UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q



[x ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

For the quarterly period ended                    March 31, 2005
                               -------------------------------------------------

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934

for the transition period from _____________________ to ________________________

Commission File Number                               33-94458
                       ---------------------------------------------------------

                       ICON Cash Flow Partners L.P. Seven
             (Exact name of registrant as specified in its charter)


         Delaware                                             13-3835387
--------------------------------------------------------------------------------
(State or other jurisdiction of                            (IRS Employer
incorporation or organization)                          Identification Number)


  100 Fifth Avenue, New York, New York                        10011-1505
--------------------------------------------------------------------------------
  (Address of principal executive offices)                    (Zip code)


                                 (212) 418-4700
               Registrant's telephone number, including area code



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. [x] Yes [ ] No

Indicate  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Exchange Act Rule 12b-2). [ ] Yes [x] No


<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                                      Index


PART I - FINANCIAL INFORMATION


<TABLE>
<CAPTION>


 Item 1.  Consolidated Financial Statements

<S>                                                                                     <C>
     Consolidated Balance Sheets at March 31, 2005 (Unaudited)
       and December 31, 2004                                                             3-4

     Consolidated Statements of Operations for the three months ended
       March 31, 2005 and 2004 (Unaudited)                                                 5

     Consolidated Statement of Changes in Partners' Equity for the three
       months ended March 31, 2005 (Unaudited)                                             6

     Consolidated Statements of Cash Flows for the three months ended March
       31, 2005 and 2004 (Unaudited)                                                     7-8

     Notes to Consolidated Financial Statements (Unaudited)                             9-16

 Item 2.  General Partner's Discussion and Analysis of Financial Condition and
   Results of Operations                                                               17-24

 Item 3.  Quantitative and Qualitative Disclosures About Market Risk                      25

 Item 4.  Controls and Procedures                                                         25

PART II - OTHER INFORMATION

 Item 1.  Legal Proceedings                                                               26

 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                      26

 Item 3.  Defaults Upon Senior Securities                                                 26

 Item 4.  Submission of Matters To A Vote of Security Holders                             26

 Item 5.  Other Information                                                               26

 Item 6.  Exhibits                                                                        26

   Signatures                                                                             27

    Certifications                                                                     28-31

</TABLE>


                                       2
<PAGE>

                         PART I - FINANCIAL INFORMATION

                    Item 1. Consolidated Financial Statements

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
                           Consolidated Balance Sheets

                                     ASSETS


<TABLE>
<CAPTION>
                                                                (Unaudited)
                                                                  March 31        December 31
                                                                    2005             2004
                                                                    ----             ----

<S>                                                            <C>             <C>
 Cash and cash equivalents                                     $      27,868   $       96,364
                                                               -------------   --------------

 Investments in finance leases:
   Minimum rents receivable                                             -           1,117,499
   Unearned income                                                      -              (5,934)
                                                               -------------   --------------

    Net investments in finance leases                                   -           1,111,565
                                                               -------------   --------------

 Investments in operating leases:
   Equipment, at cost                                              2,565,000        2,565,000
   Accumulated depreciation                                         (972,195)        (833,310)
                                                               -------------   --------------

    Net investments in operating leases                            1,592,805        1,731,690
                                                               --------------  --------------

 Equipment held for sale                                           1,441,644        1,776,131
 Investment in estimated unguaranteed residual values              4,686,758        4,686,758
 Investments in joint ventures                                     4,060,248        3,813,458
 Due from General Partner and affiliates                              40,445          190,301
 Other assets, net                                                   339,003          442,972
                                                               -------------   --------------

    Total assets                                               $  12,188,771   $   13,849,239
                                                               ==============  ==============
See accompanying notes to consolidated financial statements.


                                        3
<PAGE>

</TABLE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
                     Consolidated Balance Sheets (continued)

                        LIABILITIES AND PARTNERS' EQUITY

<TABLE>
<CAPTION>
                                                                           (Unaudited)
                                                                              March 31          December 31
                                                                                2005               2004
                                                                                ----               ----

<S>                                                                     <C>                  <C>
 Notes and accrued interest payable - recourse                          $      5,751,009     $       8,174,001
 Due to General Partner and affiliates                                           166,522               341,323
 Security deposits, deferred credits and other payables                           14,036               155,487
 Minority interest                                                                15,928                17,316
                                                                        ----------------    ------------------

    Total liabilities                                                          5,947,495             8,688,127
                                                                        ----------------    ------------------

 Commitments and contingencies

 Partners' equity:
   General Partner                                                              (786,493)             (797,295)
    Limited Partners; 987,547.81 units outstanding, $100 per
 unit original issue price                                                     7,027,769             5,958,407
                                                                        ----------------    ------------------

    Total partners' equity                                                     6,241,276             5,161,112
                                                                        ----------------    ------------------

    Total liabilities and partners' equity                              $     12,188,771    $       13,849,239
                                                                        ================    ==================
</TABLE>

See accompanying notes to consolidated financial statements.

                                        4
<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
                      Consolidated Statements of Operations
                          Three Months Ended March 31,
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                2005               2004
                                                                                ----               ----

 Revenue:
<S>                                                                     <C>                <C>
    Rental income                                                       $        150,000   $             105,624
    Finance income                                                                 1,928                   3,848
    Net income from leveraged leases                                                  -                  700,619
    Income from investments in joint ventures                                    506,171                 346,482
    Gain on transfer of investment in joint venture                            1,171,786                      -
    Interest and other income                                                     17,169                     409
                                                                        ----------------   ---------------------

      Total revenue                                                            1,847,054               1,156,982
                                                                        ----------------   ---------------------

 Expenses:
    Impairment loss                                                              300,000               4,700,000
    Depreciation                                                                 138,885               1,518,259
    Interest                                                                     117,402                 404,064
    Management fees                                                               75,000                      -
    General and administrative                                                   109,511                 242,197
    Management fees - general partner                                                 -                  377,792
    Administrative expense reimbursement -
       General Partner                                                                -                  122,256
    Amortization of initial direct costs                                          26,731                  31,384
    Minority interest                                                               (639)                   (679)
                                                                        ----------------   ----------------------

      Total expenses                                                             766,890               7,395,273
                                                                        ----------------   ---------------------

 Net income (loss)                                                      $      1,080,164   $          (6,238,291)
                                                                        ================   ======================

 Net income (loss) allocable to:
    Limited Partners                                                    $      1,069,362   $          (6,175,908)
    General Partners                                                              10,802                 (62,383)
                                                                        ----------------   ----------------------

                                                                        $      1,080,164   $          (6,238,291)
                                                                        ================   ======================

 Weighted average number of limited partnership
units outstanding                                                                987,548                 987,548
                                                                        ================   =====================

 Net income (loss) per weighted average limited
    partnership unit                                                    $           1.08   $               (6.25)
                                                                        =================  =====================
</TABLE>

See accompanying notes to consolidated financial statements.

                                       5
<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
              Consolidated Statement of Changes in Partners' Equity
                        Three Months Ended March 31, 2005
                                   (Unaudited)


                                                                    Total
                              Limited            General           Partners'
                              Partners           Partner            Equity
                              --------           -------            ------

Balance, January 1, 2005        5,958,407            (797,295)       5,161,112

 Net income                     1,069,362              10,802        1,080,164
                          ---------------     ---------------    -------------

Balance, March 31, 2005   $     7,027,769    $       (786,493)   $    6,241,276
                          ===============    =================   ==============


See accompanying notes to consolidated financial statements.

                                       6
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
                      Consolidated Statements of Cash Flows
                          Three Months Ended March 31,
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                  2005                 2004
                                                                                  ----                 ----


 Cash flows from operating activities
<S>                                                                    <C>                    <C>
    Net income (loss)                                                  $         1,080,164    $       (6,238,291)
    Adjustments to reconcile net income (loss) to net cash
      provided by (used in) operating activities:
        Interest expense on non-recourse financing paid directly
            to lenders by lessees                                                   77,153               241,585
        Amortization of initial direct costs                                        26,731                31,384
        Impairment loss                                                            300,000             4,700,000
        Depreciation                                                               138,885             1,518,259
        Net income from leveraged leases                                                -               (700,619)
        Income from investments in joint ventures                                 (506,171)             (346,482)
        Gain on transfer of investment in joint venture                         (1,171,786)                   -
        Minority interest                                                             (639)                 (679)
      Changes in operating assets and liabilities:
        Collection of principal - non-financed receivables                         366,650               328,274
        Other assets                                                                    -                164,509
        Security deposits, deferred credits and other payables                    (141,451)                 (169)
        Due from/to General Partner and affiliates, net                            (24,944)               78,692
                                                                       --------------------   ------------------

 Net cash provided by (used in) operating activities                               144,592              (223,537)
                                                                       --------------------   ------------------

 Cash flows from investing activities:
    Proceeds from sales of equipment                                                34,487                20,867
                                                                       --------------------    -----------------
    Distributions received from joint ventures                                       3,175               543,628
                                                                       --------------------   ------------------

 Net cash provided by investing activities                                          37,662               564,495
                                                                       --------------------   ------------------

 Cash flows from financing activities:
    Principal payments on notes payable - recourse                              (2,422,992)             (554,228)
    Loans and advances from affiliates                                           2,172,992                  -
    Distributions to minority interest in joint venture                               (750)                 -
                                                                       ---------------------  ------------------

 Net cash used in financing activities                                            (250,750)             (554,228)
                                                                       ---------------------  ------------------

 Net decrease in cash and cash equivalents                                         (68,496)             (213,270)
 Cash and cash equivalents, beginning of the year                                   96,364               301,256
                                                                       --------------------   ------------------

 Cash and cash equivalents, end of the year                            $            27,868    $           $87,986
                                                                       ===================    ===================
</TABLE>

See accompanying notes to consolidated financial statements.

                                       7
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
                      Consolidated Statements of Cash Flows
                          Three Months Ended March 31,
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                            2005          2004
                                                                                            ----          ----
 Supplemental disclosure of cash flow information:
<S>                                                                                    <C>             <C>
     Cash paid during the period for interest                                          $     40,249    $  162,479
                                                                                       ============    ===========

 Supplemental disclosure of non-cash investing and financing activities:
     Principal and interest on finance lease paid directly to lenders by lessees       $      -        $ 5,674,044
                                                                                       ============    ===========
     Transfer of investment in operating leases, net of accumulated
         depreciation , to equipment held for sale or lease                            $      -        $ 2,327,558
                                                                                       ============    ===========
     Transfer of investment in finance leases to investment in operating leases        $      -        $ 2,565,000
                                                                                       ============    ===========
     Joint venture interests assigned to affiliates in exchange
       for amounts owed                                                                $   1,427,992   $        -
                                                                                       =============   ===========
     Assignment of finance lease interest in exchange for amounts owed                 $     745,000   $        -
                                                                                       =============   ============
     Recourse debt paid by affiliates                                                  $   2,172,992   $        -
                                                                                       =============   ===========
</TABLE>

See accompanying notes to consolidated financial statements.

                                       8
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(1)    Basis of Presentation

     The  accompanying  consolidated  financial  statements  of ICON  Cash  Flow
Partners L.P. Seven (the  "Partnership")  have been prepared in accordance  with
accounting  principles  generally  accepted in the United  States of America for
interim  financial  information and pursuant to the rules and regulations of the
Securities  and  Exchange  Commission  for Form 10-Q.  Accordingly,  they do not
include all of the information and footnotes  required by accounting  principles
generally  accepted  in the United  States of  America  for  complete  financial
statements.  In the opinion of management,  all adjustments  (consisting only of
normal recurring  accruals)  considered  necessary for a fair  presentation have
been  included.  These  consolidated  financial  statements  should  be  read in
conjunction with the consolidated financial statements and notes included in the
Partnership's  2004  Annual  Report on Form 10-K.  The  results  for the interim
period are not necessarily indicative of the results for the full year.

     The  consolidated   financial   statements  include  the  accounts  of  the
Partnership and its majority owned  subsidiary.  All  intercompany  accounts and
transactions have been eliminated in consolidation. The Partnership accounts for
its  interests  in minority  owned  joint  ventures  under the equity  method of
accounting.  In such cases, the Partnership's  original investments are recorded
at cost and  adjusted for its share of earnings,  losses and  distributions.  In
joint ventures where the  Partnership's  ownership  interest is majority  owned,
minority  interest  represents the minority  venturer's  proportionate  share of
their equity in the joint  venture.  The  minority  interest is adjusted for the
minority venturer's share of the earnings or loss of the joint venture.

(2)    Organization

     The  Partnership  was  formed  on  May  23,  1995  as  a  Delaware  limited
partnership. The Partnership is engaged in one business segment, the business of
acquiring  equipment  subject to leases.  The  Partnership  is  currently in the
process of selling its remaining  assets in the ordinary course of its business,
a time frame called the disposition period.

     The  Partnership's  reinvestment  period  ended on November 9, 2002 and the
Partnership commenced its disposition period. During the disposition period, the
Partnership  has  and  will  continue  to  utilize  available  cash  to pay  its
liabilities;   distribute   substantially  all  remaining  cash,  if  any,  from
operations  and  equipment  sales to the  partners;  and  continue  the  orderly
termination of its operations and affairs.  The  Partnership  will not invest in
any additional finance or lease transactions during the disposition period.

     The General  Partner of the Partnership is ICON Capital Corp. (the "General
Partner"), a Connecticut  corporation.  The General Partner manages and controls
the  business  affairs  of the  Partnership's  equipment  leases  and  financing
transactions  under the terms of a management  agreement  with the  Partnership.
Additionally,   the  General  Partner  has  a  1%  ownership   interest  in  the
Partnership.

     Profits,  losses, cash distributions and disposition proceeds are allocated
99% to the limited  partners  and 1% to the General  Partner  until each limited
partner has received cash distributions and disposition  proceeds  sufficient to
reduce  its  adjusted  capital  contribution  account  to zero and  receive,  in
addition,  other  distributions  and  allocations  which would provide a 10% per
annum  cumulative  return on their  outstanding  adjusted  capital  contribution
account. After such time, the distributions will be allocated 90% to the limited
partners and 10% to the General Partner.

                                       9
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(2)    Organization - continued

     Certain  reclassifications have been made to the accompanying  consolidated
financial statements for the three months ended March 31, 2004 to conform to the
current period presentation.

(3)    Joint Ventures

     The Partnership and its affiliates,  entities managed and controlled by the
General Partner, formed five joint ventures, discussed below, for the purpose of
acquiring and managing various assets. The Partnership and these affiliates have
substantially  identical investment objectives and participate on the same terms
and  conditions.  The  Partnership and the other joint venturers have a right of
first  refusal to purchase the  equipment,  on a pro-rata  basis,  if any of the
other joint  venturers  desire to sell their interests in the equipment or joint
venture.

     The joint venture  described  below is majority  owned and is  consolidated
with the Partnership.

     ICON Cash Flow Partners L.L.C. III

     The Partnership and an affiliate,  ICON Cash Flow Partners,  L.P., Series E
("Series E") formed,  ICON Cash Flow Partners  L.L.C.  III,  ("LLC III") for the
purpose  of  acquiring  and  managing a 1976  McDonnell  Douglas  DC-10-30  (the
"Aircraft").  The Aircraft is leased to World Airways,  Inc. Effective September
1, 2004,  the lease was  modified  to a fixed  rental of $50,000  per month plus
maintenance  reserves and the term has been extended through September 2006. The
Partnership  and Series E  contributed  99% and 1% of the cash required for such
acquisition,  respectively. LLC III acquired the Aircraft, assuming non-recourse
debt and utilizing contributions received from the Partnership and Series E. LLC
III has since fully repaid the non-recourse debt secured by the Aircraft.

     Aviation Investors,  Inc.  ("Aviation"),  an unrelated third party, who was
also a party to the  acquisition  of the  Aircraft,  has entered into a Residual
Sharing  Agreement (the  "Agreement")  with the Partnership in which Aviation is
entitled  to  receive a portion  of all  residual  proceeds  generated  from the
Aircraft. Residual proceeds include gross proceeds from the sale, lease, renewal
lease or  extension  or  financing or  refinancing  of the  Aircraft.  The gross
proceeds may be reduced, but not below zero, for recovery expenses,  remarketing
expenses,   and  any  reasonable   out-of-pocket  costs  incurred  by  LLC  III.
Additionally, Aviation has also entered into a management agreement with LLC III
to manage the  operations  of and to remarket  the  Aircraft  for sale or lease.
Under the terms of the  management  agreement  Aviation is entitled to receive a
monthly management fee of $10,667. For the quarter ended March 31, 2005, LLC III
incurred $75,000 relating to management fees and residual sharing costs.

     The  four  joint  ventures  described  below  are 50% or less  owned by the
Partnership  and  are  accounted  for  under  the  equity  method,  whereby  the
Partnership's  original  investment  was recorded at cost and is adjusted by its
share of earnings, losses and distributions of the joint ventures.

                                       10
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(3)    Joint Ventures - continued

     ICON Receivables 1997-A L.L.C.

     The Partnership and three affiliates, ICON Cash Flow Partners, L.P., Series
D ("Series  D"),  Series E and ICON Cash Flow  Partners  L.P.  Six ("L.P.  Six")
contributed and assigned  equipment  leases,  finance  receivables and equipment
residuals  to  ICON  Receivables  1997-A  LLC  ("1997-A")  for  the  purpose  of
securitizing  their cash flow  collections.  At March 31, 2005, the Partnership,
Series D, Series E and L.P. Six own  interests of 19.97%,  17.81%,  31.19%,  and
31.03%,  respectively,  in 1997-A.  The  General  Partner  is in the  process of
liquidating 1997-A.

         Information as to the unaudited results of operations of 1997-A are
summarized below:

                                                  Three Months Ended
                                                       March 31,
                                                2005              2004
                                            -------------    -------------
         Net loss                           $     (11,256)   $     (28,530)
                                            =============    =============
         Partnership's share of net loss    $       (2,247)  $      (5,696)
                                            ==============   =============

     ICON Receivables 1997-B L.L.C.

     The  Partnership  and two  affiliates,  Series E and L.P. Six,  formed ICON
Receivables  1997-B  L.L.C.   ("1997-B")  and  contributed  and  assigned  cash,
equipment leases,  finance receivables and equipment residuals to 1997-B for the
purpose of  securitizing  their cash flow  collections.  At March 31, 2005,  the
Partnership,  Series E and L.P.  Six own  16.67%,  75.00%  and 8.33%  interests,
respectively,  in 1997-B.  The General  Partner is in the process of liquidating
1997-B.

     Information  as to  the  unaudited  results  of  operations  of  1997-B  is
summarized below:

                                                      Three Months Ended
                                                          March 31,
                                                    2005              2004
                                                -------------    -------------
         Net income                             $           -    $     207,614
                                                =============    =============
         Partnership's share of net income      $           -    $      34,609
                                                =============    =============
         Distributions                          $           -    $     206,128
                                                =============    =============
         Partnership's share of distributions   $           -    $      34,362
                                                =============    =============

     ICON Cheyenne LLC

     The  Partnership  and three  affiliates,  ICON Cash Flow  Partners L.P. Six
("L.P.  Six"),  ICON Income Fund Eight A L.P.  ("Fund  Eight A") and ICON Income
Fund Eight B L.P.  ("Fund Eight B") formed ICON  Cheyenne LLC ("ICON  Cheyenne")
for the purpose of  acquiring  and  managing a  portfolio  of  equipment  leases
consisting of over the road rolling stock, manufacturing equipment and materials
handling equipment.  The original  transaction  involved acquiring from Cheyenne
Leasing  Company a portfolio  of 119  leases,  of which 27 remain  active,  with
expiration dates ranging between March 2005 and October 2006. At March 31, 2005,
the Partnership, L.P. Six, Fund Eight A and Fund Eight B had ownership interests
of 1.27%, 1.00%, 1.00%, and 96.73%, respectively, in ICON Cheyenne.

                                       11
<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(3)    Joint Ventures - continued

         Information as to the unaudited results of operations of ICON Cheyenne
is summarized below:

                                                  Three Months Ended
                                                     March 31,
                                                2005              2004
                                            -------------    -------------
Net loss                                    $    (210,527)   $    (301,068)
                                            =============    =============
Partnership's  share of net loss            $      (2,673)   $     (31,040)
                                            =============    =============
Distributions                               $     250,000    $   2,900,000
                                            =============    =============
Partnership's share of distributions        $       3,175    $     298,990
                                            =============    =============

     North Sea (Connecticut) Limited Partnership

     The  Partnership  entered  into a joint  venture  agreement  with North Sea
(Connecticut)  Limited  Partnership  ("North  Sea"),  in which  the  Partnership
acquired 100% of the Class C limited  partner  interest giving the Partnership a
50% ownership interest in North Sea. North Sea exercised its option to acquire a
drilling rig from the operator and  simultaneously  leased the drilling rig back
to the  operator.  The lease was then  financed on a  non-recourse  basis with a
bank, and a portion of the loan proceeds were used to pay for the exercise price
of the option;  with the excess loan proceeds of $20,002,567  distributed to the
joint venturers ($10,001,284 represented the Partnership's 50% share). The other
parties to this joint  venture  are not  affiliates  of the  Partnership  or the
General Partner.

     As  discussed  in Note 7, in  connection  with the  Comerica  Bank Loan and
Security Agreement,  the Partnership entered into a Contribution  Agreement with
the Borrowers which require a Borrower to repay other  Borrowers  obligations to
Comerica  Bank as long as the repaid  amounts  are  promptly  reimbursed  to the
paying Borrower. During the quarter ended March 31, 2005 the Partnership entered
into the following  transactions  as repayment for amounts paid to Comerica Bank
under the terms of the  Contribution  Agreement:  (i) during  February 2005, the
assignment  of 2.69% of the  Partnership's  interest in the profits,  losses and
cash  flows of North Sea  valued at  $672,992  to Fund  Eight B and (ii)  during
February  2005,  the  assignment of 3.02% of the  Partnership's  interest in the
profits,  losses and cash flows of North Sea valued at  $755,000  to ICON Income
Fund  Nine LLC  ("Fund  Nine").  The  Partnership  realized  a gain  from  these
assignments  of  approximately  $1,172,000  which is  included  in  income  from
investments in joint  ventures in the  accompanying  consolidated  statements of
operations at March 31, 2005.

     The  Partnership  has guaranteed an amount equal to the difference  between
the  stipulated  loss value  provided for in the financing and the loan balance.
The maximum amount for which the Partnership is contingently liable at March 31,
2005 under this guarantee was approximately $45,000.

     Information  as to the  unaudited  results  of  operations  of North Sea is
summarized below:

                                                    Three Months Ended
                                                         March 31,
                                                  2005              2004
                                              -------------    -------------
         Net income                           $     814,998    $     728,923
                                              =============    =============
         Partnership's share of net income    $     372,685    $     364,461
                                              =============    =============

                                       12
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(4)    Related Party Transactions

     The  Partnership  also had a net  payable of  $126,077  due to the  General
Partner and  affiliates  at March 31,  2005.  The  Partnership  owed the General
Partner $128,551 for management fees and administrative  expense  reimbursements
from prior periods.

     On March 28, 2005,  the  Partnership  assigned its entire 50% finance lease
interest in assets leased to EKA Chemicals, Inc. to Fund Nine for $745,000. This
assignment was made in order for the Partnership to repay its  outstanding  debt
obligation to Fund Nine as required by the Contribution  Agreement.  This amount
represented the Partnership's fair value of its interest in EKA Chemicals,  Inc.
on March 28, 2005. This amount was determined to represent the fair value of EKA
Chemicals, Inc. based upon the expected future undiscounted cash flows.

     Prior to July 1,  2004,  in  accordance  with the  terms of the  Management
Agreement  between,  the Partnership  paid the General  Partner  management fees
ranging  from 1% to 7% based on a  percentage  of the  rentals  received  either
directly by the Partnership or through joint ventures. In addition,  the General
Partner is reimbursed for  administrative  expenses  incurred in connection with
the  Partnership's  operations.  Effective  July 1,  2004  the  General  Partner
voluntary   decided   to  waive  its  right  to  future   management   fees  and
administrative expense reimbursements.

     Fees and other  expenses paid or accrued by the  Partnership to the General
Partner or its affiliates were as follows:

                                               Three Months Ended
                                                   March 31,
                                             2005              2004
                                         -------------    -------------
Management fees                          $           -    $     377,792
Administrative expense reimbursements                -          122,256
                                         -------------    -------------

  Total                                  $           -    $     500,048
                                         =============    =============

(5)    Equipment Held for Sale

     The  Partnership  was the sole owner of one  marine  vessel  originally  on
charter to  affiliates  of Seacor  Smit,  Inc.  The  vessel  was not  subject to
outstanding debt with a lender.  On May 18, 2005 the Partnership  entered into a
Memorandum of Agreement  (the  "Agreement")  with Jettco Marine  Transportation,
Inc.,  an  unaffiliated  third party,  for the sale of the Janson  Graham supply
vessel.  The sale occurred  simultaneously  with the execution of the Agreement.
The sale price was $200,000 and the Partnership  recognized an impairment charge
of $300,000  which is included in the  accompanying  consolidated  statements of
operations for the three months ended March 31, 2005.

                                       13
<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(6)    Investment in Estimated Unguaranteed Residual Values

     The Partnership  entered into an agreement in which it has an investment in
the  unguaranteed  residual  values of three Boeing 737-300  aircraft  valued at
$4,686,758.  Additionally,  the  Partnership  has a recourse  promissory note of
$5,571,009  related to this investment at March 31, 2005. If any, or all, of the
aircraft are sold prior to the maturity date of the recourse  promissory note on
November  27,  2006,  then the  Partnership  may have  all or a  portion  of the
outstanding balance of the recourse promissory note forgiven, depending upon the
total sales  proceeds.  If the aircraft are sold after the maturity  date of the
recourse  promissory  note,  then the  Partnership  would be entitled to receive
one-third of the net  proceeds in excess of the net book value of  aircraft,  as
defined by the agreement.  In addition,  the  Partnership is required to repay a
portion of the recourse  promissory note with 50% of the sales proceeds from any
of its assets which are not subject to senior secured debt.

(7)    Line of Credit Agreement

     On May 30, 2002,  the  Partnership,  along with certain of its  affiliates;
Fund Eight A; Fund Eight B and Fund Nine,  (collectively,  the "Initial Funds"),
entered into a $17,500,000  line of credit  agreement  with Comerica  Bank.  The
Initial Funds accrue interest,  on all outstanding balances, at an interest rate
equal to the Comerica Bank base interest rate plus 1% (together,  6.75% at March
31, 2005).  Under the terms of the line of credit  agreement,  the Initial Funds
may borrow from  Comerica  Bank with all  borrowings to be jointly and severally
collateralized  by (i) cash  and  (ii)  the  present  values  of  certain  rents
receivable and equipment owned by the Initial Funds.  Effective  August 5, 2004,
the line of credit  agreement was amended to add ICON Income Fund Ten LLC ("Fund
Ten") as a borrower. The Initial Funds and Fund Ten are collectively referred to
as the  Borrowers.  On December 6, 2004,  the Loan and Security  Agreement  with
Comerica Bank was extended to December 30, 2005.

     The Initial  Funds  entered into a  Contribution  Agreement,  dated May 30,
2002,  as  subsequently  amended  to  include  Fund Ten,  pursuant  to which the
Borrowers have agreed to certain  restrictions on the amounts and terms of their
respective  borrowings  under the line of credit  agreement in order to minimize
the risk that a  Borrower  would be unable to repay  its  allocable  portion  of
outstanding line of credit obligations at any time. These  restrictions  include
borrowing  in  excess  of the  lesser  of  (a) an  amount  each  Borrower  could
reasonably  expect to repay in one year from its projected cash flow, or (b) the
greater of (i) the borrowing  base, as defined in the line of credit  agreement,
as  applied  to such  and  (ii)  50% of the net  worth  of  such  Borrower.  The
Contribution Agreement provides that, in the event a Borrower is required to pay
an amount  under this  agreement in excess of its  allocable  share of the total
obligations under the line of credit agreement, whether by reason of an event or
default or otherwise,  the other Borrowers will  immediately make a contribution
payment to such  Borrower and in such amount that the  aggregate  amount paid by
each Borrower  reflects its allocable share of the aggregate  obligations  under
the line of credit agreement. The Borrowers' obligations to each other under the
Contribution Agreement are collateralized by a subordinate lien on the assets of
each participating Borrower.

                                       14
<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(7)    Line of Credit Agreement - continued

     During 2005,  certain of the Borrowers  paid Comerica Bank a portion of the
Partnership's  outstanding  obligations.  As  required  under  the  terms of the
Contribution  Agreement,  the  Partnership  was  required to promptly  repay the
Borrowers  the amounts paid on its behalf.  Since the  Partnership  did not have
sufficient liquidity to repay the Borrowers,  the Partnership assigned interests
in certain of its joint venture  investments  and finance lease  investments  as
full repayment of amounts due to them, as follows: (i) during February 2005, the
assignment  of 2.69% of the  Partnership's  interest in the profits,  losses and
cash flows of North Sea valued at $672,992 to Fund Eight B; (ii) during February
2005,  the  assignment  of 3.02% of the  Partnership's  interest in the profits,
losses and cash flows of North Sea valued at  $755,000  to Fund Nine;  and (iii)
the  assignment of the  Partnership's  entire finance lease interest in a sodium
chloride plant valued at $745,000 to Nine LLC.

     Effective  March 8, 2005,  the Initial  Funds and Fund Ten  entered  into a
Seventh  Amendment to the Loan and Security  Agreement with Comerica Bank.  This
Agreement  releases the Partnership from all of its rights and obligations under
the  Loan  and  Security  Agreement  dated  as of May 30,  2002.  As  such,  the
Partnership is no longer a party to the $17,500,000 line of credit.

(8)    Contingencies

     In August 2004, Fleet Capital Corporation  ("Fleet") filed an action in New
York State Supreme Court, New York County,  seeking to recover monies it alleges
that the Partnership owes it under certain  Performance  Guaranties  against the
Partnership  entered into in connection with certain  non-recourse loans made by
Fleet  to  certain  entities  which  were   wholly-owned   subsidiaries  of  the
Partnership.  These  loans  were  made  in  connection  with  the  Partnership's
acquisition  of five (5) marine  vessels  formerly on charter to  affiliates  of
SEACOR Marine and SEACOR Offshore,  Inc. While the Partnership  believes Fleet's
action is without merit and is vigorously  defending such action, it has filed a
Counterclaim  against  Fleet  seeking to recover  damages as a result of Fleet's
breach  of its duty of good  faith and fair  dealing.  The  Partnership  has not
accrued any potential  loss from this action as the action is in the early stage
of discovery and it is not  currently  possible to determine a range or possible
range of  potential  loss,  if any,  that may  result  from the  outcome of this
action.  Discovery is continuing  and the parties have agreed to  participate in
non-binding mediation in an attempt to amicably settle this matter.

(9)    Recent Accounting Pronouncements

     On June 1, 2005 the Financial  Accounting  Standards Board issued Statement
of Financial Accounting Standards ("SFAS") No. 154 "Accounting Changes and Error
Corrections" ("SFAS 154") which replaces Accounting Principles Board Opinion No.
20,  "Accounting  Changes"  ("APB  20") and SFAS No.  3,  "Reporting  Accounting
Changes in Interim  Financial  Statements," and changes the requirements for the
accounting  for and  reporting  of a change in  accounting  principle.  SFAS 154
requires  retrospective  application to prior periods' financial statements of a
voluntary  change in accounting  principle  unless it is  impracticable.  APB 20
previously  required  that most  voluntary  changes in  accounting  principle be
recognized by including in net income of the period of the change the cumulative
effect of changing to the new accounting  principle.  The  Partnership  does not
expect the adoption of SFAS 154 to have an impact on its consolidated  financial
position or results of operations.

                                       15
<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                   Notes To Consolidated Financial Statements
                                 March 31, 2005
                                   (Unaudited)

(9)    Recent Accounting Pronouncements - continued

     Management does not believe that any recently issued, but not yet effective
accounting pronouncements, if currently adopted, would have a material effect on
the accompanying consolidated financial statements.

                                       16
<PAGE>

Item 2. General  Partner's  Discussion  and Analysis of Financial  Condition and
Results of Operation

     The  following is a  discussion  of our results of  operations  and current
financial  position.  This  discussion  should be read in  conjunction  with our
unaudited consolidated financial statements and related notes included elsewhere
in this report and the audited  consolidated  financial  statements  and related
notes included in our Annual Report on Form 10-K for the year ended December 31,
2004.

     As used in this  quarterly  report on Form 10-Q,  references to "we," "us,"
"our" or  similar  terms  include  ICON Cash Flow  Partners  L.P.  Seven and its
consolidated subsidiary.

     Forward-Looking  Information - Certain statements within this Form 10-Q may
constitute   forward-looking  statements  within  the  meaning  of  the  Private
Securities  Litigation  Reform Act of 1995.  These  statements are identified by
words  such  as  "anticipate,"   "believe,"   "estimate,"  "expects,"  "intend,"
"predict" or "project" and similar  expressions.  This  information  may involve
risks and  uncertainties  that could cause actual  results to differ  materially
from the forward-looking  statements. We believe that the expectations reflected
in such  forward-looking  statements are based on reasonable  assumptions.  Such
statements  are  subject  to risks and  uncertainties  that could  cause  actual
results to differ  materially  from those  projected.  Any such  forward-looking
statements  are  subject to risks and  uncertainties  and our future  results of
operations   could  differ   materially  from  historical   results  or  current
expectations.  Some of these risks are  discussed in this  report,  and include,
without limitation, fluctuations in oil and gas prices; level of fleet additions
by  competitors  and  industry  overcapacity;   changing  customer  demands  for
aircraft; acts of terrorism;  unsettled political conditions,  war, civil unrest
and governmental  actions,  and environmental and labor laws. Our actual results
could  differ  materially  from  those   anticipated  by  such   forward-looking
statements due to a number of factors,  some of which may be beyond our control,
including, without limitation:

o changes in our industry, interest rates or the general economy;

o the degree and nature of our competition;

o availability of qualified personnel;

o cash flows from  operating  activities  may be less than our current  level of
expenses and debt obligations;

o the financial condition of lessees; and

o lessee defaults.

     Business Overview

     We are an  equipment  leasing  business  formed on May 23, 1995 which began
active operations on January 19, 1996. We were primarily engaged in the business
of  acquiring  equipment  subject to lease and,  to a lesser  degree,  acquiring
ownership rights to items of leased equipment at lease  expiration.  Some of our
equipment leases were acquired for cash and provided current cash flow, which we
refer to as "income"  leases.  The majority of the  purchase  price of our other
equipment  leases was financed,  so these leases  generated little or no current
cash flow  because  substantially  all of the rental  payments  received  from a
lessee were paid to a lender.  For these "growth" leases, we anticipate that the
future  value of the  leased  equipment  will  exceed  the cash  portion  of the
purchase price paid for the equipment.


                                       17
<PAGE>

     We  invested  most of the net  proceeds  from  our  offering  in  items  of
equipment  subject to a lease.  After the net offering  proceeds were  invested,
additional  investments  were  made  with the cash  generated  from our  initial
investments  to the extent that cash was not needed for  expenses,  reserves and
distributions  to investors.  The  investment  in  additional  equipment in this
manner  is called  "reinvestment."  After the  "reinvestment  period,"  we began
selling our assets in the ordinary course of business during a time frame called
the "disposition  period." If we believe it would benefit  investors to reinvest
our cash flow in equipment during the disposition  period, we may do so, but the
General  Partner will not receive any  additional  fees in connection  with such
reinvestments.  Since November 10, 2002, we have been in our disposition period,
wherein we are seeking to sell our assets in the ordinary course of business.

     Substantially  all of our recurring  operating  revenues are generated from
the  operations of the  single-investor  leases in our  portfolio.  On a monthly
basis,  we deduct  the  expenses  related  to the  recurring  operations  of the
portfolio  from such revenues and assess the amount of the remaining  cash flows
that  will be  required  to fund  known  or  anticipated  re-leasing  costs  and
equipment management costs.

     Our  current  portfolio,  which we hold either  directly  or through  joint
venture investments with affiliates and others, consists primarily of:

     Mobile Offshore Drilling Rig

     We  currently  have a 37.65%  interest in a mobile  offshore  drilling  rig
subject to lease  with  Rowan  Companies,  Inc.,  which has a monthly  rental of
approximately $436,000 that is paid semi-annually and expires on March 15, 2008.
We originally  acquired 100% of the Class C limited partner interest giving us a
50%  ownership  interest  in the mobile  offshore  drilling  rig.  The  original
purchase  price  was  approximately  $14,726,000,  consisting  of  approximately
$12,325,000 in cash and  approximately  $2,401,000 of non-recourse  debt. During
2004, we assigned 6.64% of our interest in the profits, losses and cash flows of
the mobile offshore drilling rig to several of our affiliates as repayment under
the terms of the  Contribution  Agreement with Comerica Bank (See financings and
borrowing located in Liquidity and Capital Resources Section).

     Sodium Chlorate Production Facility

     We had a 50% interest in a sodium chlorate  production  facility subject to
lease with EKA Chemicals,  Inc which was accounted for as a finance  lease.  The
lease  required  semi-annual  payments  during July and January of $372,500  and
expires in July  2006,  at which  time  title in the  facility  will pass to EKA
Chemicals, Inc. The purchase price was approximately  $3,859,000,  consisting of
approximately  $2,806,000 in cash and  approximately  $1,053,000 of non-recourse
debt.

     Air Transportation Industry:

     1976 McDonnell Douglas DC-10-30F aircraft

     We have a 99%  interest  in a 1976  McDonnell  Douglas  DC-10-30F  aircraft
subject to lease with World  Airways,  Inc.  Effective  September 1, 2004,  this
lease was  modified  to a fixed  rental of $50,000  per month  plus  maintenance
reserves and the term was extended  through  September  2006. The purchase price
was approximately $11,430,000 consisting of approximately $2,120,000 in cash and
approximately  $9,310,000 of  non-recourse  debt. We have since fully repaid the
non-recourse debt. Aviation  Investors,  Inc.  ("Aviation"),  an unrelated third
party,  who was a party  to the  acquisition  of the  Aircraft,  has a  Residual
Sharing Agreement (the "Agreement") in which Aviation is entitled to receive 50%
of all residual  proceeds of the  aircraft.  Residual  proceeds  includes  gross
proceeds from any of the following;  sale, lease,  renewal lease or extension or
financing  or  refinancing  of the Aircraft  and  casualty  payments.  The gross
proceeds may be reduced, but not below zero, for recovery expenses,  remarketing
expenses,  and any reasonable  out-of-pocket costs incurred by us. Additionally,
Aviation has a management  agreement  with us to manage the operations of and to
remarket the Aircraft for sale or lease.  For this service  Aviation  receives a
monthly management fee of $10,667.

     Three 737-300 aircraft residuals

     We have an investment in the  unguaranteed  residual values of three Boeing
737-300 aircraft  currently on lease to Continental  Airlines,  Inc. On July 31,
1997,  we acquired an option to purchase  these  aircraft and paid  $412,500 per
aircraft for an aggregate purchase price of $1,237,500.  In addition, we assumed
recourse  debt in the amount of $3,612,092  with  interest  accruing at 8.5% per
year which  matured on November 27, 2003.  The strike price for each aircraft at
maturity was  $5,375,000.  Prior to the aircraft  leases  expiring,  Continental
expressed  a desire to extend  each of the leases  for two years.  Due to market
conditions and in order to accommodate the lease extensions,  it was in our best
interest  to  terminate  the  option  agreement.  We agreed to  restructure  the
recourse  debt with a new maturity date of November 27, 2006. As a result of the
restructuring, we were required to prepay $500,000 of interest that would accrue
on the new  recourse  debt and the  option to  purchase  the  aircraft  would be
converted  into an interest  in the  unguaranteed  residual  values of the three
aircraft.


                                       18
<PAGE>

     These  so-called  "Current  Generation"  Boeing  narrowbody  aircraft  were
amongst  those whose values were  initially  hardest hit by the tragic events of
September 11, 2001.  The current market  remains  volatile,  and the industry is
currently  on the  downside  of a business  cycle.  We are  optimistic  that the
industry will rebound within the next two to three years. The three 1985 vintage
Boeing aircraft each have  approximately 15 years of useful life remaining,  are
Stage III  compliant,  and are widely  used in the  marketplace.  We  anticipate
Continental Airlines,  Inc. will either renew the current leases, as they did in
2003, or agree to a favorable buyout when the current leases expire.  As for the
related  recourse  debt, we are not required to commence  interest only payments
until  December 31, 2005. We remain  hopeful that when these  aircraft are sold,
all or substantially  all of our recourse debt will be repaid from the proceeds,
but there can be no assurance that this will be the case. A sale of the aircraft
before November 2006 for a low sales price would result in our being required to
repay the remaining balance of the recourse debt in November 2006.  However,  we
have no control over when a potential sale would occur or the potential  selling
price.

     Aircraft Rotables

     We currently own rotables for Boeing 737 and Airbus A310 aircraft. Aircraft
rotables are  replacement  spare parts that are held in inventory by an airline.
The A310 rotables can be used on either  A310-200s or A310-300s  which are being
used by over 60 operators  world-wide.  These rotables were formerly on lease to
Sabena  Technics  and are  currently  off  lease  and in the  process  of  being
remarketed, for sale.

     2005 Portfolio Activity

     Mobile Offshore Drilling Rig

     During  2005,  in order to repay our  affiliates  for  amounts  paid on our
behalf  under the  Contribution  Agreement  we entered  into the  following  two
assignments;  (i) during February 2005, we assigned 2.69% of our interest in the
profits,  losses  and cash  flows  valued at  $672,992  to Fund Eight B and (ii)
during  February 2005, we assigned 3.02% of our interest in the profits,  losses
and cash flows valued at $755,000 to Fund Nine.

     Sodium Chlorate Production Facility

     During March 2005, in order to repay our affiliates for amounts paid on our
behalf  under the  Contribution  Agreement;  we assigned  our entire 50% finance
lease  interest in EKA  Chemicals,  Inc.'s  facility  valued at $745,000 to ICON
Income Fund Nine LLC.

     Supply Vessel

     On May 18, 2005 we entered into a Memorandum of Agreement (the "Agreement")
with Jettco Marine  Transportation,  Inc., an unaffiliated  third party, for the
sale of the "Janson  Graham"  supply  vessel (the  Vessel").  The sale  occurred
simultaneously with the execution of the Agreement. The sales price was $200,000
in cash.  For the three  months  ended March 31, 2005 we recorded an  impairment
loss of $300,000.

     Economic and Industry Factors

     Our results continue to be impacted by a number of factors  influencing the
United States of America's  economy,  as well as, the equipment leasing industry
some of which are discussed below.

     United States Economy

     The economy of the United States of America  appears to be recovering,  and
the leasing  industry's  outlook for the foreseeable  future is encouraging.  We
foresee an  increase  in capital  spending by  corporations  through  2007 which
should increase the pool of available leases,  and to that end, we believe there
will be more  opportunities  in this market.  Nonetheless,  a key obstacle still
facing the leasing  industry is the  continued  low interest  rate  environment,
which reduces  leasing  volume  inasmuch as customers are more prone to purchase
than lease.  Other factors which may negatively  affect the leasing industry are
the  proposed  legal and  regulatory  changes  that may affect tax  benefits  of
leasing and the  continued  misperception  by potential  lessees,  stemming from
Enron,  WorldCom and others,  that  leasing  should not play a central role as a
financing alternative.  However, as economic growth continues and interest rates
inevitably  begin to rise over time,  we are  optimistic  that more lessees will
return to the marketplace.

                                       19
<PAGE>

     Energy Industry

     The energy  industry,  which  affects our mobile shore oil drilling rig and
supply vessel, is highly cyclical and dependent on numerous  factors,  including
the current level of exploration and development of offshore oil areas.  Despite
the current high prices of oil, oil  companies are reluctant to make the capital
investment necessary in shelf drilling,  as the high energy prices are perceived
as being  temporary by oil  companies.  This will affect the resale value of our
remaining supply vessel.

     Exploration and drilling  activities are influenced by a number of factors,
including the current and anticipated  future prices of oil and natural gas, the
expenditures  by oil and gas companies for  exploration  and development and the
availability of drilling rigs. In addition, demand for drilling services remains
dependent  on a variety of political  and economic  factors that are also beyond
our  control,  including  worldwide  demand  for oil and  natural  gas driven by
economic  activity,  the  ability of the  Organization  of  Petroleum  Exporting
Countries ("OPEC") to set and maintain production levels and pricing,  the level
of  production  of non-OPEC  countries  and the policies of various  governments
regarding exploration and development of their oil and natural gas reserves.

     The  current  market for mobile  off-shore  drilling  rigs  referred  to as
jack-up oil rigs appears to in be  improving.  Currently  these jack-up oil rigs
are in demand which is evidenced by their  utilization  rate which  currently is
over 90%.  Together with the current high price of oil (which is  anticipated to
continue  in the near  future),  and the  high day  rates  that  these  rigs are
currently  commanding,  we continue to be optimistic that the General Partner of
North Sea will be able to find a buyer at a satisfactory price for this piece of
equipment or negotiate a lease renewal with Rowan Company's Inc.

     Domestic Air Transportation Industry

     The  domestic  aircraft  leasing  industry  has been on the  downside  of a
business  cycle and  continues to remain  there.  This has resulted in depressed
sales prices for assets such as our aircraft interests.  It does not appear that
the industry will recover  significantly in the very near future with the recent
increases  in the  price of fuel and the  fare  wars  within  the  domestic  air
transportation  industry,  although we are optimistic that a recovery will occur
within two to three years time.  However,  a further  weakening  of the industry
could cause the proceeds  realized  from the future sale of our aircraft and its
rotables to be even less than suggested by recent appraisals.

     Inability to Remarket Assets

     The market for some of our assets, such as the mobile off-shore oil rig, is
not very liquid.  If current  equipment lessees choose not to renew their leases
or  purchase  other  equipment  upon  expiration  of the lease,  we will need to
remarket the  equipment.  There is no assurance that we will be able to locate a
willing buyer or lessee for our assets, or if one is located,  that the buyer or
lessee will pay a price for the asset at least equal to the appraised value.

     Critical Accounting Policies

     An  appreciation  of our  critical  accounting  policies  is  necessary  to
understand our financial results. These policies may require the General Partner
to make difficult and subjective  judgments  regarding  uncertainties,  and as a
result,  such  estimates may  significantly  impact our financial  results.  The
precision of these  estimates and the  likelihood of future  changes depend on a
number of underlying variables and a range of possible outcomes.  We applied our
critical accounting policies and estimation methods  consistently in all periods
presented.  We consider the following  accounting policies to be critical to our
business:

o        Lease classification and revenue recognition
o        Asset impairments
o        Depreciation

     Lease Classification and Revenue Recognition

     The equipment we lease to third  parties is classified  either as a finance
lease, a leveraged lease, or an operating lease,  which is determined based upon
the terms of each lease. Initial direct costs are capitalized and amortized over
the term of the related  lease for both a finance  lease and a leveraged  lease.
For an operating  lease, the initial direct costs are included as a component of
the cost of the equipment and depreciated.

     For finance leases, we record, at lease inception,  the total minimum lease
payments receivable from the lessee, the estimated  unguaranteed  residual value
of the equipment at lease  termination,  the initial direct costs related to the
lease and the related unearned income. Unearned income represents the difference
between the sum of the  minimum  lease  payment  receivable  plus the  estimated
unguaranteed residual minus the cost of the leased equipment. Unearned income is
recognized as finance income ratably over the term of the lease.


                                       20
<PAGE>

     For leveraged leases, we record, at lease inception,  our net investment in
the equipment  which  consists of the minimum  lease  payments  receivable,  the
estimated  unguaranteed residual value of the equipment at lease termination and
the initial  direct costs related to the lease,  net of the unearned  income and
principal  and interest on the related  non-recourse  debt.  Unearned  income is
recognized  as income over the life of the lease at a constant rate of return on
the positive net investment.

     For operating leases, income is recorded as rental income and is recognized
on the straight line method over the lease term.

     Our General  Partner has an  Investment  Committee  that  approves each new
equipment  acquisition.  As part of  their  process,  the  Investment  Committee
determines the residual value to be used once the acquisition has been approved.
The factors  considered in determining  the residual value include,  but are not
limited to, the  creditworthiness of the potential lessee, the type of equipment
being  considered,  how the equipment is integrated  into the potential  lessees
business,  the length of the lease and  industry in which the  potential  lessee
operates.  Residual  values are reviewed for potential  impairment in accordance
with our policy to review all significant assets in our portfolio.

     Asset Impairments

     The significant assets in our asset portfolio are periodically reviewed, at
least  annually,  by  management,  to  determine  whether  events or  changes in
circumstances  indicate  that  the  carrying  value  of  an  asset  may  not  be
recoverable.  Management uses qualified third party  appraisers to assist in the
review process.  An impairment loss will be recognized if the carrying amount of
a  long-lived  asset is not  recoverable  and exceeds  its fair  value.  In such
circumstances,  we will estimate the future cash flows (undiscounted and without
interest  charges) expected to result from the use of the asset and its eventual
disposition.  Future cash flows are the cash inflows expected to be generated by
an asset  less the cash  outflows  expected  to be  necessary  to  obtain  those
inflows. An impairment loss will be measured as the amount by which the carrying
amount of a long-lived asset exceeds its fair value.

     The events or changes in  circumstances  which  generally  indicate that an
asset  may be  impaired  are (i) the  estimated  fair  value  of the  underlying
equipment  is less than our  carrying  value or (ii) the lessee is  experiencing
financial difficulties and it does not appear likely that the estimated proceeds
from the  disposition  of the asset will be  sufficient to satisfy the remaining
obligation  to the lender and our residual  position in the asset.  Generally in
the latter  situation,  the residual  position  relates to equipment  subject to
third party notes payable where the lessee remits their rental payments directly
to the lender and we do not recover our residual position until the note payable
is repaid in full.

     Depreciation

     We record  depreciation  expense on  equipment  classified  as an operating
lease.  In order to calculate  depreciation,  we first determine the depreciable
equipment cost,  which is the cost less estimated  residual value. The estimated
residual  value  is  our  estimate  of  the  value  of the  equipment  at  lease
termination.  The estimated residual value is reviewed annually,  by management,
to  determine  whether an  impairment  charge may be required.  Management  uses
qualified third party  appraisers to assist in the review process.  Depreciation
expense is recorded ratably over the term of the related lease.

     New Accounting Pronouncements

     On June 1, 2005 the Financial  Accounting  Standards Board issued Statement
of Financial Accounting Standards ("SFAS") No. 154 "Accounting Changes and Error
Corrections" ("SFAS 154") which replaces Accounting Principles Board Opinion No.
20,  "Accounting  Changes"  ("APB  20") and SFAS No.  3,  "Reporting  Accounting
Changes in Interim  Financial  Statements," and changes the requirements for the
accounting  for and  reporting  of a change in  accounting  principle.  SFAS 154
requires  retrospective  application to prior periods' financial statements of a
voluntary  change in accounting  principle  unless it is  impracticable.  APB 20
previously  required  that most  voluntary  changes in  accounting  principle be
recognized by including in net income of the period of the change the cumulative
effect of changing to the new accounting principle.

     Management does not believe that any recently issued, but not yet effective
accounting pronouncements, if currently adopted, would have a material effect on
the accompanying consolidated financial statements.


                                       21
<PAGE>

     Results of Operations  for the Three Months Ended March 31, 2005 (the "2005
Quarter") and 2004 (the 2004 Quarter")

     Since November 10, 2002, we have been in our disposition  period and are in
the process of selling our assets in the ordinary  course of business.  At March
31, 2005 we have several  remaining  assets.  As such, rental income and finance
income will decrease  over time as will  expenses  related to our assets such as
depreciation.  Additionally,  interest  expense should  decrease as we reach the
expiration  of leases that were  financed and we fully repay the debt.  Since we
are in the process of selling our  remaining  assets we will be recording  gains
and losses on the sales of equipment.

     Revenues  for the 2005  Quarter  and the 2004  Quarter  are  summarized  as
follows:

<TABLE>
<CAPTION>

                                                       Three Months Ended March 31,
                                                           2005              2004             Change

<S>                                                 <C>                 <C>              <C>
Total revenue                                       $      1,847,054    $   1,156,982    $     690,072
                                                   =================    =============    =============

Rental income                                       $        150,000    $     105,624    $      44,376
Finance income                                      $          1,928    $       3,848    $      (1,920)
Net income from leveraged leases                    $             -     $     700,619    $    (700,619)
Income from investments in joint ventures           $        506,171    $     346,482    $     159,689
Gain on transfer of investment in joint venture     $      1,171,786    $          -     $   1,171,786
Interest and other income                           $         17,169    $         409    $      16,760

</TABLE>


     Revenue for the 2005  Quarter  increased  $690,072 or 59.6%,  over the 2004
Quarter.  The increase in income is derived  primarily  from our  investments in
joint ventures.  During the 2005 we assigned a total of 5.71% of our interest in
one of joint  ventures to two affiliates  which created a gain of  approximately
$1,172,000.

     Expenses  for the 2005  Quarter  and the 2004  Quarter  are  summarized  as
follows:

<TABLE>
<CAPTION>
                                                       Three Months Ended March 31,
                                                           2005               2004             Change

<S>                                             <C>                   <C>                <C>
 Total expenses                                 $           766,890   $      7,395,273   $   (6,628,383)
                                                ===================   ================   ===============

 Provision for impairment loss                  $           300,000   $      4,700,000   $   (4,400,000)
 Depreciation                                   $           138,885   $      1,518,259   $   (1,379,374)
 Interest                                       $           117,402   $        404,064   $     (286,662)
 Management fees                                $            75,000   $             -    $       75,000
 General and administrative                     $           109,511   $        242,197   $     (132,686)
 Management fees - general partner              $                -    $        377,792   $     (377,792)
 Administrative expense reimbursement -
  General Partner                               $                -    $        122,256   $     (122,256)
 Amortization of initial direct costs           $            26,731   $         31,384   $       (4,653)
 Minority interest                              $              (639)  $           (679)  $           40

</TABLE>

     Our total  expenses for the 2005 Quarter  decreased by $6,628,383 or 89.6%,
over the 2004 Quarter. The decrease is primarily due to a decrease in impairment
loss between the periods. During the 2005 Quarter we recorded an impairment loss
on our final  supply  vessel of $300,000 and during the 2004 Quarter we recorded
an impairment loss on our DC-10-30  aircraft which was subsequently  sold during
July 2004.  The  decrease  in general  and  administrative  expenses  was due to
reductions in storage and maintenance and insurance  expense in the 2005 Quarter
versus the 2004  Quarter as a result of  termination  of most of the Seacor Smit
and Seacor Marine leases.  Effective July 1, 2004 the General  Partner agreed to
no longer charge the  Partnership  management  fees and  administrative  expense
reimbursements. These fees were charged in the 2004 quarter.

     Net Loss

     As a result of the factors  discussed  above, the net income (loss) for the
2005 Quarter and the 2004 Quarter was $1,080,164 and $(6,238,291), respectively.
The net income (loss) per weighted average limited  partnership unit outstanding
was $1.08 and $(6.25) for the 2005 Quarter and the 2004 Quarter, respectively.


                                       22
<PAGE>

     Liquidity and Capital Resources

     Sources of Cash

     We believe  that with the cash we have  currently  available  and from cash
being generated from our lease, sales proceeds, and our distributions we receive
from our joint ventures we will have  sufficient cash to continue our operations
through our  liquidation  period,  which we believe should end in  approximately
another  six to twelve  months.  During  the  quarter  ended  March 31,  2005 we
received  additional  cash of  approximately  $2,173,000  through  advances from
affiliates.  These funds were used to repay our recourse debt to Comerica  Bank.
We do not  anticipate  requiring  additional  advances  from  affiliates  in the
future.

     Our primary  use of cash  during the  quarter  ended March 31, 2005 was the
repayment of our recourse debt of approximately $2,423,000.

     Financings and Borrowings

     We and  certain of our  affiliates,  specifically  ICON Income Fund Eight A
L.P.;   ICON  Income  Fund  Eight  B  L.P.  and  ICON  Income  Fund  Nine,   LLC
(collectively,  the "Initial Funds"),  entered into a $17,500,000 line of credit
agreement with Comerica Bank as of May 30, 2002, as amended. Interest accrues on
all  outstanding  balances,  at an interest rate equal to the Comerica Bank base
interest rate plus 1% (together is 6.75% at March 31, 2005).  Under the terms of
the line of credit  agreement,  the Initial  Funds may borrow from Comerica Bank
with all borrowings to be jointly and severally  collateralized  by (i) cash and
(ii) the present values of certain rents  receivable and equipment  owned by the
Initial  Funds.  Effective  August 5,  2004,  the line of credit  agreement  was
amended  to add Fund  Ten as a  borrower.  The  Initial  Funds  and Fund Ten are
collectively referred to as the Borrowers.  The line of credit agreement expires
on December 30, 2005.

     The Initial  Funds  entered into a  Contribution  Agreement,  dated May 30,
2002,  as  subsequently  amended  to  include  Fund Ten,  pursuant  to which the
Borrowers have agreed to certain  restrictions on the amounts and terms of their
respective  borrowings  under the line of credit  agreement in order to minimize
the risk that a  Borrower  would be unable to repay  its  allocable  portion  of
outstanding line of credit obligations at any time. These  restrictions  include
borrowing  in  excess  of the  lesser  of  (a) an  amount  each  Borrower  could
reasonably  expect to repay in one year from its projected cash flow, or (b) the
greater of (i) the borrowing  base, as defined in the line of credit  agreement,
as  applied  to such  and  (ii)  50% of the net  worth  of  such  Borrower.  The
Contribution Agreement provides that, in the event a Borrower is required to pay
an amount  under this  agreement in excess of its  allocable  share of the total
obligations under the line of credit agreement, whether by reason of an event or
default or otherwise,  the other Borrowers will  immediately make a contribution
payment to such  Borrower and in such amount that the  aggregate  amount paid by
each Borrower  reflects its allocable share of the aggregate  obligations  under
the line of credit agreement. The Borrowers' obligations to each other under the
Contribution Agreement are collateralized by a subordinate lien on the assets of
each participating Borrower.

     During 2005,  certain of the Borrowers  paid Comerica Bank a portion of our
outstanding  obligations.  As  required  under  the  terms  of the  Contribution
Agreement,  we were required to promptly repay the Borrowers the amounts paid on
our behalf.  Since we did not have sufficient  liquidity to repay the Borrowers,
we assigned to them  interests in certain of our joint  venture  investments  as
full repayment of monies due to them.

     During 2005,  we entered into three  transactions  relating to repayment of
advances  made on our  behalf  under  the  Contribution  Agreement;  (i)  during
February 2005,  the  assignment of 2.69% of our interest in the profits,  losses
and cash flows of North Sea (Connecticut) Limited Partnership valued at $672,992
to Fund  Eight B; (ii)  during  February  2005,  an  assignment  of 3.02% of our
interest  in the  profits,  losses  and cash  flows of North  Sea  (Connecticut)
Limited  Partnership valued at $755,000 to Fund Nine; and (iii) an assignment of
our entire 50%  interest in a sodium  chloride  plant valued at $745,000 to Fund
Nine.

     Effective  March 8, 2005,  the Initial  Funds and Fund Ten  entered  into a
Seventh  Amendment to the Loan and Security  Agreement with Comerica Bank.  This
Agreement  releases us from all of our rights and obligations under the Loan and
Security  Agreement  dated as of May 30, 2002. As such, we are no longer a party
to the $17,500,000 line of credit.

                                       23
<PAGE>
     Distributions

     Our  reinvestment  period  ended on November 9, 2002,  and the  disposition
period  commenced.  During the disposition  period, we have and will continue to
distribute  substantially all  distributable  cash from operations and equipment
sales to the partners and continue the orderly termination of our operations and
affairs.  We have not and will not  invest in any  additional  finance  or lease
transactions during the disposition period.

     We do not, in the normal course of business,  pay dividends.  Historically,
we paid monthly  distributions to our partners beginning with their admission to
the Partnership  through the termination of the reinvestment  period,  which was
November 9, 2002.  For the three months ended March 31, 2005 and 2004 we did not
pay any distributions.

     Commitments

     At March  31,  2005,  we have  total  recourse  debt  outstanding  totaling
$5,751,009 which relates to our investment in the  unguaranteed  residual values
of three Boeing 737-300 aircraft. If any, or all, of the aircraft are sold prior
to the maturity date of the recourse promissory note, November 27, 2006, then we
may have all or a  portion  of the  outstanding  balance  of the  recourse  debt
forgiven,  depending  upon the total sales  proceeds.  If the  aircraft are sold
after the  maturity  date of the  recourse  debt,  then we would be  entitled to
receive  one-third  of the net  proceeds  in  excess  of the net  book  value of
aircraft,  as defined by the agreement.  In addition, we are required to repay a
portion  of the  recourse  debt with 50% of the sales  proceeds  from any of its
assets which are not subject to senior secured debt.

     Risks and Uncertainties

     At March 31, 2005,  except as noted above in the Business  Overview section
and listed below in the Risk Factors section,  and to the best of our knowledge,
there were no known  trends or  demands,  commitments,  events or  uncertainties
which are likely to have a material effect on our liquidity.

     Set forth below and elsewhere in this report and in other documents we file
with the Securities and Exchange  Commission  are risks and  uncertainties  that
could  cause  our  actual  results  to  differ   materially   from  the  results
contemplated  by the  forward-looking  statements  contained  in this report and
other periodic statements we make, including but not limited to, the following:

o    We may face difficulty remarketing the aircraft rotables. Aircraft rotables
     are  replacement  spare parts that are held in inventory by an airline.  We
     own rotables for both the Boeing 737-300  aircraft and the Airbus aircraft.
     We believe that over time we will be able to remarket these  rotables,  but
     the  aircraft  industry  has been in an overall  down cycle and we may face
     difficulty in remarketing these assets.

o    The market for Boeing  737-300  aircraft is currently  depressed  due to an
     overabundance of aircraft on the market resulting from the overall downturn
     in the aviation industry following the tragic events of September 11, 2001.
     While the market for these aircraft is cyclical,  there can be no assurance
     that  market  will  recover  by  November,  2006.  Failure of the market to
     recover significantly may result in our inability to realize our investment
     in the residuals of the three  aircraft  currently on lease to  Continental
     Airlines, Inc.

o    Our  operations  are  subject  to the  jurisdiction  of a number of federal
     agencies,  including the Federal  Aviation  Administration.  New regulatory
     rulings may negatively  impact our financial results and the economic value
     of our assets.

o    The  litigation  involving  Fleet  may  require  us to spend a  potentially
     significant  amount of money on professional  fees which may in turn affect
     our ability to make distributions.

o    The equipment leasing industry is highly competitive.  When seeking leasing
     transactions  for  acquisition or sale, we compete with leasing  companies,
     manufacturers  that lease their products  directly,  equipment  brokers and
     dealers  and  financial   institutions,   including  commercial  banks  and
     insurance  companies.  Many of our  competitors are larger than us and have
     greater financial recourse than we do.

     Inflation and Interest Rates

     The potential  effects of inflation on us are difficult to predict.  If the
general economy  experiences  significant rates of inflation,  however, it could
affect us in a number of ways. We do not  currently  have or expect to have rent
escalation  clauses tied to inflation in our leases.  The  anticipated  residual
values  to be  realized  upon the  sale or  re-lease  of  equipment  upon  lease
terminations (and thus the overall cash flow from our leases) may be expected to
increase with inflation as the cost of similar new and used equipment increases.

     If  interest  rates  increase  significantly,  the lease  rates that we can
obtain on future  leases may be expected to increase as the cost of capital is a
significant  factor in the pricing of lease financing.  Leases already in place,
for the most part, would not be affected by changes in interest rates.


                                       24
<PAGE>

Item 3.   Qualitative and Quantitative Disclosures About Market Risk

     We, like most other companies,  are exposed to certain market risks,  which
includes changes in interest rates and the demand for equipment (and the related
residuals)  owned  by us.  We  believe  to the  best of our  knowledge  that our
exposure to other market risks,  including  foreign currency exchange rate risk,
commodity risk and equity price risk, are  insignificant,  at this time, to both
our financial position and our results of operations.

     In general, we manage our exposure to interest rate risk by obtaining fixed
rate  debt.  The fixed  rate debt is  structured  so as to match the cash  flows
required  to service  the debt to the  payment  streams  under  fixed rate lease
receivables.  The  payments  under the leases  are  assigned  to the  lenders in
satisfaction  of the debt. We may finance  leases with a floating  interest rate
and we are therefore exposed to interest rate risk until fixed rate financing is
arranged.

Item 4.  Controls and Procedures

     Evaluation of disclosure controls and procedures

     We  carried  out  an  evaluation,   under  the  supervision  and  with  the
participation  of  management  of  ICON  Capital  Corp.,  our  General  Partner,
including the Chief Executive Officer and the Principal Financial and Accounting
Officer,  of the  effectiveness  of the design and  operation of our  disclosure
controls  and  procedures  as of the end of the period  covered  by this  report
pursuant to the  Securities  Exchange  Act of 1934.  Based upon the  evaluation,
except as noted below, the Chief Executive  Officer and the Principal  Financial
and Accounting  Officer  concluded  that our disclosure  controls and procedures
were effective.

     While evaluating our disclosure  controls and procedures we recognized that
greater internal  controls were needed to aid in a more efficient closing of our
financial  statements,  thereby requiring  additional  skilled accounting staff.
Towards the end of the third  quarter of 2004,  the  Company  hired a new senior
vice  president  of  accounting  and the  Company  is in the  process of seeking
additional accounting staff in order to better effectuate the Company's internal
controls. We will continue to evaluate our disclosure controls and procedures to
determine their effectiveness and adequacy and will take the steps necessary, in
our opinion,  to ensure the adequacy of the  Company's  disclosure  controls and
procedures.

     In designing and  evaluating  our disclosure  controls and  procedures,  we
recognized that disclosure controls and procedures, no matter how well conceived
and operated,  can provide only  reasonable,  not absolute,  assurance  that the
objectives of the  disclosure  controls and  procedures  are met. Our disclosure
controls  and  procedures  have  been  designed  to  meet  reasonable  assurance
standards. Disclosure controls and procedures cannot detect or prevent all error
and fraud.  Some  inherent  limitations  in disclosure  controls and  procedures
include  costs of  implementation,  faulty  decision-making,  simple  error  and
mistake.  Additionally,  controls can be  circumvented by the individual acts of
some persons,  by collusion of two or more people, or by management  override of
the  controls.  The design of any system of  controls  is based,  in part,  upon
certain  assumptions about the likelihood of future events,  and there can be no
assurance  that any design will succeed in achieving  its stated goals under all
anticipated and unanticipated future conditions.  Over time, controls may become
inadequate  because of changes in conditions,  or the degree of compliance  with
established policies or procedures.

     Our General Partner's Chief Executive  Officer and Principal  Financial and
Accounting  Officer have determined that no weakness in disclosure  controls and
procedures  had any  material  effect on the accuracy  and  completeness  of the
Company's financial reporting and disclosure included in this report.


                                       25
<PAGE>

                           PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

     In the ordinary  course of conducting  our  business,  there may be certain
claims,  suits,  and complaints  filed against us. In the opinion of management,
the  outcome of such  matters,  if any,  will not have a material  impact on our
consolidated  financial  position or results of  operations.  No material  legal
proceedings  are  currently  pending  against us or against  any of our  assets,
except as stated below.

     In August 2004, Fleet Capital Corporation  ("Fleet") filed an action in New
York State Supreme Court, New York County,  seeking to recover monies it alleges
that the Partnership owes it under certain  Performance  Guaranties entered into
in connection with certain non recourse loans made by Fleet to certain  entities
which were wholly-owned  subsidiaries of the Partnership.  These loans were made
in connection  with the  Partnership's  acquisition  of five (5) marine  vessels
formerly on charter to  affiliates of SEACOR  Marine and SEACOR  Offshore,  Inc.
While the Partnership believes Fleet's action is without merit and is vigorously
defending  such action,  it has filed a  Counterclaim  against  Fleet seeking to
recover damages as a result of Fleet's breach of its duty of good faith and fair
dealing.  The Partnership has not accrued any potential loss from this action as
the action is in the early stage of discovery and it is not  currently  possible
to  determine a range or possible  range of  potential  loss,  if any,  that may
result from this action.  Discovery is continuing and the parties have agreed to
participate  in  non-binding  mediation  in an attempt to  amicably  settle this
matter.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

         Not applicable.

Item 3.  Defaults Upon Senior Securities

         Not applicable.

Item 4.  Submission of Matters To A Vote Of Security Holders

         No matters were submitted to a vote of security holders during the
first quarter 2005.

Item 5.  Other Information

         Not applicable.


Item 6.  Exhibits

31.1 Certification of Chairman and Chief Executive Officer.

31.2 Certification  of Executive  Vice  President  and  Principal  Financial and
     Accounting Officer.

32.1 Certification of Chairman and Chief Executive Officer pursuant to 18 U.S.C.
     (Section)1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act
     of 2002.

32.2 Certification  of Executive  Vice  President  and  Principal  Financial and
     Accounting Officer pursuant to 18 U.S.C. (Section)1350, as adopted pursuant
     to Section 906 of the Sarbanes-Oxley Act of 2002.


                                       26
<PAGE>

                                   SIGNATURES

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  Partnership  has duly  caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

ICON Cash Flow Partners L.P. Seven  (Registrant)  By its General  Partner,  ICON
Capital Corp.

Date: July 1, 2005                /s/ Beaufort J.B. Clarke
                                  ----------------------------------
                                  Beaufort J.B. Clarke
                                  Chairman, Chief Executive Officer and Director

Date: July 1, 2005                /s/ Thomas W. Martin
                                  ----------------------------------
                                  Thomas W. Martin
                                  Executive Vice President and Director
                                 (Principal Financial and Accounting Officer)


                                       27
<PAGE>
Exhibit 31.1

Principal  Executive  Officer  Certification  Pursuant  to  Section  302  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

I, Beaufort J.B. Clarke, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ICON Cash Flow Partners
L.P. Seven;

2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact  necessary to make the statements
made, in light of the  circumstances  under which such statements were made, not
misleading with respect to the period covered by this report;

3.  Based  on  my  knowledge,  the  financial  statements  and  other  financial
information included in this report, fairly present in all material respects the
financial  condition,  results of operations and cash flows of the registrant as
of, and for, the periods presented in this report;

4.  The  registrant's  other  certifying  officer  and  I  are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this quarterly report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure  controls and procedures as of the end
          of the period covered by this report based on such evaluation; and

     c)   disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5.   The registrant's  other certifying  officer and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the registrant's auditors and the board of directors of the General Partner
     (or persons performing the equivalent function):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation  of  internal   control  which  are  reasonably   likely  to
          materially  affect  the  registrant's  ability  to  record,   process,
          summarize and report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.


Dated:  July 1, 2005

/s/ Beaufort J.B. Clarke
-----------------------------
Beaufort J. B. Clarke
Chairman and Chief Executive Officer
ICON Capital Corp.
General Partner of ICON Cash Flow Partners L.P. Seven

                                       28
<PAGE>
Exhibit 31.2

Principal  Executive  Officer  Certification  Pursuant  to  Section  302  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

I, Thomas W. Martin, certify that:

1.   I have  reviewed  this  quarterly  report  on Form  10-Q of ICON  Cash Flow
     Partners L.P. Seven;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based  on my  knowledge,  the  financial  statements  and  other  financial
     information  included  in this  quarterly  report,  fairly  present  in all
     material respects the financial  condition,  results of operations and cash
     flows of the  registrant  as of, and for,  the  periods  presented  in this
     report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and  15d-15(e))  for the registrant and we
     have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure  controls and procedures as of the end
          of the period covered by this report based on such evaluation; and

     c)   disclosed  in this  report  any  change in the  registrant's  internal
          control over financial reporting that occurred during the registrant's
          most recent fiscal quarter (the registrant's  fourth fiscal quarter in
          the case of an annual  report)  that has  materially  affected,  or is
          reasonably  likely to materially  affect,  the  registrant's  internal
          control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed,  based on our
most recent  evaluation of internal  control over  financial  reporting,  to the
registrant's  auditors  and the board of  directors  of the General  Partner (or
persons performing the equivalent function):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation  of  internal   control  which  are  reasonably   likely  to
          materially  affect  the  registrant's  ability  to  record,   process,
          summarize and report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          control over financial reporting.

Dated: July 1, 2005

/s/ Thomas W. Martin
----------------------------------------
Thomas W. Martin
Executive Vice President
(Principal Financial and Accounting Officer)
ICON Capital Corp.
General Partner of ICON Cash Flow Partners L.P. Seven

                                       29
<PAGE>
Exhibit 32.1

Principal  Executive  Officer  Certification  Pursuant  to  Section  906  of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. ss.1350)

I, Beaufort J.B.  Clarke,  Chairman and Chief Executive  Officer of ICON Capital
Corp, the General Partner,  in connection with the Quarterly Report of ICON Cash
Flow  Partners  L.P.  Seven (the  "Partnership")  on Form 10-Q for the quarterly
period  ended  March  31,  2005,  as filed  with  the  Securities  and  Exchange
Commission  on the date  hereof (the  "Periodic  Report")  certify,  pursuant to
Section 906 of the  Sarbanes-Oxley Act of 2002, that to the best of my knowledge
and belief:

(1)  the Periodic  Report fully complies with the  requirements of Section 13(a)
     or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2)  the information  contained in the Periodic Report fairly  presents,  in all
     material respects, the financial condition and results of operations of the
     Partnership.

Dated: July 1, 2005

 /s/ Beaufort J.B. Clarke
 ------------------------------------------------------
Beaufort J.B. Clarke
Chairman and Chief Executive Officer
ICON Capital Corp.
General Partner of ICON Cash Flow Partners L.P. Seven

A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange  Commission or its staff upon request.

The information  contained in this Exhibit 32.1 is being furnished and shall not
be deemed "filed" for the purposes of Section 18 of the Securities  Exchange Act
of 1934, as amended,  or otherwise  subject to the  liabilities of that section.
The  information  contained in this Exhibit  32.1 shall not be  incorporated  by
reference  into any  registration  statement or other  document  pursuant to the
Securities  Exchange Act of 1934, as amended,  or the Securities Act of 1933, as
amended,  except as shall be expressly  set forth by specific  reference to this
Exhibit 32.1 in such filing.

                                       30
<PAGE>

Exhibit 32.2

Principal  Executive  Officer  Certification  Pursuant  to  Section  906  of the
Sarbanes-Oxley  Act of 2002 (18 U.S.C.  ss.1350)

I,  Thomas  W.  Martin,   Executive  Vice  President  (Principal  Financial  and
Accounting  Officer) of ICON Capital Corp,  the General  Partner,  in connection
with  the  Quarterly   Report  of  ICON  Cash  Flow  Partners  L.P.  Seven  (the
"Partnership")  on Form 10-Q for the  quarterly  period ended March 31, 2005, as
filed with the  Securities  and  Exchange  Commission  on the date  hereof  (the
"Periodic Report") certify, pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that to the best of my knowledge and belief:

(1) the Periodic Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

(2) the  information  contained in the Periodic Report fairly  presents,  in all
material  respects,  the  financial  condition  and results of operations of the
Partnership.

Dated: July 1, 2005

/s/ Thomas W. Martin
-------------------------------------------------------
Thomas W. Martin
Executive Vice President
(Principal Financial and Accounting Officer)
ICON Capital Corp.
General Partner of ICON Cash Flow Partners L.P. Seven

A signed  original of this  written  statement  required by Section 906 has been
provided to the Company and will be retained by the Company and furnished to the
Securities and Exchange  Commission or its staff upon request.

The information  contained in this Exhibit 32.2 is being furnished and shall not
be deemed "filed" for the purposes of Section 18 of the Securities  Exchange Act
of 1934, as amended,  or otherwise  subject to the  liabilities of that section.
The  information  contained in this Exhibit  32.2 shall not be  incorporated  by
reference  into any  registration  statement or other  document  pursuant to the
Securities  Exchange Act of 1934, as amended,  or the Securities Act of 1933, as
amended,  except as shall be expressly  set forth by specific  reference to this
Exhibit 32.2 in such filing.


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