Ikon Receivables Funding 10-K/A 2003 FY Annual report (amended)

Exhibit 99.1

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

NET CHANGE IN DPV OF PORTFOLIO

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NET CHANGE IN DPV OF PORTFOLIO

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

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

RECONCILIATION OF RENEWAL ACCOUNT

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

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

Servicer Event of Default

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

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

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

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

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

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

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

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

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

NET CHANGE IN DPV OF PORTFOLIO

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

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

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

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

AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT

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

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

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

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

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

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

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

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

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

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

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

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

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

AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT

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

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

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

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

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

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

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

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

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

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

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

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

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

AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT

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

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

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

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

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

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

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

FOOTNOTES:

1 General Footnote:

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

2 Excess Substitutions:

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

3 Compliance Ratio Calculations:

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

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

4 Cumulative Substitutions:

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

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

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

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

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

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

AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT

Deposits by or on behalf of the Servicer:
Section 3.03 (a) (i)	Total lease payments applied for current due period			20,165,168.44
Section 3.03 (a) (i)	Lease payments received on current month’s receivables			12,910,381.33
Section 3.03 (a) (i)	Lease payments received on prior month’s receivables			7,254,787.11
Section 3.03 (a) (i)	Renewal payments			—
Section 3.03 (a) (i)	Early Termination cash			2,999,512.75
	Advance payments for current month			1,959,134.89
	Advance payments for future months			—
Section 3.03 (a) (iv, x)	Lease Purchase amounts for breaches of reps and/or early terminations
Section 3.03 (a) (ii)	Recoveries to the Extent IOS Capital does not substitute - if applicable			—
Section 3.03 (a) (iii)	Late charges on delinquent Lease payments not advanced by the Servicer			—
Section 3.03 (a) (v)	Investment Earnings on Accounts:
Section 3.03 (a) (v)	Collection Account			8,839.79
Section 3.03 (a) (v)	Reserve Account			3,407.34
Section 3.03 (a) (v)	Security Deposit Account			16.44
Section 3.03 (a) (vi)	Casualty Payments			—
Section 3.03 (a) (vii)	Servicer Adv for scheduled payments not made in current period			4,309,315.11
Section 3.03 (a) (viii)	Retainable Security Deposits			—
Section 3.03 (a) (xi)	Funds For Redemption (Optional Clean-Up Call)			—
	Total amounts in the Collection Account related to the Current Collection Period			29,445,394.76
Transfers made by Trustee to the Collection Account
	Optional Payments Received from AMBAC
	Insured Payments Received from AMBAC			—
	Shortfall Required to be Deposited From Renewal Account			—
	Shortfall Required to be Deposited From Reserve Account			—
	Retainable Deposits from Security Deposit Acct (net of additions)			—
Less	Credit for payments applied in prior period			—
Total deposited into the Collection Account				29,445,394.76
DISBURSEMENTS FROM COLLECTION ACCOUNT
Surety Fee		0.30	%	118,259.81	Surety Fee February 03
(i) Section 3.03 (b) (i) 0.30% of Outstanding Principal Amount of the Notes
(ii) Section 3.03 (b) (ii)
Servicing Fee		0.75	%	295,649.53	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	%	550.27	Trustee Fees - Bank of New York
Minimum Fee = $ 250.00
Servicing Fee Less Trustee Fee				295,099.26	IOSC Net Servicing Fee Distribution
(iv) Section 3.03 (b) (iv)
Reimburse Servicer Advances owed to IOSC not prev reimbursed				2,031,907.22	IOSC Svc Advance reimbursement
Remaining Available to be Distributed to Noteholders				26,999,578.19

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

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

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

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

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

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

FOOTNOTES:

1 Excess Substitutions:

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

2 Compliance Ratio Calculations:

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

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

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

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

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

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

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

AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT

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

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

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

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

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

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

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

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

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

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

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

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

AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT

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

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

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

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

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

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

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

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

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

NET CHANGE IN DPV OF PORTFOLIO

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

COMPLIANCE RATIO CALCULATIONS

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

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

AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT

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

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

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

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

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

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

MISCELLANEOUS INFORMATION TO BE PROVIDED

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

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

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

NET CHANGE IN DPV OF PORTFOLIO

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

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

COMPLIANCE RATIO CALCULATIONS

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

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

AMOUNTS AVAILABLE FOR DISTRIBUTION IN CURRENT PERIOD - COLLECTION ACCOUNT

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

              DISBURSEMENTS FROM COLLECTION ACCOUNT

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(v)Disbursements Section 3.03 (b) (v)						Actual Days for A1-A3-A4
Class A-1 Interest Due (Act/360 Basis)		1.30813	%	$	146,648.42	30
Class A-2 Interest Due (30/360 Basis)		1.68000	%	$	37,380.00
Class A-3a Interest Due (Act/360 Basis) LIBOR Rate = 1.12 + .24 = 1.36000%		1.36000	%	$	233,920.00	Libor + .24
Class A-3b Interest Due (30/360 Basis)		2.33000	%	$	400,760.00
Class A-4 Interest Due (30/360 Basis)		3.27000	%	$	434,324.13
Total Class A Interest Due				$	1,253,032.55
Class A Interest Paid				$	1,253,032.55
Cumulative Outstanding Amounts Owed to AMBAC				$	—
(vi) Reimburse Amounts due AMBAC section 3.03 (b) (vi)				$	—
Beginning Aggregate Class A Note Balance				$	733,411,468.91
Class A Principal Payment While Class A-1 Outstanding				$	22,064,839.18
Class A Principal Payment After Class A-1 Retired		89.99156	%	$	—
Aggregate Class A Principal Payment				$	22,064,839.18
(vii) Class A Principal Paid				$	22,064,839.18
Ending Aggregate Class A Note Balance				$	711,346,629.73
Overcollateralization Floor
2.5% of $918,690,218.25				$	22,967,255.46
Plus: Cumulative Loss Amount				$	—
Less: Reserve Account Ending Balance				$	9,186,902.18
Overcollateralization Floor				$	13,780,353.28	N
(viii) Additional Class A Principal				$	—
Additional Principal Class A Paid				$	—
End of Period Class A Note Balance				$	711,346,629.73
Remaining Collections After Distributions to Noteholders				$	104,045.13
(ix) Reserve Account Deposit (section 3.03 (b) (ix))				$	0.00
(x) Renewal Account Deposit (section 3.03) (b) (x))				$	—
(xi) Additional Funds Available for Distribution to IOSC (section 3.03 (b) (xi))				$	104,045.13
Total Distribution from the Collection Account				$	27,207,029.00
Trustee Transfer to IOSC					IOSC Transfer to Trustee
Reimburse Servicer Advances	$	3,029,180.63		$	25,679.46	Adv Payments
Remaining Coll		104,045.13			126,420.00	Swap Payment
Servicing Fee Less Trustee Fee		457,770.99			3,228,596.49	Servicer Advances
	$	3,590,996.75		$	3,380,695.95
RECONCILIATION OF NOTES
Beginning Discounted Present Value of the Leases				$	800,016,687.16
Discounted Present Value of the Performing Leases as of this Determination Date				$	777,951,847.98
Class A Principal and Additional Principal to be Paid in Current Period				$	22,064,839.18
Class A - 1
Beginning Class A Principal Balance				$	134,526,468.91
Principal in Current Period				$	22,064,839.18
Ending Class A-1 Principal Balance				$	112,461,629.73
Interest due this Due Period			%	$	146,648.42
Interest Paid Per $1,000	$	0.5796380427		$	146,648.42
Original Class A-1 Face		253,000,000.00
Principal Paid Per $1,000	$	87.2128030830		$	22,064,839.18
Original Class A-1 Face		253,000,000.00
Ending Principal Balance Factor
(Ending Class A Principal/Original Class A-1 Face)		44.4512370474	%

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

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

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

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

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