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                       June 30, 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

<TABLE>
<CAPTION>


PART I - FINANCIAL INFORMATION

     Item 1.  Condensed Consolidated Financial Statements

<S>                                                                                           <C>
         Condensed Consolidated Balance Sheets at June 30, 2005 (Unaudited)
           and December 31, 2004                                                              3-4

         Condensed Consolidated Statements of Operations for the three and six
           months ended June 30, 2005 and 2004 (Unaudited)                                      5

         Condensed Consolidated Statement of Changes in Partners' Equity for the
           six months ended June 30, 2005 (Unaudited)                                           6

         Condensed Consolidated Statements of Cash Flows for the six months
           ended June 30, 2005 and 2004 (Unaudited)                                           7-8

         Notes to Condensed Consolidated Financial Statements (Unaudited)                    9-13

     Item 2.  General Partner's Discussion and Analysis of Financial Condition and
       Results of Operations                                                                14-24

     Item 3.  Quantitative and Qualitative Disclosures About Market Risk                       24

     Item 4.  Controls and Procedures                                                          24

PART II - OTHER INFORMATION

     Item 1.  Legal Proceedings                                                                25

     Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                       25

     Item 3.  Defaults Upon Senior Securities                                                  25

     Item 4.  Submission of Matters To A Vote of Security Holders                              25

     Item 5.  Other Information                                                                25

     Item 6.  Exhibits                                                                         25

         Signatures                                                                            26

         Certifications                                                                     27-30

</TABLE>

                                       2
<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
              Notes To Condensed Consolidated Financial Statements
                                  June 30, 2005
                                   (Unaudited)

                         PART I - FINANCIAL INFORMATION

Item 1.  Condensed Consolidated Financial Statements

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

                                     ASSETS

<TABLE>
<CAPTION>
                                                                  (Unaudited)
                                                                   June 30,       December 31,
                                                                     2005             2004
                                                                     ----             ----

<S>                                                            <C>               <C>
 Cash and cash equivalents                                     $      182,603    $      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                                       (1,111,080)        (833,310)
                                                               --------------    -------------

      Net investments in operating leases                           1,453,920        1,731,690
                                                               --------------    -------------

 Equipment held for sale                                              220,818        1,776,131
 Investment in estimated unguaranteed residual values               4,686,758        4,686,758
 Investments in joint ventures                                      4,425,810        3,813,458
 Due from General Partner and affiliates                                   -           190,301
 Other assets, net                                                    285,130          442,972
                                                               --------------    -------------

      Total assets                                             $   11,255,039    $  13,849,239
                                                               ==============    =============
</TABLE>


See accompanying notes to condensed consolidated financial statements.
                                       3
<PAGE>


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

                        LIABILITIES AND PARTNERS' EQUITY


<TABLE>
<CAPTION>
                                                                  (Unaudited)
                                                                     June 30,         December 31,
                                                                      2005              2004
                                                                      ----             ----

<S>                                                            <C>                  <C>
 Notes and accrued interest payable - recourse                 $         5,843,538  $     8,174,001
 Due to General Partner and affiliates                                     128,697          341,323
 Security deposits, deferred credits and other payables                     27,567          155,487
 Minority interest                                                          14,539           17,316
                                                              --------------------- ---------------

    Total liabilities                                                    6,014,341        8,688,127
                                                              --------------------  ---------------

 Commitments and contingencies

 Partners' equity:
    General Partner                                                       (796,499)        (797,295)
    Limited Partners;  987,547.81 units outstanding, $100 per
      unit original issue price                                          6,037,197        5,958,407
                                                              --------------------  ---------------

    Total partners' equity                                               5,240,698        5,161,112
                                                              --------------------  ---------------

    Total liabilities and partners' equity                    $         11,255,039  $    13,849,239
                                                              ====================  ===============

</TABLE>

See accompanying notes to condensed consolidated financial statements.
                                       4
<PAGE>

                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                          Three Months Ended June 30,     Six Months Ended June 30,
                                                               2005           2004            2005          2004
                                                               ----           ----            ----          ----
 Revenue:
<S>                                                   <C>               <C>             <C>           <C>
    Rental income                                     $       150,000   $    104,201    $   300,000   $     209,825
    Finance income                                                 -           3,837          1,928           7,685
    Net income from leveraged leases                               -         377,862             -        1,078,481
    Income from investments in joint ventures                 372,801        186,408        878,972         532,890
    Gain on transfer of investment in joint venture                -              -       1,171,786           -
    Interest and other income                                   3,535         32,365         20,704          32,770
                                                      ---------------   ------------    -----------   -------------

      Total revenue                                           526,336        704,673      2,373,390       1,861,651
                                                      ---------------   ------------    -----------   -------------

 Expenses:
    Impairment loss                                         1,020,826             -       1,320,826       4,700,000
    Depreciation                                              138,885        508,960        277,770       2,027,219
    Interest                                                  119,758        400,610        237,160         804,674
    Loss on lease termination                                      -         612,383             -          612,383
    Management fees                                            75,000             -         150,000            -
    General and administrative                                146,353        159,838        255,864         402,035
    Management fees - General Partner                              -           9,495             -          387,287
    Administrative expense reimbursement -
      General Partner                                              -          32,702             -          154,958
    Reversal of provision for doubtful accounts                    -        (112,412)            -         (112,412)
    Amortization of initial direct costs                       26,731         31,384         53,462          62,768
    Minority interest                                            (639)          (664)        (1,278)         (1,343)
                                                      ---------------   ------------    -----------   -------------

      Total expenses                                        1,526,914      1,642,296      2,293,804       9,037,569
                                                      ---------------   ------------    -----------   -------------

 Net (loss) income                                    $    (1,000,578)  $   (937,623)   $    79,586   $  (7,175,918)
                                                      ===============   ============    ===========   =============

 Net (loss) income allocable to:
    Limited partners                                  $      (990,572)  $   (928,247)   $    78,790   $  (7,104,159)
    General Partner                                           (10,006)        (9,376)           796         (71,759)
                                                      ---------------   ------------    -----------   -------------

                                                      $    (1,000,578)  $   (937,623)   $    79,586   $  (7,175,918)
                                                      ===============   ============    ===========   =============

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

 Net (loss) income per weighted average limited
    partnership unit                                  $         (1.00) $       (0.94)   $      0.08   $       (7.19)
                                                      ===============  =============    ===========   =============

</TABLE>

See accompanying notes to condensed consolidated financial statements.
                                       5
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
         Condensed Consolidated Statement of Changes in Partners' Equity
                         Six Months Ended June 30, 2005
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                Total
                                          Limited          General           Partners'
                                          Partners         Partner           Equity
                                          --------         -------           ------

<S>                                  <C>                 <C>               <C>
Balance, January 1, 2005                    5,958,407        (797,295)         5,161,112

 Net income                                   78,790              796             79,586
                                     ---------------     ------------      -------------

Balance, June 30, 2005               $     6,037,197     $   (796,499)     $   5,240,698
                                     ===============     ============      =============

</TABLE>

See accompanying notes to condensed consolidated financial statements.

                                       6
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
                 Condensed Consolidated Statements of Cash Flows
                            Six Months Ended June 30,
                                   (Unaudited)



<TABLE>
<CAPTION>

                                                                                2005                  2004
                                                                                ----                  ----

 Cash flows from operating activities
<S>                                                                   <C>                     <C>
    Net income (loss)                                                 $         79,586        $      (7,175,918)
    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                                               196,911                 391,890
        Amortization of initial direct costs                                    53,462                  62,768
        Impairment loss                                                      1,320,826               4,700,000
        Loss on lease termination                                                   -                  612,383
        Reversal of provision for doubtful accounts                                 -                 (112,412)
        Depreciation                                                           277,770               2,027,219
        Net income from leveraged leases                                            -               (1,078,481)
        Income from investments in joint ventures                             (878,972)               (532,890)
        Gain on transfer of investment in joint venture                     (1,171,786)                     -
        Minority interest                                                       (1,278)                 (1,343)
      Changes in operating assets and liabilities:
        Collection of principal - non-financed receivables                     366,565                 675,096
        Other assets                                                                -                  303,354
        Security deposits, deferred credits and other payables                (127,920)                  6,494
        Due from/to General Partner and affiliates, net                        (22,326)                 48,383
                                                                      ----------------        ----------------

 Net cash provided by (used in) operating activities                            92,838                 (73,457)
                                                                      ----------------        ----------------

 Cash flows from investing activities:
    Proceeds from sales of equipment                                           234,487                 258,833
    Distributions received from joint ventures                                  10,414                 721,797
                                                                      ----------------        ----------------

 Net cash provided by investing activities                                     244,901                 980,630
                                                                      ----------------        ----------------

 Cash flows from financing activities:
    Principal payments on notes payable - recourse                          (2,422,992)               (512,342)
    Loans and advances from affiliates                                       2,172,992                      -
    Distributions to minority interest in joint venture                         (1,500)                     -
                                                                      ----------------        ----------------

 Net cash used in financing activities                                        (251,500)               (512,342)

 Net increase in cash and cash equivalents                                      86,239                 394,831
 Cash and cash equivalents, beginning of the period                             96,364                 301,256
                                                                      ----------------        ----------------

 Cash and cash equivalents, end of the period                         $        182,603        $        696,087
                                                                      ================        ================

</TABLE>

See accompanying notes to condensed consolidated financial statements.
                                       7
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware Limited Partnership)
                 Condensed Consolidated Statements of Cash Flows
                            Six Months Ended June 30,
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                2005               2004
                                                                                ----               ----
 Supplemental disclosure of cash flow information:
<S>                                                                     <C>                <C>
    Cash paid during the period for interest                            $         40,249   $            412,784
                                                                        ================   ====================

 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 condensed consolidated financial statements.

                                       8
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware limited Partnership)
              Notes To Condensed Consolidated Financial Statements
                                  June 30, 2005
                                   (Unaudited)

(1)    Basis of Presentation

     The accompanying  condensed  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 condensed 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 condensed 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 lease.  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 will continue until
December 31, 2015, unless terminated sooner.

     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.

                                       9
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware limited Partnership)
              Notes To Condensed Consolidated Financial Statements
                                  June 30, 2005
                                   (Unaudited)

(2)    Organization - continued

     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.

     Certain  reclassifications  have  been made to the  accompanying  condensed
consolidated  financial  statements  for the six months  ended June 30,  2004 to
conform to the current period presentation.

(3)    Transactions with Related Parties

     Prior to July 1,  2004,  in  accordance  with the  terms of the  Management
Agreement, the Partnership paid the General Partner management fees ranging from
1% to 7% based on a percentage of the rentals  recognized either directly by the
Partnership  or through joint  ventures.  In addition,  the General  Partner was
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.

     The  Partnership  also had a net  payable of  $128,697  due to the  General
Partner and  affiliates at June 30, 2005,  which is owed to the General  Partner
for  management  fees  and  administrative  expense  reimbursements  from  prior
periods.

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

<TABLE>
<CAPTION>
                                                   Three Months Ended                   Six Months Ended
                                                          June 30,                          June 30,
                                                    2005           2004               2005             2004
                                                    ----           ----               ----             ----

<S>                                         <C>              <C>              <C>             <C>
 Management fees                            $        -       $        9,495   $        -      $          387,287
 Administrative expense reimbursements               -               32,702            -                 154,958
                                            --------------   --------------   -------------   ------------------

                                            $        -       $       42,197   $        -      $          542,245
                                            ==============   ==============   =============   ==================
</TABLE>
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.

                                       10
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware limited Partnership)
              Notes To Condensed Consolidated Financial Statements
                                  June 30, 2005
                                   (Unaudited)

(4)  Joint Ventures - continued

     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 June 30,
2005 under this guarantee was approximately $44,000.

(5)  Equipment Held for Sale

     The Partnership was the sole owner of one marine vessel, the Janson Graham,
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 loss during the three months ended March 31, 2005 of $300,000.

                                       11
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware limited Partnership)
              Notes To Condensed Consolidated Financial Statements
                                  June 30, 2005
                                   (Unaudited)

(5)    Equipment Held for Sale - continued

     The  Partnership  currently  owns  rotables  for Boeing 737 and Airbus A310
aircraft.  These  rotables  were  formerly on lease to Sabena  Technics  and are
currently off lease and in the process of being  remarketed.  The  Partnership's
General  Partner  estimated  that the fair market value of the rotables was less
than originally  estimated and the Partnership  recognized an impairment loss of
approximately  $1,021,000  which  is  included  in  the  accompanying  condensed
consolidated  statements of  operations  for the six months ended June 30, 2005.
The determination was based upon recent market data from sales of similar assets
to unrelated third parties.

(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.

                                       12
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware limited Partnership)
              Notes To Condensed Consolidated Financial Statements
                                  June 30, 2005
                                   (Unaudited)

     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  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 marine  vessels  formerly on charter to affiliates of SEACOR
Marine and SEACOR  Offshore,  Inc. 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
negligent storage of the vessels.  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

     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 condensed consolidated financial statements.


                                       13
<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 condensed 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 petroleum and fuel prices;  level of fleet
additions by competitors and industry  overcapacity;  changing  customer demands
for leased equipment;  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    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.

     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.

                                       14
<PAGE>
     Substantially all of our recurring  operating cash flows are generated from
the operations of the "income" lease 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% and during  February  2005 we  assigned an  additional
5.71%,  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.

     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 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
Airlines,  Inc.  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.

                                       15
<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
continues  on the  downside  of a business  cycle.  We are  optimistic  that the
industry will rebound  within the next two to six years.  The three 1985 vintage
Boeing aircraft each have  approximately 15 years of useful life remaining,  and
are widely used in the marketplace.  We anticipate Continental 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

     The  Partnership  currently  owns  rotables  for Boeing 737 and Airbus A310
aircraft.  These  rotables  were  formerly on lease to Sabena  Technics  and are
currently off lease and in the process of being  remarketed.  The  Partnership's
General  Partner  estimated  that the fair market value of the rotables was less
than originally  estimated and the Partnership  recognized an impairment loss of
approximately  $1,021,000  which  is  included  in  the  accompanying  condensed
consolidated  statements of  operations  for the six months ended June 30, 2005.
The determination was based upon recent market data from sales of similar assets
to unrelated third parties.

     Portfolio Activity for Three Months Ended June 30, 2005

     Supply Vessel

     On May 18,  2005,  we entered into a  Memorandum  of 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 six months ended June 30, 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 and the Leasing Industry

     The economy of the United States of America has been experiencing continued
growth  during  2005,  although  not at the pace  experienced  during  2004.  We
anticipate that capital  spending by  corporations  will continue to increase as
well, which should increase  available leases, and to that end, we believe there
will be more  opportunities  in this market.  We believe the leasing  industry's
outlook for the foreseeable  future is encouraging.  However, a key obstacle for
the equipment  leasing and finance  industry has been the continued low interest
rate  environment,  which reduces  leasing volume inasmuch as customers are more
prone to  purchase  than lease.  We are  optimistic  that the recent  pattern of
federal funds rate  increases  will continue over time,  causing more lessees to
return to the marketplace.  In June 2005, the Securities and Exchange Commission
(the "SEC")  issued a study  entitled  "Report and  Recommendations  Pursuant to
Section  401(c)  of  the   Sarbanes-Oxley  Act  of  2002  On  Arrangements  with
Off-Balance Sheet  Implications,  Special Purpose Entities,  and Transparency of
Filings by Issuers" (the "Study").  In the Study,  the SEC recommends that lease
accounting  procedures be re-evaluated.  Suggested  changes under the Study, and
the  continued  misperception,  stemming from Enron,  WorldCom and others,  that
leasing should not play a central role as a financing alternative,  may serve to
adversely affect our industry by deterring  potential  lessees from entering the
marketplace.

     Mobile Offshore Oil Drilling Industry

     The  offshore  oil  drilling  market is highly  competitive  and  cyclical.
Factors  beyond our control pose  potential  risks for third  parties to whom we
charter offshore drilling rigs. Future oil prices are often used as an indicator
of market demand,  but given the recent price volatility of commodities,  it has
been increasingly  difficult to forecast future market  conditions.  While crude
oil prices are currently  experiencing record highs, a decline in oil and/or gas
prices is likely to reduce rig demand and adversely  affect  utilization  rates.
Production  capacity  and  operating  costs for  companies  in the  offshore oil
drilling   industry   are  subject  to  influence  by  the  stage  of  reservoir
development, and the current political and regulatory environment.

                                       16
<PAGE>
     Domestic Air Transportation Industry

     The domestic air transportation  industry has seen an increase in passenger
travel  during 2004 and into 2005.  However,  profitability  varies widely among
different  carriers in the aviation  industry.  As a result of domestic carriers
filing for bankruptcy  protection,  low-cost and foreign carriers are increasing
their  market share and profits.  Yet,  even as the industry  adapts to meet new
standards in  cost-efficiency,  factors beyond our control may adversely  affect
the financial situation of third parties to whom we lease aircraft. Crude oil is
a major  component  of jet fuel and a  sustained  period of crude oil  prices at
current  high levels or a subsequent  increase in crude oil prices  represents a
risk, both due to the potential  negative impact on worldwide economic growth as
well as airline profitability as a result of higher jet fuel prices.

     Critical Accounting Policies

     An  appreciation  of our  critical  accounting  policies  is  necessary  to
understand our financial results. These policies may require our 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.

     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  and  lease  transaction.  As  part  of  its  process  it
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 in accordance with our policy to review
all significant assets in our portfolio.


                                       17
<PAGE>

     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

     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 condensed consolidated financial statements.

     Results of  Operations  for the Three Months Ended June 30, 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 June
30, 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.


                                       18
<PAGE>
     Revenues  for the 2005  Quarter  and the 2004  Quarter  are  summarized  as
follows:

<TABLE>
<CAPTION>

                                                Three Months Ended June 30,
                                                  2005             2004                Change
                                                  ----             ----                ------

<S>                                         <C>                <C>                 <C>
Total revenue                               $      526,336     $   704,673         $   (178,337)
                                            ==============     ===========         ============

Rental income                               $      150,000     $   104,201         $     45,799
Finance income                              $          -       $     3,837         $     (3,837)
Net income from leveraged leases            $          -       $   377,862         $   (377,862)
Income from investments in joint ventures   $      372,801     $   186,408         $    186,393
Interest and other income                   $       3,535      $    32,365         $    (28,830)

</TABLE>

     Revenue for the 2005  Quarter  decreased  $178,337 or 25.3%,  over the 2004
Quarter.  The  decrease  in income is derived  primarily  from our  income  from
leveraged leases because the leveraged lease was terminated in the 2004 Quarter.
The decrease in income was partially  offset because  several of our investments
in joint ventures which generated net losses in the 2004 Quarter were terminated
and not present in the 2005 Quarter which increased  income from  investments in
joint ventures.

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

<TABLE>
<CAPTION>

                                                      Three Months Ended June 30,
                                                        2005                  2004             Change
                                                        ----                  ----             ------

<S>                                           <C>                     <C>                <C>
Total expenses                                $          1,526,914    $    1,642,296     $     (115,382)
                                              ====================    ==============     ==============

Impairment loss                               $          1,020,826    $           -      $    1,020,826
Depreciation                                  $            138,885    $      508,960     $     (370,075)
Interest                                      $            119,758    $      400,610     $     (280,852)
Loss on lease termination                     $                 -     $      612,383     $     (612,383)
Management fees                               $             75,000    $           -      $       75,000
General and administrative                    $            146,353    $      159,838     $      (13,485)
Management fees - General Partner             $                 -     $        9,495     $       (9,495)
Administrative expense reimbursement -
 General Partner                              $                 -     $       32,702     $      (32,702)
Reversal of provision for doubtful accounts   $                 -     $     (112,412)    $      112,412
Amortization of initial direct costs          $             26,731    $       31,384     $       (4,653)
Minority interest                             $               (639)   $         (664)    $           25

</TABLE>


                                       19
<PAGE>

     Our total  expenses  for the 2005  Quarter  decreased by $115,382 or 0.70%,
over the 2004  Quarter.  The decrease is primarily  due to a decrease in loss on
lease  termination due to our  terminations of the Seacor Smit and Seacor Marine
leases  during 2004.  Effective  July 1, 2004 the General  Partner  agreed to no
longer  charge us management  fees and  administrative  expense  reimbursements.
These fees were charged in the 2004 quarter.  During the 2005 Period we recorded
an impairment loss of $1,020,826 on our aircraft rotables which partially offset
decrease in net loss.

     Net Loss

     As a  result  of the  factors  discussed  above,  the net loss for the 2005
Quarter and the 2004 Quarter was $1,000,578 and $937,623,  respectively. The net
loss per weighted  average limited  partnership  unit  outstanding was $1.00 and
$0.94 for the 2005 Quarter and the 2004 Quarter, respectively.

     Results of  Operations  for the Six Months  Ended June 30,  2005 (the "2005
Period") and 2004 (the 2004 Period")

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

<TABLE>
<CAPTION>
                                                           Six Months Ended June 30,
                                                            2005                2004             Change
                                                            ----                ----             ------
<S>                                                 <C>                <C>               <C>
Total revenue                                       $      2,373,390   $     1,861,651   $       511,739
                                                    ================   ===============   ===============

Rental income                                       $        300,000   $       209,825   $        90,175
Finance income                                      $          1,928   $         7,685   $        (5,757)
Net income from leveraged leases                    $             -    $     1,078,481   $    (1,078,481)
Income from investments in joint ventures           $        878,972   $       532,890   $       346,082
Gain on transfer of investment in joint venture     $      1,171,786   $            -    $     1,171,786
Interest and other income                           $         20,704   $        32,770   $       (12,066)

</TABLE>

     Revenue for the 2005 Period  increased by $511,739 or 27.5%,  over the 2004
Period.  The increase in income is derived  primarily  from our  investments  in
joint  ventures.  During  the 2005  Period 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.  Also,  several of our  investments in joint ventures
which generated net losses in the 2004 Period were terminated and not present in
the 2005 Period which increased income from investments in joint ventures. There
was a decrease in net income from leveraged  leases because the leveraged  lease
was terminated in the 2004 Period.

                                       20
<PAGE>
     Expenses for the 2005 Period and the 2004 Period are summarized as follows:

<TABLE>
<CAPTION>

                                                        Six Months Ended June 30,
                                                        2005                2004           Change
                                                        ----                ----           ------

<S>                                           <C>                  <C>                <C>
Total expenses                                $        2,293,804   $     9,037,569    $   (6,743,765)
                                              ==================   ===============    ==============

Provision for impairment loss                 $        1,320,826   $     4,700,000    $   (3,379,174)
Depreciation                                  $          277,770   $     2,027,219    $   (1,749,449)
Interest                                      $          237,160   $       804,674    $     (567,514)
Loss on lease termination                     $               -    $       612,383    $     (612,383)
Management fees                               $          150,000   $            -     $      150,000
General and administrative                    $          255,864   $       402,035    $     (146,171)
Management fees - General Partner             $               -    $       387,287    $     (387,287)
Administrative expense reimbursement -
 General Partner                              $               -    $       154,958    $     (154,958)
Reversal of provision for doubtful accounts   $               -    $      (112,412)   $      112,412
Amortization of initial direct costs          $           53,462   $        62,768    $       (9,306)
Minority interest                             $           (1,278)  $        (1,343)   $           65

</TABLE>
     Our total  expenses for the 2005 Period  decreased by  $6,743,765 or 74.6%,
over the 2004 Period.  The decrease is primarily due to a decrease in impairment
loss between the periods.  During the 2005 Period we recorded impairment loss of
$300,000 and $1,020,826 on our final supply vessel and on our aircraft rotables,
respectively.  During the 2004  Period 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 Period versus the 2004 Period 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 us
management  fees and  administrative  expense  reimbursements.  These  fees were
charged in the 2004 Period.

     Net Income (Loss)

     As a result of the factors  discussed  above, the net income (loss) for the
2005 Period and the 2004 Period was $79,586 and $(7,175,918),  respectively. The
net income (loss) per weighted average limited  partnership unit outstanding was
$0.08 and $(7.19) for the 2005 Period and the 2004 Period, respectively.

     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 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.

     Our primary  source of cash for the 2005 Period was from loans and advances
from  affiliates  of  approximately  $2,173,000  and from  proceeds  on sales of
equipment of approximately $235,000.

     Our  primary  use of funds for the 2005  Period  was the  repayment  of our
recourse debt of approximately $2,423,000. We utilized the cash we received from
our  affiliates to repay this debt. We do not  anticipate  requiring  additional
advances from affiliates in the future.

                                       21
<PAGE>
     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.  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. 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 June
30, 2005). 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 Borrowers  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.

                                       22
<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.

     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 six months ended June 30, 2005 we
did not pay any distributions.

     Commitments

     At June  30,  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 June 30, 2005,  except as noted above in the Business  Overview  section
and listed below in the Risk Factors  section,  we are not aware of 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.

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  requirement to begin making  interest only payments in connection with
     the  recourse  debt  associated  with the  three  Boeing  737-700  aircraft
     commencing  in  December  2005  may  affect  our  ability  to make  further
     distributions to our investors.

                                       23
<PAGE>
     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.

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 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 General  Partner hired a new
senior vice president of accounting and the General Partner is in the process of
seeking  additional  accounting staff in order to better effectuate our 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 our 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.


                                       24
<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 or threatened, to our knowledge, 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 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 marine vessels formerly on
charter to affiliates of SEACOR Marine and SEACOR Offshore, Inc. 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  negligent  storage of the vessels.  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 second
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.


                                       25
<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: August 12, 2005        /s/ Beaufort J.B. Clarke
                             Beaufort J.B. Clarke
                             Chairman, Chief Executive Officer and Director

Date: August 12, 2005        /s/ Thomas W. Martin
                             Thomas W. Martin
                             Executive Vice President and Director
                            (Principal Financial and Accounting Officer)



                                       26
<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:  August 12, 2005

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


                                       27
<PAGE>
Exhibit 31.2

Principal Financial and Accounting 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: August 12, 2005

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


                                       28
<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 June 30, 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: August 12, 2005

 /s/ Beaufort J.B. Clarke
Chairman, Chief Executive Officer and Director
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  32.2 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 32.1 in such filing.


                                       29
<PAGE>
Exhibit 32.2

Principal Financial and Accounting 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 June 30, 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: August 12, 2005

/s/ Thomas W. Martin
Executive Vice President and Director
(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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