepaid                                                          |  | Dec-02         |  |   | 988,193.85       |  |            |  
|Less:    Repurchased Leases                                                                       |  |                |  |   |                 |  |            |  
|Less:    Advance Payments on Non-Performing Leases                                                |  |                |  |   |                 |  |            |  
|Add:    Received This Month                                                                       |  |                |  |   | 1,051,188.70     |  |            |  
|Add:    Received in Prior Month                                                                   |  |                |  |   |                 |  | (62,994.85 | )
|                                                                                                  |  |                |  |   |                  |  |            |  
|Ending Balance                                                                                    |  |                |  |   | 710,113.98       |  |            |  
|                                                                                                  |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                 |  |                |  |   |                  |  |            |  
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Dec-02         |  |   | 6,467,570.37     |  |            |  
|Less:    Deposit to Collection Account (if any)                                                   |  |                |  |   |                 |  |            |  
|Ending Balance                                                                                    |  |                |  |   | 6,467,570.37     |  |            |  
|                                                                                                  |  |                | 
|Required Reserve Account                                                                          |  |                |  |   |                  |  |            |  
|Lesser of 1% of $ and Outstanding Note Amount                                                     |  |                |  |   | 6,467,570.37     |  |            |  
|                                                                                                  |  |                | 
|Reserve Account in excess of Required Reserve                                                     |  |                |  |   |                 |  |            |  
|Deposits into Reserve Account                                                                     |  |                |  |   |                 |  |            |  
|Amounts Released to Issuer                                                                        |  |                |  |   |                 |  |            |  
|                                                                                                  |  |                |  |   |                  |  |            |  
|                                                                                                  |  |                | 
|Ending Balance                                                                                    |  |                |  |   | 6,467,570.37     |  |            |  
|                                                                                                 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                       
|                                                                                                  |  |                | 
|Beginning Balance                                                                                 |  | Dec-02         |  |   | 4,612.35         |  |            |  
|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         |  |   | 4,612.35         |  |            |  





---

|IKON Receivables, LLC                                                                                               |  |   |                |   |  |                  |   |  |                  
|------------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ---------------- | - |  | -----------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                           |  |   | Payment Date   |   |  | January 15, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                                                             |  |   |                |   |  |                  |   |  |                  
|December 2002                                                                                                       |  |   | Payment Date # |   |  | 19               |   |  |                  
|                                                                                                                    |  |   |               
|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                                                      |  | $ | 7,357,687.09   |   |  |                  |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                         |  | $ | 306,769,993.91 |   |  |                  |   |  |                  
|                                                                                                                    |  |   |               
|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                                                                                                          |  |   |                |   |  | 1.57             | % |  | Annualized Dec 02
|Last Month                                                                                                          |  |   |                |   |  | 1.52             | % |  | Annualized Nov 02
|Two Months ago                                                                                                      |  |   |                |   |  | 1.76             | % |  | Annualized Oct 02
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 1.62             | % |  |                  
|                                                                                                                    |  |   |               
|Calculate Delinquent Rate                                                                                           |  |   |                |   |  |                  |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                    |  |   |                |   |  | 61               |   |  |                  
|                                                                                                                    |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                      |  |   |                |   |  |                  |   |  |                  
|This Month                                                                                                          |  |   |                |   |  | 2.15             | % |  |                  
|Last Month                                                                                                          |  |   |                |   |  | 1.89             | % |  |                  
|Two Months ago                                                                                                      |  |   |                |   |  | 2.15             | % |  |                  
|3 mos. Average                                                                                                      |  |   |                |   |  | 2.06             | % |  |                  
|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, LLC                                                            |  |                |   |  |                  |  |                                  
|-------------------------------------------------------------------------------- |  | -------------- | - |  | ---------------- |  | ---------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                        |  | Payment Date   |   |  | January 15, 2003 |  |                                  
|MONTHLY SERVICER REPORT                                                          |  |                |   |  |                  |  |                                  
|December 2002                                                                    |  | Payment Date # |   |  | 19               |  |                                  
|                                                                                
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT       
|                                                                                 |  |                |  
|Deposits by or on behalf of the Servicer:                                        |  |                |   |  |                  |  |                                  
|                                                                                 |  |                |  
|Lease Payments received calendar month                                           |  | Dec-02         |   |  | 14,168,935.99    |  |                                  
|Lease Payments Received on Prior Months Receivables                             |  | Dec-02         |   |  |                 |  |                                  
|Lease payments received in current month available for distribution              |  | Dec-02         |   |  | 14,168,935.99    |  |                                  
|Reimbursed Servicer Advances                                                     |  |                |   |  |                 |  |                                  
|Amounts on early Terminations to extent Additional Lease not Provided            |  |                |   |  | 646,016.71       |  |                                  
|Advanced Payments Applied to Current                                             |  |                |   |  | 988,193.85       |  |                                  
|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                                                               |  | Dec-02         |   |  | 7,480.42         |  |                                  
|Reserve Account                                                                  |  | Dec-02         |   |  | 4,016.87         |  |                                  
|Security Deposit Account                                                         |  | Dec-02         |   |  | 2.91             |  |                                  
|Casualty Payments                                                                |  |                |   |  |                 |  |                                  
|Servicer Adv for scheduled payments not made in current period                   |  |                |   |  |                 |  |                                  
|Payments Received From Swap Counterparty                                         |  |                |   |  |                 |  |                                  
|Funds For Redemption (Optional Clean-Up Call)                                    |  |                |   |  |                 |  |                                  
|                                                                                 |  |                |   |  |                  |  |                                  
|Total amounts in the Collection Account related to the Current Collection Period |  |                |   |  | 15,814,646.75    |  |                                  
|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                                      |  |                |   |  | 15,814,646.75    |  |                                  
|                                                                                
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                           
|                                                                                 |  |                |  
|Surety Fee                                                                       |  | 0.24           | % |  | 65,252.11        |  | Surety FeeDecember 02            
|0.24% of Outstanding Principal Amount of the Notes                               |  |                |   |  |                  |  |                                  
|                                                                                 |  |                |  
|Payment to Swap Counterparty - Update Monthly                                    |  | Dec-02         |   |  | 924,227.71       |  |                                  
|Transfer TO Advance Payment Que in Collection Account                            |  | Dec-02         |   |  | 62,994.85        |  | INCREASESBalance inAdv que       
|Transfer TO Security Deposit Account FROM Collection Act                         |  | Dec-02         |   |  |                 |  | INCREASESBalance in SecDep       
|                                                                                 |  |                |   |  |                 |  |                                  
|                                                                                 |  |                |  
|Servicing Fee                                                                    |  | 0.75           | % |  | 203,912.84       |  | No Distribution onthis 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      | % |  | 383.21           |  | Trustee Fees -Bank of New York   
|Minimum Fee = $ 250.00                                                           |  |                |   |  |                  |  |                                  
|Service Fee Less Trustee Fee                                                     |  |                |   |  | 203,529.63       |  | IOS Net ServicingFee Distribution
|                                                                                 |  |                |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed                      |  |                |   |  |                 |  | IOS Svc Advancereimbursement     
|                                                                                 |  |                |   |  |                  |  |                                  
|                                                                                 |  |                |  
|Remaining Available to be Distributed to Noteholders                             |  |                |   |  | 14,558,259.24    |  |                                  





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |                               |                  |  |                         
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----------------------------- | ---------------- |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                       |  |   | Payment Date   |   |  |                               | January 15, 2003 |  |                         
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |                               |                  |  |                         
|December 2002                                                                   |  |   | Payment Date # |   |  |                               | 19               |  |                         
|                                                                                |  |   |               
|Disbursements                                                                   |  |   |                |   |  |                               |                  |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                          |  |   | 3.73375        | % |  | $                             |                 |  | 30                      
|Class A-2 Interest Due (30/360 Basis)                                           |  |   | 4.16000        | % |  | $                             |                 |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.42000 + .23 = 1.65000%    |  |   | 1.65000        | % |  | $                             | 275,083.26       |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.42000 + .26 = 1.68000%    |  |   | 1.68000        | % |  | $                             | 176,680.00       |  | Libor + .26             
|                                                                                |  |   |                |   |  |                               |                  |  |                         
|Total Class A Interest Due                                                      |  |   |                |   |  | $                             | 451,763.26       |  |                         
|Class A Interest Paid                                                           |  |   |                |   |  | $                             | 451,763.26       |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                    |  |   |                |   |  | $                             |                 |  |                         
|Reimburse Amounts due AMBAC                                                     |  |   |                |   |  | $                             |                 |  |                         
|Beginning Aggregate Class A Note Balance                                        |  |   |                |   |  | $                             | 326,260,550.26   |  |                         
|Class A Principal Payment While Class A-1 Outstanding                           |  |   |                |   |  | $                             |                 |  |                         
|Class A Principal Payment After Class A-1 Retired                               |  |   | 89.16570       | % |  | $                             | 13,022,985.98    |  |                         
|Aggregate Class A Principal Payment                                             |  |   |                |   |  | $                             | 13,022,985.98    |  |                         
|Class A Principal Paid                                                          |  |   |                |   |  | $                             | 13,022,985.98    |  |                         
|Ending Aggregate Class A Note Balance                                           |  |   |                |   |  | $                             | 313,237,564.28   |  |                         
|Overcollateralization Floor                                                     |  |   |                |   |  |                               |                  |  |                         
|2.5% of $555,615,022.22                                                         |  |   |                |   |  | $                             | 13,890,375.56    |  |                         
|Plus: Cumulative Loss Amount                                                    |  |   |                |   |  | $                             |                 |  |                         
|Less: Reserve Account Ending Balance                                            |  |   |                |   |  | $                             | 6,467,570.37     |  |                         
|Overcollateralization Floor                                                     |  |   |                |   |  | $                             | 7,422,805.19     |  | N                       
|Additional Class A Principal                                                    |  |   |                |   |  | $                             |                 |  |                         
|Additional Principal Class A Paid                                               |  |   |                |   |  | $                             |                 |  |                         
|End of Period Class A Note Balance                                              |  |   |                |   |  | $                             | 313,237,564.28   |  |                         
|                                                                                |  |   |               
|Remaining Collections After Distributions to Noteholders                        |  |   |                |   |  | $                             | 1,083,510.00     |  |                         
|                                                                                |  |   |               
|Distribution to Noteholder for Clean-up Call                                    |  |   |                |   |  | $                             |                 |  |                         
|                                                                                |  |   |               
|Reserve Account Deposit                                                         |  |   |                |   |  | $                             |                 |  |                         
|                                                                                |  |   |               
|Renewal Account Deposit                                                         |  |   |                |   |  | $                             |                 |  |                         
|                                                                                |  |   |               
|Additional Funds Available for Distribution to IOS                              |  |   |                |   |  | $                             | 1,083,510.00     |  |                         
|                                                                                |  |   |               
|Total Distribution from the Collection Account                                  |  |   |                |   |  | $                             | 15,814,646.75    |  |                         
|                                                                                |  |   |               
|Amounts to IOS Capital for current period                                       |  |   | Dec-02         |   |  |                               |                  |  |                         
|Adv Payments                                                                    |  |   | 0.00           |   |  |                               |                  |  |                         
|Sec Deposits                                                                    |  |   | 0.00           |   |  |                               |                  |  |                         
|Remaining Coll                                                                  |  |   | 1,083,510.00   |   |  | Transfer from Collection Acct
|Service Fees                                                                    |  |   | 203,529.63     |   |  | Transfer from Collection Acct
|                                                                                |  |   |                |   |  |                               |                  |  |                         
|                                                                                |  |   | 1,287,039.62   |   |  |                               |                  |  |                         
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |                               |                  |  |                         
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $                             | 367,884,354.25   |  |                         
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $                             | 353,278,977.99   |  |                         
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $                             | 13,022,985.98    |  |                         
|                                                                                |  |   |               
|Class A - 1        CUSIP # 45171W AT 4                                          |  |   |                |   |  |                               |                  |  |                         
|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                                                         |  |   | 168,000,000.00 |   |  |                               |                  |  |                         
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $                             |                 |  |                         
|                                                                                |  |   |                |   |  |                               |                  |  |                         
|                                                                                |  |   |               
|Original Class A-1 Face                                                         |  |   | 168,000,000.00 |   |  |                               |                  |  |                         
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |                               |                  |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |                               |                  |  |                         
|                                                                                |  |   |                |   |  |                               |                  |  |                         





---

|IKON Receivables, LLC                                                      |  |   |                |   |  |   |                  |  |            |  
|-------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ---------------- |  | ---------- | -
|Deutsche Lease-Backed Notes Series 2001-1                                  |  |   | Payment Date   |   |  |   | January 15, 2003 |  |            |  
|MONTHLY SERVICER REPORT                                                    |  |   |                |   |  |   |                  |  |            |  
|December 2002                                                              |  |   | Payment Date # |   |  |   | 19               |  |            |  
|                                                                           |  |   |               
|Class A-2        CUSIP # 45171W AU 1                                       |  |   |                |   |  |   |                  |  |            |  
|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                                                    |  |   | 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)                       |  |   | 0.0000000000   | % |  |   |                  |  |            |  
|                                                                           |  |   |                |   |  |   |                  |  |            |  
|Class A-3        CUSIP # 45171W AV 9                                       |  |   |                |   |  |   |                  |  |            |  
|Beginning Class A-3 Principal Balance                                      |  |   | Dec-02         |   |  | $ | 200,060,550.26   |  |            |  
|Principal in Current Period                                                |  |   |                |   |  | $ | 13,022,985.98    |  |            |  
|Ending Class A-3 Principal Balance                                         |  |   |                |   |  | $ | 187,037,564.28   |  |            |  
|                                                                           |  |   |               
|Interest due this Due Period                                               |  |   | %              |   |  | $ | 275,083.26       |  |            |  
|                                                                           |  |   |               
|Interest Paid Per $1,000                                                   |  | $ | 1.0580125254   |   |  | $ | 275,083.26       |  |            |  
|                                                                           |  |   |                |   |  |   |                  |  |            |  
|Original Class A-3 Face                                                    |  |   | 260,000,000.00 |   |  |   |                  |  |            |  
|                                                                           |  |   |               
|Principal Paid Per $1,000                                                  |  | $ | 50.0884076066  |   |  | $ | 13,022,985.98    |  |            |  
|                                                                           |  |   |                |   |  |   |                  |  |            |  
|Original Class A-3 Face                                                    |  |   | 260,000,000.00 |   |  |   |                  |  |            |  
|                                                                           |  |   |               
|Ending Principal Balance Factor                                            |  |   |                |   |  |   |                  |  |            |  
|(Ending Class A-3 Principal/Original Class A-3 Face)                       |  |   | 71.9375247240  | % |  |   |                  |  |            |  
|                                                                           |  |   |                |   |  |   |                  |  |            |  
|Class A-4        CUSIP # 45171W AW 7                                       |  |   |                |   |  |   |                  |  |            |  
|Beginning Class A-4 Principal Balance                                      |  |   | Dec-02         |   |  | $ | 126,200,000.00   |  |            |  
|Principal in Current Period                                                |  |   |                |   |  | $ |                 |  |            |  
|Ending Class A-4 Principal Balance                                         |  |   |                |   |  | $ | 126,200,000.00   |  |            |  
|                                                                           |  |   |               
|Interest due this Due Period                                               |  |   | %              |   |  | $ | 176,680.00       |  |            |  
|                                                                           |  |   |               
|Interest Paid Per $1,000                                                   |  | $ | 1.4000000000   |   |  | $ | 176,680.00       |  |            |  
|                                                                           |  |   |                |   |  |   |                  |  |            |  
|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)                       |  |   | 100.0000000000 | % |  |   |                  |  |            |  
|                                                                           |  |   |                |   |  |   |                  |  |            |  
|                                                                           |  |   |               
|Overcollateralization Amount                                               |  |   |                |   |  | $ | 40,041,413.71    |  | 11.3342192 | %
|                                                                           |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                   |  |   |                |   |  |   |                  |  |            |  
|                                                                           |  |   |               
|Discounted Present Value of the Leases which are:                          |  |   |                |   |  |   |                  |  |            |  
|31-60 DAYS OVERDUE                                                         |  |   | Dec-02         |   |  | $ | 19,690,836.80    |  |            |  
|61-90 DAYS OVERDUE                                                         |  |   | Dec-02         |   |  | $ | 5,711,986.18     |  |            |  
|91-120 DAYS OVERDUE                                                        |  |   | Dec-02         |   |  | $ | 1,886,333.26     |  |            |  
|                                                                           |  |   |               
|Servicer Advance since previous month's report                             |  |   |                |   |  | $ |                 |  |            |  
|                                                                           |  |   |               
|Other Information to be provided                                           |  |   |                |   |  |   |                  |  |            |  
|                                                                           |  |   |               
|Total amount of Lease Payments received during prior Period                |  |   |                |   |  | $ | 14,168,935.99    |  |            |  
|                                                                           |  |   |               
|Total amount of Casualty Payments received during prior Period             |  |   |                |   |  | $ |                 |  |            |  
|                                                                           |  |   |               
|Total amount of Termination Payments received during prior Period          |  |   |                |   |  | $ | 646,016.71       |  |            |  
|                                                                           |  |   |               
|Total amount of Non-Performing Lease Payments received during prior Period |  |   |                |   |  | $ |                 |  |            |  





---

|IKON Receivables, LLC                                                                  |  |                |   |  |   |                  |  | 
|-------------------------------------------------------------------------------------- |  | -------------- | - |  | - | ---------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                              |  | Payment Date   |   |  |   | January 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                |  |                |   |  |   |                  |  | 
|December 2002                                                                          |  | Payment Date # |   |  |   | 19               |  | 
|                                                                                       |  |                |  
|Retainable Deposits on Deposit                                                         |  |                |   |  | $ | 4,612.35         |  | 
|                                                                                       |  |                |  
|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                       |  | 10.000000%     |   |  | $ | 55,561,502.22    |  | 
|                                                                                       |  |                |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Dec-02         |   |  | $ | 15,047,888.00    |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.000000%     |   |  | $ | 55,561,502.22    |  | 
|                                                                                       |  |                |  
|Interest Rate Swap                                                                     |  |                |   |  |   |                  |  | 
|                                                                                       |  |                |  
|Class A-3 Fixed Swap Rate                                                              |  | 4.825          | % |  |   |                  |  | 
|Class A-4 Fixed Swap Rate                                                              |  | 5.435          | % |  |   |                  |  | 
|a) Fixed Swap Interest Payable                                                         |  |                |   |  |   | 1,375,990.96     |  | 
|                                                                                       |  |                |  
|Class A-3 Note Interest Rate                                                           |  | 1.65000        | % |  |   |                  |  | 
|Class A-4 Note Interest Rate                                                           |  | 1.68000        | % |  |   |                  |  | 
|b) Floating Swap Interest Receivable                                                   |  |                |   |  |   | 451,763.26       |  | 
|                                                                                       |  |                |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                          |  |                |   |  |   |                 |  | 
|(Available Funds deposited to Collection Account)                                    |  |                |   |  |   |                  |  | 
|                                                                                       |  |                |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                               |  |                |   |  |   | 924,227.71       |  | 



|Prepared by: |  | Ernie Whitley                
|------------ |  | -----------------------------
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | January 8, 2002              
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | January 8, 2002              





---

|IKON Receivables, LLC                                                   |  |                |  |   |                   |  |           
|----------------------------------------------------------------------- |  | -------------- |  | - | ----------------- |  | ----------
|Deutsche Lease-Backed Notes Series 2001-1                               |  | Payment Date   |  |   | February 18, 2003 |  |           
|MONTHLY SERVICER REPORT                                                 |  |                |  |   |                   |  |           
|January 2003                                                            |  | Payment Date # |  |   | 20                |  |           
|                                                                        |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                          |  |                |  |   |                   |  |           
|Beginning Balance (DPVL as of previous Determination Date)              |  |                |  | $ | 353,278,977.99    |  |           
|                                                                        |  |                | 
|Less:    Lease Payments Due - current month                             |  | Jan-03         |  | $ | 15,259,657.66     |  |           
|Add:    Interest (@ Discount Rate of 5.97%)                             |  |                |  | $ | 1,757,562.92      |  |           
|Less:    DPV Non-Performing Leases - current month  over 120 days, etc |  | Jan-03         |  | $ | 1,136,190.61      |  |           
|Less:    Warranty Leases                                                |  |                |  | $ |                  |  |           
|Less:    DPV Amounts on Early Termination Leases                        |  | Jan-03         |  | $ | 3,282,965.16      |  |           
|Add:    DPV Substitute Leases                                           |  | Jan-03         |  | $ | 1,136,191.00      |  |           
|Add:    DPV Additional Leases                                           |  | Jan-03         |  | $ | 2,282,966.00      |  |           
|                                                                        |  |                |  |   |                   |  |           
|                                                                        |  |                | 
|Ending Balance (DPVL as of current Determination Date)                  |  |                |  | $ | 338,776,884.48    |  |           
|                                                                        |  |                | 
|OVERDUE LEASE PAYMENTS                                                  |  |                |  |   |                   |  |           
|                                                                        |  |                | 
|Beginning Balance                                                       |  |                |  |   | 3,346,250.29      |  |           
|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         |  |   | 3,469,309.53      |  |           
|                                                                        |  |                |  |   |                   |  |           
|Total Cash to be reimbursed to IOS                                      |  |                |  |   | 3,469,309.53      |  |           
|Add:    Servicer Adv for scheduled payments not made in current period  |  | Jan-03         |  |   | 2,701,254.90      |  |           
|                                                                        |  |                |  |   |                   |  |           
|Ending Balance                                                          |  |                |  |   | 2,578,195.66      |  |           
|                                                                       
|COLLECTION ACCOUNT - ADVANCE LEASE PAYMENTS                            
|                                                                        |  |                | 
|Beginning Balance                                                       |  |                |  |   | 710,113.98        |  |           
|Less:    Applied to Current from Prepaid                                |  | Jan-03         |  |   | 1,133,789.95      |  |           
|Less:    Repurchased Leases                                             |  |                |  |   |                  |  |           
|Less:    Advance Payments on Non-Performing Leases                      |  |                |  |   |                  |  |           
|Add:    Received This Month                                             |  |                |  |   | 1,138,916.65      |  |           
|Add:    Received in Prior Month                                         |  |                |  |   |                  |  | (5,126.70)
|                                                                        |  |                |  |   |                   |  |           
|Ending Balance                                                          |  |                |  |   | 715,240.68        |  |           
|                                                                       
|RECONCILIATION OF RESERVE ACCOUNT                                      
|                                                                        |  |                | 
|Beginning Balance                                                       |  | Jan-03         |  |   | 6,467,570.37      |  |           
|Less:   Deposit to Collection Account (if any)                          |  |                |  |   |                  |  |           
|Ending Balance                                                          |  |                |  |   | 6,467,570.37      |  |           
|                                                                        |  |                | 
|Required Reserve Account                                                |  |                |  |   |                   |  |           
|Lesser of 1% of $ and Outstanding Note Amount                           |  |                |  |   | 6,467,570.37      |  |           
|                                                                        |  |                | 
|Reserve Account in excess of Required Reserve                           |  |                |  |   |                  |  |           
|Deposits into Reserve Account                                           |  |                |  |   |                  |  |           
|Amounts Released to Issuer                                              |  |                |  |   |                  |  |           
|                                                                        |  |                |  |   |                   |  |           
|Ending Balance                                                          |  |                |  |   | 6,467,570.37      |  |           
|                                                                       
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                             
|                                                                        |  |                | 
|Beginning Balance                                                       |  | Jan-03         |  |   | 4,612.35          |  |           
|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         |  |   | 4,612.35          |  |           





---

|IKON Receivables, LLC                                                                                               |  |   |                |   |  |                   |   |  |                  
|------------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----------------- | - |  | -----------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                           |  |   | Payment Date   |   |  | February 18, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                                                             |  |   |                |   |  |                   |   |  |                  
|January 2003                                                                                                        |  |   | Payment Date   | # |  | 20                |   |  |                  
|                                                                                                                   
|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                                                       |  | $ | 7,065,579.56   |   |  |                   |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                         |  | $ | 293,839,100.71 |   |  |                   |   |  |                  
|                                                                                                                    |  |   |               
|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                                                                                                          |  |   |                |   |  | 3.86              | % |  | Annualized Jan 03
|Last Month                                                                                                          |  |   |                |   |  | 1.57              | % |  | Annualized Dec 02
|Two Months ago                                                                                                      |  |   |                |   |  | 1.52              | % |  | Annualized Nov 02
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 2.32              | % |  |                  
|                                                                                                                    |  |   |               
|Calculate Delinquent Rate                                                                                           |  |   |                |   |  |                   |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                    |  |   |                |   |  | 61                |   |  |                  
|                                                                                                                    |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                      |  |   |                |   |  |                   |   |  |                  
|This Month                                                                                                          |  |   |                |   |  | 2.69              | % |  |                  
|Last Month                                                                                                          |  |   |                |   |  | 2.15              | % |  |                  
|Two Months ago                                                                                                      |  |   |                |   |  | 1.89              | % |  |                  
|                                                                                                                    |  |   |               
|3 mos. Average                                                                                                      |  |   |                |   |  | 2.24              | % |  |                  
|                                                                                                                    |  |   |               
|Calculate Renewal Trigger Ratio                                                                                     |  |   |                |   |  |                   |   |  |                  
|                                                                                                                    |  |   |               
|Aggregate number of Leases for which the oblgors have elected not to extend during the last 3 preceding Due
Periods |  |   |                |   |  | 614               |   |  |                  
|This Month                                                                                                          |  |   | 318            |   |  |                   |   |  |                  
|Last Month                                                                                                          |  |   | 166            |   |  |                   |   |  |                  
|Two Months ago                                                                                                      |  |   | 130            |   |  |                   |   |  |                  
|                                                                                                                    |  |   |               
|Aggregate number of leases of leases which have reached their stated maturity during last 3 preceding Due Periods   |  |   |                |   |  | 945               |   |  |                  
|This Month                                                                                                          |  |   | 365            |   |  |                   |   |  |                  
|Last Month                                                                                                          |  |   | 280            |   |  |                   |   |  |                  
|Two Months ago                                                                                                      |  |   | 300            |   |  |                   |   |  |                  
|                                                                                                                    |  |   |               
|Renewal Trigger Ratio                                                                                               |  |   |                |   |  | 64.97             | % |  |                  
|                                                                                                                    |  |   |               
|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, LLC                                                            |  |              |   |  |                   |  |                                   
|-------------------------------------------------------------------------------- |  | ------------ | - |  | ----------------- |  | ----------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                        |  | Payment Date |   |  | February 18, 2003 |  |                                   
|MONTHLY SERVICER REPORT                                                          |  |              |   |  |                   |  |                                   
|January 2003                                                                     |  | Payment Date | # |  | 20                |  |                                   
|                                                                                
|AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT       
|                                                                                 |  |              |  
|Deposits by or on behalf of the Servicer:                                        |  |              |   |  |                   |  |                                   
|                                                                                 |  |              |  
|Lease Payments received calendar month                                           |  | Jan-03       |   |  | 14,305,405.29     |  |                                   
|Lease Payments Received on Prior Months Receivables                             |  | Jan-03       |   |  |                  |  |                                   
|Lease payments received in current month available for distribution              |  | Jan-03       |   |  | 14,305,405.29     |  |                                   
|Reimbursed Servicer Advances                                                     |  |              |   |  |                  |  |                                   
|Amounts on early Terminations to extent Additional Lease not Provided            |  |              |   |  |                  |  |                                   
|Advanced Payments Applied to Current                                             |  |              |   |  | 1,133,789.95      |  |                                   
|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       |   |  | 6,567.05          |  |                                   
|Reserve Account                                                                  |  | Jan-03       |   |  | 3,804.29          |  |                                   
|Security Deposit Account                                                         |  | Jan-03       |   |  | 2.76              |  |                                   
|Casualty Payments                                                                |  |              |   |  |                  |  |                                   
|Servicer Adv for scheduled payments not made in current period                   |  |              |   |  |                  |  |                                   
|Payments Received From Swap Counterparty                                         |  |              |   |  |                  |  |                                   
|Funds For Redemption (Optional Clean-Up Call)                                    |  |              |   |  |                  |  |                                   
|                                                                                 |  |              |   |  |                   |  |                                   
|                                                                                 |  |              |  
|Total amounts in the Collection Account related to the Current Collection Period |  |              |   |  | 15,449,569.34     |  |                                   
|                                                                                 |  |              |  
|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                                      |  |              |   |  | 15,449,569.34     |  |                                   
|                                                                                
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                           
|                                                                                 |  |              |  
|Surety Fee                                                                       |  | 0.24         | % |  | 62,647.51         |  | Surety Fee January 03             
|0.24% of Outstanding Principal Amount of the Notes                               |  |              |   |  |                   |  |                                   
|                                                                                 |  |              |  
|Payment to Swap Counterparty - Update Monthly                                    |  | Jan-03       |   |  | 860,742.11        |  |                                   
|                                                                                 |  |              |  
|Transfer TO Advance Payment Que in Collection Account                            |  | Jan-03       |   |  | 5,126.70          |  | INCREASES Balance in Adv que      
|Transfer TO Security Deposit Account FROM Collection Act                         |  | Jan-03       |   |  |                  |  | INCREASES Balance in Sec Dep      
|                                                                                 |  |              |  
|Servicing Fee                                                                    |  | 0.75         | % |  | 195,773.48        |  | 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    | % |  | 368.00            |  | Trustee Fees - Bank of New York   
|Minimum Fee = $ 250.00                                                           |  |              |   |  |                   |  |                                   
|Service Fee Less Trustee Fee                                                     |  |              |   |  | 195,405.48        |  | IOS Net Servicing Fee Distribution
|                                                                                 |  |              |  
|Reimburse Servicer Advances owed to IOS not prev reimbursed                      |  |              |   |  |                  |  | IOS Svc Advance reimbursement     
|                                                                                 |  |              |   |  |                   |  |                                   
|                                                                                 |  |              |  
|Remaining Available to be Distributed to Noteholders                             |  |              |   |  | 14,325,279.54     |  |                                   





---

|IKON Receivables, LLC                                                           |  |   |                |   |  |                               |                   |  |                         
|------------------------------------------------------------------------------- |  | - | -------------- | - |  | ----------------------------- | ----------------- |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                       |  |   | Payment Date   |   |  |                               | February 18, 2003 |  |                         
|MONTHLY SERVICER REPORT                                                         |  |   |                |   |  |                               |                   |  |                         
|January 2003                                                                    |  |   | Payment Date   | # |  |                               | 20                |  |                         
|                                                                                |  |   |               
|Disbursements                                                                   |  |   |                |   |  |                               |                   |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                          |  |   | 3.73375        | % |  | $                             |                  |  | 34                      
|Class A-2 Interest Due (30/360 Basis)                                           |  |   | 4.16000        | % |  | $                             |                  |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.37000 + .23 = 1.60000%    |  |   | 1.60000        | % |  | $                             | 282,634.54        |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.37000 + .26 = 1.63000%    |  |   | 1.63000        | % |  | $                             | 194,277.89        |  | Libor + .26             
|                                                                                |  |   |                |   |  |                               |                   |  |                         
|Total Class A Interest Due                                                      |  |   |                |   |  | $                             | 476,912.43        |  |                         
|Class A Interest Paid                                                           |  |   |                |   |  | $                             | 476,912.43        |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                    |  |   |                |   |  | $                             |                  |  |                         
|Reimburse Amounts due AMBAC                                                     |  |   |                |   |  | $                             |                  |  |                         
|Beginning Aggregate Class A Note Balance                                        |  |   |                |   |  | $                             | 313,237,564.28    |  |                         
|Class A Principal Payment While Class A-1 Outstanding                           |  |   |                |   |  | $                             |                  |  |                         
|Class A Principal Payment After Class A-1 Retired                               |  |   | 89.16570       | % |  | $                             | 12,930,893.20     |  |                         
|Aggregate Class A Principal Payment                                             |  |   |                |   |  | $                             | 12,930,893.20     |  |                         
|Class A Principal Paid                                                          |  |   |                |   |  | $                             | 12,930,893.20     |  |                         
|Ending Aggregate Class A Note Balance                                           |  |   |                |   |  | $                             | 300,306,671.08    |  |                         
|Overcollateralization Floor                                                     |  |   |                |   |  |                               |                   |  |                         
|2.5% of $555,615,022.22                                                         |  |   |                |   |  | $                             | 13,890,375.56     |  |                         
|Plus: Cumulative Loss Amount                                                    |  |   |                |   |  | $                             |                  |  |                         
|Less: Reserve Account Ending Balance                                            |  |   |                |   |  | $                             | 6,467,570.37      |  |                         
|Overcollateralization Floor                                                     |  |   |                |   |  | $                             | 7,422,805.19      |  | N                       
|Additional Class A Principal                                                    |  |   |                |   |  | $                             |                  |  |                         
|Additional Principal Class A Paid                                               |  |   |                |   |  | $                             |                  |  |                         
|End of Period Class A Note Balance                                              |  |   |                |   |  | $                             | 300,306,671.08    |  |                         
|                                                                                |  |   |               
|Remaining Collections After Distributions to Noteholders                        |  |   |                |   |  | $                             | 917,473.91        |  |                         
|                                                                                |  |   |               
|Distribution to Noteholder for Clean-up Call                                    |  |   |                |   |  | $                             |                  |  |                         
|                                                                                |  |   |               
|Reserve Account Deposit                                                         |  |   |                |   |  | $                             |                  |  |                         
|                                                                                |  |   |               
|Renewal Account Deposit                                                         |  |   |                |   |  | $                             |                  |  |                         
|                                                                                |  |   |               
|Additional Funds Available for Distribution to IOS                              |  |   |                |   |  | $                             | 917,473.91        |  |                         
|                                                                                |  |   |               
|Total Distribution from the Collection Account                                  |  |   |                |   |  | $                             | 15,449,569.34     |  |                         
|Amounts to IOS Capital for current period                                       |  |   | Jan-03         |   |  |                               |                   |  |                         
|Adv Payments                                                                    |  |   | 0.00           |   |  |                               |                   |  |                         
|Sec Deposits                                                                    |  |   | 0.00           |   |  |                               |                   |  |                         
|Remaining Coll                                                                  |  |   | 917,473.91     |   |  | Transfer from Collection Acct
|Service Fees                                                                    |  |   | 195,405.48     |   |  | Transfer from Collection Acct
|                                                                                |  |   |                |   |  |                               |                   |  |                         
|                                                                                |  |   | 1,112,879.38   |   |  |                              
|                                                                                |  |   |               
|RECONCILIATION OF NOTES                                                         |  |   |                |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|Beginning Discounted Present Value of the Leases                                |  |   |                |   |  | $                             | 353,278,977.99    |  |                         
|                                                                                |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date |  |   |                |   |  | $                             | 338,776,884.48    |  |                         
|                                                                                |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period         |  |   |                |   |  | $                             | 12,930,893.20     |  |                         
|                                                                                |  |   |               
|Class A - 1        CUSIP # 45171W AT 4                                          |  |   |                |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|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                                                         |  |   | 168,000,000.00 |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|Principal Paid Per $1,000                                                       |  | $ |               |   |  | $                             |                  |  |                         
|                                                                                |  |   |                |   |  |                               |                   |  |                         
|Original Class A-1 Face                                                         |  |   | 168,000,000.00 |   |  |                               |                   |  |                         
|                                                                                |  |   |               
|Ending Principal Balance Factor                                                 |  |   |                |   |  |                               |                   |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                              |  |   | 0.0000000000   | % |  |                               |                   |  |                         
|                                                                                |  |   |                |   |  |                               |                   |  |                         





---

|IKON Receivables, LLC                                                      |  |   |                |   |  |   |                   |  |            
|-------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------- |  | -----------
|Deutsche Lease-Backed Notes Series 2001-1                                  |  |   | Payment Date   |   |  |   | February 18, 2003 |  |            
|MONTHLY SERVICER REPORT                                                    |  |   |                |   |  |   |                   |  |            
|January 2003                                                               |  |   | Payment Date   | # |  |   | 20                |  |            
|                                                                           |  |   |               
|Class A-2        CUSIP # 45171W AU 1                                       |  |   |                |   |  |   |                   |  |            
|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                                                    |  |   | 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)                       |  |   | 0.0000000000   | % |  |   |                   |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|Class A-3        CUSIP # 45171W AV 9                                       |  |   |                |   |  |   |                   |  |            
|Beginning Class A-3 Principal Balance                                      |  |   | Jan-03         |   |  | $ | 187,037,564.28    |  |            
|Principal in Current Period                                                |  |   |                |   |  | $ | 12,930,893.20     |  |            
|Ending Class A-3 Principal Balance                                         |  |   |                |   |  | $ | 174,106,671.08    |  |            
|                                                                           |  |   |               
|Interest due this Due Period                                               |  |   | %              |   |  | $ | 282,634.54        |  |            
|                                                                           |  |   |               
|Interest Paid Per $1,000                                                   |  | $ | 1.0870559291   |   |  | $ | 282,634.54        |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|Original Class A-3 Face                                                    |  |   | 260,000,000.00 |   |  |   |                   |  |            
|                                                                           |  |   |               
|Principal Paid Per $1,000                                                  |  | $ | 49.7342046033  |   |  | $ | 12,930,893.20     |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|Original Class A-3 Face                                                    |  |   | 260,000,000.00 |   |  |   |                   |  |            
|                                                                           |  |   |               
|Ending Principal Balance Factor                                            |  |   |                |   |  |   |                   |  |            
|(Ending Class A-3 Principal/Original Class A-3 Face)                       |  |   | 66.9641042627  | % |  |   |                   |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|Class A-4        CUSIP # 45171W AW 7                                       |  |   |                |   |  |   |                   |  |            
|Beginning Class A-4 Principal Balance                                      |  |   | Jan-03         |   |  | $ | 126,200,000.00    |  |            
|Principal in Current Period                                                |  |   |                |   |  | $ |                  |  |            
|Ending Class A-4 Principal Balance                                         |  |   |                |   |  | $ | 126,200,000.00    |  |            
|                                                                           |  |   |               
|Interest due this Due Period                                               |  |   | %              |   |  | $ | 194,277.89        |  |            
|                                                                           |  |   |               
|Interest Paid Per $1,000                                                   |  | $ | 1.5394444444   |   |  | $ | 194,277.89        |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|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)                       |  |   | 100.0000000000 | % |  |   |                   |  |            
|                                                                           |  |   |                |   |  |   |                   |  |            
|Overcollateralization Amount                                               |  |   |                |   |  | $ | 38,470,213.39     |  | 11.3556193%
|                                                                           |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                   |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|Discounted Present Value of the Leases which are:                          |  |   |                |   |  |   |                   |  |            
|31-60 DAYS OVERDUE                                                         |  |   | Jan-03         |   |  | $ | 15,524,415.36     |  |            
|61-90 DAYS OVERDUE                                                         |  |   | Jan-03         |   |  | $ | 7,070,066.31      |  |            
|91-120 DAYS OVERDUE                                                        |  |   | Jan-03         |   |  | $ | 2,043,868.29      |  |            
|                                                                           |  |   |               
|Servicer Advance since previous months report                             |  |   |                |   |  | $ |                  |  |            
|                                                                           |  |   |               
|Other Information to be provided                                           |  |   |                |   |  |   |                   |  |            
|                                                                           |  |   |               
|Total amount of Lease Payments received during prior Period                |  |   |                |   |  | $ | 14,305,405.29     |  |            
|                                                                           |  |   |               
|Total amount of Casualty Payments received during prior Period             |  |   |                |   |  | $ |                  |  |            
|                                                                           |  |   |               
|Total amount of Termination Payments received during prior Period          |  |   |                |   |  | $ |                  |  |            
|                                                                           |  |   |               
|Total amount of Non-Performing Lease Payments received during prior Period |  |   |                |   |  | $ |                  |  |            
|                                                                           |  |   |               
|Retainable Deposits on Deposit                                             |  |   |                |   |  | $ | 4,612.35          |  |            





---

|IKON Receivables, LLC                                                                  |  |              |   |  |   |                   |  | 
|-------------------------------------------------------------------------------------- |  | ------------ | - |  | - | ----------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                              |  | Payment Date |   |  |   | February 18, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                |  |              |   |  |   |                   |  | 
|January 2003                                                                           |  | Payment Date | # |  |   | 20                |  | 
|                                                                                       |  |              |  
|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                       |  | 10.000000%   |   |  | $ | 55,561,502.22     |  | 
|                                                                                       |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                       |  | Jan-03       |   |  | $ | 16,184,079.00     |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                              |  | 10.000000%   |   |  | $ | 55,561,502.22     |  | 
|                                                                                       |  |              |  
|Interest Rate Swap                                                                     |  |              |   |  |   |                   |  | 
|                                                                                       |  |              |  
|Class A-3 Fixed Swap Rate                                                              |  | 4.825        | % |  |   |                   |  | 
|Class A-4 Fixed Swap Rate                                                              |  | 5.435        | % |  |   |                   |  | 
|a) Fixed Swap Interest Payable                                                         |  |              |   |  |   | 1,323,627.71      |  | 
|                                                                                       |  |              |  
|Class A-3 Note Interest Rate                                                           |  | 1.60000      | % |  |   |                   |  | 
|Class A-4 Note Interest Rate                                                           |  | 1.63000      | % |  |   |                   |  | 
|b) Floating Swap Interest Receivable                                                   |  |              |   |  |   | 476,912.43        |  | 
|                                                                                       |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                          |  |              |   |  |   |                  |  | 
|(Available Funds deposited to Collection Account)                                    |  |              |   |  |   |                   |  | 
|                                                                                       |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                               |  |              |   |  |   | 846,715.28        |  | 



|Prepared by: |  | Ernie Whitley                
|------------ |  | -----------------------------
|             | 
|Title:       |  | Sr. Financial Systems Analyst
|             | 
|Date:        |  | February 13, 2003            
|             | 
|Approved by: |  | Jeff Everett                 
|             | 
|Title:       |  | Controller                   
|             | 
|Date:        |  | February 13, 2003            





---

|                                                                                                      |  |              |   |  |   | Final          |   |  | 
|----------------------------------------------------------------------------------------------------- |  | ------------ | - |  | - | -------------- | - |  | 
|IKON Receivables, LLC                                                                                 |  |              |   |  |   |                |   |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                                             |  | Payment Date |   |  |   | March 17, 2003 |   |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                                  |  |              |   |  |   |                |   |  | 
|February 2003                                                                                         |  | Payment Date | # |  |   | 21             |   |  | 
|                                                                                                      |  |              |  
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |              |   |  |   |                |   |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |              |   |  | $ | 338,776,884.48 |   |  | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |              |   |  |   | 13,127,350.52  |   |  | 
|Less:    DPV Non-Performing Leases - current month - over 120 days, etc                               |  |              |   |  |   | 1,486,328.32   |   |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |              |   |  |   | (40,212.35     | ) |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |              |   |  |   | 1,305,905.46   |   |  | 
|                                                                                                      |  |              |   |  |   |                |   |  | 
|Subtotal:                                                                                             |  |              |   |  | $ | 322,897,512.53 |   |  | 
|                                                                                                      |  |              |  
|Add:    DPV Substitute Leases (FOOTNOTE 2)                                                            |  |              |   |  |   |                |   |  | 
|Non-performing                                                                                        |  |              |   |  |   | 1,486,328.32   |   |  | 
|Adjusted / Warranty                                                                                   |  |              |   |  |   |               |   |  | 
|Add:    DPV Additional Leases for Early Terminations (FOOTNOTE 2)                                     |  |              |   |  |   | 1,331,747.20   |   |  | 
|                                                                                                      |  |              |   |  |   |                |   |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |              |   |  | $ | 325,715,588.05 |   |  | 
|                                                                                                      |  |              |  
|OVERDUE LEASE PAYMENTS                                                                                |  |              |   |  |   |                |   |  | 
|                                                                                                      |  |              |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |              |   |  |   |                |   |  | 
|                                                                                                      |  |              |  
|Beginning outstanding servicer advances                                                               |  |              |   |  |   | 2,578,195.66   |   |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |              |   |  |   | 1,972,251.98   |   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |              |   |  |   | 3,956,980.56   |   |  | 
|                                                                                                      |  |              |   |  |   |                |   |  | 
|Ending outstanding servicer advances                                                                  |  |              |   |  |   | 4,562,924.24   |   |  | 
|                                                                                                      |  |              |  
|ADVANCE LEASE PAYMENTS                                                                                |  |              |   |  |   |                |   |  | 
|                                                                                                      |  |              |  
|Beginning amount of lease payments to be applied in future                                            |  |              |   |  |   | 715,240.68     |   |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |              |   |  |   | 1,000,158.53   |   |  | 
|Less:    Repurchased Leases                                                                           |  |              |   |  |   |               |   |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |              |   |  |   |               |   |  | 
|Add:    Received This Month - including intermonth activity                                           |  |              |   |  |   | 949,135.09     |   |  | 
|Add:    Received in Prior Month                                                                       |  |              |   |  |   |               |   |  | 
|                                                                                                      |  |              |   |  |   |                |   |  | 
|Ending amount of lease payments to be applied in future                                               |  |              |   |  |   | 664,217.24     |   |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |              |   |  |   |                |   |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 6,467,570.37   |   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |              |   |  |   |               |   |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 6,467,570.37   |   |  | 
|                                                                                                      |  |              |  
|Required Reserve Account                                                                              |  |              |   |  |   |                |   |  | 
|Lesser of 1% of $ and Outstanding Note Amount                                                         |  |              |   |  |   | 6,467,570.37   |   |  | 
|                                                                                                      |  |              |  
|Reserve Account in excess of Required Reserve                                                         |  |              |   |  |   |               |   |  | 
|Deposits into Reserve Account                                                                         |  |              |   |  |   |               |   |  | 
|Amounts Released to Issuer                                                                            |  |              |   |  |   |               |   |  | 
|                                                                                                      |  |              |   |  |   |                |   |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 6,467,570.37   |   |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |              |   |  |   |                |   |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 4,612.35       |   |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |              |   |  |   |                |   |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |              |   |  |   |               |   |  | 
|                                                                                                      |  |              |   |  |   |                |   |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 4,612.35       |   |  | 





---

|                                                                                                                 |  |   |                |   |  | Final          |   |  |                  
|---------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | -------------- | - |  | -----------------
|IKON Receivables, LLC                                                                                            |  |   |                |   |  |                |   |  |                  
|Deutsche Lease-Backed Notes Series 2001-1                                                                        |  |   | Payment Date   |   |  | March 17, 2003 |   |  |                  
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                                             |  |   |                |   |  |                |   |  |                  
|February 2003                                                                                                    |  |   | Payment Date   | # |  | 21             |   |  |                  
|                                                                                                                 |  |   |               
|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                                       |  | $ | 12,935,140.74  |   |  |                |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                      |  | $ | 282,192,904.32 |   |  |                |   |  |                  
|                                                                                                                
|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                                                                                                       |  |   |                |   |  | 2.72           | % |  | Annualized Feb 03
|Last Month                                                                                                       |  |   |                |   |  | 2.20           | % |  | Annualized Jan 03
|Two Months ago                                                                                                   |  |   |                |   |  | 2.68           | % |  | Annualized Dec 02
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 2.53           | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Delinquency Rate                                                                                       |  |   |                |   |  |                |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                 |  |   |                |   |  | 61             |   |  |                  
|                                                                                                                 |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                   |  |   |                |   |  |                |   |  |                  
|This Month                                                                                                       |  |   |                |   |  | 2.31           | % |  |                  
|Last Month                                                                                                       |  |   |                |   |  | 2.67           | % |  |                  
|Two Months ago                                                                                                   |  |   |                |   |  | 2.13           | % |  |                  
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 2.37           | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Renewal Trigger Ratio                                                                                  |  |   |                |   |  |                |   |  |                  
|                                                                                                                 |  |   |               
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |   |                |   |  | 361            |   |  |                  
|This Month                                                                                                       |  |   | 60             |   |  |                |   |  |                  
|Last Month                                                                                                       |  |   | 114            |   |  |                |   |  |                  
|Two Months ago                                                                                                   |  |   | 187            |   |  |                |   |  |                  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |   |                |   |  | 837            |   |  |                  
|This Month                                                                                                       |  |   | 257            |   |  |                |   |  |                  
|Last Month                                                                                                       |  |   | 280            |   |  |                |   |  |                  
|Two Months ago                                                                                                   |  |   | 300            |   |  |                |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Trigger Ratio                                                                                            |  |   |                |   |  | 43.13          | % |  |                  
|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              |   |  |                  





---

|                                                                                 |  |                                                                          |   |  | Final          |  |                                    
|-------------------------------------------------------------------------------- |  | ------------------------------------------------------------------------ | - |  | -------------- |  | -----------------------------------
|IKON Receivables, LLC                                                            |  |                                                                          |   |  |                |  |                                    
|Deutsche Lease-Backed Notes Series 2001-1                                        |  | Payment Date                                                             |   |  | March 17, 2003 |  |                                    
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                             |  |                                                                          |   |  |                |  |                                    
|February 2003                                                                    |  | Payment Date #                                                           |   |  | 21             |  |                                    
|                                                                                
|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                      |   |  |                |  | 11,575,124.43                      
|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                                                         |   |  |                |  | 2,027,021.35                       
|Section 3.03 (a) (i)                                                             |  | Early Termination cash                                                   |   |  |                |  |                                    
|                                                                                 |  | Advance payments for current month                                       |   |  |                |  | 1,000,158.53                       
|                                                                                 |  | 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                                                       |   |  |                |  | 7,277.78                           
|Section 3.03 (a) (v)                                                             |  | Reserve Account                                                          |   |  |                |  | 3,240.31                           
|Section 3.03 (a) (v)                                                             |  | Security Deposit Account                                                 |   |  |                |  | 2.37                               
|Section 3.03 (a) (vi)                                                            |  | Casualty Payments                                                        |   |  |                |  |                                   
|Section 3.03 (a) (vii)                                                           |  | Servicer Adv for scheduled payments not made in current period           |   |  |                |  | 3,956,980.56                       
|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 |  |                                                                          |   |  | 18,569,805.33  |  |                                    
|                                                                                 |  |                                                                          |  
|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                                      |  |                                                                          |   |  | 18,569,805.33  |  |                                    
|                                                                                
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                           
|                                                                                 |  |                                                                          |  
|Surety Fee                                                                       |  | 0.24                                                                     | % |  | 60,061.33      |  | Surety Fee                         
|(i)     Section 3.03 (b) (i) 0.24% of Outstanding Principal Amount of the
Notes  |  |                                                                          |   |  |                |  |                                    
|                                                                                 |  |                                                                          |  
|Payment to Swap Counterparty-Update Monthly                                      |  |                                                                          |   |  | 915,465.67     |  | IKON Transfer                      
|(ii)    Section 3.03 (b) (ii)                                                    |  |                                                                          |   |  |                |  |                                    
|                                                                                 |  |                                                                          |  
|Servicing Fee                                                                    |  | 0.75                                                                     | % |  | 187,691.67     |  | 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                                                                | % |  | 352.89         |  | Trustee Fees - Bank of New York    
|                                                                                 |  |                                                                          |   |  |                |  |                                    
|Minimum Fee = $250.00                                                            |  |                                                                          |   |  |                |  |                                    
|Servicing Fee Less Trustee Fee                                                   |  |                                                                          |   |  | 187,338.78     |  | IOSC Net Servicing Fee Distribution
|                                                                                 |  |                                                                          |  
|(iv)   Section 3.03 (b) (iv)                                                     |  |                                                                          |   |  |                |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev reimbursed                     |  |                                                                          |   |  | 1,972,251.98   |  | IOSC Svc Advance reimbursement     
|                                                                                 |  |                                                                          |   |  |                |  |                                    
|                                                                                 |  |                                                                          |  
|Remaining Available to be Distributed to Noteholders                             |  |                                                                          |   |  | 15,434,334.68  |  |                                    





---

|                                                                                   |  |   |                |   |  |   | Final                   |  |                         
|---------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ----------------------- |  | ------------------------
|IKON Receivables, LLC                                                              |  |   |                |   |  |   |                         |  |                         
|Deutsche Lease-Backed Notes Series 2001-1                                          |  |   | Payment Date   |   |  |   | March 17, 2003          |  |                         
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                               |  |   |                |   |  |   |                         |  |                         
|February 2003                                                                      |  |   | Payment Date   | # |  |   | 21                      |  |                         
|                                                                                   |  |   |               
|(v)      Disbursements Section 3.03 (b) (v)                                        |  |   |                |   |  |   |                         |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                             |  |   | 3.73375        | % |  | $ |                        |  | 27                      
|Class A-2 Interest Due (30/360 Basis)                                              |  |   | 4.16000        | % |  | $ |                        |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.33875 + .23 = 1.56875%       |  |   | 1.56875        | % |  | $ | 204,847.38              |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.33875 + .26 = 1.59875%       |  |   | 1.59875        | % |  | $ | 151,321.69              |  | Libor + .26             
|                                                                                   |  |   |                |   |  |   |                         |  |                         
|Total Class A Interest Due                                                         |  |   |                |   |  | $ | 356,169.07              |  |                         
|Class A Interest Paid                                                              |  |   |                |   |  | $ | 356,169.07              |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                       |  |   |                |   |  | $ |                        |  |                         
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                         |  |   |                |   |  | $ |                        |  |                         
|Beginning Aggregate Class A Note Balance                                           |  |   |                |   |  | $ | 300,306,671.08          |  |                         
|Class A Principal Payment While Class A-1 Outstanding                              |  |   |                |   |  | $ |                        |  |                         
|Class A Principal Payment After Class A-1 Retired                                  |  |   | 89.16570       | % |  | $ | 11,646,196.39           |  |                         
|Aggregate Class A Principal Payment                                                |  |   |                |   |  | $ | 11,646,196.39           |  |                         
|(vii)   Class A Principal Paid                                                     |  |   |                |   |  | $ | 11,646,196.39           |  |                         
|Ending Aggregate Class A Note Balance                                              |  |   |                |   |  | $ | 288,660,474.69          |  |                         
|Overcollateralization Floor                                                        |  |   |                |   |  |   |                         |  |                         
|2.5% of $647,107,993.85                                                            |  |   |                |   |  | $ | 16,177,699.85           |  |                         
|Plus: Cumulative Loss Amount                                                       |  |   |                |   |  | $ |                        |  |                         
|Less: Reserve Account Ending Balance                                               |  |   |                |   |  | $ | 6,467,570.37            |  |                         
|Overcollateralization Floor                                                        |  |   |                |   |  | $ | 9,710,129.48            |  | N                       
|                                                                                   |  |   |               
|(viii)  Additional Class A Principal                                               |  |   |                |   |  | $ |                        |  |                         
|Additional Principal Class A Paid                                                  |  |   |                |   |  | $ |                        |  |                         
|End of Period Class A Note Balance                                                 |  |   |                |   |  | $ | 288,660,474.69          |  |                         
|                                                                                   |  |   |               
|Remaining Collections After Distributions to
Noteholders                           |  |   |                |   |  | $ | 3,431,969.22            |  |                         
|                                                                                   |  |   |               
|(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)) |  |   |                |   |  | $ | 3,431,969.22            |  |                         
|                                                                                   |  |   |               
|Total Distribution from the Collection Account                                     |  |   |                |   |  | $ | 18,569,805.33           |  |                         
|                                                                                   |  |   |               
|Trustee Transfer to IOSC                                                           |  |   |                |   |  |   | IOSC Transferto Trustee |  |                         
|Adv Payments                                                                       |  |   | 51,023.44      |   |  |   |                         |  |                         
|Reimburse Servicer Advances                                                        |  |   | 1,972,251.98   |   |  |   |                         |  |                         
|Remaining Coll                                                                     |  |   | 3,431,969.22   |   |  |   | 915,465.67              |  | Swap Payment            
|Servicing Fee Less Trustee Fee                                                     |  |   | 187,338.78     |   |  |   | 3,956,980.56            |  | Servicer Advances       
|                                                                                   |  |   |                |   |  |   |                         |  |                         
|                                                                                   |  |   | 5,642,583.40   |   |  |   | 4,872,446.23            |  |                         
|                                                                                   |  |   |               
|RECONCILIATION OF NOTES                                                            |  |   |                |   |  |   |                         |  |                         
|                                                                                   |  |   |               
|Beginning Discounted Present Value of the Leases                                   |  |   |                |   |  | $ | 338,776,884.48          |  |                         
|                                                                                   |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date    |  |   |                |   |  | $ | 325,715,588.05          |  |                         
|                                                                                   |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period            |  |   |                |   |  | $ | 11,646,196.39           |  |                         
|                                                                                   |  |   |               
|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                                                            |  |   | 168,000,000.00 |   |  |   |                         |  |                         
|Principal Paid Per $1,000                                                          |  | $ |               |   |  | $ |                        |  |                         
|                                                                                   |  |   |                |   |  |   |                         |  |                         
|Original Class A-1 Face                                                            |  |   | 168,000,000.00 |   |  |   |                         |  |                         
|Ending Principal Balance Factor                                                    |  |   |                |   |  |   |                         |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                                 |  |   | 0.0000000000   | % |  |   |                         |  |                         
|                                                                                   |  |   |                |   |  |   |                         |  |                         





---

|                                                                                     |  |   |                |   |  |   | Final          |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |   | Payment Date   |   |  |   | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                                                 |  |   |                |   |  |   |                |  | 
|February 2003                                                                        |  |   | Payment Date   | # |  |   | 21             |  | 
|                                                                                     |  |   |               
|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                                                              |  |   | 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)                                 |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-3                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-3 Principal Balance                                                |  |   |                |   |  | $ | 174,106,671.08 |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ | 11,646,196.39  |  | 
|Ending Class A-3 Principal Balance                                                   |  |   |                |   |  | $ | 162,460,474.69 |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 204,847.38     |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 0.7878745392   |   |  | $ | 204,847.38     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                              |  |   | 260,000,000.00 |   |  |   |                |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ | 44.7930630419  |   |  | $ | 11,646,196.39  |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                              |  |   | 260,000,000.00 |   |  |   |                |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                                 |  |   | 62.4847979574  | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-4                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 126,200,000.00 |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 126,200,000.00 |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 151,321.69     |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 1.1990625000   |   |  | $ | 151,321.69     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|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)                                 |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 37,055,113.36  |  | 
|                                                                                    
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                            
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 17,165,323.57  |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 5,059,173.38   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 2,459,013.22   |  | 
|                                                                                     |  |   |               
|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) |  |   | 0.00%          |   |  | $ |               |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 64,710,799.31  |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 2.73%          |   |  | $ | 17,670,300.33  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 64,710,799.31  |  | 
|                                                                                     |  |   |               
|Cumulative Additions made for Early Terminated Leases since Closing (FOOTNOTE 4)     |  |   | 2.45%          |   |  | $ | 15,836,738.67  |  | 
|Maximum Allowable Additions for Early Terminated Leases                              |  |   | 20.00%         |   |  | $ | 129,421,598.62 |  | 
|                                                                                     |  |   |               
|Interest Rate Swap                                                                   |  |   |                |   |  |   |                |  | 





---

|                                                              |  |              |   |  | Final          |  | 
|------------------------------------------------------------- |  | ------------ | - |  | -------------- |  | 
|IKON Receivables, LLC                                         |  |              |   |  |                |  | 
|Deutsche Lease-Backed Notes Series 2001-1                     |  | Payment Date |   |  | March 17, 2003 |  | 
|MONTHLY SERVICER REPORT (FOOTNOTE 1)                          |  |              |   |  |                |  | 
|February 2003                                                 |  | Payment Date | # |  | 21             |  | 
|                                                              |  |              |  
|Class A-3 Fixed Swap Rate                                     |  | 4.825        | % |  |                |  | 
|Class A-4 Fixed Swap Rate                                     |  | 5.435        | % |  |                |  | 
|a) Fixed Swap Interest Payable                                |  |              |   |  | 1,271,634.74   |  | 
|                                                              |  |              |  
|Class A-3 Note Interest Rate                                  |  | 1.56875      | % |  |                |  | 
|Class A-4 Note Interest Rate                                  |  | 1.59875      | % |  |                |  | 
|b) Floating Swap Interest Receivable                          |  |              |   |  | 356,169.07     |  | 
|                                                              |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a) |  |              |   |  |               |  | 
|(Available Funds deposited to Collection Account)           |  |              |   |  |                |  | 
|                                                              |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)      |  |              |   |  | 915,465.67     |  | 



|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      |  | 3.86       | % |  | 1.57           | %
|New Calculation          |  | 2.20       | % |  | 2.68           | %
|                         |  |           
|Delinquency Rate:        |  |            |   |  |                |  
|Previously Reported      |  | 2.69       | % |  | 2.15           | %
|New Calculation          |  | 2.67       | % |  | 2.13           | %



|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 Assignment and Servicing Agreement.





---

|IKON Receivables, LLC                                                                                 |  |              |   |  |   |                |  | 
|----------------------------------------------------------------------------------------------------- |  | ------------ | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                                             |  | Payment Date |   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |              |   |  |   |                |  | 
|March 2003                                                                                            |  | Payment Date | # |  |   | 22             |  | 
|                                                                                                      |  |              |  
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |              |   |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |              |   |  | $ | 325,715,588.05 |  | 
|                                                                                                      |  |              |  
|Less:    DPV Principal Payments Due on Leases  Current Month                                         |  |              |   |  |   | 13,732,074.00  |  | 
|Less:    DPV Non-Performing Leases  current monthover 120 days, etc                                 |  |              |   |  |   | 1,223,869.85   |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |              |   |  |   | 612,869.12     |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |              |   |  |   | 3,290,445.43   |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Subtotal:                                                                                             |  |              |   |  | $ | 306,856,329.65 |  | 
|                                                                                                      |  |              |  
|Add:    DPV Substitute Leases (FOOTNOTE 1)                                                            |  |              |   |  |   |                |  | 
|Non-Performing                                                                                        |  |              |   |  |   | 1,223,869.85   |  | 
|Adjusted / Warranty                                                                                   |  |              |   |  |   | 612,906.53     |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |              |   |  | $ | 308,693,106.03 |  | 
|                                                                                                      |  |              |  
|OVERDUE LEASE PAYMENTS                                                                                |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning outstanding servicer advances                                                               |  |              |   |  |   | 4,562,924.24   |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |              |   |  |   | 1,914,633.70   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |              |   |  |   | 4,025,995.53   |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |              |   |  |   | 6,674,286.07   |  | 
|                                                                                                      |  |              |  
|ADVANCE LEASE PAYMENTS                                                                                |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning amount of lease payments to be applied in future                                            |  |              |   |  |   | 664,217.24     |  | 
|Less:    Applied to Current from Prepaid  including intermonth activity                              |  |              |   |  |   | 1,213,619.13   |  | 
|Less:    Repurchased Leases                                                                           |  |              |   |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |              |   |  |   |               |  | 
|Add:    Received This Month  including intermonth activity                                           |  |              |   |  |   | 1,263,696.64   |  | 
|Add:    Received in Prior Month                                                                       |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |              |   |  |   | 714,294.75     |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 6,467,570.37   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |              |   |  |   |               |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|Required Reserve Account                                                                              |  |              |   |  |   |                |  | 
|Lesser of 1% of $ or Outstanding Note Amount                                                          |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|Reserve Account in excess of Required Reserve                                                         |  |              |   |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |              |   |  |   |               |  | 
|Amounts Released to Issuer                                                                            |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Ending Balance                                                                                        |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 4,612.35       |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |              |   |  |   | 552.90         |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 4,059.45       |  | 





---

|IKON Receivables, LLC                                                                                            |  |   |                |   |  |                |   |  |                  
|---------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | -------------- | - |  | -----------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                        |  |   | Payment Date   |   |  | April 15, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                                                          |  |   |                |   |  |                |   |  |                  
|March 2003                                                                                                       |  |   | Payment Date   | # |  | 22             |   |  |                  
|                                                                                                                 |  |   |               
|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                                      |  | $ | 12,935,140.74  |   |  |                |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                      |  | $ | 267,014,689.07 |   |  |                |   |  |                  
|                                                                                                                 |  |   |               
|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                                                                                                       |  |   |                |   |  | 1.57           | % |  | Annualized Mar 03
|Last Month                                                                                                       |  |   |                |   |  | 3.43           | % |  | Annualized Feb 03
|Two Months ago                                                                                                   |  |   |                |   |  | 2.08           | % |  | Annualized Jan 03
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 2.36           | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Delinquency Rate                                                                                       |  |   |                |   |  |                |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                 |  |   |                |   |  | 61             |   |  |                  
|                                                                                                                 |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                   |  |   |                |   |  |                |   |  |                  
|This Month                                                                                                       |  |   |                |   |  | 2.20           | % |  |                  
|Last Month                                                                                                       |  |   |                |   |  | 2.31           | % |  |                  
|Two Months ago                                                                                                   |  |   |                |   |  | 2.67           | % |  |                  
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 2.39           | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Renewal Trigger Ratio                                                                                  |  |   |                |   |  |                |   |  |                  
|                                                                                                                 |  |   |               
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |   |                |   |  | 504            |   |  |                  
|This Month                                                                                                       |  |   | 156            |   |  |                |   |  |                  
|Last Month                                                                                                       |  |   | 154            |   |  |                |   |  |                  
|Two Months ago                                                                                                   |  |   | 194            |   |  |                |   |  |                  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |   |                |   |  | 809            |   |  |                  
|This Month                                                                                                       |  |   | 272            |   |  |                |   |  |                  
|Last Month                                                                                                       |  |   | 257            |   |  |                |   |  |                  
|Two Months ago                                                                                                   |  |   | 280            |   |  |                |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Trigger Ratio                                                                                            |  |   |                |   |  | 62.30          | % |  |                  
|                                                                                                                 |  |   |               
|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, LLC                                                             |  |                                                                                  |   |  |                |  |                                    
|--------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | -------------- |  | -----------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                         |  | Payment Date                                                                     |   |  | April 15, 2003 |  |                                    
|MONTHLY SERVICER REPORT                                                           |  |                                                                                  |   |  |                |  |                                    
|March 2003                                                                        |  | Payment Date                                                                     | # |  | 22             |  |                                    
|                                                                                 
|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                              |   |  |                |  | 17,101,057.81                      
|Section 3.03 (a) (i)                                                              |  | Lease payments received on current months receivables                           |   |  |                |  | 10,722,406.07                      
|Section 3.03 (a) (i)                                                              |  | Lease Payments Received on Prior Months Receivables                             |   |  |                |  | 6,378,651.74                       
|Section 3.03 (a) (i)                                                              |  | Renewal payments                                                                 |   |  |                |  |                                   
|Section 3.03 (a) (i)                                                              |  | Early Termination cash                                                           |   |  |                |  | 2,027,021.35                       
|                                                                                  |  | Advance payments for current month                                               |   |  |                |  | 1,213,619.13                       
|                                                                                  |  | 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                                                               |   |  |                |  | 6,309.21                           
|Section 3.03 (a) (v)                                                              |  | Reserve Account                                                                  |   |  |                |  | 3,193.67                           
|Section 3.03 (a) (v)                                                              |  | Security Deposit Account                                                         |   |  |                |  | 2.39                               
|Section 3.03 (a) (vi)                                                             |  | Casualty Payments                                                                |   |  |                |  |                                   
|Section 3.03 (a) (vii)                                                            |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                |  | 4,025,995.53                       
|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 |   |  |                |  | 24,377,199.09                      
|                                                                                  |  |                                                                                  |  
|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)                 |  |                                                                                  |   |  | 552.90         |  |                                    
|                                                                                  |  |                                                                                  |  
|Less     Credit for payments applied in prior period                              |  |                                                                                  |   |  |               |  |                                    
|                                                                                  |  |                                                                                  |   |  |                |  |                                    
|                                                                                  |  |                                                                                  |  
|Total deposited into the Collection Account                                       |  |                                                                                  |   |  | 24,377,751.99  |  |                                    
|                                                                                 
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                            
|                                                                                  |  |                                                                                  |  
|Surety Fee                                                                        |  | 0.24                                                                             | % |  | 57,732.09      |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.24% of Outstanding Principal Amount of the
Notes |  |                                                                                  |   |  |                |  |                                    
|                                                                                  |  |                                                                                  |  
|Payment to Swap Counterparty - Update
Monthly                                     |  |                                                                                  |   |  | 870,634.10     |  | IKON Transfer                      
|(ii)      Section 3.03 (b) (ii)                                                   |  |                                                                                  |   |  |                |  |                                    
|                                                                                  |  |                                                                                  |  
|Servicing Fee                                                                     |  | 0.75                                                                             | % |  | 180,412.80     |  | No Distribution onthis 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                                                                        | % |  | 339.29         |  | Trustee Fees  Bank of New York    
|                                                                                  |  |                                                                                  |   |  |                |  |                                    
|Minimum Fee = $ 250.00                                                            |  |                                                                                  |   |  |                |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                                                                                  |   |  | 180,073.51     |  | IOSC Net Servicing Fee Distribution
|                                                                                  |  |                                                                                  |  
|(iv)   Section 3.03 (b) (iv)                                                      |  |                                                                                  |   |  |                |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                                                                                  |   |  | 1,914,633.70   |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                                                                                  |   |  |                |  |                                    





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                          |  |                         
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | ------------------------ |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |   | Payment Date   |   |  |   | April 15, 2003           |  |                         
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                          |  |                         
|March 2003                                                                           |  |   | Payment Date   | # |  |   | 22                       |  |                         
|                                                                                     |  |   |               
|Remaining Available to be Distributed to Noteholders                                 |  |   |                |   |  |   | 21,354,339.30            |  |                         
|                                                                                     |  |   |               
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |   |                |   |  |   |                          |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                               |  |   | 3.73375        | % |  | $ |                         |  | 29                      
|Class A-2 Interest Due (30/360 Basis)                                                |  |   | 4.16000        | % |  | $ |                         |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.28 + .23 =
1.51%               |  |   | 1.51000        | % |  | $ | 197,615.12               |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.28 + .26 =
1.54%               |  |   | 1.54000        | % |  | $ | 156,558.11               |  | Libor + .26             
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|Total Class A Interest Due                                                           |  |   |                |   |  | $ | 354,173.23               |  |                         
|Class A Interest Paid                                                                |  |   |                |   |  | $ | 354,173.23               |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |   |                |   |  | $ |                         |  |                         
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |   |                |   |  | $ |                         |  |                         
|Beginning Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 288,660,474.69           |  |                         
|Class A Principal Payment While Class A-1
Outstanding                                |  |   |                |   |  | $ |                         |  |                         
|Class A Principal Payment After Class A-1
Retired                                    |  |   | 89.16570       | % |  | $ | 15,178,215.25            |  |                         
|Aggregate Class A Principal Payment                                                  |  |   |                |   |  | $ | 15,178,215.25            |  |                         
|(vii)   Class A Principal Paid                                                       |  |   |                |   |  | $ | 15,178,215.25            |  |                         
|Ending Aggregate Class A Note Balance                                                |  |   |                |   |  | $ | 273,482,259.44           |  |                         
|Overcollateralization Floor                                                          |  |   |                |   |  |   |                          |  |                         
|2.5% of $647,107,993.85                                                              |  |   |                |   |  | $ | 16,177,699.85            |  |                         
|Plus: Cumulative Loss Amount                                                         |  |   |                |   |  | $ |                         |  |                         
|Less: Reserve Account Ending Balance                                                 |  |   |                |   |  | $ | 6,467,570.37             |  |                         
|Overcollateralization Floor                                                          |  |   |                |   |  | $ | 9,710,129.48             |  | N                       
|(viii)  Additional Class A Principal                                                 |  |   |                |   |  | $ |                         |  |                         
|Additional Principal Class A Paid                                                    |  |   |                |   |  | $ |                         |  |                         
|End of Period Class A Note Balance                                                   |  |   |                |   |  | $ | 273,482,259.44           |  |                         
|                                                                                     |  |   |               
|Remaining Collections After Distributions to Noteholders                             |  |   |                |   |  | $ | 5,821,950.82             |  |                         
|                                                                                     |  |   |               
|(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)) |  |   |                |   |  | $ | 5,821,950.82             |  |                         
|                                                                                     |  |   |               
|Total Distribution from the Collection Account                                       |  |   |                |   |  | $ | 24,377,751.99            |  |                         
|                                                                                     |  |   |               
|Trustee Transfer to IOSC                                                             |  |   |                |   |  |   | IOSC Transfer to Trustee |  |                         
|                                                                                     |  |   |               
|                                                                                     |  |   |                |   |  |   | 2,027,021.35             |  | Early Term Cash         
|Reimburse Servicer Advances                                                          |  |   | 1,914,633.70   |   |  |   | 50,077.51                |  | Adv Payments            
|Remaining Coll                                                                       |  |   | 5,821,950.82   |   |  |   | 870,634.10               |  | Swap Payment            
|Servicing Fee Less Trustee Fee                                                       |  |   | 180,073.51     |   |  |   | 4,025,995.53             |  | Servicer Advances       
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|                                                                                     |  |   | 7,916,658.02   |   |  |   | 6,973,728.49             |  |                         
|                                                                                     |  |   |               
|RECONCILIATION OF NOTES                                                              |  |   |                |   |  |   |                          |  |                         
|                                                                                     |  |   |               
|Beginning Discounted Present Value of the Leases                                     |  |   |                |   |  | $ | 325,715,588.05           |  |                         
|                                                                                     |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date      |  |   |                |   |  | $ | 308,693,106.03           |  |                         
|                                                                                     |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period              |  |   |                |   |  | $ | 15,178,215.25            |  |                         
|                                                                                     |  |   |               
|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                                                              |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |                         |  |                         
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|Original Class A-1 Face                                                              |  |   | 168,000,000.00 |   |  |   |                          |  |                         





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |   | Payment Date   |   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                |  | 
|March 2003                                                                           |  |   | Payment Date   | # |  |   | 22             |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A Principal/Original Class A-1 Face)                                   |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|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                                                              |  |   | 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)                                 |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-3                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-3 Principal Balance                                                |  |   |                |   |  | $ | 162,460,474.69 |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ | 15,178,215.25  |  | 
|Ending Class A-3 Principal Balance                                                   |  |   |                |   |  | $ | 147,282,259.44 |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 197,615.12     |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 0.7600581396   |   |  | $ | 197,615.12     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                              |  |   | 260,000,000.00 |   |  |   |                |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ | 58.3777509635  |   |  | $ | 15,178,215.25  |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                              |  |   | 260,000,000.00 |   |  |   |                |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                                 |  |   | 56.6470228613  | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Class A-4                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 126,200,000.00 |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 126,200,000.00 |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 156,558.11     |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 1.2405555556   |   |  | $ | 156,558.11     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|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)                                 |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 35,210,846.59  |  | 
|                                                                                     |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 17,392,705.75  |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 4,804,204.24   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 1,978,476.16   |  | 
|                                                                                     |  |   |               
|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              |  |   | 0.09%          |   |  | $ | 612,906.53     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 64,710,799.31  |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 2.80%          |   |  | $ | 18,148,656.10  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 64,710,799.31  |  | 





---

|IKON Receivables, LLC                                                |  |              |   |  |   |                |  | 
|-------------------------------------------------------------------- |  | ------------ | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                            |  | Payment Date |   |  |   | April 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                              |  |              |   |  |   |                |  | 
|March 2003                                                           |  | Payment Date | # |  |   | 22             |  | 
|                                                                     |  |              |  
|Cumulative Additions made for Early Termination Leases since Closing |  | 2.45%        |   |  | $ | 15,836,738.67  |  | 
|Maximum Allowable Additions for Early Termination Leases             |  | 20.00%       |   |  | $ | 129,421,598.62 |  | 
|                                                                     |  |              |  
|Interest Rate Swap                                                   |  |              |   |  |   |                |  | 
|                                                                     |  |              |  
|Class A-3 Fixed Swap Rate                                            |  | 4.825        | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                            |  | 5.435        | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                       |  |              |   |  |   | 1,224,807.33   |  | 
|                                                                     |  |              |  
|Class A-3 Note Interest Rate                                         |  | 1.51000      | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                         |  | 1.54000      | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                 |  |              |   |  |   | 354,173.23     |  | 
|                                                                     |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)        |  |              |   |  |   |               |  | 
|("Available Funds" deposited to Collection Account)                  |  |              |   |  |   |                |  | 
|                                                                     |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)             |  |              |   |  |   | 870,634.10     |  | 



|             |  |                                              
|------------ |  | ---------------------------------------------
|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 Previous Due Date) includes
Leases previously substituted in excess of the amounts reported in prior Monthly Servicer Reports. The actual substitutions in this Due Period were $1,091,262.30.



|2 | Annualized Default Rate 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, LLC                                                                                 |  |              |   |  |   |                |  | 
|----------------------------------------------------------------------------------------------------- |  | ------------ | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                                             |  | Payment Date |   |  |   | May 15, 2003   |  | 
|MONTHLY SERVICER REPORT                                                                               |  |              |   |  |   |                |  | 
|April 2003                                                                                            |  | Payment Date | # |  |   | 23             |  | 
|                                                                                                      |  |              |  
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |              |   |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |              |   |  | $ | 308,693,106.03 |  | 
|                                                                                                      |  |              |  
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |              |   |  |   | 13,662,311.73  |  | 
|Less:    DPV Non-Performing Leases - current month  over 120 days, etc                               |  |              |   |  |   | 1,007,300.16   |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |              |   |  |   |               |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |              |   |  |   | 2,543,429.15   |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Subtotal:                                                                                             |  |              |   |  | $ | 291,480,064.99 |  | 
|                                                                                                      |  |              |  
|Add:    DPV Substitute Leases                                                                         |  |              |   |  |   |                |  | 
|Non-Performing                                                                                        |  |              |   |  |   | 1,007,431.80   |  | 
|Adjusted / Warranty                                                                                   |  |              |   |  |   |               |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |              |   |  | $ | 292,487,496.79 |  | 
|                                                                                                      |  |              |  
|OVERDUE LEASE PAYMENTS                                                                                |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning outstanding servicer advances                                                               |  |              |   |  |   | 6,674,286.07   |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |              |   |  |   | 2,605,165.07   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |              |   |  |   | 2,872,004.77   |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |              |   |  |   | 6,941,125.77   |  | 
|                                                                                                      |  |              |  
|ADVANCE LEASE PAYMENTS                                                                                |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning amount of lease payments to be applied in future                                            |  |              |   |  |   | 714,294.75     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |              |   |  |   | 935,808.22     |  | 
|Less:    Repurchased Leases                                                                           |  |              |   |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |              |   |  |   |               |  | 
|Add:    Received This Month - including intermonth activity                                           |  |              |   |  |   | 906,856.92     |  | 
|Add:    Received in Prior Month                                                                       |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |              |   |  |   | 685,343.45     |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 6,467,570.37   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |              |   |  |   |               |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|Required Reserve Account                                                                              |  |              |   |  |   |                |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|Reserve Account in excess of Required Reserve                                                         |  |              |   |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |              |   |  |   |               |  | 
|Amounts Released to Issuer                                                                            |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 4,059.45       |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |              |   |  |   |               |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 4,059.45       |  | 





---

|IKON Receivables, LLC                                                                                            |  |   |                |   |  |              |   |  |                  
|---------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ------------ | - |  | -----------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                        |  |   | Payment Date   |   |  | May 15, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                                                          |  |   |                |   |  |              |   |  |                  
|April 2003                                                                                                       |  |   | Payment Date   | # |  | 23           |   |  |                  
|                                                                                                                 |  |   |               
|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                                        |  | $ | 12,935,140.74  |   |  |              |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                      |  | $ | 252,564,844.15 |   |  |              |   |  |                  
|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                                                                                                       |  |   |                |   |  | 1.88         | % |  | Annualized Apr 03
|Last Month                                                                                                       |  |   |                |   |  | 1.57         | % |  | Annualized Mar 03
|Two Months ago                                                                                                   |  |   |                |   |  | 3.43         | % |  | Annualized Feb 03
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 2.29         | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Delinquency Rate                                                                                       |  |   |                |   |  |              |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                 |  |   |                |   |  | 61           |   |  |                  
|                                                                                                                 |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                   |  |   |                |   |  |              |   |  |                  
|This Month                                                                                                       |  |   |                |   |  | 2.31         | % |  |                  
|Last Month                                                                                                       |  |   |                |   |  | 2.20         | % |  |                  
|Two Months ago                                                                                                   |  |   |                |   |  | 2.31         | % |  |                  
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 2.27         | % |  |                  
|                                                                                                                 |  |   |                |   |  |              |   |  |                  
|Calculate Renewal Trigger Ratio                                                                                  |  |   |                |   |  |              |   |  |                  
|                                                                                                                 |  |   |               
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |   |                |   |  | 499          |   |  |                  
|This Month                                                                                                       |  |   | 129            |   |  |              |   |  |                  
|Last Month                                                                                                       |  |   | 207            |   |  |              |   |  |                  
|Two Months ago                                                                                                   |  |   | 163            |   |  |              |   |  |                  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |   |                |   |  | 819          |   |  |                  
|This Month                                                                                                       |  |   | 236            |   |  |              |   |  |                  
|Last Month                                                                                                       |  |   | 326            |   |  |              |   |  |                  
|Two Months ago                                                                                                   |  |   | 257            |   |  |              |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Trigger Ratio                                                                                            |  |   |                |   |  | 60.93        | % |  |                  
|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, LLC                                                             |  |                                                                                  |   |  |               |  |                                    
|--------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | -----------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                         |  | Payment Date                                                                     |   |  | May 15, 2003  |  |                                    
|MONTHLY SERVICER REPORT                                                           |  |                                                                                  |   |  |               |  |                                    
|April 2003                                                                        |  | Payment Date                                                                     | # |  | 23            |  |                                    
|                                                                                  |  |                                                                                  |  
|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                              |   |  |               |  | 12,898,648.73                      
|Section 3.03 (a) (i)                                                              |  | Lease payments received on current months receivables                           |   |  |               |  | 8,673,598.63                       
|Section 3.03 (a) (i)                                                              |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |  | 4,225,050.10                       
|Section 3.03 (a) (i)                                                              |  | Renewal payments                                                                 |   |  |               |  |                                   
|Section 3.03 (a) (i)                                                              |  | Early Termination cash                                                           |   |  |               |  | 2,543,429.15                       
|                                                                                  |  | Advance payments for current month                                               |   |  |               |  | 935,808.22                         
|                                                                                  |  | 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                                                               |   |  |               |  | 5,214.49                           
|Section 3.03 (a) (v)                                                              |  | Reserve Account                                                                  |   |  |               |  | 2,719.10                           
|Section 3.03 (a) (v)                                                              |  | Security Deposit Account                                                         |   |  |               |  | 1.92                               
|Section 3.03 (a) (vi)                                                             |  | Casualty Payments                                                                |   |  |               |  |                                   
|Section 3.03 (a) (vii)                                                            |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 2,872,004.77                       
|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 |   |  |               |  | 19,257,826.38                      
|                                                                                  |  |                                                                                  |  
|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                                       |  |                                                                                  |   |  | 19,257,826.38 |  |                                    
|                                                                                  |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                             |  |                                                                                  |   |  |               |  |                                    
|                                                                                  |  |                                                                                  |  
|Surety Fee                                                                        |  | 0.24                                                                             | % |  | 54,696.45     |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.24% of Outstanding Principal Amount of the
Notes |  |                                                                                  |   |  |               |  |                                    
|                                                                                  |  |                                                                                  |  
|Payment to Swap Counterparty - Update
Monthly                                     |  |                                                                                  |   |  | 809,654.35    |  | IKON Transfer                      
|(ii)      Section 3.03 (b) (ii)                                                   |  |                                                                                  |   |  |               |  |                                    
|Servicing Fee                                                                     |  | 0.75                                                                             | % |  | 170,926.41    |  | 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                                                                        | % |  | 284.88        |  | Trustee Fees - Bank of New York    
|                                                                                  |  |                                                                                  |   |  |               |  |                                    
|Minimum Fee = $ 250.00                                                            |  |                                                                                  |   |  |               |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                                                                                  |   |  | 170,641.53    |  | IOSC Net Servicing Fee Distribution
|(iv)     Section 3.03 (b) (iv)                                                    |  |                                                                                  |   |  |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                                                                                  |   |  | 2,605,165.07  |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                                                                                  |   |  |               |  |                                    





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                          |  |                         
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | ------------------------ |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |   | Payment Date   |   |  |   | May 15, 2003             |  |                         
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                          |  |                         
|April 2003                                                                           |  |   | Payment Date   | # |  |   | 23                       |  |                         
|                                                                                     |  |   |               
|Remaining Available to be Distributed to Noteholders                                 |  |   |                |   |  |   | 15,617,384.09            |  |                         
|                                                                                     |  |   |               
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |   |                |   |  |   |                          |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                               |  |   | 3.73375        | % |  | $ |                         |  | 30                      
|Class A-2 Interest Due (30/360 Basis)                                                |  |   | 4.16000        | % |  | $ |                         |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.31 + .23 =
1.54%               |  |   | 1.54000        | % |  | $ | 189,012.23               |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.31 + .26 =
1.57%               |  |   | 1.57000        | % |  | $ | 165,111.67               |  | Libor + .26             
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|Total Class A Interest Due                                                           |  |   |                |   |  | $ | 354,123.90               |  |                         
|Class A Interest Paid                                                                |  |   |                |   |  | $ | 354,123.90               |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |   |                |   |  | $ |                         |  |                         
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |   |                |   |  | $ |                         |  |                         
|Beginning Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 273,482,259.44           |  |                         
|Class A Principal Payment While Class A-1
Outstanding                                |  |   |                |   |  | $ |                         |  |                         
|Class A Principal Payment After Class A-1
Retired                                    |  |   | 89.16570       | % |  | $ | 14,449,844.92            |  |                         
|Aggregate Class A Principal Payment                                                  |  |   |                |   |  | $ | 14,449,844.92            |  |                         
|(vii)   Class A Principal Paid                                                       |  |   |                |   |  | $ | 14,449,844.92            |  |                         
|Ending Aggregate Class A Note Balance                                                |  |   |                |   |  | $ | 259,032,414.52           |  |                         
|Overcollateralization Floor                                                          |  |   |                |   |  |   |                          |  |                         
|2.5% of $647,107,993.85                                                              |  |   |                |   |  | $ | 16,177,699.85            |  |                         
|Plus: Cumulative Loss Amount                                                         |  |   |                |   |  | $ | 132,694.69               |  |                         
|Less: Reserve Account Ending Balance                                                 |  |   |                |   |  | $ | 6,467,570.37             |  |                         
|Overcollateralization Floor                                                          |  |   |                |   |  | $ | 9,842,824.17             |  | N                       
|(viii)  Additional Class A Principal                                                 |  |   |                |   |  | $ |                         |  |                         
|Additional Principal Class A Paid                                                    |  |   |                |   |  | $ |                         |  |                         
|End of Period Class A Note Balance                                                   |  |   |                |   |  | $ | 259,032,414.52           |  |                         
|                                                                                     |  |   |               
|Remaining Collections After Distributions to Noteholders                             |  |   |                |   |  | $ | 813,415.28               |  |                         
|                                                                                     |  |   |               
|(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)) |  |   |                |   |  | $ | 813,415.28               |  |                         
|                                                                                     |  |   |               
|Total Distribution from the Collection Account                                       |  |   |                |   |  | $ | 19,257,826.38            |  |                         
|                                                                                     |  |   |               
|Trustee Transfer to IOSC                                                             |  |   |                |   |  |   | IOSC Transfer to Trustee |  |                         
|Adv Payments                                                                         |  |   | 28,951.30      |   |  |   | 2,543,429.15             |  | Early Term Cash         
|Reimburse Servicer Advances                                                          |  |   | 2,605,165.07   |   |  |   |                         |  |                         
|Remaining Coll                                                                       |  |   | 813,415.28     |   |  |   | 809,654.35               |  | Swap Payment            
|Servicing Fee Less Trustee Fee                                                       |  |   | 170,641.53     |   |  |   | 2,872,004.77             |  | Servicer Advances       
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|                                                                                     |  |   | 3,618,173.17   |   |  |   | 6,225,088.27             |  |                         
|                                                                                     |  |   |               
|RECONCILIATION OF NOTES                                                              |  |   |                |   |  |   |                          |  |                         
|                                                                                     |  |   |               
|Beginning Discounted Present Value of the Leases                                     |  |   |                |   |  | $ | 308,693,106.03           |  |                         
|                                                                                     |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date      |  |   |                |   |  | $ | 292,487,496.79           |  |                         
|                                                                                     |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period              |  |   |                |   |  | $ | 14,449,844.92            |  |                         
|                                                                                     |  |   |               
|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                                                              |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |                         |  |                         
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|Original Class A-1 Face                                                              |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                          |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                                   |  |   | 0.0000000000   | % |  |   |                          |  |                         
|                                                                                     |  |   |                |   |  |   |                          |  |                         





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |   | Payment Date   |   |  |   | May 15, 2003   |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                |  | 
|April 2003                                                                           |  |   | Payment Date   | # |  |   | 23             |  | 
|                                                                                     |  |   |               
|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                                                              |  |   | 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)                                 |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Class A-3                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-3 Principal Balance                                                |  |   |                |   |  | $ | 147,282,259.44 |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ | 14,449,844.92  |  | 
|Ending Class A-3 Principal Balance                                                   |  |   |                |   |  | $ | 132,832,414.52 |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 189,012.23     |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 0.7269701267   |   |  | $ | 189,012.23     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                              |  |   | 260,000,000.00 |   |  |   |                |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ | 55.5763266081  |   |  | $ | 14,449,844.92  |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                                                              |  |   | 260,000,000.00 |   |  |   |                |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                                 |  |   | 51.0893902005  | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Class A-4                                                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 126,200,000.00 |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 126,200,000.00 |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 165,111.67     |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 1.3083333333   |   |  | $ | 165,111.67     |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|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)                                 |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                                                     |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 33,455,082.27  |  | 
|                                                                                     |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |   |                |   |  |   |                |  | 
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 11,203,155.45  |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 4,284,444.29   |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 2,486,498.83   |  | 
|                                                                                     |  |   |               
|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              |  |   | 0.09%          |   |  | $ | 612,906.53     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 64,710,799.31  |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 2.96%          |   |  | $ | 19,156,087.90  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 64,710,799.31  |  | 
|                                                                                     |  |   |               
|Cumulative Additions made for Early Termination Leases since Closing                 |  |   | 2.45%          |   |  | $ | 15,836,738.67  |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  |   | 20.00%         |   |  | $ | 129,421,598.62 |  | 





---

|IKON Receivables, LLC                                         |  |              |   |  |              |  | 
|------------------------------------------------------------- |  | ------------ | - |  | ------------ |  | 
|Deutsche Lease-Backed Notes Series 2001-1                     |  | Payment Date |   |  | May 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                       |  |              |   |  |              |  | 
|April 2003                                                    |  | Payment Date | # |  | 23           |  | 
|                                                              |  |              |  
|Interest Rate Swap                                            |  |              |   |  |              |  | 
|                                                              |  |              |  
|Class A-3 Fixed Swap Rate                                     |  | 4.825        | % |  |              |  | 
|Class A-4 Fixed Swap Rate                                     |  | 5.435        | % |  |              |  | 
|a) Fixed Swap Interest Payable                                |  |              |   |  | 1,163,778.25 |  | 
|                                                              |  |              |  
|Class A-3 Note Interest Rate                                  |  | 1.54000      | % |  |              |  | 
|Class A-4 Note Interest Rate                                  |  | 1.57000      | % |  |              |  | 
|b) Floating Swap Interest Receivable                          |  |              |   |  | 354,123.90   |  | 
|                                                              |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a) |  |              |   |  |             |  | 
|(Available Funds deposited to Collection Account)           |  |              |   |  |              |  | 
|                                                              |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)      |  |              |   |  | 809,654.35   |  | 



|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, LLC                                                                                 |  |              |   |  |   |                |  | 
|----------------------------------------------------------------------------------------------------- |  | ------------ | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                                             |  | Payment Date |   |  |   | June 16, 2003  |  | 
|MONTHLY SERVICER REPORT                                                                               |  |              |   |  |   |                |  | 
|May 2003                                                                                              |  | Payment Date | # |  |   | 23             |  | 
|                                                                                                      |  |              |  
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |              |   |  |   |                |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |              |   |  | $ | 292,487,496.79 |  | 
|                                                                                                      |  |              |  
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |              |   |  |   | 12,465,274.77  |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |              |   |  |   | 1,368,378.61   |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |              |   |  |   | 5,839.62       |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |              |   |  |   | 2,262,078.60   |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Subtotal:                                                                                             |  |              |   |  | $ | 276,385,925.19 |  | 
|                                                                                                      |  |              |  
|Add:    DPV Substitute Leases                                                                         |  |              |   |  |   |                |  | 
|Non-Performing                                                                                        |  |              |   |  |   | 1,368,833.24   |  | 
|Adjusted / Warranty                                                                                   |  |              |   |  |   | 5,839.62       |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |              |   |  | $ | 277,760,598.05 |  | 
|                                                                                                      |  |              |  
|OVERDUE LEASE PAYMENTS                                                                                |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |              |   |  |   |                |  | 
|Beginning outstanding servicer advances                                                               |  |              |   |  |   | 6,941,125.77   |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |              |   |  |   | 3,719,594.98   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |              |   |  |   | 4,078,796.87   |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |              |   |  |   | 7,300,327.66   |  | 
|                                                                                                      |  |              |  
|ADVANCE LEASE PAYMENTS                                                                                |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning amount of lease payments to be applied in future                                            |  |              |   |  |   | 685,343.45     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |              |   |  |   | 756,396.65     |  | 
|Less:    Repurchased Leases                                                                           |  |              |   |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |              |   |  |   |               |  | 
|Add:    Received This Month - including intermonth activity                                           |  |              |   |  |   | 702,622.62     |  | 
|Add:    Received in Prior Month                                                                       |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |              |   |  |   | 631,569.41     |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 6,467,570.37   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |              |   |  |   |               |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|Required Reserve Account                                                                              |  |              |   |  |   |                |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|Reserve Account in excess of Required Reserve                                                         |  |              |   |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |              |   |  |   |               |  | 
|Amounts Released to Issuer                                                                            |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Ending Balance                                                                                        |  |              |   |  |   | 6,467,570.37   |  | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |              |   |  |   |                |  | 
|Beginning Balance                                                                                     |  |              |   |  |   | 4,059.45       |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |              |   |  |   | 333.90         |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 3,725.55       |  | 





---

|IKON Receivables, LLC                                                                                            |  |   |                |   |  |               |   |  |                  
|---------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ------------- | - |  | -----------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                        |  |   | Payment Date   |   |  | June 16, 2003 |   |  |                  
|MONTHLY SERVICER REPORT                                                                                          |  |   |                |   |  |               |   |  |                  
|May 2003                                                                                                         |  |   | Payment Date   | # |  | 23            |   |  |                  
|                                                                                                                 |  |   |               
|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                                        |  | $ | 12,935,140.74  |   |  |               |   |  |                  
|Outstanding Balance of Notes minus Reserves                                                                      |  | $ | 239,433,501.80 |   |  |               |   |  |                  
|                                                                                                                 |  |   |               
|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                                                                                                       |  |   |                |   |  | 3.08          | % |  | Annualized May 03
|Last Month                                                                                                       |  |   |                |   |  | 1.88          | % |  | Annualized Apr 03
|Two Months ago                                                                                                   |  |   |                |   |  | 1.57          | % |  | Annualized Mar 03
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 2.18          | % |  |                  
|                                                                                                                 |  |   |               
|Calculate Delinquency Rate                                                                                       |  |   |                |   |  |               |   |  |                  
|# of days delinquent to declare Delinquent Lease                                                                 |  |   |                |   |  | 61            |   |  |                  
|                                                                                                                 |  |   |               
|Discounted Present Value of Delinquent Leases:                                                                   |  |   |                |   |  |               |   |  |                  
|This Month                                                                                                       |  |   |                |   |  | 1.84          | % |  |                  
|Last Month                                                                                                       |  |   |                |   |  | 2.31          | % |  |                  
|Two Months ago                                                                                                   |  |   |                |   |  | 2.20          | % |  |                  
|                                                                                                                 |  |   |               
|3 mos. Average                                                                                                   |  |   |                |   |  | 2.12          | % |  |                  
|Calculate Renewal Trigger Ratio                                                                                  |  |   |                |   |  |               |   |  |                  
|                                                                                                                 |  |   |               
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |   |                |   |  | 508           |   |  |                  
|This Month                                                                                                       |  |   | 124            |   |  |               |   |  |                  
|Last Month                                                                                                       |  |   | 164            |   |  |               |   |  |                  
|Two Months ago                                                                                                   |  |   | 220            |   |  |               |   |  |                  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |   |                |   |  | 806           |   |  |                  
|This Month                                                                                                       |  |   | 244            |   |  |               |   |  |                  
|Last Month                                                                                                       |  |   | 236            |   |  |               |   |  |                  
|Two Months ago                                                                                                   |  |   | 326            |   |  |               |   |  |                  
|                                                                                                                 |  |   |               
|Renewal Trigger Ratio                                                                                            |  |   |                |   |  | 63.03         | % |  |                  
|                                                                                                                 |  |   |               
|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, LLC                                                             |  |                                                                                  |   |  |               |  |                                    
|--------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | -----------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                         |  | Payment Date                                                                     |   |  | June 16, 2003 |  |                                    
|MONTHLY SERVICER REPORT                                                           |  |                                                                                  |   |  |               |  |                                    
|May 2003                                                                          |  | Payment Date                                                                     | # |  | 23            |  |                                    
|                                                                                 
|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                              |   |  |               |  | 13,665,232.25                      
|Section 3.03 (a) (i)                                                              |  | Lease payments received on current months receivables                           |   |  |               |  | 9,945,637.27                       
|Section 3.03 (a) (i)                                                              |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |  | 3,719,594.98                       
|Section 3.03 (a) (i)                                                              |  | Renewal payments                                                                 |   |  |               |  |                                   
|Section 3.03 (a) (i)                                                              |  | Early Termination cash                                                           |   |  |               |  | 2,262,078.60                       
|                                                                                  |  | Advance payments for current month                                               |   |  |               |  | 756,396.65                         
|                                                                                  |  | 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                                                               |   |  |               |  | 4,571.41                           
|Section 3.03 (a) (v)                                                              |  | Reserve Account                                                                  |   |  |               |  | 2,615.22                           
|Section 3.03 (a) (v)                                                              |  | Security Deposit Account                                                         |   |  |               |  | 0.73                               
|Section 3.03 (a) (vi)                                                             |  | Casualty Payments                                                                |   |  |               |  |                                   
|Section 3.03 (a) (vii)                                                            |  | Servicer Adv for scheduled payments not made in current period                   |   |  |               |  | 4,078,796.87                       
|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 |   |  |               |  | 20,769,691.73                      
|                                                                                  |  |                                                                                  |  
|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)                |   |  |               |  | 333.90                             
|                                                                                  |  |                                                                                  |  
|Less     Credit for payments applied in prior period                              |  |                                                                                  |   |  |              |  |                                    
|                                                                                  |  |                                                                                  |   |  |               |  |                                    
|                                                                                  |  |                                                                                  |  
|Total deposited into the Collection Account                                       |  |                                                                                  |   |  | 20,770,025.63 |  |                                    
|                                                                                  |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                             |  |                                                                                  |   |  |               |  |                                    
|                                                                                  |  |                                                                                  |  
|Surety Fee                                                                        |  | 0.24                                                                             | % |  | 51,806.48     |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.24% of Outstanding Principal Amount of the
Notes |  |                                                                                  |   |  |               |  |                                    
|                                                                                  |  |                                                                                  |  
|Payment to Swap Counterparty- Update
Monthly                                      |  |                                                                                  |   |  | 747,725.91    |  | IKON Transfer                      
|(ii)      Section 3.03 (b) (ii)                                                   |  |                                                                                  |   |  |               |  |                                    
|                                                                                  |  |                                                                                  |  
|Servicing Fee                                                                     |  | 0.75                                                                             | % |  | 161,895.26    |  | No Distributionon 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                                                                        | % |  | 269.83        |  | Trustee Fees - Bank of New York    
|                                                                                  |  |                                                                                  |   |  |               |  |                                    
|Minimum Fee = $ 250.00                                                            |  |                                                                                  |   |  |               |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                                                                                  |   |  | 161,625.43    |  | IOSC Net Servicing Fee Distribution
|                                                                                  |  |                                                                                  |  
|(iv)     Section 3.03 (b) (iv)                                                    |  |                                                                                  |   |  |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                                                                                  |   |  | 3,719,594.98  |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                                                                                  |   |  |               |  |                                    





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                          |  |                         
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | ------------------------ |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |   | Payment Date   |   |  |   | June 16, 2003            |  |                         
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                          |  |                         
|May 2003                                                                             |  |   | Payment Date   | # |  |   | 23                       |  |                         
|                                                                                     |  |   |               
|Remaining Available to be Distributed to Noteholders                                 |  |   |                |   |  |   | 16,089,003.00            |  |                         
|                                                                                     |  |   |               
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |   |                |   |  |   |                          |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                               |  |   | 3.73375        | % |  | $ |                         |  | 32                      
|Class A-2 Interest Due (30/360 Basis)                                                |  |   | 4.16000        | % |  | $ |                         |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.31 + .23 =
1.54%               |  |   | 1.54000        | % |  | $ | 181,832.82               |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.31 + .26 =
1.57%               |  |   | 1.57000        | % |  | $ | 176,119.11               |  | Libor + .26             
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|Total Class A Interest Due                                                           |  |   |                |   |  | $ | 357,951.93               |  |                         
|Class A Interest Paid                                                                |  |   |                |   |  | $ | 357,951.93               |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |   |                |   |  | $ |                         |  |                         
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |   |                |   |  | $ |                         |  |                         
|Beginning Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 259,032,414.52           |  |                         
|Class A Principal Payment While Class A-1
Outstanding                                |  |   |                |   |  | $ |                         |  |                         
|Class A Principal Payment After Class A-1
Retired                                    |  |   | 89.16570       | % |  | $ | 13,131,342.35            |  |                         
|Aggregate Class A Principal Payment                                                  |  |   |                |   |  | $ | 13,131,342.35            |  |                         
|(vii)   Class A Principal Paid                                                       |  |   |                |   |  | $ | 13,131,342.35            |  |                         
|Ending Aggregate Class A Note Balance                                                |  |   |                |   |  | $ | 245,901,072.17           |  |                         
|Overcollateralization Floor                                                          |  |   |                |   |  |   |                          |  |                         
|2.5% of $647,107,993.85                                                              |  |   |                |   |  | $ | 16,177,699.85            |  |                         
|Plus: Cumulative Loss Amount                                                         |  |   |                |   |  | $ |                         |  |                         
|Less: Reserve Account Ending Balance                                                 |  |   |                |   |  | $ | 6,467,570.37             |  |                         
|Overcollateralization Floor                                                          |  |   |                |   |  | $ | 9,710,129.48             |  | N                       
|(viii)  Additional Class A Principal                                                 |  |   |                |   |  | $ |                         |  |                         
|Additional Principal Class A Paid                                                    |  |   |                |   |  | $ |                         |  |                         
|End of Period Class A Note Balance                                                   |  |   |                |   |  | $ | 245,901,072.17           |  |                         
|                                                                                     |  |   |               
|Remaining Collections After Distributions to
Noteholders                             |  |   |                |   |  | $ | 2,599,708.72             |  |                         
|                                                                                     |  |   |               
|(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)) |  |   |                |   |  | $ | 2,599,708.72             |  |                         
|                                                                                     |  |   |               
|Total Distribution from the Collection
Account                                       |  |   |                |   |  | $ | 20,770,025.63            |  |                         
|                                                                                     |  |   |               
|Trustee Transfer to IOSC                                                             |  |   |                |   |  |   | IOSC Transfer to Trustee |  |                         
|                                                                                     |  |   |               
|Adv Payments                                                                         |  |   | 53,774.03      |   |  |   | 2,262,078.60             |  | Early Term Cash         
|Reimburse Servicer Advances                                                          |  |   | 3,719,594.98   |   |  |   |                         |  |                         
|Remaining Coll                                                                       |  |   | 2,599,708.72   |   |  |   | 747,725.91               |  | Swap Payment            
|Servicing Fee Less Trustee Fee                                                       |  |   | 161,625.43     |   |  |   | 4,078,796.87             |  | Servicer Advances       
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|                                                                                     |  |   | 6,534,703.17   |   |  |   | 7,088,601.38             |  |                         
|                                                                                     |  |   |               
|RECONCILIATION OF NOTES                                                              |  |   |                |   |  |   |                          |  |                         
|                                                                                     |  |   |               
|Beginning Discounted Present Value of the Leases                                     |  |   |                |   |  | $ | 292,487,496.79           |  |                         
|                                                                                     |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date      |  |   |                |   |  | $ | 277,760,598.05           |  |                         
|                                                                                     |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period              |  |   |                |   |  | $ | 13,131,342.35            |  |                         
|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                                                              |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |                         |  |                         
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|Original Class A-1 Face                                                              |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                          |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                                   |  |   | 0.0000000000   | % |  |   |                          |  |                         
|                                                                                     |  |   |                |   |  |   |                          |  |                         





---

|IKON Receivables, LLC                                |  |   |                |   |  |   |                |  | 
|---------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1            |  |   | Payment Date   |   |  |   | June 16, 2003  |  | 
|MONTHLY SERVICER REPORT                              |  |   |                |   |  |   |                |  | 
|May 2003                                             |  |   | Payment Date   | # |  |   | 23             |  | 
|                                                     |  |   |               
|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                              |  |   | 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) |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|Class A-3                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-3 Principal Balance                |  |   |                |   |  | $ | 132,832,414.52 |  | 
|Principal in Current Period                          |  |   |                |   |  | $ | 13,131,342.35  |  | 
|Ending Class A-3 Principal Balance                   |  |   |                |   |  | $ | 119,701,072.17 |  | 
|Interest due this Due Period                         |  |   | %              |   |  | $ | 181,832.82     |  | 
|Interest Paid Per $1,000                             |  | $ | 0.6993569859   |   |  | $ | 181,832.82     |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                              |  |   | 260,000,000.00 |   |  |   |                |  | 
|Principal Paid Per $1,000                            |  | $ | 50.5051628839  |   |  | $ | 13,131,342.35  |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                              |  |   | 260,000,000.00 |   |  |   |                |  | 
|Ending Principal Balance Factor                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 46.0388739121  | % |  |   |                |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|Class A-4                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                |  |   |                |   |  | $ | 126,200,000.00 |  | 
|Principal in Current Period                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                   |  |   |                |   |  | $ | 126,200,000.00 |  | 
|Interest due this Due Period                         |  |   | %              |   |  | $ | 176,119.11     |  | 
|Interest Paid Per $1,000                             |  | $ | 1.3955555556   |   |  | $ | 176,119.11     |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|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) |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                         |  |   |                |   |  | $ | 31,859,525.88  |  | 
|                                                     |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED             |  |   |                |   |  |   |                |  | 
|                                                     |  |   |               
|Discounted Present Value of the Leases which are:    |  |   |                |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                   |  |   |                |   |  | $ | 11,832,532.46  |  | 
|61-90 DAYS OVERDUE                                   |  |   |                |   |  | $ | 3,258,692.17   |  | 
|91-120 DAYS OVERDUE                                  |  |   |                |   |  | $ | 1,864,959.56   |  | 





---

|IKON Receivables, LLC                                                                |  |              |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | ------------ | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                            |  | Payment Date |   |  |   | June 16, 2003  |  | 
|MONTHLY SERVICER REPORT                                                              |  |              |   |  |   |                |  | 
|May 2003                                                                             |  | Payment Date | # |  |   | 23             |  | 
|                                                                                     |  |              |  
|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              |  | 0.10%        |   |  | $ | 618,746.15     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00%       |   |  | $ | 64,710,799.31  |  | 
|                                                                                     |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 3.17%        |   |  | $ | 20,524,921.14  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%       |   |  | $ | 64,710,799.31  |  | 
|                                                                                     |  |              |  
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 2.45%        |   |  | $ | 15,836,738.67  |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00%       |   |  | $ | 129,421,598.62 |  | 
|                                                                                     |  |              |  
|Interest Rate Swap                                                                   |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Class A-3 Fixed Swap Rate                                                            |  | 4.825        | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 5.435        | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |              |   |  |   | 1,105,677.83   |  | 
|                                                                                     |  |              |  
|Class A-3 Note Interest Rate                                                         |  | 1.54000      | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.57000      | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |              |   |  |   | 357,951.93     |  | 
|                                                                                     |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |              |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |              |   |  |   | 747,725.91     |  | 



|             | 
|------------ | 
|Prepared by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 
|             | 
|Approved by: | 
|             | 
|Title:       | 
|             | 
|Date:        | 





---

|IKON Receivables, LLC                                                                                 |  |              |   |  |   |                |  | 
|----------------------------------------------------------------------------------------------------- |  | ------------ | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                                             |  | Payment Date |   |  |   | July 15, 2003  |  | 
|MONTHLY SERVICER REPORT                                                                               |  |              |   |  |   |                |  | 
|June 2003                                                                                             |  | Payment Date | # |  |   | 24             |  | 
|                                                                                                      |  |              |  
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |              |   |  | $ | 277,760,598.05 |  | 
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |              |   |  |   | 12,492,430.88  |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |              |   |  |   | 667,285.92     |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |              |   |  |   | 15,874.04      |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |              |   |  |   | 3,216,574.93   |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Subtotal:                                                                                             |  |              |   |  | $ | 261,368,432.28 |  | 
|                                                                                                      |  |              |  
|Add:    DPV Substitute Leases                                                                         |  |              |   |  |   |                |  | 
|Non-Performing                                                                                        |  |              |   |  |   | 673,668.49     |  | 
|Adjusted / Warranty                                                                                   |  |              |   |  |   | 15,874.04      |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |              |   |  | $ | 262,057,974.81 |  | 
|                                                                                                      |  |              |  
|OVERDUE LEASE PAYMENTS                                                                                |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning outstanding servicer advances                                                               |  |              |   |  |   | 7,300,327.66   |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |              |   |  |   | 2,275,673.19   |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |              |   |  |   | 2,105,030.70   |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending outstanding servicer advances                                                                  |  |              |   |  |   | 7,129,685.17   |  | 
|                                                                                                      |  |              |  
|ADVANCE LEASE PAYMENTS                                                                                |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning amount of lease payments to be applied in future                                            |  |              |   |  |   | 631,569.41     |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |              |   |  |   | 1,117,331.35   |  | 
|Less:    Repurchased Leases                                                                           |  |              |   |  |   |               |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |              |   |  |   |               |  | 
|Add:    Received This Month - including intermonth activity                                           |  |              |   |  |   | 1,329,889.52   |  | 
|Add:    Received in Prior Month                                                                       |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending amount of lease payments to be applied in future                                               |  |              |   |  |   | 844,127.58     |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 6,467,570.37   |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |              |   |  |   |               |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|Required Reserve Account                                                                              |  |              |   |  |   |                |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|Reserve Account in excess of Required Reserve                                                         |  |              |   |  |   |               |  | 
|Deposits into Reserve Account                                                                         |  |              |   |  |   |               |  | 
|Amounts Released to Issuer                                                                            |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Ending Balance                                                                                        |  |              |   |  |   | 6,467,570.37   |  | 
|                                                                                                      |  |              |  
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |              |   |  |   |                |  | 
|                                                                                                      |  |              |  
|Beginning Balance                                                                                     |  |              |   |  |   | 3,725.55       |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |              |   |  |   |               |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |              |   |  |   |               |  | 
|                                                                                                      |  |              |   |  |   |                |  | 
|Ending Balance                                                                                        |  |              |   |  |   | 3,725.55       |  | 





---

|IKON Receivables, LLC                                                                                            |  |   |                |   |  |               |   |  |                   
|---------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ------------- | - |  | ------------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                        |  |   | Payment Date   |   |  | July 15, 2003 |   |  |                   
|MONTHLY SERVICER REPORT                                                                                          |  |   |                |   |  |               |   |  |                   
|June 2003                                                                                                        |  |   | Payment Date   | # |  | 24            |   |  |                   
|                                                                                                                 |  |   |               
|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                                      |  | $ | 12,935,140.74  |   |  |               |   |  |                   
|Outstanding Balance of Notes minus Reserves                                                                      |  | $ | 225,432,147.87 |   |  |               |   |  |                   
|                                                                                                                 |  |   |               
|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                                                                                                       |  |   |                |   |  | 0.31          | % |  | Annualized June 03
|Last Month                                                                                                       |  |   |                |   |  | 3.08          | % |  | Annualized May 03 
|Two Months ago                                                                                                   |  |   |                |   |  | 1.88          | % |  | Annualized Apr 03 
|3 mos. Average                                                                                                   |  |   |                |   |  | 1.76          | % |  |                   
|                                                                                                                 |  |   |               
|Calculate Delinquency Rate                                                                                       |  |   |                |   |  |               |   |  |                   
|# of days delinquent to declare Delinquent Lease                                                                 |  |   |                |   |  | 61            |   |  |                   
|Discounted Present Value of Delinquent Leases:                                                                   |  |   |                |   |  |               |   |  |                   
|This Month                                                                                                       |  |   |                |   |  | 1.88          | % |  |                   
|Last Month                                                                                                       |  |   |                |   |  | 1.84          | % |  |                   
|Two Months ago                                                                                                   |  |   |                |   |  | 2.31          | % |  |                   
|3 mos. Average                                                                                                   |  |   |                |   |  | 2.01          | % |  |                   
|                                                                                                                 |  |   |               
|Calculate Renewal Trigger Ratio                                                                                  |  |   |                |   |  |               |   |  |                   
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |   |                |   |  | 543           |   |  |                   
|This Month                                                                                                       |  |   | 154            |   |  |               |   |  |                   
|Last Month                                                                                                       |  |   | 189            |   |  |               |   |  |                   
|Two Months ago                                                                                                   |  |   | 200            |   |  |               |   |  |                   
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |   |                |   |  | 710           |   |  |                   
|This Month                                                                                                       |  |   | 230            |   |  |               |   |  |                   
|Last Month                                                                                                       |  |   | 244            |   |  |               |   |  |                   
|Two Months ago                                                                                                   |  |   | 236            |   |  |               |   |  |                   
|                                                                                                                 |  |   |               
|Renewal Trigger Ratio                                                                                            |  |   |                |   |  | 76.48         | % |  |                   
|                                                                                                                 |  |   |               
|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, LLC                                                             |  |                                                                                  |   |  |               |  |                                    
|--------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------- |  | -----------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                         |  | Payment Date                                                                     |   |  | July 15, 2003 |  |                                    
|MONTHLY SERVICER REPORT                                                           |  |                                                                                  |   |  |               |  |                                    
|June 2003                                                                         |  | Payment Date                                                                     | # |  | 24            |  |                                    
|                                                                                  |  |                                                                                  |  
|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                              |   |  |               |  | 12,674,294.52                      
|Section 3.03 (a) (i)                                                              |  | Lease payments received on current months receivables                           |   |  |               |  | 10,398,621.33                      
|Section 3.03 (a) (i)                                                              |  | Lease Payments Received on Prior Months Receivables                             |   |  |               |  | 2,275,673.19                       
|Section 3.03 (a) (i)                                                              |  | Renewal payments                                                                 |   |  |               |  |                                   
|Section 3.03 (a) (i)                                                              |  | Early Termination cash                                                           |   |  |               |  | 3,216,574.93                       
|                                                                                  |  | Advance payments for current month                                               |   |  |               |  | 1,117,331.35                       
|                                                                                  |  | 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                                                               |   |  |               |  | 5,035.67                           
|Section 3.03 (a) (v)                                                              |  | Reserve Account                                                                  |   |  |               |  | 2,385.75                           
|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                   |   |  |               |  | 2,105,030.70                       
|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 |   |  |               |  | 19,120,665.24                      
|                                                                                  |  |                                                                                  |  
|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                                       |  |                                                                                  |   |  | 19,120,665.24 |  |                                    
|                                                                                  |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                             |  |                                                                                  |   |  |               |  |                                    
|                                                                                  |  |                                                                                  |  
|Surety Fee                                                                        |  | 0.24                                                                             | % |  | 49,180.21     |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.24% of Outstanding Principal Amount of the
Notes |  |                                                                                  |   |  |               |  |                                    
|                                                                                  |  |                                                                                  |  
|Payment to Swap Counterparty - Update
Monthly                                     |  |                                                                                  |   |  | 770,526.43    |  | IKON Transfer                      
|(ii)      Section 3.03 (b) (ii)                                                   |  |                                                                                  |   |  |               |  |                                    
|                                                                                  |  |                                                                                  |  
|Servicing Fee                                                                     |  | 0.75                                                                             | % |  | 153,688.17    |  | 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                                                                        | % |  | 256.15        |  | Trustee Fees - Bank of New York    
|                                                                                  |  |                                                                                  |   |  |               |  |                                    
|Minimum Fee = $ 250.00                                                            |  |                                                                                  |   |  |               |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                                                                                  |   |  | 153,432.02    |  | IOSC Net Servicing Fee Distribution
|(iv)     Section 3.03 (b) (iv)                                                    |  |                                                                                  |   |  |               |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                                                                                  |   |  | 2,275,673.19  |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                                                                                  |   |  |               |  |                                    





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                          |  |                         
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | ------------------------ |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |   | Payment Date   |   |  |   | July 15, 2003            |  |                         
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                          |  |                         
|June 2003                                                                            |  |   | Payment Date   | # |  |   | 24                       |  |                         
|                                                                                     |  |   |               
|Remaining Available to be Distributed to Noteholders                                 |  |   |                |   |  |   | 15,871,597.24            |  |                         
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |   |                |   |  |   |                          |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                               |  |   | 3.73375        | % |  | $ |                         |  | 29                      
|Class A-2 Interest Due (30/360 Basis)                                                |  |   | 4.16000        | % |  | $ |                         |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.18 + .23 =
1.41%               |  |   | 1.41000        | % |  | $ | 135,960.47               |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.18 + .26 =
1.44%               |  |   | 1.44000        | % |  | $ | 146,392.00               |  | Libor + .26             
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|Total Class A Interest Due                                                           |  |   |                |   |  | $ | 282,352.47               |  |                         
|Class A Interest Paid                                                                |  |   |                |   |  | $ | 282,352.47               |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |   |                |   |  | $ |                         |  |                         
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |   |                |   |  | $ |                         |  |                         
|Beginning Aggregate Class A Note Balance                                             |  |   |                |   |  | $ | 245,901,072.17           |  |                         
|Class A Principal Payment While Class A-1
Outstanding                                |  |   |                |   |  | $ |                         |  |                         
|Class A Principal Payment After Class A-1
Retired                                    |  |   | 89.16570       | % |  | $ | 14,001,353.93            |  |                         
|Aggregate Class A Principal Payment                                                  |  |   |                |   |  | $ | 14,001,353.93            |  |                         
|(vii)   Class A Principal Paid                                                       |  |   |                |   |  | $ | 14,001,353.93            |  |                         
|Ending Aggregate Class A Note Balance                                                |  |   |                |   |  | $ | 231,899,718.24           |  |                         
|Overcollateralization Floor                                                          |  |   |                |   |  |   |                          |  |                         
|2.5% of $647,107,993.85                                                              |  |   |                |   |  | $ | 16,177,699.85            |  |                         
|Plus: Cumulative Loss Amount                                                         |  |   |                |   |  | $ |                         |  |                         
|Less: Reserve Account Ending Balance                                                 |  |   |                |   |  | $ | 6,467,570.37             |  |                         
|Overcollateralization Floor                                                          |  |   |                |   |  | $ | 9,710,129.48             |  | N                       
|(viii)  Additional Class A Principal                                                 |  |   |                |   |  | $ |                         |  |                         
|Additional Principal Class A Paid                                                    |  |   |                |   |  | $ |                         |  |                         
|End of Period Class A Note Balance                                                   |  |   |                |   |  | $ | 231,899,718.24           |  |                         
|                                                                                     |  |   |               
|Remaining Collections After Distributions to
Noteholders                             |  |   |                |   |  | $ | 1,587,890.84             |  |                         
|                                                                                     |  |   |               
|(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)) |  |   |                |   |  | $ | 1,587,890.84             |  |                         
|                                                                                     |  |   |               
|Total Distribution from the Collection
Account                                       |  |   |                |   |  | $ | 19,120,665.24            |  |                         
|                                                                                     |  |   |               
|Trustee Transfer to IOSC                                                             |  |   |                |   |  |   | IOSC Transfer to Trustee |  |                         
|                                                                                     |  |   |               
|                                                                                     |  |   |                |   |  |   | 3,216,574.93             |  | Early Term Cash         
|Reimburse Servicer Advances                                                          |  |   | 2,275,673.19   |   |  |   | 212,558.17               |  | Adv Payments            
|Remaining Coll                                                                       |  |   | 1,587,890.84   |   |  |   | 770,526.43               |  | Swap Payment            
|Servicing Fee Less Trustee Fee                                                       |  |   | 153,432.02     |   |  |   | 2,105,030.70             |  | Servicer Advances       
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|                                                                                     |  |   | 4,016,996.05   |   |  |   | 6,304,690.22             |  |                         
|                                                                                     |  |   |               
|RECONCILIATION OF NOTES                                                              |  |   |                |   |  |   |                          |  |                         
|                                                                                     |  |   |               
|Beginning Discounted Present Value of the Leases                                     |  |   |                |   |  | $ | 277,760,598.05           |  |                         
|                                                                                     |  |   |               
|Discounted Present Value of the Performing Leases as of this Determination Date      |  |   |                |   |  | $ | 262,057,974.81           |  |                         
|                                                                                     |  |   |               
|Class A Principal and Additional Principal to be Paid in Current Period              |  |   |                |   |  | $ | 14,001,353.93            |  |                         
|                                                                                     |  |   |               
|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                                                              |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ |               |   |  | $ |                         |  |                         
|                                                                                     |  |   |                |   |  |   |                          |  |                         
|Original Class A-1 Face                                                              |  |   | 168,000,000.00 |   |  |   |                          |  |                         
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                          |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                                   |  |   | 0.0000000000   | % |  |   |                          |  |                         
|                                                                                     |  |   |                |   |  |   |                          |  |                         





---

|IKON Receivables, LLC                                |  |   |                |   |  |   |                |  | 
|---------------------------------------------------- |  | - | -------------- | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1            |  |   | Payment Date   |   |  |   | July 15, 2003  |  | 
|MONTHLY SERVICER REPORT                              |  |   |                |   |  |   |                |  | 
|June 2003                                            |  |   | Payment Date   | # |  |   | 24             |  | 
|                                                     |  |   |               
|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                              |  |   | 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) |  |   | 0.0000000000   | % |  |   |                |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|                                                     |  |   |               
|Class A-3                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-3 Principal Balance                |  |   |                |   |  | $ | 119,701,072.17 |  | 
|Principal in Current Period                          |  |   |                |   |  | $ | 14,001,353.93  |  | 
|Ending Class A-3 Principal Balance                   |  |   |                |   |  | $ | 105,699,718.24 |  | 
|                                                     |  |   |               
|Interest due this Due Period                         |  |   | %              |   |  | $ | 135,960.47     |  | 
|                                                     |  |   |               
|Interest Paid Per $1,000                             |  | $ | 0.5229248762   |   |  | $ | 135,960.47     |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                              |  |   | 260,000,000.00 |   |  |   |                |  | 
|                                                     |  |   |               
|Principal Paid Per $1,000                            |  | $ | 53.8513612704  |   |  | $ | 14,001,353.93  |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|Original Class A-3 Face                              |  |   | 260,000,000.00 |   |  |   |                |  | 
|                                                     |  |   |               
|Ending Principal Balance Factor                      |  |   |                |   |  |   |                |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 40.6537377851  | % |  |   |                |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|                                                     |  |   |               
|Class A-4                                            |  |   |                |   |  |   |                |  | 
|Beginning Class A-4 Principal Balance                |  |   |                |   |  | $ | 126,200,000.00 |  | 
|Principal in Current Period                          |  |   |                |   |  | $ |               |  | 
|Ending Class A-4 Principal Balance                   |  |   |                |   |  | $ | 126,200,000.00 |  | 
|Interest due this Due Period                         |  |   | %              |   |  | $ | 146,392.00     |  | 
|Interest Paid Per $1,000                             |  | $ | 1.1600000000   |   |  | $ | 146,392.00     |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|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) |  |   | 100.0000000000 | % |  |   |                |  | 
|                                                     |  |   |                |   |  |   |                |  | 
|Overcollateralization Amount                         |  |   |                |   |  | $ | 30,158,256.57  |  | 





---

|IKON Receivables, LLC                                                                |  |              |   |  |   |                |  | 
|------------------------------------------------------------------------------------ |  | ------------ | - |  | - | -------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                            |  | Payment Date |   |  |   | July 15, 2003  |  | 
|MONTHLY SERVICER REPORT                                                              |  |              |   |  |   |                |  | 
|June 2003                                                                            |  | Payment Date | # |  |   | 24             |  | 
|                                                                                     |  |              |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Discounted Present Value of the Leases which are:                                    |  |              |   |  |   |                |  | 
|31-60 DAYS OVERDUE                                                                   |  |              |   |  | $ | 10,701,855.02  |  | 
|61-90 DAYS OVERDUE                                                                   |  |              |   |  | $ | 3,523,642.58   |  | 
|91-120 DAYS OVERDUE                                                                  |  |              |   |  | $ | 1,393,642.58   |  | 
|                                                                                     |  |              |  
|Other Information to be provided                                                     |  |              |   |  |   |                |  | 
|Total Contracts for Reporting Period                                                 |  | Jun-03       |   |  |   | 29,917         |  | 
|                                                                                     |  |              |  
|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              |  | 0.10%        |   |  | $ | 634,620.19     |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00%       |   |  | $ | 64,710,799.31  |  | 
|                                                                                     |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 3.28%        |   |  | $ | 21,198,589.63  |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%       |   |  | $ | 64,710,799.31  |  | 
|                                                                                     |  |              |  
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 2.45%        |   |  | $ | 15,836,738.67  |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00%       |   |  | $ | 129,421,598.62 |  | 
|                                                                                     |  |              |  
|Interest Rate Swap                                                                   |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Class A-3 Fixed Swap Rate                                                            |  | 4.825        | % |  |   |                |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 5.435        | % |  |   |                |  | 
|a) Fixed Swap Interest Payable                                                       |  |              |   |  |   | 1,052,878.89   |  | 
|                                                                                     |  |              |  
|Class A-3 Note Interest Rate                                                         |  | 1.41000      | % |  |   |                |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.44000      | % |  |   |                |  | 
|b) Floating Swap Interest Receivable                                                 |  |              |   |  |   | 282,352.47     |  | 
|                                                                                     |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |              |   |  |   |               |  | 
|(Available Funds deposited to Collection Account)                                  |  |              |   |  |   |                |  | 
|                                                                                     |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |              |   |  |   | 770,526.43     |  | 



|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, LLC                                                                               |  |   |                |  |   |                 |  | 
|--------------------------------------------------------------------------------------------------- |  | - | -------------- |  | - | --------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                                           |  |   | Payment Date   |  |   | August 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                             |  |   |                |  |   |                 |  | 
|July 2003                                                                                           |  |   | Payment Date # |  |   | 25              |  | 
|                                                                                                    |  |   |               
|NET CHANGE IN DPV OF PORTFOLIO                                                                      |  |   |                |  |   |                 |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                     |  |   |                |  | $ | 262,057,974.81  |  | 
|                                                                                                    |  |   |               
|Less:    DPV Principal Payments Due on Leases - Current Month                                       |  |   |                |  |   | 12,196,190.21   |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                               |  |   |                |  |   | 650,173.73      |  | 
|Less:    DPV Adjusted / Warranty Leases                                                             |  |   |                |  |   | 18,083.04       |  | 
|Less:    DPV Amounts on Early Termination Leases                                                    |  |   |                |  |   | 2,426,551.13    |  | 
|                                                                                                    |  |   |                |  |   |                 |  | 
|Subtotal:                                                                                           |  |   |                |  | $ | 246,766,976.70  |  | 
|                                                                                                    |  |   |               
|Add:    DPV Substitute Leases                                                                       |  |   |                |  |   |                 |  | 
|Non-Performing                                                                                      |  |   |                |  |   | 650,445.94      |  | 
|Adjusted / Warranty                                                                                 |  |   |                |  |   | 18,083.04       |  | 
|Add:    DPV Additional Leases for Early Terminations                                                |  |   |                |  |   |                |  | 
|                                                                                                    |  |   |                |  |   |                 |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                         |  |   |                |  | $ | 247,435,505.68  |  | 
|                                                                                                    |  |   |               
|OVERDUE LEASE PAYMENTS                                                                              |  |   |                |  |   |                 |  | 
|                                                                                                    |  |   |               
|Reimburse Servicer Advances relating to the prior Payment Date:                                     |  |   |                |  |   |                 |  | 
|                                                                                                    |  |   |               
|Beginning outstanding servicer advances                                                             |  |   |                |  |   | 7,129,685.17    |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                               |  |   |                |  |   | 2,102,061.52    |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                              |  |   |                |  |   | 1,976,695.45    |  | 
|                                                                                                    |  |   |                |  |   |                 |  | 
|Ending outstanding servicer advances                                                                |  |   |                |  |   | 7,004,319.10    |  | 
|                                                                                                    |  |   |               
|ADVANCE LEASE PAYMENTS                                                                              |  |   |                |  |   |                 |  | 
|                                                                                                    |  |   |               
|Beginning amount of lease payments to be applied in future                                          |  |   |                |  |   | 844,127.58      |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                            |  |   |                |  |   | 1,152,100.74    |  | 
|Less:    Repurchased Leases                                                                         |  |   |                |  |   |                |  | 
|Less:    Advance Payments on Non-Performing Leases                                                  |  |   |                |  |   |                |  | 
|Add:    Received This Month - including intermonth activity                                         |  |   |                |  |   | 1,152,968.78    |  | 
|Add:    Received in Prior Month                                                                     |  |   |                |  |   |                |  | 
|                                                                                                    |  |   |                |  |   |                 |  | 
|Ending amount of lease payments to be applied in future                                             |  |   |                |  |   | 844,995.62      |  | 
|                                                                                                    |  |   |               
|RECONCILIATION OF RESERVE ACCOUNT                                                                   |  |   |                |  |   |                 |  | 
|                                                                                                    |  |   |               
|Beginning Balance                                                                                   |  |   |                |  |   | 6,467,570.37    |  | 
|Less:    Deposit to Collection Account (if any)                                                     |  |   |                |  |   |                |  | 
|Ending Balance                                                                                      |  |   |                |  |   | 6,467,570.37    |  | 
|                                                                                                    |  |   |               
|Required Reserve Account                                                                            |  |   |                |  |   |                 |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                       |  |   |                |  |   | 6,467,570.37    |  | 
|                                                                                                    |  |   |               
|Reserve Account in excess of Required Reserve                                                       |  |   |                |  |   |                |  | 
|Deposits into Reserve Account                                                                       |  |   |                |  |   |                |  | 
|Amounts Released to Issuer                                                                          |  |   |                |  |   |                |  | 
|                                                                                                    |  |   |                |  |   |                 |  | 
|                                                                                                    |  |   |               
|Ending Balance                                                                                      |  |   |                |  |   | 6,467,570.37    |  | 
|                                                                                                    |  |   |               
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                          |  |   |                |  |   |                 |  | 
|                                                                                                    |  |   |               
|Beginning Balance                                                                                   |  |   |                |  |   | 3,725.55        |  | 
|Less:  Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to Lessees |  |   |                |  |   |                |  | 
|Add:  Additional Security Deposits collected on leases                                              |  |   |                |  |   |                |  | 
|                                                                                                    |  |   |                |  |   |                 |  | 
|                                                                                                    |  |   |               
|Ending Balance                                                                                      |  |   |                |  |   | 3,725.55        |  | 
|                                                                                                    |  |   |               
|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                         |  | $ | 12,935,140.74  |  |   |                 |  | 
|Outstanding Balance of Notes minus Reserves                                                         |  | $ | 212,393,920.91 |  |   |                 |  | 





---

|IKON Receivables, LLC                                                                                            |  |              |   |  |                 |   |  |                   
|---------------------------------------------------------------------------------------------------------------- |  | ------------ | - |  | --------------- | - |  | ------------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                        |  | Payment Date |   |  | August 15, 2003 |   |  |                   
|MONTHLY SERVICER REPORT                                                                                          |  |              |   |  |                 |   |  |                   
|July 2003                                                                                                        |  | Payment Date | # |  | 25              |   |  |                   
|                                                                                                                 |  |              |  
|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                                                                                                       |  |              |   |  | 0.01            | % |  | Annualized July 03
|Last Month                                                                                                       |  |              |   |  | 0.31            | % |  | Annualized June 03
|Two Months ago                                                                                                   |  |              |   |  | 3.08            | % |  | Annualized May 03 
|                                                                                                                 |  |              |  
|3 mos. Average                                                                                                   |  |              |   |  | 1.13            | % |  |                   
|                                                                                                                 |  |              |  
|Calculate Delinquency Rate                                                                                       |  |              |   |  |                 |   |  |                   
|# of days delinquent to declare Delinquent Lease                                                                 |  |              |   |  | 61              |   |  |                   
|                                                                                                                 |  |              |  
|Discounted Present Value of Delinquent Leases:                                                                   |  |              |   |  |                 |   |  |                   
|This Month                                                                                                       |  |              |   |  | 1.68            | % |  |                   
|Last Month                                                                                                       |  |              |   |  | 1.88            | % |  |                   
|Two Months ago                                                                                                   |  |              |   |  | 1.84            | % |  |                   
|                                                                                                                 |  |              |  
|3 mos. Average                                                                                                   |  |              |   |  | 1.80            | % |  |                   
|                                                                                                                 |  |              |  
|Calculate Renewal Trigger Ratio                                                                                  |  |              |   |  |                 |   |  |                   
|                                                                                                                 |  |              |  
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |              |   |  | 587             |   |  |                   
|This Month                                                                                                       |  | 204          |   |  |                 |   |  |                   
|Last Month                                                                                                       |  | 188          |   |  |                 |   |  |                   
|Two Months ago                                                                                                   |  | 195          |   |  |                 |   |  |                   
|                                                                                                                 |  |              |  
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |              |   |  | 794             |   |  |                   
|This Month                                                                                                       |  | 320          |   |  |                 |   |  |                   
|Last Month                                                                                                       |  | 230          |   |  |                 |   |  |                   
|Two Months ago                                                                                                   |  | 244          |   |  |                 |   |  |                   
|                                                                                                                 |  |              |  
|Renewal Trigger Ratio                                                                                            |  |              |   |  | 73.93           | % |  |                   
|                                                                                                                 |  |              |  
|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, LLC                                                             |  |                                                                                  |   |  |                 |  |                                    
|--------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | --------------- |  | -----------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                         |  | Payment Date                                                                     |   |  | August 15, 2003 |  |                                    
|MONTHLY SERVICER REPORT                                                           |  |                                                                                  |   |  |                 |  |                                    
|July 2003                                                                         |  | Payment Date                                                                     | # |  | 25              |  |                                    
|                                                                                  |  |                                                                                  |  
|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                              |   |  |                 |  | 12,231,180.01                      
|Section 3.03 (a) (i)                                                              |  | Lease payments received on current months receivables                           |   |  |                 |  | 10,129,118.49                      
|Section 3.03 (a) (i)                                                              |  | Lease Payments Received on Prior Months Receivables                             |   |  |                 |  | 2,102,061.52                       
|Section 3.03 (a) (i)                                                              |  | Renewal payments                                                                 |   |  |                 |  | 255,273.96                         
|Section 3.03 (a) (i)                                                              |  | Early Termination cash                                                           |   |  |                 |  | 2,426,551.13                       
|                                                                                  |  | Advance payments for current month                                               |   |  |                 |  | 1,152,100.74                       
|                                                                                  |  | 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                                                               |   |  |                 |  | 3,630.74                           
|Section 3.03 (a) (v)                                                              |  | Reserve Account                                                                  |   |  |                 |  | 1,858.91                           
|Section 3.03 (a) (v)                                                              |  | Security Deposit Account                                                         |   |  |                 |  | 1.19                               
|Section 3.03 (a) (vi)                                                             |  | Casualty Payments                                                                |   |  |                 |  |                                   
|Section 3.03 (a) (vii)                                                            |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                 |  | 1,976,695.45                       
|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 |   |  |                 |  | 18,047,292.13                      
|                                                                                  |  |                                                                                  |  
|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)                 |  |                                                                                  |   |  |                |  |                                    
|Less     Credit for payments applied in prior period                              |  |                                                                                  |   |  |                |  |                                    
|                                                                                  |  |                                                                                  |   |  |                 |  |                                    
|                                                                                  |  |                                                                                  |  
|Total deposited into the Collection Account                                       |  |                                                                                  |   |  | 18,047,292.13   |  |                                    
|                                                                                  |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                             |  |                                                                                  |   |  |                 |  |                                    
|                                                                                  |  |                                                                                  |  
|Surety Fee                                                                        |  | 0.24                                                                             | % |  | 46,379.94       |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.24% of Outstanding Principal Amount of the
Notes |  |                                                                                  |   |  |                 |  |                                    
|                                                                                  |  |                                                                                  |  
|Payment to Swap Counterparty-Update
Monthly                                       |  |                                                                                  |   |  | 726,358.15      |  | IKON Transfer                      
|(ii)      Section 3.03 (b) (ii)                                                   |  |                                                                                  |   |  |                 |  |                                    
|                                                                                  |  |                                                                                  |  
|Servicing Fee                                                                     |  | 0.75                                                                             | % |  | 144,937.32      |  | 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                                                                        | % |  | 250.00          |  | Trustee Fees - Bank of New York    
|                                                                                  |  |                                                                                  |   |  |                 |  |                                    
|Minimum Fee = $ 250.00                                                            |  |                                                                                  |   |  |                 |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                                                                                  |   |  | 144,687.32      |  | IOSC Net Servicing Fee Distribution
|                                                                                  |  |                                                                                  |  
|(iv)     Section 3.03 (b) (iv)                                                    |  |                                                                                  |   |  |                 |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                                                                                  |   |  | 2,102,061.52    |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                                                                                  |   |  |                 |  |                                    
|                                                                                  |  |                                                                                  |  
|Remaining Available to be Distributed to
Noteholders                              |  |                                                                                  |   |  | 15,027,555.20   |  |                                    





---

|IKON Receivables, LLC                                                                |  |                          |                |   |  |   |                 |  |                         
|------------------------------------------------------------------------------------ |  | ------------------------ | -------------- | - |  | - | --------------- |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |                          | Payment Date   |   |  |   | August 15, 2003 |  |                         
|MONTHLY SERVICER REPORT                                                              |  |                          |                |   |  |   |                 |  |                         
|July 2003                                                                            |  |                          | Payment Date # |   |  |   | 25              |  |                         
|                                                                                     |  |                          |               
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |                          |                |   |  |   |                 |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                               |  |                          | 3.73375        | % |  | $ |                |  | 31                      
|Class A-2 Interest Due (30/360 Basis)                                                |  |                          | 4.16000        | % |  | $ |                |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.10688 +
..23 = 1.33688%        |  |                          | 1.33688        | % |  | $ | 121,681.75      |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.10688 +
..26 = 1.36688%        |  |                          | 1.36688        | % |  | $ | 148,541.89      |  | Libor + .26             
|                                                                                     |  |                          |                |   |  |   |                 |  |                         
|Total Class A Interest Due                                                           |  |                          |                |   |  | $ | 270,223.64      |  |                         
|Class A Interest Paid                                                                |  |                          |                |   |  | $ | 270,223.64      |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |                          |                |   |  | $ |                |  |                         
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |                          |                |   |  | $ |                |  |                         
|Beginning Aggregate Class A Note Balance                                             |  |                          |                |   |  | $ | 231,899,718.24  |  |                         
|Class A Principal Payment While Class A-1
Outstanding                                |  |                          |                |   |  | $ |                |  |                         
|Class A Principal Payment After Class A-1
Retired                                    |  |                          | 89.16570       | % |  | $ | 13,038,226.96   |  |                         
|Aggregate Class A Principal Payment                                                  |  |                          |                |   |  | $ | 13,038,226.96   |  |                         
|(vii)   Class A Principal Paid                                                       |  |                          |                |   |  | $ | 13,038,226.96   |  |                         
|Ending Aggregate Class A Note Balance                                                |  |                          |                |   |  | $ | 218,861,491.28  |  |                         
|Overcollateralization Floor                                                          |  |                          |                |   |  |   |                 |  |                         
|2.5% of $647,107,993.85                                                              |  |                          |                |   |  | $ | 16,177,699.85   |  |                         
|Plus: Cumulative Loss Amount                                                         |  |                          |                |   |  | $ |                |  |                         
|Less: Reserve Account Ending Balance                                                 |  |                          |                |   |  | $ | 6,467,570.37    |  |                         
|Overcollateralization Floor                                                          |  |                          |                |   |  | $ | 9,710,129.48    |  | N                       
|(viii)  Additional Class A Principal                                                 |  |                          |                |   |  | $ |                |  |                         
|Additional Principal Class A Paid                                                    |  |                          |                |   |  | $ |                |  |                         
|End of Period Class A Note Balance                                                   |  |                          |                |   |  | $ | 218,861,491.28  |  |                         
|                                                                                     |  |                          |               
|Remaining Collections After Distributions to Noteholders                             |  |                          |                |   |  | $ | 1,719,104.60    |  |                         
|                                                                                     |  |                          |               
|(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)) |  |                          |                |   |  | $ | 1,719,104.60    |  |                         
|                                                                                     |  |                          |               
|Total Distribution from the Collection Account                                       |  |                          |                |   |  | $ | 18,047,292.13   |  |                         
|                                                                                     | 
|Trustee Transfer to IOSC                                                             |  | IOSC Transfer to Trustee
|                                                                                     |  |                          |               
|                                                                                     |  |                          |                |   |  | $ | 2,426,551.13    |  | Early Term Cash         
|Reimburse Servicer Advances                                                          |  | $                        | 2,102,061.52   |   |  |   | 868.04          |  | Adv Payments            
|Remaining Coll                                                                       |  |                          | 1,719,104.60   |   |  |   | 726,358.15      |  | Swap Payment            
|Servicing Fee Less Trustee Fee                                                       |  |                          | 144,687.32     |   |  |   | 1,976,695.45    |  | Servicer Advances       
|                                                                                     |  |                          |                |   |  |   |                 |  |                         
|                                                                                     |  |                          | 3,965,853.44   |   |  |   | 5,130,472.77    |  |                         
|                                                                                     |  |                          |                |   |  |   |                 |  |                         
|                                                                                     |  |                          |               
|RECONCILIATION OF NOTES                                                              |  |                          |                |   |  |   |                 |  |                         
|                                                                                     |  |                          |               
|Beginning Discounted Present Value of the Leases                                     |  |                          |                |   |  | $ | 262,057,974.81  |  |                         
|                                                                                     |  |                          |               
|Discounted Present Value of the Performing Leases as of this Determination Date      |  |                          |                |   |  | $ | 247,435,505.68  |  |                         
|                                                                                     |  |                          |               
|Class A Principal and Additional Principal to be Paid in Current Period              |  |                          |                |   |  | $ | 13,038,226.96   |  |                         
|                                                                                     |  |                          |               
|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                                                              |  |                          | 168,000,000.00 |   |  |   |                 |  |                         
|                                                                                     |  |                          |               
|Principal Paid Per $1,000                                                            |  | $                        |               |   |  | $ |                |  |                         
|                                                                                     |  |                          |                |   |  |   |                 |  |                         
|Original Class A-1 Face                                                              |  |                          | 168,000,000.00 |   |  |   |                 |  |                         
|                                                                                     |  |                          |               
|Ending Principal Balance Factor                                                      |  |                          |                |   |  |   |                 |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                                   |  |                          | 0.0000000000   | % |  |   |                 |  |                         
|                                                                                     |  |                          |                |   |  |   |                 |  |                         





---

|IKON Receivables, LLC                                |  |   |                |   |  |   |                 |  | 
|---------------------------------------------------- |  | - | -------------- | - |  | - | --------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1            |  |   | Payment Date   |   |  |   | August 15, 2003 |  | 
|MONTHLY SERVICER REPORT                              |  |   |                |   |  |   |                 |  | 
|July 2003                                            |  |   | Payment Date # |   |  |   | 25              |  | 
|                                                     |  |   |               
|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                              |  |   | 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) |  |   | 0.0000000000   | % |  |   |                 |  | 
|                                                     |  |   |                |   |  |   |                 |  | 
|Class A-3                                            |  |   |                |   |  |   |                 |  | 
|Beginning Class A-3 Principal Balance                |  |   |                |   |  | $ | 105,699,718.24  |  | 
|Principal in Current Period                          |  |   |                |   |  | $ | 13,038,226.96   |  | 
|Ending Class A-3 Principal Balance                   |  |   |                |   |  | $ | 92,661,491.28   |  | 
|                                                     |  |   |               
|Interest due this Due Period                         |  |   | %              |   |  | $ | 121,681.75      |  | 
|                                                     |  |   |               
|Interest Paid Per $1,000                             |  | $ | 0.4680067328   |   |  | $ | 121,681.75      |  | 
|                                                     |  |   |                |   |  |   |                 |  | 
|Original Class A-3 Face                              |  |   | 260,000,000.00 |   |  |   |                 |  | 
|                                                     |  |   |               
|Principal Paid Per $1,000                            |  | $ | 50.1470267579  |   |  | $ | 13,038,226.96   |  | 
|                                                     |  |   |                |   |  |   |                 |  | 
|Original Class A-3 Face                              |  |   | 260,000,000.00 |   |  |   |                 |  | 
|                                                     |  |   |               
|Ending Principal Balance Factor                      |  |   |                |   |  |   |                 |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 35.6390351093  | % |  |   |                 |  | 
|                                                     |  |   |                |   |  |   |                 |  | 
|Class A-4                                            |  |   |                |   |  |   |                 |  | 
|Beginning Class A-4 Principal Balance                |  |   |                |   |  | $ | 126,200,000.00  |  | 
|Principal in Current Period                          |  |   |                |   |  | $ |                |  | 
|Ending Class A-4 Principal Balance                   |  |   |                |   |  | $ | 126,200,000.00  |  | 
|                                                     |  |   |               
|Interest due this Due Period                         |  |   | %              |   |  | $ | 148,541.89      |  | 
|                                                     |  |   |               
|Interest Paid Per $1,000                             |  | $ | 1.1770355556   |   |  | $ | 148,541.89      |  | 
|                                                     |  |   |                |   |  |   |                 |  | 
|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) |  |   | 100.0000000000 | % |  |   |                 |  | 
|                                                     |  |   |                |   |  |   |                 |  | 
|                                                     |  |   |               
|Overcollateralization Amount                         |  |   |                |   |  | $ | 28,574,014.40   |  | 





---

|IKON Receivables, LLC                                                                |  |              |   |  |   |                 |  | 
|------------------------------------------------------------------------------------ |  | ------------ | - |  | - | --------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                            |  | Payment Date |   |  |   | August 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |              |   |  |   |                 |  | 
|July 2003                                                                            |  | Payment Date | # |  |   | 25              |  | 
|                                                                                     |  |              |  
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |              |   |  |   |                 |  | 
|                                                                                     |  |              |  
|Discounted Present Value of the Leases which are:                                    |  |              |   |  |   |                 |  | 
|31-60 DAYS OVERDUE                                                                   |  |              |   |  | $ | 9,071,486.33    |  | 
|61-90 DAYS OVERDUE                                                                   |  |              |   |  | $ | 3,267,013.21    |  | 
|91-120 DAYS OVERDUE                                                                  |  |              |   |  | $ | 884,589.82      |  | 
|                                                                                     |  |              |  
|Other Information to be provided                                                     |  |              |   |  |   |                 |  | 
|Total Contracts for Reporting Period                                                 |  | Jul-03       |   |  |   | 29,334          |  | 
|                                                                                     |  |              |  
|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              |  | 0.10%        |   |  | $ | 652,703.23      |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00%       |   |  | $ | 64,710,799.31   |  | 
|                                                                                     |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 3.38%        |   |  | $ | 21,849,035.57   |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%       |   |  | $ | 64,710,799.31   |  | 
|                                                                                     |  |              |  
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 2.45%        |   |  | $ | 15,836,738.67   |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00%       |   |  | $ | 129,421,598.62  |  | 
|                                                                                     |  |              |  
|Interest Rate Swap                                                                   |  |              |   |  |   |                 |  | 
|                                                                                     |  |              |  
|Class A-3 Fixed Swap Rate                                                            |  | 4.825        | % |  |   |                 |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 5.435        | % |  |   |                 |  | 
|a) Fixed Swap Interest Payable                                                       |  |              |   |  |   | 996,581.78      |  | 
|                                                                                     |  |              |  
|Class A-3 Note Interest Rate                                                         |  | 1.33688      | % |  |   |                 |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.36688      | % |  |   |                 |  | 
|b) Floating Swap Interest Receivable                                                 |  |              |   |  |   | 270,223.64      |  | 
|                                                                                     |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |              |   |  |   |                |  | 
|(Available Funds deposited to Collection Account)                                  |  |              |   |  |   |                 |  | 
|                                                                                     |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |              |   |  |   | 726,358.15      |  | 



|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, LLC                                                                                 |  |                |  |   |                    |  | 
|----------------------------------------------------------------------------------------------------- |  | -------------- |  | - | ------------------ |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                                             |  | Payment Date   |  |   | September 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |                |  |   |                    |  | 
|August 2003                                                                                           |  | Payment Date # |  |   | 26                 |  | 
|                                                                                                      |  |                | 
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |                |  |   |                    |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |                |  | $ | 247,435,505.68     |  | 
|                                                                                                      |  |                | 
|Less:    DPV Principal Payments Due on Leases  Current Month                                         |  |                |  |   | 11,868,323.77      |  | 
|Less:    DPV Non-Performing Leases  current monthover 120 days, etc                                 |  |                |  |   | 396,923.37         |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |                |  |   |                   |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |                |  |   | 2,460,609.59       |  | 
|                                                                                                      |  |                |  |   |                    |  | 
|Subtotal:                                                                                             |  |                |  | $ | 232,709,648.95     |  | 
|                                                                                                      |  |                | 
|Add:    DPV Substitute Leases                                                                         |  |                |  |   |                    |  | 
|Non-Performing                                                                                        |  |                |  |   | 396,955.11         |  | 
|Adjusted / Warranty                                                                                   |  |                |  |   |                   |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |                |  |   |                   |  | 
|                                                                                                      |  |                |  |   |                    |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |                |  | $ | 233,106,604.06     |  | 
|                                                                                                      |  |                | 
|OVERDUE LEASE PAYMENTS                                                                                |  |                |  |   |                    |  | 
|                                                                                                      |  |                | 
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |                |  |   |                    |  | 
|                                                                                                      |  |                | 
|Beginning outstanding servicer advances                                                               |  |                |  |   | 7,004,319.10       |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |                |  |   | 1,660,457.43       |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |                |  |   | 2,119,318.82       |  | 
|                                                                                                      |  |                |  |   |                    |  | 
|Ending outstanding servicer advances                                                                  |  |                |  |   | 7,463,180.49       |  | 
|                                                                                                      |  |                | 
|ADVANCE LEASE PAYMENTS                                                                                |  |                |  |   |                    |  | 
|                                                                                                      |  |                | 
|Beginning amount of lease payments to be applied in future                                            |  |                |  |   | 844,995.62         |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |                |  |   | 1,105,679.14       |  | 
|Less:    Repurchased Leases                                                                           |  |                |  |   |                   |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |                |  |   |                   |  | 
|Add:    Received This Month - including intermonth activity                                           |  |                |  |   | 964,476.58         |  | 
|Add:    Received in Prior Month                                                                       |  |                |  |   |                   |  | 
|                                                                                                      |  |                |  |   |                    |  | 
|Ending amount of lease payments to be applied in future                                               |  |                |  |   | 703,793.06         |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |                |  |   |                    |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 6,467,570.37       |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |                |  |   |                   |  | 
|Ending Balance                                                                                        |  |                |  |   | 6,467,570.37       |  | 
|                                                                                                      |  |                | 
|Required Reserve Account                                                                              |  |                |  |   |                    |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |                |  |   | 6,467,570.37       |  | 
|                                                                                                      |  |                | 
|Reserve Account in excess of Required Reserve                                                         |  |                |  |   |                   |  | 
|Deposits into Reserve Account                                                                         |  |                |  |   |                   |  | 
|Amounts Released to Issuer                                                                            |  |                |  |   |                   |  | 
|                                                                                                      |  |                |  |   |                    |  | 
|Ending Balance                                                                                        |  |                |  |   | 6,467,570.37       |  | 
|                                                                                                      |  |                | 
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |                |  |   |                    |  | 
|                                                                                                      |  |                | 
|Beginning Balance                                                                                     |  |                |  |   | 3,725.55           |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |                |  |   |                   |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |                |  |   |                   |  | 
|                                                                                                      |  |                |  |   |                    |  | 
|Ending Balance                                                                                        |  |                |  |   | 3,725.55           |  | 





---

|IKON Receivables, LLC                                                                                            |  |   |                |   |  |                    |   |  |                     
|---------------------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | ------------------ | - |  | --------------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                        |  |   | Payment Date   |   |  | September 15, 2003 |   |  |                     
|MONTHLY SERVICER REPORT                                                                                          |  |   |                |   |  |                    |   |  |                     
|August 2003                                                                                                      |  |   | Payment Date   | # |  | 26                 |   |  |                     
|                                                                                                                 |  |   |               
|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                                      |  | $ | 12,935,140.74  |   |  |                    |   |  |                     
|Outstanding Balance of Notes minus Reserves                                                                      |  | $ | 199,617,455.48 |   |  |                    |   |  |                     
|                                                                                                                 |  |   |               
|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                                                                                                       |  |   |                |   |  | -2.07              | % |  | Annualized August 03
|Last Month                                                                                                       |  |   |                |   |  | 0.01               | % |  | Annualized July 03  
|Two Months ago                                                                                                   |  |   |                |   |  | 0.31               | % |  | Annualized June 03  
|3 mos. Average                                                                                                   |  |   |                |   |  | -0.58              | % |  |                     
|                                                                                                                 |  |   |               
|Calculate Delinquency Rate                                                                                       |  |   |                |   |  |                    |   |  |                     
|# of days delinquent to declare Delinquent Lease                                                                 |  |   |                |   |  | 61                 |   |  |                     
|Discounted Present Value of Delinquent Leases:                                                                   |  |   |                |   |  |                    |   |  |                     
|This Month                                                                                                       |  |   |                |   |  | 1.92               | % |  |                     
|Last Month                                                                                                       |  |   |                |   |  | 1.68               | % |  |                     
|Two Months ago                                                                                                   |  |   |                |   |  | 1.88               | % |  |                     
|3 mos. Average                                                                                                   |  |   |                |   |  | 1.83               | % |  |                     
|                                                                                                                 |  |   |               
|Calculate Renewal Trigger Ratio                                                                                  |  |   |                |   |  |                    |   |  |                     
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |   |                |   |  | 621                |   |  |                     
|This Month                                                                                                       |  |   | 188            |   |  |                    |   |  |                     
|Last Month                                                                                                       |  |   | 232            |   |  |                    |   |  |                     
|Two Months ago                                                                                                   |  |   | 201            |   |  |                    |   |  |                     
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |   |                |   |  | 876                |   |  |                     
|This Month                                                                                                       |  |   | 326            |   |  |                    |   |  |                     
|Last Month                                                                                                       |  |   | 320            |   |  |                    |   |  |                     
|Two Months ago                                                                                                   |  |   | 230            |   |  |                    |   |  |                     
|                                                                                                                 |  |   |               
|Renewal Trigger Ratio                                                                                            |  |   |                |   |  | 70.89              | % |  |                     
|                                                                                                                 |  |   |               
|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, LLC                                                            |  |                                                                                  |   |  |                    |  |                                    
|-------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ------------------ |  | -----------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                        |  | Payment Date                                                                     |   |  | September 15, 2003 |  |                                    
|MONTHLY SERVICER REPORT                                                          |  |                                                                                  |   |  |                    |  |                                    
|August 2003                                                                      |  | Payment Date #                                                                   |   |  | 26                 |  |                                    
|                                                                                
|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                              |   |  |                    |  | 11,318,987.42                      
|Section 3.03 (a) (i)                                                             |  | Lease payments received on current months receivables                           |   |  |                    |  | 9,658,529.99                       
|Section 3.03 (a) (i)                                                             |  | Lease Payments Received on Prior Months Receivables                             |   |  |                    |  | 1,660,457.43                       
|Section 3.03 (a) (i)                                                             |  | Renewal payments                                                                 |   |  |                    |  | 181,951.93                         
|Section 3.03 (a) (i)                                                             |  | Early Termination cash                                                           |   |  |                    |  | 2,460,609.59                       
|                                                                                 |  | Advance payments for current month                                               |   |  |                    |  | 1,105,679.14                       
|                                                                                 |  | 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                                                               |   |  |                    |  | 3,505.20                           
|Section 3.03 (a) (v)                                                             |  | Reserve Account                                                                  |   |  |                    |  | 1,712.37                           
|Section 3.03 (a) (v)                                                             |  | Security Deposit Account                                                         |   |  |                    |  | 1.15                               
|Section 3.03 (a) (vi)                                                            |  | Casualty Payments                                                                |   |  |                    |  |                                   
|Section 3.03 (a) (vii)                                                           |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                    |  | 2,119,318.82                       
|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 |   |  |                    |  | 17,191,765.62                      
|                                                                                 |  |                                                                                  |  
|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                                      |  |                                                                                  |   |  | 17,191,765.62      |  |                                    
|                                                                                 |  |                                                                                  |  
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                            |  |                                                                                  |   |  |                    |  |                                    
|                                                                                 |  |                                                                                  |  
|Surety Fee                                                                       |  | 0.24                                                                             | % |  | 43,772.30          |  | Surety Fee                         
|(i)      Section 3.03 (b) (i) 0.24% of Outstanding Principal Amount of the
Notes |  |                                                                                  |   |  |                    |  |                                    
|Payment to Swap Counterparty - Update
Monthly                                    |  |                                                                                  |   |  | 688,355.24         |  | IKON Transfer                      
|(ii)     Section 3.03 (b) (ii)                                                   |  |                                                                                  |   |  |                    |  |                                    
|Servicing Fee                                                                    |  | 0.75                                                                             | % |  | 136,788.43         |  | 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                                                                        | % |  | 250.00             |  | Trustee Fees - Bank of New York    
|                                                                                 |  |                                                                                  |   |  |                    |  |                                    
|Minimum Fee = $ 250.00                                                           |  |                                                                                  |   |  |                    |  |                                    
|Servicing Fee Less Trustee Fee                                                   |  |                                                                                  |   |  | 136,538.43         |  | IOSC Net Servicing Fee Distribution
|(iv)    Section 3.03 (b) (iv)                                                    |  |                                                                                  |   |  |                    |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                     |  |                                                                                  |   |  | 1,660,457.43       |  | IOSC Svc Advance reimbursement     
|                                                                                 |  |                                                                                  |   |  |                    |  |                                    
|Remaining Available to be Distributed to Noteholders                             |  |                                                                                  |   |  | 14,662,392.22      |  |                                    





---

|IKON Receivables, LLC                                                                |  |                          |                |   |  |   |                    |  |                         
|------------------------------------------------------------------------------------ |  | ------------------------ | -------------- | - |  | - | ------------------ |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |                          | Payment Date   |   |  |   | September 15, 2003 |  |                         
|MONTHLY SERVICER REPORT                                                              |  |                          |                |   |  |   |                    |  |                         
|August 2003                                                                          |  |                          | Payment Date   | # |  |   | 26                 |  |                         
|                                                                                     |  |                          |               
|(v)    Disbursements Section 3.03 (b) (v)                                            |  |                          |                |   |  |   |                    |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                               |  |                          | 3.73375        | % |  | $ |                   |  | 31                      
|Class A-2 Interest Due (30/360 Basis)                                                |  |                          | 4.16000        | % |  | $ |                   |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.11000 +
..23 = 1.34000%        |  |                          | 1.34000        | % |  | $ | 106,921.07         |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.11000 +
..26 = 1.37000%        |  |                          | 1.37000        | % |  | $ | 148,880.94         |  | Libor + .26             
|                                                                                     |  |                          |                |   |  |   |                    |  |                         
|Total Class A Interest Due                                                           |  |                          |                |   |  | $ | 255,802.01         |  |                         
|Class A Interest Paid                                                                |  |                          |                |   |  | $ | 255,802.01         |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |                          |                |   |  | $ |                   |  |                         
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |                          |                |   |  | $ |                   |  |                         
|Beginning Aggregate Class A Note Balance                                             |  |                          |                |   |  | $ | 218,861,491.28     |  |                         
|Class A Principal Payment While Class A-1
Outstanding                                |  |                          |                |   |  | $ |                   |  |                         
|Class A Principal Payment After Class A-1
Retired                                    |  |                          | 89.16570       | % |  | $ | 12,776,465.43      |  |                         
|Aggregate Class A Principal Payment                                                  |  |                          |                |   |  | $ | 12,776,465.43      |  |                         
|(vii)   Class A Principal Paid                                                       |  |                          |                |   |  | $ | 12,776,465.43      |  |                         
|Ending Aggregate Class A Note Balance                                                |  |                          |                |   |  | $ | 206,085,025.85     |  |                         
|Overcollateralization Floor                                                          |  |                          |                |   |  |   |                    |  |                         
|2.5% of $647,107,993.85                                                              |  |                          |                |   |  | $ | 16,177,699.85      |  |                         
|Plus: Cumulative Loss Amount                                                         |  |                          |                |   |  | $ |                   |  |                         
|Less: Reserve Account Ending Balance                                                 |  |                          |                |   |  | $ | 6,467,570.37       |  |                         
|Overcollateralization Floor                                                          |  |                          |                |   |  | $ | 9,710,129.48       |  | N                       
|(viii)  Additional Class A Principal                                                 |  |                          |                |   |  | $ |                   |  |                         
|Additional Principal Class A Paid                                                    |  |                          |                |   |  | $ |                   |  |                         
|End of Period Class A Note Balance                                                   |  |                          |                |   |  | $ | 206,085,025.85     |  |                         
|                                                                                     |  |                          |               
|Remaining Collections After Distributions to
Noteholders                             |  |                          |                |   |  | $ | 1,630,124.78       |  |                         
|                                                                                     |  |                          |               
|(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)) |  |                          |                |   |  | $ | 1,630,124.78       |  |                         
|                                                                                     |  |                          |               
|Total Distribution from the Collection
Account                                       |  |                          |                |   |  | $ | 17,191,765.62      |  |                         
|                                                                                     | 
|Trustee Transfer to IOSC                                                             |  | IOSC Transfer to Trustee
|Adv Payments                                                                         |  | $                        | 141,202.56     |   |  |   |                    |  |                         
|Reimburse Servicer Advances                                                          |  |                          | 1,660,457.43   |   |  | $ | 2,460,609.59       |  | Early Term Cash         
|Remaining Coll                                                                       |  |                          | 1,630,124.78   |   |  |   | 688,355.24         |  | Swap Payment            
|Servicing Fee Less Trustee Fee                                                       |  |                          | 136,538.43     |   |  |   | 2,119,318.82       |  | Servicer Advances       
|                                                                                     |  |                          |                |   |  |   |                    |  |                         
|                                                                                     |  |                          | 3,568,323.20   |   |  |   | 5,268,283.65       |  |                         
|                                                                                     |  |                          |               
|RECONCILIATION OF NOTES                                                              |  |                          |                |   |  |   |                    |  |                         
|                                                                                     |  |                          |               
|Beginning Discounted Present Value of the Leases                                     |  |                          |                |   |  | $ | 247,435,505.68     |  |                         
|                                                                                     |  |                          |               
|Discounted Present Value of the Performing Leases as of this Determination Date      |  |                          |                |   |  | $ | 233,106,604.06     |  |                         
|                                                                                     |  |                          |               
|Class A Principal and Additional Principal to be Paid in Current Period              |  |                          |                |   |  | $ | 12,776,465.43      |  |                         
|                                                                                     |  |                          |               
|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                                                              |  |                          | 168,000,000.00 |   |  |   |                    |  |                         
|                                                                                     |  |                          |               
|Principal Paid Per $1,000                                                            |  | $                        |               |   |  | $ |                   |  |                         
|                                                                                     |  |                          |                |   |  |   |                    |  |                         
|Original Class A-1 Face                                                              |  |                          | 168,000,000.00 |   |  |   |                    |  |                         
|                                                                                     |  |                          |               
|Ending Principal Balance Factor                                                      |  |                          |                |   |  |   |                    |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                                   |  |                          | 0.0000000000   | % |  |   |                    |  |                         
|                                                                                     |  |                          |                |   |  |   |                    |  |                         





---

|IKON Receivables, LLC                                                                |  |   |                |   |  |   |                    |  | 
|------------------------------------------------------------------------------------ |  | - | -------------- | - |  | - | ------------------ |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |   | Payment Date   |   |  |   | September 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |   |                |   |  |   |                    |  | 
|August 2003                                                                          |  |   | Payment Date   | # |  |   | 26                 |  | 
|                                                                                     |  |   |               
|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                                                              |  |   | 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)                                 |  |   | 0.0000000000   | % |  |   |                    |  | 
|                                                                                     |  |   |                |   |  |   |                    |  | 
|                                                                                     |  |   |               
|Class A-3                                                                            |  |   |                |   |  |   |                    |  | 
|Beginning Class A-3 Principal Balance                                                |  |   |                |   |  | $ | 92,661,491.28      |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ | 12,776,465.43      |  | 
|Ending Class A-3 Principal Balance                                                   |  |   |                |   |  | $ | 79,885,025.85      |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 106,921.07         |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 0.4112348662   |   |  | $ | 106,921.07         |  | 
|                                                                                     |  |   |                |   |  |   |                    |  | 
|Original Class A-3 Face                                                              |  |   | 260,000,000.00 |   |  |   |                    |  | 
|                                                                                     |  |   |               
|Principal Paid Per $1,000                                                            |  | $ | 49.1402516607  |   |  | $ | 12,776,465.43      |  | 
|                                                                                     |  |   |                |   |  |   |                    |  | 
|Original Class A-3 Face                                                              |  |   | 260,000,000.00 |   |  |   |                    |  | 
|                                                                                     |  |   |               
|Ending Principal Balance Factor                                                      |  |   |                |   |  |   |                    |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face)                                 |  |   | 30.7250099432  | % |  |   |                    |  | 
|                                                                                     |  |   |                |   |  |   |                    |  | 
|                                                                                     |  |   |               
|Class A-4                                                                            |  |   |                |   |  |   |                    |  | 
|Beginning Class A-4 Principal Balance                                                |  |   |                |   |  | $ | 126,200,000.00     |  | 
|Principal in Current Period                                                          |  |   |                |   |  | $ |                   |  | 
|Ending Class A-4 Principal Balance                                                   |  |   |                |   |  | $ | 126,200,000.00     |  | 
|                                                                                     |  |   |               
|Interest due this Due Period                                                         |  |   | %              |   |  | $ | 148,880.94         |  | 
|                                                                                     |  |   |               
|Interest Paid Per $1,000                                                             |  | $ | 1.1797222222   |   |  | $ | 148,880.94         |  | 
|                                                                                     |  |   |                |   |  |   |                    |  | 
|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)                                 |  |   | 100.0000000000 | % |  |   |                    |  | 
|                                                                                     |  |   |                |   |  |   |                    |  | 
|Overcollateralization Amount                                                         |  |   |                |   |  | $ | 27,021,578.21      |  | 
|                                                                                     |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED                                             |  |   |                |   |  |   |                    |  | 
|                                                                                     |  |   |               
|Discounted Present Value of the Leases which are:                                    |  |   |                |   |  |   |                    |  | 
|31-60 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 8,814,549.56       |  | 
|61-90 DAYS OVERDUE                                                                   |  |   |                |   |  | $ | 3,033,265.80       |  | 
|91-120 DAYS OVERDUE                                                                  |  |   |                |   |  | $ | 1,448,677.59       |  | 
|                                                                                     |  |   |               
|Other Information to be provided                                                     |  |   |                |   |  |   |                    |  | 
|Total Contracts for Reporting Period                                                 |  |   | Aug-03         |   |  |   | 28,693             |  | 
|                                                                                     |  |   |               
|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              |  |   | 0.10%          |   |  | $ | 652,703.23         |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  |   | 10.00%         |   |  | $ | 64,710,799.31      |  | 
|                                                                                     |  |   |               
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  |   | 3.44%          |   |  | $ | 22,245,990.68      |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  |   | 10.00%         |   |  | $ | 64,710,799.31      |  | 
|                                                                                     |  |   |               
|Cumulative Additions made for Early Termination Leases since Closing                 |  |   | 2.45%          |   |  | $ | 15,836,738.67      |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  |   | 20.00%         |   |  | $ | 129,421,598.62     |  | 





---

|IKON Receivables, LLC                                         |  |              |   |  |                    |  | 
|------------------------------------------------------------- |  | ------------ | - |  | ------------------ |  | 
|Deutsche Lease-Backed Notes Series 2001-1                     |  | Payment Date |   |  | September 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                       |  |              |   |  |                    |  | 
|August 2003                                                   |  | Payment Date | # |  | 26                 |  | 
|                                                              |  |              |  
|Interest Rate Swap                                            |  |              |   |  |                    |  | 
|                                                              |  |              |  
|Class A-3 Fixed Swap Rate                                     |  | 4.825        | % |  |                    |  | 
|Class A-4 Fixed Swap Rate                                     |  | 5.435        | % |  |                    |  | 
|a) Fixed Swap Interest Payable                                |  |              |   |  | 944,157.25         |  | 
|                                                              |  |              |  
|Class A-3 Note Interest Rate                                  |  | 1.34000      | % |  |                    |  | 
|Class A-4 Note Interest Rate                                  |  | 1.37000      | % |  |                    |  | 
|b) Floating Swap Interest Receivable                          |  |              |   |  | 255,802.01         |  | 
|                                                              |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a) |  |              |   |  |                   |  | 
|(Available Funds deposited to Collection Account)           |  |              |   |  |                    |  | 
|                                                              |  |              |  
|Net Swap Interest Payable to Swap Counterparty (a-b)      |  |              |   |  | 688,355.24         |  | 



|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, LLC                                                                                 |  |   |                |   |  |   |                  |  | 
|----------------------------------------------------------------------------------------------------- |  | - | -------------- | - |  | - | ---------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                                             |  |   | Payment Date   |   |  |   | October 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                                               |  |   |                |   |  |   |                  |  | 
|September 2003                                                                                        |  |   | Payment Date   | # |  |   | 27               |  | 
|                                                                                                      |  |   |               
|NET CHANGE IN DPV OF PORTFOLIO                                                                        |  |   |                |   |  |   |                  |  | 
|Beginning Balance (DPVL as of last date of previous Due Period)                                       |  |   |                |   |  | $ | 233,106,604.06   |  | 
|                                                                                                      |  |   |               
|Less:    DPV Principal Payments Due on Leases - Current Month                                         |  |   |                |   |  |   | 12,753,531.12    |  | 
|Less:    DPV Non-Performing Leases - current monthover 120 days, etc                                 |  |   |                |   |  |   | 362,302.94       |  | 
|Less:    DPV Adjusted / Warranty Leases                                                               |  |   |                |   |  |   |                 |  | 
|Less:    DPV Amounts on Early Termination Leases                                                      |  |   |                |   |  |   | 2,933,344.52     |  | 
|                                                                                                      |  |   |                |   |  |   |                  |  | 
|Subtotal:                                                                                             |  |   |                |   |  | $ | 217,057,425.48   |  | 
|                                                                                                      |  |   |               
|Add:    DPV Substitute Leases                                                                         |  |   |                |   |  |   |                  |  | 
|Non-Performing                                                                                        |  |   |                |   |  |   | 362,855.73       |  | 
|Adjusted / Warranty                                                                                   |  |   |                |   |  |   |                 |  | 
|Add:    DPV Additional Leases for Early Terminations                                                  |  |   |                |   |  |   |                 |  | 
|                                                                                                      |  |   |                |   |  |   |                  |  | 
|Ending Balance (DPVL as of last date of current Due Period)                                           |  |   |                |   |  | $ | 217,420,281.21   |  | 
|                                                                                                      |  |   |               
|OVERDUE LEASE PAYMENTS                                                                                |  |   |                |   |  |   |                  |  | 
|                                                                                                      |  |   |               
|Reimburse Servicer Advances relating to the prior Payment Date:                                       |  |   |                |   |  |   |                  |  | 
|                                                                                                      |  |   |               
|Beginning outstanding servicer advances                                                               |  |   |                |   |  |   | 7,463,180.49     |  | 
|Less:    Reimburse Servicer Advances owed to IOSC not prev reimbursed                                 |  |   |                |   |  |   | 1,906,724.26     |  | 
|Add:    Servicer Adv for scheduled payments not made in current period                                |  |   |                |   |  |   | 1,843,251.16     |  | 
|                                                                                                      |  |   |                |   |  |   |                  |  | 
|Ending outstanding servicer advances                                                                  |  |   |                |   |  |   | 7,399,707.39     |  | 
|                                                                                                      |  |   |               
|ADVANCE LEASE PAYMENTS                                                                                |  |   |                |   |  |   |                  |  | 
|                                                                                                      |  |   |               
|Beginning amount of lease payments to be applied in future                                            |  |   |                |   |  |   | 703,793.06       |  | 
|Less:    Applied to Current from Prepaid - including intermonth activity                              |  |   |                |   |  |   | 1,093,049.03     |  | 
|Less:    Repurchased Leases                                                                           |  |   |                |   |  |   |                 |  | 
|Less:    Advance Payments on Non-Performing Leases                                                    |  |   |                |   |  |   |                 |  | 
|Add:    Received This Month - including intermonth activity                                           |  |   |                |   |  |   | 1,034,750.45     |  | 
|Add:    Received in Prior Month                                                                       |  |   |                |   |  |   |                 |  | 
|                                                                                                      |  |   |                |   |  |   |                  |  | 
|Ending amount of lease payments to be applied in future                                               |  |   |                |   |  |   | 645,494.48       |  | 
|                                                                                                      |  |   |               
|RECONCILIATION OF RESERVE ACCOUNT                                                                     |  |   |                |   |  |   |                  |  | 
|                                                                                                      |  |   |               
|Beginning Balance                                                                                     |  |   |                |   |  |   | 6,467,570.37     |  | 
|Less:    Deposit to Collection Account (if any)                                                       |  |   |                |   |  |   |                 |  | 
|Ending Balance                                                                                        |  |   |                |   |  |   | 6,467,570.37     |  | 
|                                                                                                      |  |   |               
|Required Reserve Account                                                                              |  |   |                |   |  |   |                  |  | 
|Lesser of 1% of $ or Outstanding Notes Amount                                                         |  |   |                |   |  |   | 6,467,570.37     |  | 
|                                                                                                      |  |   |               
|Reserve Account in excess of Required Reserve                                                         |  |   |                |   |  |   |                 |  | 
|Deposits into Reserve Account                                                                         |  |   |                |   |  |   |                 |  | 
|Amounts Released to Issuer                                                                            |  |   |                |   |  |   |                 |  | 
|                                                                                                      |  |   |                |   |  |   |                  |  | 
|Ending Balance                                                                                        |  |   |                |   |  |   | 6,467,570.37     |  | 
|                                                                                                      |  |   |               
|RECONCILIATION OF SECURITY DEPOSIT ACCOUNT                                                            |  |   |                |   |  |   |                  |  | 
|                                                                                                      |  |   |               
|Beginning Balance                                                                                     |  |   |                |   |  |   | 3,725.55         |  | 
|Less:    Retainable Deposits to be Deposited into Collection Account and Amounts Repayable to
Lessees |  |   |                |   |  |   |                 |  | 
|Add:    Additional Security Deposits collected on leases                                              |  |   |                |   |  |   |                 |  | 
|                                                                                                      |  |   |                |   |  |   |                  |  | 
|Ending Balance                                                                                        |  |   |                |   |  |   | 3,725.55         |  | 
|                                                                                                      |  |   |               
|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                           |  | $ | 12,935,140.74  |   |  |   |                  |  | 
|Outstanding Balance of Notes minus Reserves                                                           |  | $ | 185,630,635.91 |   |  |   |                  |  | 





---

|IKON Receivables, LLC                                                                                            |  |              |   |  |                  |   |  |                        
|---------------------------------------------------------------------------------------------------------------- |  | ------------ | - |  | ---------------- | - |  | -----------------------
|Deutsche Lease-Backed Notes Series 2001-1                                                                        |  | Payment Date |   |  | October 15, 2003 |   |  |                        
|MONTHLY SERVICER REPORT                                                                                          |  |              |   |  |                  |   |  |                        
|September 2003                                                                                                   |  | Payment Date | # |  | 27               |   |  |                        
|                                                                                                                 |  |              |  
|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                                                                                                       |  |              |   |  | -0.75            | % |  | Annualized September 03
|Last Month                                                                                                       |  |              |   |  | -2.07            | % |  | Annualized August 03   
|Two Months ago                                                                                                   |  |              |   |  | 0.01             | % |  | Annualized July 03     
|3 mos. Average                                                                                                   |  |              |   |  | -0.94            | % |  |                        
|                                                                                                                 |  |              |  
|Calculate Delinquency Rate                                                                                       |  |              |   |  |                  |   |  |                        
|# of days delinquent to declare Delinquent Lease                                                                 |  |              |   |  | 61               |   |  |                        
|                                                                                                                 |  |              |  
|Discounted Present Value of Delinquent Leases:                                                                   |  |              |   |  |                  |   |  |                        
|This Month                                                                                                       |  |              |   |  | 1.80             | % |  |                        
|Last Month                                                                                                       |  |              |   |  | 1.92             | % |  |                        
|Two Months ago                                                                                                   |  |              |   |  | 1.68             | % |  |                        
|3 mos. Average                                                                                                   |  |              |   |  | 1.80             | % |  |                        
|                                                                                                                 |  |              |  
|Calculate Renewal Trigger Ratio                                                                                  |  |              |   |  |                  |   |  |                        
|                                                                                                                 |  |              |  
|Aggregate number of Leases for which the obligors have elected to extend during the last 3 preceding Due Periods |  |              |   |  | 826              |   |  |                        
|This Month                                                                                                       |  | 347          |   |  |                  |   |  |                        
|Last Month                                                                                                       |  | 224          |   |  |                  |   |  |                        
|Two Months ago                                                                                                   |  | 255          |   |  |                  |   |  |                        
|Aggregate number of leases which have reached their stated maturity during last 3 preceding Due Periods          |  |              |   |  | 1,115            |   |  |                        
|This Month                                                                                                       |  | 469          |   |  |                  |   |  |                        
|Last Month                                                                                                       |  | 326          |   |  |                  |   |  |                        
|Two Months ago                                                                                                   |  | 320          |   |  |                  |   |  |                        
|Renewal Trigger Ratio                                                                                            |  |              |   |  | 74.08            | % |  |                        
|                                                                                                                 |  |              |  
|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, LLC                                                             |  |                                                                                  |   |  |                  |  |                                    
|--------------------------------------------------------------------------------- |  | -------------------------------------------------------------------------------- | - |  | ---------------- |  | -----------------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                         |  | Payment Date                                                                     |   |  | October 15, 2003 |  |                                    
|MONTHLY SERVICER REPORT                                                           |  |                                                                                  |   |  |                  |  |                                    
|September 2003                                                                    |  | Payment Date                                                                     | # |  | 27               |  |                                    
|                                                                                 
|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                              |   |  |                  |  | 11,541,967.00                      
|Section 3.03 (a) (i)                                                              |  | Lease payments received on current months receivables                           |   |  |                  |  | 9,635,242.74                       
|Section 3.03 (a) (i)                                                              |  | Lease Payments Received on Prior Months Receivables                             |   |  |                  |  | 1,906,724.26                       
|Section 3.03 (a) (i)                                                              |  | Renewal payments                                                                 |   |  |                  |  | 205,309.19                         
|Section 3.03 (a) (i)                                                              |  | Early Termination cash                                                           |   |  |                  |  | 2,933,344.52                       
|                                                                                  |  | Advance payments for current month                                               |   |  |                  |  | 1,093,049.03                       
|                                                                                  |  | 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                                                               |   |  |                  |  | 3,116.77                           
|Section 3.03 (a) (v)                                                              |  | Reserve Account                                                                  |   |  |                  |  | 1,565.86                           
|Section 3.03 (a) (v)                                                              |  | Security Deposit Account                                                         |   |  |                  |  | 1.09                               
|Section 3.03 (a) (vi)                                                             |  | Casualty Payments                                                                |   |  |                  |  |                                   
|Section 3.03 (a) (vii)                                                            |  | Servicer Adv for scheduled payments not made in current period                   |   |  |                  |  | 1,843,251.16                       
|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 |   |  |                  |  | 17,621,604.62                      
|                                                                                  |  |                                                                                  |  
|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                                       |  |                                                                                  |   |  | 17,621,604.62    |  |                                    
|                                                                                 
|DISBURSEMENTS FROM COLLECTION ACCOUNT                                            
|                                                                                  |  |                                                                                  |  
|Surety Fee                                                                        |  | 0.24                                                                             | % |  | 41,217.01        |  | Surety Fee                         
|(i)       Section 3.03 (b) (i) 0.24% of Outstanding Principal Amount of the
Notes |  |                                                                                  |   |  |                  |  |                                    
|                                                                                  |  |                                                                                  |  
|Payment to Swap Counterparty - Update
Monthly                                     |  |                                                                                  |   |  | 657,784.55       |  | IKON Transfer                      
|(ii)      Section 3.03 (b) (ii)                                                   |  |                                                                                  |   |  |                  |  |                                    
|Servicing Fee                                                                     |  | 0.75                                                                             | % |  | 128,803.14       |  | 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                                                                        | % |  | 250.00           |  | Trustee Fees - Bank of New York    
|                                                                                  |  |                                                                                  |   |  |                  |  |                                    
|Minimum Fee = $ 250.00                                                            |  |                                                                                  |   |  |                  |  |                                    
|Servicing Fee Less Trustee Fee                                                    |  |                                                                                  |   |  | 128,553.14       |  | IOSC Net Servicing Fee Distribution
|(iv)     Section 3.03 (b) (iv)                                                    |  |                                                                                  |   |  |                  |  |                                    
|Reimburse Servicer Advances owed to IOSC not prev
reimbursed                      |  |                                                                                  |   |  | 1,906,724.26     |  | IOSC Svc Advance reimbursement     
|                                                                                  |  |                                                                                  |   |  |                  |  |                                    
|                                                                                  |  |                                                                                  |  
|Remaining Available to be Distributed to
Noteholders                              |  |                                                                                  |   |  | 14,887,075.66    |  |                                    





---

|IKON Receivables, LLC                                                                |  |                          |                |   |  |   |                  |  |                         
|------------------------------------------------------------------------------------ |  | ------------------------ | -------------- | - |  | - | ---------------- |  | ------------------------
|Deutsche Lease-Backed Notes Series 2001-1                                            |  |                          | Payment Date   |   |  |   | October 15, 2003 |  |                         
|MONTHLY SERVICER REPORT                                                              |  |                          |                |   |  |   |                  |  |                         
|September 2003                                                                       |  |                          | Payment Date   | # |  |   | 27               |  |                         
|                                                                                     |  |                          |               
|(v)      Disbursements Section 3.03 (b) (v)                                          |  |                          |                |   |  |   |                  |  | Actual Days for A1-A3-A4
|Class A-1 Interest Due (Act/360 Basis)                                               |  |                          | 3.73375        | % |  | $ |                 |  | 30                      
|Class A-2 Interest Due (30/360 Basis)                                                |  |                          | 4.16000        | % |  | $ |                 |  |                         
|Class A-3 Interest Due (Act/360 Basis) LIBOR Rate = 1.12000 +
..23 = 1.35000%        |  |                          | 1.35000        | % |  | $ | 89,870.65        |  | Libor + .23             
|Class A-4 Interest Due (Act/360 Basis) LIBOR Rate = 1.12000 +
..26 = 1.38000%        |  |                          | 1.38000        | % |  | $ | 145,130.00       |  | Libor + .26             
|                                                                                     |  |                          |                |   |  |   |                  |  |                         
|Total Class A Interest Due                                                           |  |                          |                |   |  | $ | 235,000.65       |  |                         
|Class A Interest Paid                                                                |  |                          |                |   |  | $ | 235,000.65       |  |                         
|Cumulative Outstanding Amounts Owed to AMBAC                                         |  |                          |                |   |  | $ |                 |  |                         
|(vi)     Reimburse Amounts due AMBAC section 3.03 (b) (vi)                           |  |                          |                |   |  | $ |                 |  |                         
|Beginning Aggregate Class A Note Balance                                             |  |                          |                |   |  | $ | 206,085,025.85   |  |                         
|Class A Principal Payment While Class A-1
Outstanding                                |  |                          |                |   |  | $ |                 |  |                         
|Class A Principal Payment After Class A-1
Retired                                    |  |                          | 89.16570       | % |  | $ | 13,986,819.57    |  |                         
|Aggregate Class A Principal Payment                                                  |  |                          |                |   |  | $ | 13,986,819.57    |  |                         
|(vii)   Class A Principal Paid                                                       |  |                          |                |   |  | $ | 13,986,819.57    |  |                         
|Ending Aggregate Class A Note Balance                                                |  |                          |                |   |  | $ | 192,098,206.28   |  |                         
|Overcollateralization Floor                                                          |  |                          |                |   |  |   |                  |  |                         
|2.5% of $647,107,993.85                                                              |  |                          |                |   |  | $ | 16,177,699.85    |  |                         
|Plus: Cumulative Loss Amount                                                         |  |                          |                |   |  | $ | 376,463.29       |  |                         
|Less: Reserve Account Ending Balance                                                 |  |                          |                |   |  | $ | 6,467,570.37     |  |                         
|Overcollateralization Floor                                                          |  |                          |                |   |  | $ | 10,086,592.77    |  | N                       
|(viii)  Additional Class A Principal                                                 |  |                          |                |   |  | $ |                 |  |                         
|Additional Principal Class A Paid                                                    |  |                          |                |   |  | $ |                 |  |                         
|End of Period Class A Note Balance                                                   |  |                          |                |   |  | $ | 192,098,206.28   |  |                         
|Remaining Collections After Distributions to
Noteholders                             |  |                          |                |   |  | $ | 665,255.43       |  |                         
|(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)) |  |                          |                |   |  | $ | 665,255.43       |  |                         
|Total Distribution from the Collection
Account                                       |  |                          |                |   |  | $ | 17,621,604.62    |  |                         
|                                                                                     | 
|Trustee Transfer to IOSC                                                             |  | IOSC Transfer to Trustee
|Adv Payments                                                                         |  |                          | $58,298.58     |   |  |   |                  |  |                         
|Reimburse Servicer Advances                                                          |  |                          | 1,906,724.26   |   |  | $ | 2,933,344.52     |  | Early Term Cash         
|Remaining Coll                                                                       |  |                          | 665,255.43     |   |  |   | 657,784.55       |  | Swap Payment            
|Servicing Fee Less Trustee Fee                                                       |  |                          | 128,553.14     |   |  |   | 1,843,251.16     |  | Servicer Advances       
|                                                                                     |  |                          |                |   |  |   |                  |  |                         
|                                                                                     |  |                          | 2,758,831.41   |   |  |   | 5,434,380.23     |  |                         
|                                                                                     |  |                          |                |   |  |   |                  |  |                         
|RECONCILIATION OF NOTES                                                              |  |                          |                |   |  |   |                  |  |                         
|                                                                                     |  |                          |               
|Beginning Discounted Present Value of the Leases                                     |  |                          |                |   |  | $ | 233,106,604.06   |  |                         
|                                                                                     |  |                          |               
|Discounted Present Value of the Performing Leases as of this Determination Date      |  |                          |                |   |  | $ | 217,420,281.21   |  |                         
|                                                                                     |  |                          |               
|Class A Principal and Additional Principal to be Paid in Current Period              |  |                          |                |   |  | $ | 13,986,819.57    |  |                         
|                                                                                     |  |                          |               
|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                                                              |  |                          | 168,000,000.00 |   |  |   |                  |  |                         
|Principal Paid Per $1,000                                                            |  | $                        |               |   |  | $ |                 |  |                         
|                                                                                     |  |                          |                |   |  |   |                  |  |                         
|Original Class A-1 Face                                                              |  |                          | 168,000,000.00 |   |  |   |                  |  |                         
|Ending Principal Balance Factor                                                      |  |                          |                |   |  |   |                  |  |                         
|(Ending Class A Principal/Original Class A-1 Face)                                   |  |                          | 0.0000000000   | % |  |   |                  |  |                         
|                                                                                     |  |                          |                |   |  |   |                  |  |                         





---

|IKON Receivables, LLC                                |  |   |                |   |  |   |                  |  | 
|---------------------------------------------------- |  | - | -------------- | - |  | - | ---------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1            |  |   | Payment Date   |   |  |   | October 15, 2003 |  | 
|MONTHLY SERVICER REPORT                              |  |   |                |   |  |   |                  |  | 
|September 2003                                       |  |   | Payment Date   | # |  |   | 27               |  | 
|                                                     |  |   |               
|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                              |  |   | 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) |  |   | 0.0000000000   | % |  |   |                  |  | 
|                                                     |  |   |                |   |  |   |                  |  | 
|                                                     |  |   |               
|Class A-3                                            |  |   |                |   |  |   |                  |  | 
|Beginning Class A-3 Principal Balance                |  |   |                |   |  | $ | 79,885,025.85    |  | 
|Principal in Current Period                          |  |   |                |   |  | $ | 13,986,819.57    |  | 
|Ending Class A-3 Principal Balance                   |  |   |                |   |  | $ | 65,898,206.28    |  | 
|                                                     |  |   |               
|Interest due this Due Period                         |  |   | %              |   |  | $ | 89,870.65        |  | 
|                                                     |  |   |               
|Interest Paid Per $1,000                             |  | $ | 0.3456563619   |   |  | $ | 89,870.65        |  | 
|                                                     |  |   |                |   |  |   |                  |  | 
|Original Class A-3 Face                              |  |   | 260,000,000.00 |   |  |   |                  |  | 
|                                                     |  |   |               
|Principal Paid Per $1,000                            |  | $ | 53.7954598979  |   |  | $ | 13,986,819.57    |  | 
|                                                     |  |   |                |   |  |   |                  |  | 
|Original Class A-3 Face                              |  |   | 260,000,000.00 |   |  |   |                  |  | 
|                                                     |  |   |               
|Ending Principal Balance Factor                      |  |   |                |   |  |   |                  |  | 
|(Ending Class A-3 Principal/Original Class A-3 Face) |  |   | 25.3454639534  | % |  |   |                  |  | 
|                                                     |  |   |                |   |  |   |                  |  | 
|                                                     |  |   |               
|Class A-4                                            |  |   |                |   |  |   |                  |  | 
|Beginning Class A-4 Principal Balance                |  |   |                |   |  | $ | 126,200,000.00   |  | 
|Principal in Current Period                          |  |   |                |   |  | $ |                 |  | 
|Ending Class A-4 Principal Balance                   |  |   |                |   |  | $ | 126,200,000.00   |  | 
|                                                     |  |   |               
|Interest due this Due Period                         |  |   | %              |   |  | $ | 145,130.00       |  | 
|                                                     |  |   |               
|Interest Paid Per $1,000                             |  | $ | 1.1500000000   |   |  | $ | 145,130.00       |  | 
|                                                     |  |   |                |   |  |   |                  |  | 
|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) |  |   | 100.0000000000 | % |  |   |                  |  | 
|                                                     |  |   |                |   |  |   |                  |  | 
|Overcollateralization Amount                         |  |   |                |   |  | $ | 25,322,074.93    |  | 
|                                                     |  |   |               
|MISCELLANEOUS INFORMATION TO BE PROVIDED             |  |   |                |   |  |   |                  |  | 
|                                                     |  |   |               
|Discounted Present Value of the Leases which are:    |  |   |                |   |  |   |                  |  | 
|31-60 DAYS OVERDUE                                   |  |   |                |   |  | $ | 6,754,602.19     |  | 
|61-90 DAYS OVERDUE                                   |  |   |                |   |  | $ | 2,952,723.94     |  | 
|91-120 DAYS OVERDUE                                  |  |   |                |   |  | $ | 953,678.49       |  | 





---

|IKON Receivables, LLC                                                                |  |              |   |  |   |                  |  | 
|------------------------------------------------------------------------------------ |  | ------------ | - |  | - | ---------------- |  | 
|Deutsche Lease-Backed Notes Series 2001-1                                            |  | Payment Date |   |  |   | October 15, 2003 |  | 
|MONTHLY SERVICER REPORT                                                              |  |              |   |  |   |                  |  | 
|September 2003                                                                       |  | Payment Date | # |  |   | 27               |  | 
|                                                                                     |  |              |  
|Other Information to be provided                                                     |  |              |   |  |   |                  |  | 
|Total Contracts for Reporting Period                                                 |  | Sep-03       |   |  |   | 27,863           |  | 
|                                                                                     |  |              |  
|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              |  | 0.10%        |   |  | $ | 652,703.23       |  | 
|Maximum Allowable Substitutions for Warranty and Adjusted Leases                     |  | 10.00%       |   |  | $ | 64,710,799.31    |  | 
|                                                                                     |  |              |  
|Cumulative Substitutions for Non-Performing Leases since Closing                     |  | 3.49%        |   |  | $ | 22,608,846.41    |  | 
|Maximum Allowable Substitutions for Non-Performing Leases                            |  | 10.00%       |   |  | $ | 64,710,799.31    |  | 
|                                                                                     |  |              |  
|Cumulative Additions made for Early Termination Leases since Closing                 |  | 2.45%        |   |  | $ | 15,836,738.67    |  | 
|Maximum Allowable Additions for Early Termination Leases                             |  | 20.00%       |   |  | $ | 129,421,598.62   |  | 
|                                                                                     |  |              |  
|Interest Rate Swap                                                                   |  |              |   |  |   |                  |  | 
|                                                                                     |  |              |  
|Class A-3 Fixed Swap Rate                                                            |  | 4.825        | % |  |   |                  |  | 
|Class A-4 Fixed Swap Rate                                                            |  | 5.435        | % |  |   |                  |  | 
|a) Fixed Swap Interest Payable                                                       |  |              |   |  |   | 892,785.21       |  | 
|                                                                                     |  |              |  
|Class A-3 Note Interest Rate                                                         |  | 1.35000      | % |  |   |                  |  | 
|Class A-4 Note Interest Rate                                                         |  | 1.38000      | % |  |   |                  |  | 
|b) Floating Swap Interest Receivable                                                 |  |              |   |  |   | 235,000.65       |  | 
|                                                                                     |  |              |  
|Net Swap Interest Receivable From Swap Counterparty (b-a)                        |  |              |   |  |   |                 |  | 
|(Available Funds deposited to Collection Account)                                  |  |              |   |  |   |                  |  | 
|Net Swap Interest Payable to Swap Counterparty (a-b)                             |  |              |   |  |   | 657,784.55       |  | 



|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:        |  | _____________________________________________________