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, 2003
                              --------------------------------------------------

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

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
--------------------------------------------------------------------------------
  (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>

PART I - FINANCIAL INFORMATION
------------------------------

Item 1.  Financial Statements

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

                         Condensed Consolidated Balance Sheets


                                                        June 30,    December 31,
                                                          2003          2002
                                                          ----          ----
                                                      (unaudited)

         Assets

Cash and cash equivalents                            $    442,945  $  1,257,947
                                                     ------------  ------------

Investment in finance leases
   Minimum rents receivable                             1,551,069     2,252,134
   Estimated unguaranteed residual values               1,383,405     1,717,816
   Initial direct costs, net                               34,525        36,455
   Unearned income                                        (98,898)     (137,106)
   Allowance for doubtful accounts                       (249,127)     (289,301)
                                                     ------------  ------------

                                                        2,620,974     3,579,998
                                                     ------------  ------------

Investment in operating leases
   Equipment at cost                                   15,999,623    14,195,791
   Accumulated depreciation                            (2,589,738)   (1,703,583)
                                                     ------------  ------------

                                                       13,409,885    12,492,208
                                                     ------------  ------------

Equipment held for sale or lease, net                  17,982,298    19,343,546
                                                     ------------  ------------

Net investment in leveraged leases                     21,446,059    27,877,708
                                                     ------------  ------------

Investment in estimated unguaranteed residual values   20,811,758    20,811,758
                                                     ------------  ------------

Investments in unconsolidated joint ventures            3,715,044     3,360,145
                                                     ------------  ------------

Due from General Partner and affiliates                   160,144       161,458
                                                     ------------  ------------

Other assets, net                                         946,957     1,249,535
                                                     ------------  ------------

Total assets                                         $ 81,536,064  $ 90,134,303
                                                     ============  ============






<PAGE>

                                                        (continued on next page)

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

                  Condensed Consolidated Balance Sheets - Continued

<TABLE>
<CAPTION>

                                                                June 30,      December 31,
                                                                  2003            2002
                                                                  ----            ----
                                                               (unaudited)
<S>                                                        <C>              <C>
         Liabilities and Partners' Equity

Notes payable - non-recourse                               $   23,250,142   $  27,186,863
Notes and accrued interest payable - recourse                  28,301,293      27,707,802
Due to General Partner and affiliates                              66,452         155,542
Security deposits, deferred credits and other payables          1,052,148         664,692
Minority interest in consolidated joint venture                    54,476          53,292
                                                           --------------   -------------

      Total liabilities                                        52,724,511      55,768,191
                                                           --------------   -------------

Commitments and Contingencies

Partners' equity (deficiency)
   General Partner                                               (560,791)       (505,244)
   Limited Partners (987,548 units outstanding,
     $100 per unit original issue price)                       29,372,344      34,871,356
                                                           --------------   -------------

     Total partners' equity                                    28,811,553      34,366,112
                                                           --------------   -------------

Total liabilities and partners' equity                     $   81,536,064   $  90,134,303
                                                           ==============   =============


</TABLE>


















See accompanying notes to condensed consolidated financial statements.

<PAGE>

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

                   Condensed Consolidated Statements of Operations

                                      (unaudited)
<TABLE>
<CAPTION>


                                                           For the Three Months          For the Six Months
                                                              Ended June 30,               Ended June 30,
                                                             2003           2002          2003           2002
                                                             ----           ----          ----           ----
<S>                                                  <C>             <C>            <C>            <C>
Revenues

   Finance income                                    $      15,186   $     354,616  $      38,208  $     811,685
   Rental income                                           519,574         236,395        887,260        521,491
   Income from leveraged leases                             75,800         596,050        325,718      1,186,220
   Gain on sales of equipment                               92,231               -        130,779          8,138
   Income from investments in
     unconsolidated joint ventures                         330,584         332,803        634,574        700,920
   Interest income and other                                   260           1,053          2,590         39,947
                                                     -------------   -------------  -------------  -------------

   Total revenues                                        1,033,635       1,520,917      2,019,129      3,268,401
                                                     -------------   -------------  -------------  -------------

Expenses
   Depreciation expense                                  1,379,374       1,005,087      2,758,748      2,010,058
   Interest                                                819,929         721,262      1,513,759      1,464,375
   General and administrative                              500,939         224,555        865,358        501,775
   Management fees - General Partner                        36,673         144,303        479,292        648,706
   Administrative expense reimbursements
    General Partner                                         15,961          67,178        194,477        278,522
   Amortization of initial direct costs                    (30,352)        106,406         98,328        238,116
   Minority interest in consolidated
     joint venture                                            -              1,210          1,183          2,427
                                                     -------------   -------------  -------------  -------------

   Total expenses                                        2,722,524       2,270,001      5,911,145      5,143,979
                                                     -------------   -------------  -------------  -------------


Net loss                                             $  (1,688,889)  $    (749,084) $  (3,892,016) $  (1,875,578)
                                                     -------------   -------------  -------------  -------------

Net loss allocable to:
   Limited Partners                                  $  (1,672,000)  $    (741,593) $  (3,853,096) $  (1,856,822)
   General Partner                                         (16,889)         (7,491)       (38,920)       (18,756)
                                                     -------------   -------------  -------------  -------------

                                                     $  (1,688,889)  $    (749,084) $  (3,892,016) $  (1,875,578)
                                                     -------------   -------------  -------------  -------------

Weighted average number of limited
   partnership units outstanding                           987,548         988,219        987,548        988,339
                                                     =============   =============  =============  =============

Net loss per weighted average
   limited partnership unit                          $      (1.69)   $      (0.75)  $      (3.90)  $      (1.88)
                                                     ============    ============   =============  ============

</TABLE>


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

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

          Condensed Consolidated Statement of Changes in Partners' Equity

                           For the Six Months Ended June 30, 2003

                                       (unaudited)

<TABLE>
<CAPTION>

                                   Limited Partner Distributions
                                   -----------------------------

                                      Return of    Investment           Limited        General
                                       Capital       Income            Partners        Partner          Total
                                       -------       ------            --------        -------          -----
                                    (Per weighted average unit)

<S>                                   <C>           <C>                 <C>              <C>          <C>
Balance at
   January 1, 2003                                                 $    34,871,356  $   (505,244) $   34,366,112

Cash distributions to partners        $  1.67       $     -             (1,645,916)      (16,627)     (1,662,543)

Net loss                                                                (3,853,096)      (38,920)     (3,892,016)
                                                                   ---------------  ------------  --------------

Balance at
   June 30, 2003                                                   $    29,372,344  $   (560,791) $   28,811,553
                                                                   ===============  ============  ==============



</TABLE>

























See accompanying notes to condensed consolidated financial statements.

<PAGE>

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

                   Condensed Consolidated Statements of Cash Flows

                             For the Six Months Ended June 30,

                                       (unaudited)

<TABLE>
<CAPTION>

                                                                         2003                 2002
                                                                         ----                 ----
<S>                                                               <C>                 <C>
Cash flows from operating activities:
   Net loss                                                       $     (3,892,016)   $    (1,875,578)
                                                                  ----------------    ---------------
   Adjustments to reconcile net loss to
     net cash used in operating activities:
       Finance income portion of receivables paid directly
         to lenders by lessees                                               -               (548,118)
       Rental income paid directly to lender by lessees                   (674,894)          (378,690)
       Interest expense on non-recourse financing paid
         directly by lessees                                               979,521            955,927
       Amortization of initial direct costs                                 98,328            238,116
       Depreciation expense                                              2,758,748          2,010,058
       Income from leveraged leases                                       (325,718)        (1,186,220)
       Income from investments in unconsolidated joint ventures           (634,574)          (700,920)
       Gain on sales of equipment                                         (130,779)            (8,138)
       Minority interest in consolidated joint venture                       1,183              2,427
       Changes in operating assets and liabilities, net                  1,305,530         (2,507,614)
                                                                  ----------------    ---------------

           Total adjustments                                             3,377,345         (2,123,172)
                                                                  ----------------    ---------------

       Net cash used in operating activities                              (514,671)        (3,998,750)
                                                                  ----------------    ---------------

Cash flows from investing activities:
   Proceeds from sales of equipment                                        827,549            271,896
   Distributions received from unconsolidated joint ventures               298,564            530,739
                                                                  ----------------    ---------------

       Net cash provided by investing activities                         1,126,113            802,635
                                                                  ----------------    ---------------

</TABLE>














                                                        (continued on next page)
<PAGE>

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

            Condensed Consolidated Statements of Cash Flows - Continued

                            For the Six Months Ended June 30,

                                     (unaudited)
<TABLE>
<CAPTION>

                                                                2003          2002
                                                                ----          ----
<S>                                                         <C>            <C>
Cash flows from financing activities:
   Cash distributions to partners                           (1,662,543)    (5,349,354)
   Proceeds from notes payable - recourse                      690,000     10,800,439
   Principal payments on notes payable - recourse             (453,901)    (3,270,036)
   Redemption of limited partnership units                       -            (30,940)
                                                           -----------    -----------

     Net cash (used in) provided by financing activities    (1,426,444)     2,150,109
                                                           -----------    -----------

Net decrease in cash and cash equivalents                     (815,002)    (1,046,006)

Cash and cash equivalents at beginning of period             1,257,947      2,333,871
                                                           -----------    -----------

Cash and cash equivalents at end of period                 $   442,945    $ 1,287,865
                                                           ===========    ===========

</TABLE>























                                                        (continued on next page)
<PAGE>

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

             Condensed Consolidated Statements of Cash Flows - Continued


Supplemental Disclosure of Cash Flow Information

     For the six  months  ended  June 30,  2003 and  2002,  non-cash  activities
included the following:

                                                          2003          2002
                                                          ----          ----

Principal and interest on direct finance
   receivables paid directly to lenders by lessees    $ 4,241,348   $ 1,842,347
Rental income assigned operating lease receivables        674,894       378,690
Principal and interest on non-recourse
   financing paid directly to lenders by lessees       (4,916,242)   (2,221,037)
                                                      -----------   -----------

                                                      $    -        $     -
                                                      ===========   ===========

     Interest expense of $1,513,759 and $1,464,375 for the six months ended June
30, 2003 and 2002, respectively,  consisted of interest expense on notes payable
non-recourse  paid or accrued  directly  to lenders by lessees of  $979,521  and
$955,927 respectively,  and interest expense on notes payable - recourse paid or
accrued of $534,238 and $508,448, respectively.



























See accompanying notes to condensed consolidated financial statements.

<PAGE>

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

                   Notes to Condensed Consolidated Financial Statements

                                     June 30, 2003
                                      (unaudited)

1.   Basis of Presentation

     The condensed  consolidated financial statements of ICON Cash Flow Partners
L.P.  Seven (the  "Partnership")  have been  prepared  pursuant to the rules and
regulations of the Securities  and Exchange  Commission  (the "SEC") and, in the
opinion  of  management,  include  all  adjustments  (consisting  only of normal
recurring  accruals)  necessary for a fair  statement of results for each period
shown.  Certain  information  and  footnote  disclosures  normally  included  in
consolidated   financial  statements  prepared  in  accordance  with  accounting
principles  generally  accepted  in the  United  States  of  America  have  been
condensed  or omitted  pursuant  to such SEC rules and  regulations.  Management
believes  that  the  disclosures  made  are  adequate  to make  the  information
represented  not  misleading.  The  results  for  the  interim  period  are  not
necessarily  indicative  of the  results  for the  full  year.  These  condensed
consolidated  financial  statements  should  be read  in  conjunction  with  the
consolidated  financial  statements and notes included in the Partnership's 2002
Annual Report on Form 10-K.

     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 a management agreement with the Partnership.

2.   Disposition Period

     The  Partnership's   reinvestment  period  ended  November,  2002  and  the
Partnership immediately commenced its disposition period. During the disposition
period the  Partnership  has and will continue to distribute  substantially  all
distributable cash from operations and equipment sales to the partners and begin
the orderly  termination of its operations and affairs.  The Partnership has not
and will not invest in any additional finance or lease  transactions  during the
disposition  period.  During the disposition  period the Partnership  expects to
recover, at a minimum, the carrying value of its assets.


3.   Contingencies

     ICON Cash Flow  Partners,  L.P.  Series  Seven is the owner of two  special
purpose  entities  that own  eight  marine  vessels  originally  on  charter  to
affiliates  of  Seacor  Smit.  Five  of  the  eight  vessels  have   outstanding
non-recourse  debt with a lender.  Under the original loan agreements,  with the
SPEs,  all charter  revenue was paid to the lender to amortize the debt.  At the
end of the  original  charter  term of each  vessel  it was  expected  that  the
individual  vessels would be either  re-chartered or sold with proceeds directed
to the lender  until the debt was fully  satisfied.  Several of the  vessels had
been  re-chartered  during depressed periods of bareboat charter rates. As such,
the lender has not received the amortization it had originally  contemplated and
the non-recourse notes have been declared to be in default. The specific vessels
subject to these notes are the  Yankee,  Rebel,  Frontier,  Kodiak  Island,  and
Osprey. According to recent appraisals, the value of the vessels is estimated to
be between  15.6 and 24.5  million  dollars.  At August 5, 2003,  the total debt
balance  was 7.25  million  dollars.  The SPEs are  working  with the  lender to
resolve the matter while  simultaneously in discussions with several parties for
the sale of a number of the vessels.

<PAGE>



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

           Notes to Condensed Consolidated Financial Statements - Continued

4.   Related Party Transactions

     Fees and other  expenses paid or accrued by the  Partnership to the General
Partner or its  affiliates  for the six months ended June 30, 2003 and 2002 were
as follows:

                                 2003          2002
                                 ----          ----

     Management fees          $ 479,292     $  648,706     Charged to Operations
     Administrative expense
       reimbursements           194,477        278,522     Charged to Operations
                              ---------     ----------

     Total                    $ 673,769     $  927,228
                              =========     ==========

     The  Partnership  has formed eight joint  ventures with  affiliates for the
purpose of acquiring and managing  various  assets.  (See Note 6 for  additional
information relating to the joint ventures.)

5.   Net Investment in Leveraged Leases

     The Partnership has ownership interests in two DC-10-30 aircraft subject to
leveraged leases with Continental Airlines, Inc.  ("Continental") (through April
2003) and Federal Express (through July 2004).

     Effective  May 1, 2003 the  Continental  aircraft  was  re-leased  to World
Airways, Inc. ("World Airways") for an eight month term with an option for World
Airways to extend the lease for an additional four months. The equipment,  which
has an estimated  residual value of $2,565,000 was reclassified as an investment
in operating  lease. The aircraft is subject to an agreement which provides that
a portion of the residual  proceeds are to be paid to a third party.

     The net investment in the leveraged leases as of June 30, 2003 and December
31, 2002 consisted of the following:

                                                     June 30,       December 31,
                                                      2003             2002
                                                      ----             ----

Non-cancelable minimum rents receivable (net of
  principal and interest on non-recourse debt)     $  5,810,360   $  10,002,727
Estimated unguaranteed residual values               17,600,000      20,865,000
Initial direct costs                                    100,953         181,010
Unearned income                                      (2,065,254)     (3,171,029)
                                                   ------------   -------------

                                                   $ 21,446,059   $  27,877,708
                                                   ============   =============

     Unearned  income is recognized  from leveraged  leases over the life of the
leases at a constant rate of return based on the positive net  investment in the
lease in the years  such  investment  is  positive.  There are no  deferred  tax
liabilities arising from the Partnership's leveraged lease investments since all
taxes  are  recognized  at the  individual  partner  level  rather  than  at the
Partnership  level.

<PAGE>


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

            Notes to Condensed Consolidated Financial Statements - Continued

     For the period  ended June 30,  2003,  the Company  reduced  the  estimated
unguaranteed  residual  value of the Federal  Express  aircraft  and recorded an
impairment  provision  of $700,000 as a result of  management's  analysis  which
indicated a lower  value at lease  termination  than  initially  estimated.  The
impairment provision has been reflected in net income from leveraged leases.

6.   Consolidated Venture and Investments in Unconsolidated Joint Ventures

     The  Partnership  and affiliates  are parties to eight  ventures  discussed
below for the purpose of acquiring and managing various assets.

Consolidated Venture

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

     ICON Cash Flow Partners L.L.C. III
     ----------------------------------

     In  December  1996,  the  Partnership  and an  affiliate,  ICON  Cash  Flow
Partners,  L.P., Series E ("Series E") formed ICON Cash Flow Partners L.L.C. III
("ICON Cash Flow L.L.C.  III"),  for the purpose of  acquiring  and  managing an
aircraft which was on lease to Continental Airlines, Inc. The aircraft is a 1976
McDonnell Douglas DC-10-30 and cost $11,429,751. The lease which was a leveraged
lease expired April 30, 2003.  Effective May 1, 2003, the aircraft was leased to
a new lessee, World Airways, Inc. (see Note 5). Profits, losses, excess cash and
disposition  proceeds are allocated 99% to the  Partnership  and 1% to Series E.
The  Partnership's   financial   statements  include  100%  of  the  assets  and
liabilities  and 100% of the revenue and expenses of ICON Cash Flow L.L.C.  III.
Series  E's  investment  in ICON  Cash Flow  L.L.C.  III has been  reflected  as
minority  interest in consolidated  joint venture on the accompanying  condensed
consolidated balance sheets statements of operations.

Investments In Unconsolidated Joint Ventures

     The seven  joint  ventures  described  below  are 50% or less  owned by the
Partnership and are accounted for under the equity method.

     ICON Receivables 1997-A L.L.C.
     ------------------------------

     In March 1997, the Partnership and affiliates, ICON Cash Flow Partners L.P.
Six  ("L.P.  Six")  and ICON Cash  Flow  Partners  L.P.  Series D  ("Series  D")
contributed and assigned  equipment lease and finance  receivables and residuals
to ICON Receivables 1997-A L.L.C. ("1997-A").  In September 1997, Series E, L.P.
Six and the Partnership  contributed and assigned additional equipment lease and
finance  receivables  and  residuals  to  1997-A.  As  of  June  30,  2003,  the
Partnership,  Series E, L.P.  Six and Series D own  19.97%,  31.19%,  31.03% and
17.81% interests, respectively, in 1997-A.

<PAGE>

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

           Notes to Condensed Consolidated Financial Statements - Continued

     Information as to the unaudited results of operations of 1997-A for the six
months ended June 30, 2003 and 2002 is summarized below:

                                   Six Months Ended     Six Months Ended
                                     June 30, 2003       June 30, 2002
                                     -------------        -------------

 Net loss                            $    (39,975)        $    (53,832)
                                     ============         ============

 Partnership's share of net loss     $     (7,981)        $    (10,746)
                                     ============         ============


     ICON Receivables 1997-B L.L.C.
     ------------------------------

     In  August  1997,  the  Partnership,  Series E and  L.P.  Six  formed  ICON
Receivables  1997-B L.L.C.  ("1997-B").  The Partnership,  Series E and L.P. Six
each  contributed  cash,  equipment  leases and residuals and received a 16.67%,
75.00% and 8.33% interest, respectively, in 1997-B.

     Information as to the unaudited results of operations of 1997-B for the six
months ended June 30, 2003 and 2002 is summarized below:

                                   Six Months Ended     Six Months Ended
                                     June 30, 2003        June 30, 2002
                                     ------------         ------------


Net loss                             $   (203,652)        $   (388,997)
                                     ============         ============

Partnership's share of net loss      $    (33,949)        $    (64,847)
                                     ============         ============


     ICON/Boardman Facility LLC
     --------------------------

     In December  1998, the  Partnership  and three  affiliates,  ICON Cash Flow
Partners,  L.P.,  Series C ("Series  C"),  L.P. Six and ICON Income Fund Eight A
L.P.  ("Fund Eight A") formed  ICON/Boardman  Facility LLC ("ICON BF"),  for the
purpose of acquiring a lease for a coal handling  facility with Portland General
Electric,  a utility company.  The purchase price totaled  $27,421,810,  and was
funded with cash and non-recourse debt. The remaining  venturers' shares in ICON
BF at June 30, 2003 were .5025%,  .5025%, and 98.995% for the Partnership,  L.P.
Six, and Fund Eight A,  respectively.  The outstanding debt at June 30, 2003 was
$7,131,576.

     Information  as to the  unaudited  results of operations of ICON BF for the
six months ended June 30, 2003 and 2002 is summarized below:

                                   Six Months Ended     Six Months Ended
                                     June 30, 2003        June 30, 2002
                                     ------------         ------------

Net income                           $    701,622         $    652,963
                                     ============         ============

Partnership's share of net income    $      3,525         $      3,281
                                     ============         ============

<PAGE>


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

            Notes to Condensed Consolidated Financial Statements - Continued

     ICON/AIC Trust
     --------------

     In 1999,  ICON/AIC  Trust  ("AIC  Trust")  was  formed to own and  manage a
portfolio of leases in England.  The Partnership,  L.P. Six and Fund Eight A own
30.76%, 25.51% and 43.73% interests in AIC Trust, respectively.

     On December 28, 2001, AIC Trust sold its remaining  leases,  subject to the
related debt, at a loss for a note  receivable of  (pound)2,575,000  ($3,744,822
based upon the  exchange  rate at  December  31,  2001)  which is payable in six
installments  through  June  2004.  The  first two  installments  on the note of
(pound)475,000  each  were  collected  in 2002  and  the  third  installment  of
(pound)450,000  was collected in the first quarter of 2003. As of June 30, 2003,
the gross  amount due is  (pound)1,175,000  ($1,919,913  based upon the exchange
rate at June 30, 2003).

     Information as to the unaudited results of operations of ICON/AIC Trust for
the six months ended June 30, 2003 and 2002 is summarized below:

                                   Six Months Ended     Six Months Ended
                                     June 30, 2003        June 30, 2002
                                     ------------         -------------

Net income                           $     21,313         $    253,820
                                     ============         ============

Partnership's share of net income    $      6,556         $     78,075
                                     ============         ============

Distributions                        $    722,005         $  1,032,763
                                     ============         ============

Partnership's share of distribution  $    222,089         $    317,678
                                     ============         ============

     ICON Cheyenne LLC
     -----------------

     In December  2000, the  Partnership  and three  affiliates,  L.P. Six, Fund
Eight A and Fund Eight B formed  ICON  Cheyenne  LLC ("ICON  Cheyenne")  for the
purpose of acquiring a portfolio of leases for an  aggregate  purchase  price of
$29,705,716,  which was paid for with cash of $11,401,151  and the assumption of
non-recourse  debt with an unaffiliated  third party lender of $18,304,565.  The
debt is structured to be amortized by the application to the debt of rentals due
under the various leases.  The leases expire on various dates through  September
2006.  The  Partnership,  L.P. Six, Fund Eight A and Fund Eight B have ownership
interests of 10.31%, 1.0%, 1.0% and 87.69%, respectively,  in ICON Cheyenne. The
outstanding debt at June 30, 2003 was $2,812,041.

<PAGE>

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

           Notes to Condensed Consolidated Financial Statements - Continued

     Information as to the unaudited  results of operations of ICON Cheyenne for
the six months ended June 30, 2003 and 2002 is summarized below:

                                     Six Months Ended   Six Months Ended
                                     June 30, 2003        June 30, 2002
                                     ------------         ------------

Net income                           $    132,537         $  1,019,824
                                     ============         ============

Partnership's share of net income    $     13,664         $    105,144
                                     ============         ============

Distributions                        $    741,759         $  2,066,547
                                     ============         ============

Partnership's share of distribution  $     76,475         $    213,061
                                     ============         ============

     ICON Aircraft 24846 LLC
     -----------------------

     In 2000, the Partnership and two affiliates,  ICON Income Fund Eight A L.P.
("Fund Eight A") and ICON Income Fund Eight B L.P.  ("Fund Eight B") formed ICON
Aircraft  24846 LLC ("ICON  Aircraft  24846")  for the purpose of  acquiring  an
investment in a 767-300 ER aircraft leased to Scandinavian Airline Systems for a
purchase  price of  $44,515,416,  which was funded with cash of  $2,241,371  and
non-recourse debt of $42,274,045.  The rents and the aircraft have been assigned
to the  unaffiliated  non-recourse  lender.  The lease expired in March 2003, at
which time the balance of the non-recourse  debt  outstanding was  approximately
$34,500,000.  ICON Aircraft 24846 is currently remarketing the aircraft,  during
which time, it is making interest only payments on the outstanding  non-recourse
debt. The Partnership, Fund Eight A and Fund Eight B have ownership interests of
2.0% and 2.0%, and 96.0%  respectively,  in ICON Aircraft 24846. The outstanding
debt at June 30, 2003 was $34,491,632.

     Information  as to the  unaudited  results of  operations  of ICON Aircraft
24846 for the six months ended June 30, 2003 and 2002 is summarized below:

                                            Six Months Ended    Six Months Ended
                                               June 30, 2003      June 30, 2002
                                               -------------      -------------

Net (loss) income                            $    (685,814)      $      374,716
                                             =============       ==============

Partnership's share of net (loss) income     $     (13,716)      $        7,494
                                             =============       ==============


     North Sea (Connecticut) Limited Partnership
     -------------------------------------------

     In 2000,  a joint  venture,  North Sea  (Connecticut)  Limited  Partnership
("North  Sea"),  in which the  Partnership  is a 50%  Class C  limited  partner,
exercised  its  option  to  acquire a  drilling  rig and  leased  the rig to the
operator.  The lease was then  discounted on a non-recourse  basis at a bank and
the proceeds  were used to pay for the  exercise 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 joint  venturers are not
affiliates of the Partnership.
<PAGE>

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

           Notes to Condensed Consolidated Financial Statements - Continued

     The  Partnership has guaranteed an amount 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, 2003 under this guarantee was
approximately $103,000.

     Information as to the unaudited  results of operations of North Sea for the
six months ended June 30, 2003 and 2002 is summarized below:

                                   Six Months Ended     Six Months Ended
                                     June 30, 2003        June 30, 2002
                                     ------------        ------------

Net income                           $  1,332,950         $  1,165,039
                                     ============         ============

Partnership's share of net income    $    666,475         $    582,519
                                     ============         ============


7.   Investment in Operating Leases and Equipment Held for Sale or Lease

     During the three  months  ended June 30,  2003  equipment  held for sale or
lease with a net book value of $2,697,632 was  reclassified  as an investment in
operating  lease.  The Partnership is continuing to record  depreciation on such
equipment.  Included in the  $17,982,298 of equipment held for sale or lease are
five vessels with an aggregate carrying value of $15,339,147. The Partnership is
currently  negotiating  the re-lease or sale of such  vessels.  The net carrying
value of the vessels approximate their estimated fair values based on appraisals
completed in March 2003. The Partnership also reclassified  equipment previously
classified as a net investment in leveraged leases to an investment in operating
lease. (See Note 5 for additional information).

8.   Line of Credit Agreement

     During the quarter  ended June 30,  2002,  the  Partnership  entered into a
$17,500,000  joint and several line of credit agreement dated as of May 30, 2002
shared with Fund Eight A and Fund Eight B (the "Initial  Funds"),  with Comerica
Bank as lender. Under the terms of the agreement,  the Partnership may borrow at
a rate equal to the Comerica Bank base rate plus 1% (together, 5.00% at June 30,
2003) and all borrowings are to be jointly and severally  collateralized  by the
present  values of rents  receivable  and equipment  owned by all of the Initial
Funds sharing in the joint line of credit.  On December 12, 2002,  the agreement
was  amended to admit ICON Income Fund Nine,  LLC,  collectively  along with the
Initial Funds (the "Funds"), as a borrower sharing the $17,500,000 joint line of
credit agreement. The Funds have entered into a Contribution Agreement, dated as
of May 30, 2002, as amended December 12, 2002,  pursuant to which the Funds have
agreed  to  restrictions  on the  amount  and  the  terms  of  their  respective
borrowings  under the line of credit in order to  minimize  the risk that a Fund
would not be able to repay its allocable  portion of the  outstanding  revolving
loan  obligation at any time,  including  restrictions  on any Fund borrowing in
excess of the lesser of (A) an amount each Fund could reasonably expect to repay
in one year out of its  projected  free cash flow, or (B) the greater of (i) the
Borrowing  Base (as defined in the line of credit  agreement) as applied to such
Fund,  and (ii) 50% of the net worth of such Fund.  The  Contribution  Agreement
provides  that, in the event a Fund pays an amount under the agreement in excess
of its allocable share of the obligation  under the agreement  whether by reason
of an Event of Default or  otherwise,  the other Funds will  immediately  make a
contribution  payment to such Fund in such amount that the aggregate amount paid
by each Fund reflects its allocable share of the aggregate obligations under the

<PAGE>


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

           Notes to Condensed Consolidated Financial Statements - Continued

agreement. The Funds' obligations to each other under the Contribution Agreement
are  collateralized  by a subordinate  lien on the assets of each  participating
Fund.  The line of credit which had expired on May 31, 2003 is in the process of
being  extended  for  twelve  additional  months.  The  Partnership  violated  a
financial  covenant at December 31, 2002 creating an Event of Default.  The bank
granted a waiver to the Partnership with respect to this Event of Default. As of
June 30,  2003,  the  Partnership  had  $6,615,439  outstanding  under the line.
Aggregate  borrowing by all Funds under the line of credit agreement  aggregated
$10,199,986 on June 30, 2003.

<PAGE>

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

                                     June 30, 2003

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

     Forward-Looking  Information - The following discussion and analysis should
be read in conjunction with the audited financial  statements dated December 31,
2002.  Certain  statements  within this document may constitute  forward-looking
statements made pursuant to the safe harbor provision 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. Although the Partnership believes 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.

Results of Operations for the Three Months Ended June 30, 2003 and 2002

     Revenues  for the three months  ended June 30, 2003 ("2003  Quarter")  were
$1,033,635  as compared to  $1,520,917 in the quarter ended June 30, 2002 ("2002
Quarter") representing a decrease of $487,282. The decrease in revenues resulted
primarily  from a  decrease  in finance  income of  $339,430,  and  income  from
leveraged  leases of $520,250.  The decrease in income was  partially  offset by
increases  in  rental  income  of  $283,179  and gain on sales of  equipment  of
$92,231.  The decrease in finance income resulted  primarily from (1) a decrease
in the average size of the  Partnership's  lease  portfolio,  (2) certain leases
were  renewed  and are  generating  lower  levels of finance  income  during the
respective renewal terms and (3) certain finance leases came to term in 2002 and
were  reclassified as operating  leases during their renewal terms. The decrease
in  income  from  leveraged  leases  was  due to a  reduction  in the  estimated
unguaranteed  residual  value of $350,000,  as result of  management's  analysis
which  indicated  a  lower  rate  value  at  lease  termination  than  initially
estimated.  The increase in rental income in the 2003 Quarter  resulted from the
rentals associated with equipment which was reclassified from equipment held for
sale or lease subsequent to the 2002 Quarter.

     Expenses for the 2003 Quarter were  $2,722,524 as compared to $2,270,001 in
the 2002 Quarter, representing an increase of $452,523. The increase in expenses
was primarily  attributable to an increase in depreciation  expense of $374,287,
due primarily to equipment being  reclassified  from finance leases to operating
leases  subsequent  to  the  2002  Quarter,  and  an  increase  in  general  and
administrative  expenses of $276,384.  The principal  reason for the increase in
general  and  administrative  expenses  was  the  storage  and  insurance  costs
associated  with  off-lease  vessels  during the 2003  Quarter.  An  increase in
interest  expense of $98,667  resulted from the debt  associated  with equipment
which was  reclassified  to equipment  held for sale or lease  subsequent to the
2002 Quarter.  The increase in expenses were  partially  offset by a decrease in
management  fees - General  Partner of  $107,630,  a decrease in  administrative
expense  reimbursements  -  General  Partner  of  $51,217,  and  a  decrease  in
amortization  of initial  direct costs of $136,758.  The decreases in management
fees -  General  Partner  and  administrative  expense  reimbursement  - General
Partner  resulted  from  the  overall  decrease  in  the  average  size  of  the
Partnership's  lease  portfolio.  The decrease in amortization of initial direct
costs  resulted  from the  decrease  in the  average  size of the  Partnership's
finance lease portfolio.

     Net loss for the 2003  Quarter  and the 2002  Quarter  was  $1,688,889  and
$749,084,  respectively.  The net loss per weighted average limited  partnership
unit  outstanding was $1.69 and $.75, for the 2003 Quarter and the 2002 Quarter,
respectively.

<PAGE>


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

                                     June 30, 2003

Results of Operations for the Six Months Ended June 30, 2003 and 2002

     Revenues  for the six  months  ended June 30,  2003  ("2003  Period")  were
$2,019,129  as compared to  $3,268,401  in the Period ended June 30, 2002 ("2002
Period")  representing  a decrease  of  $1,249,272.  The  decrease  in  revenues
resulted  primarily  from a decrease in finance  income of $773,477,  and income
from leveraged leases of $860,502 and income from investments in  unconsolidated
joint  ventures  of $66,346.  The  decrease  in income was  partially  offset by
increases  in gain on sales of  equipment  of  $122,641  and  rental  income  of
$365,769.  The decrease in finance income resulted primarily from (1) a decrease
in the average size of the  Partnership's  lease  portfolio,  (2) certain leases
were  renewed  and are  generating  lower  levels of finance  income  during the
respective renewal terms and (3) certain finance leases came to term in 2002 and
were  reclassified as operating  leases during their renewal terms. The decrease
in  income  from  leveraged  leases  was  due to a  reduction  in the  estimated
unguaranteed  residual  value of $700,000,  as result of  management's  analysis
which  indicated a lower  estimated  value at lease  termination  than initially
projected.

     Expenses for the 2003 Period were  $5,911,145  as compared to $5,143,979 in
the 2002 Period,  representing an increase of $767,166. The increase in expenses
was primarily  attributable to an increase in depreciation  expense of $748,690,
due primarily to equipment being  reclassified  from finance leases to operating
leases subsequent to the 2002 Period, an increase in interest expense of $49,384
resulted from the debt  associated  with  equipment  which was  reclassified  to
equipment  held for sale or lease  subsequent to the 2002 Period and an increase
in general and administrative expenses of $363,583. The principal reason for the
increase in general and  administrative  expenses was the storage and  insurance
costs associated with off-lease vessels during the 2003 Period.  The increase in
expenses  were  partially  offset by a  decrease  in  management  fees - General
Partner of  $169,414,  a decrease in  administrative  expense  reimbursements  -
General  Partner of $84,045,  and a decrease in  amortization  of initial direct
costs of  $139,788.  The  decreases  in  management  fees - General  Partner and
administrative expense reimbursement - General Partner resulted from the overall
decrease in the average size of the Partnership's lease portfolio.  The decrease
in  amortization  of initial  direct  costs  resulted  from the  decrease in the
average size of the Partnership's finance lease portfolio.

     Net  loss for the  2003  Period  and the 2002  Period  was  $3,892,016  and
$1,875,578,  respectively. The net loss per weighted average limited partnership
unit  outstanding was $3.90 and $1.88,  for the 2003 Period and the 2002 Period,
respectively.

Liquidity and Capital Resources

     During the six months ended June 30,  2003,  the  Partnership  used cash in
operating   activities  of  $514,671  and  paid  distributions  to  partners  of
$1,662,543.   The  Partnership  received  $298,564  in  distributions  from  its
unconsolidated  joint ventures and $827,549 in proceeds from sales of equipment.
Because the  Partnership's  use of cash  exceeded its sources of cash during the
quarter, its liquidity was reduced.

<PAGE>

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

                                     June 30, 2003

     During the quarter  ended June 30,  2002,  the  Partnership  entered into a
$17,500,000  joint and several line of credit agreement dated as of May 30, 2002
shared with Fund Eight A and Fund Eight B (the "Initial  Funds"),  with Comerica
Bank as lender. Under the terms of the agreement,  the Partnership may borrow at
a rate equal to the Comerica Bank base rate plus 1% (together, 5.00% at June 30,
2003) and all borrowings are to be jointly and severally  collateralized  by the
present  values of rents  receivable  and equipment  owned by all of the Initial
Funds sharing in the joint line of credit.  On December 12, 2002,  the agreement
was  amended to admit ICON Income Fund Nine,  LLC,  collectively  along with the
Initial Funds (the "Funds"), as a borrower sharing the $17,500,000 joint line of
credit agreement. The Funds have entered into a Contribution Agreement, dated as
of May 30, 2002, as amended December 12, 2002,  pursuant to which the Funds have
agreed  to  restrictions  on the  amount  and  the  terms  of  their  respective
borrowings  under the line of credit in order to  minimize  the risk that a Fund
would not be able to repay its allocable  portion of the  outstanding  revolving
loan  obligation at any time,  including  restrictions  on any Fund borrowing in
excess of the lesser of (A) an amount each Fund could reasonably expect to repay
in one year out of its  projected  free cash flow, or (B) the greater of (i) the
Borrowing  Base (as defined in the line of credit  agreement) as applied to such
Fund,  and (ii) 50% of the net worth of such Fund.  The  Contribution  Agreement
provides  that, in the event a Fund pays an amount under the agreement in excess
of its allocable share of the obligation  under the agreement  whether by reason
of an Event of Default or  otherwise,  the other Funds will  immediately  make a
contribution  payment to such Fund in such amount that the aggregate amount paid
by each Fund reflects its allocable share of the aggregate obligations under the
agreement. The Funds' obligations to each other under the Contribution Agreement
are  collateralized  by a subordinate  lien on the assets of each  participating
Fund.  The line of credit which had expired on May 31, 2003 is in the process of
being  extended  for  twelve  additional  months.  The  Partnership  violated  a
financial  covenant at December 31, 2002 creating an Event of Default.  The bank
granted a waiver to the Partnership with respect to this Event of Default. As of
June 30,  2003,  the  Partnership  had  $6,615,439  outstanding  under the line.
Aggregate  borrowing by all Funds under the line of credit agreement  aggregated
$10,199,986 on June 30, 2003.

     Cash  distributions  to limited  partners  for the 2003 Period and the 2002
Period,   which  were  paid  monthly,   totaled   $1,645,916   and   $5,304,971,
respectively.

     ICON Cash Flow  Partners,  L.P.  Series  Seven is the owner of two  special
purpose  entities  that own  eight  marine  vessels  originally  on  charter  to
affiliates  of  Seacor  Smit.  Five  of  the  eight  vessels  have   outstanding
non-recourse  debt with a lender.  Under the original loan agreements,  with the
SPEs,  all charter  revenue was paid to the lender to amortize the debt.  At the
end of the  original  charter  term of each  vessel  it was  expected  that  the
individual  vessels would be either  re-chartered or sold with proceeds directed
to the lender  until the debt was fully  satisfied.  Several of the  vessels had
been  re-chartered  during depressed periods of bareboat charter rates. As such,
the lender has not received the amortization it had originally  contemplated and
the non-recourse notes have been declared to be in default. The specific vessels
subject to these notes are the  Yankee,  Rebel,  Frontier,  Kodiak  Island,  and
Osprey. According to recent appraisals, the value of the vessels is estimated to
be between  15.6 and 24.5  million  dollars.  At August 5, 2003,  the total debt
balance  was 7.25  million  dollars.  The SPEs are  working  with the  lender to
resolve the matter while  simultaneously in discussions with several parties for
the sale of a number of the vessels.

     The  Partnership's   reinvestment  period  ended  November  2000,  and  the
disposition period began. During the disposition period, the Partnership has and


<PAGE>

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

                                    June 30, 2003

will continue to distribute substantially all distributable cash from operations
and equipment sales to the partners and continue the orderly  termination of its
operations  and  affairs.  The  Partnership  has not and will not  invest in any
additional finance or lease transactions during the disposition period.

     We do not  consider  the impact of inflation to be material in the analysis
of our overall operations.

Item  3.  Qualitative  and  Quantitative   Disclosures  About  Market  Risk  Not
Applicable

     The  Partnership is exposed to certain market risks,  including  changes in
interest rates and the demand for equipment (and the related residuals) owned by
the Partnership and its investees.  Except as described  below,  the Partnership
believes  its  exposure  to other  market  risks are  insignificant  to both its
financial position and results of operations.

     The Partnership manages its interest rate risk by obtaining fixed rate debt
for most of its obligations.

     The  Partnership  borrows funds under a floating rate line of credit and is
therefore  exposed to interest  rate risk until the floating rate line of credit
is repaid.  The Partnership's  borrowings under its floating rate line of credit
as of June 30, 2003 aggregated $6,615,439.

     The  Partnership  manages its  exposure to equipment  and residual  risk by
monitoring  the  market  and  maximizing  remarketing  proceeds  through  either
releasing or sales of equipment.

Item 4.   Controls and Procedures

     Beaufort  J.B.  Clarke and Thomas W. Martin,  the  Principal  Executive and
Principal Financial Officers,  respectively,  of ICON Capital Corp. ("ICC"), the
General Partner of the Partnership,  have evaluated the disclosure  controls and
procedures  of the  Partnership  as of the quarter  ended June 30, 2003. As used
herein,  the term "disclosure  controls and procedures" has the meaning given to
the term by Rule 13a-14 under the  Securities  Exchange Act of 1934,  as amended
("Exchange  Act"),  and  includes  the  controls  and  other  procedures  of the
Partnership  that  are  designed  to  ensure  that  information  required  to be
disclosed by the Partnership in the reports that it files with the SEC under the
Exchange Act is recorded,  processed,  summarized  and reported  within the time
periods  specified  in the SEC's rules and forms.  As part of their  evaluation,
Messrs. Clarke and Martin conferred with the finance and accounting staff of ICC
and the finance and accounting  staff of ICON Holdings Corp., the parent of ICC.
Based upon their evaluation,  Messrs.  Clarke and Martin have concluded that the
Partnership's  disclosure  controls and procedures provide reasonable  assurance
that the information  required to be disclosed by the Partnership in this report
is  recorded,  processed,  summarized  and  reported  within  the  time  periods
specified in the SEC's rules and forms  applicable  to the  preparation  of this
report.

     There  have  been no  significant  changes  in the  Partnership's  internal
controls or in other factors that could  significantly  affect the Partnership's
internal  controls  subsequent to the evaluation  described  above  conducted by
ICC's principal executive and financial officers.

<PAGE>

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

PART II - OTHER INFORMATION
---------------------------


Item 1 - Legal Proceedings
--------------------------

     The  Partnership,  from  time-to-time,  in the ordinary course of business,
commences  legal actions when  necessary to protect or enforce the rights of the
Partnership. We are not a defendant party to any litigation and are not aware of
any pending or threatened litigation against the Partnership.


Item 3 - Defaults Upon Senior Securities
----------------------------------------

     ICON Cash Flow  Partners,  L.P.  Series  Seven is the owner of two  special
purpose  entities  that own  eight  marine  vessels  originally  on  charter  to
affiliates  of  Seacor  Smit.  Five  of  the  eight  vessels  have   outstanding
non-recourse  debt with a lender.  Under the original loan agreements,  with the
SPEs,  all charter  revenue was paid to the lender to amortize the debt.  At the
end of the  original  charter  term of each  vessel  it was  expected  that  the
individual  vessels would be either  re-chartered or sold with proceeds directed
to the lender  until the debt was fully  satisfied.  Several of the  vessels had
been  re-chartered  during depressed periods of bareboat charter rates. As such,
the lender has not received the amortization it had originally  contemplated and
the non-recourse notes have been declared to be in default. The specific vessels
subject to these notes are the  Yankee,  Rebel,  Frontier,  Kodiak  Island,  and
Osprey. According to recent appraisals, the value of the vessels is estimated to
be between  15.6 and 24.5  million  dollars.  At August 5, 2003,  the total debt
balance  was 7.25  million  dollars.  The SPEs are  working  with the  lender to
resolve the matter while  simultaneously in discussions with several parties for
the sale of a number of the vessels.

Item 6 - Exhibits and Reports on Form 8K
----------------------------------------

(a)  Exhibits

     99.1 Certification of Chairman and Chief Executive Officer.

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

     99.3 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.

     99.4 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.
<PAGE>

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



                                    SIGNATURES



     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                    ICON Cash Flow Partners L.P. Seven
                                    File No. 33-94458 (Registrant)
                                    By its General Partner,
                                    ICON Capital Corp.



        August 13, 2003             /s/ Thomas W. Martin
    ----------------------          --------------------------------------
              Date                  Thomas W. Martin
                                    Executive Vice President
                                    (Principal Financial and Accounting Officer
                                    of the General Partner of the Partnership)

<PAGE>

                             Certifications - 10-Q

EXHIBIT 99.1

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

1.   I have  reviewed  this  quarterly  report 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 Partnership as of, and for, the periods presented in this report;

4.   The  Partnership'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))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) for the Partnership and 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
          Partnership, 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)  Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     (c)  Evaluated the effectiveness of the Partnership'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

     (d)  Disclosed  in this  report  any change in the  Partnership's  internal
          control   over   financial   reporting   that   occurred   during  the
          Partnership's most recent fiscal quarter that has materially affected,
          or is  reasonably  likely  to  materially  affect,  the  Partnership's
          internal control over financial reporting; and

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

     (a)  All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to adversely  affect the  Partnership'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  Partnership's  internal
          control over financial reporting.

Dated:  August 13, 2003

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

<PAGE>

                             Certifications - 10-Q

EXHIBIT 99.2

I, Thomas W. Martin, certify that:

1.   I have  reviewed  this  quarterly  report 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 Partnership as of, and for, the periods presented in this report;

4.   The  Partnership'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))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) for the Partnership and 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
          Partnership, 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)  Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     (c)  Evaluated the effectiveness of the Partnership'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

     (d)  Disclosed  in this  report  any change in the  Partnership's  internal
          control   over   financial   reporting   that   occurred   during  the
          Partnership's most recent fiscal quarter that has materially affected,
          or is  reasonably  likely  to  materially  affect,  the  Partnership's
          internal control over financial reporting; and

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

     (a)  All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to adversely  affect the  Partnership'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  Partnership's  internal
          control over financial reporting.

Dated:  August 13, 2003

/s/ Thomas W. Martin
----------------------------------------
Thomas W. Martin
Executive Vice President
(Principal Financial and Accounting officer
of the General Partner of the Partnership)
<PAGE>

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

                                    June 30, 2003

EXHIBIT 99.3

     I,  Beaufort  J.B.  Clarke,  Chairman and Chief  Executive  Officer of ICON
Capital Corp.,  the sole General  Partner of ICON Cash Flow Partners L.P. Seven,
certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)  the  Quarterly  Report on Form 10-Q for the period ended June 30, 2003 (the
     "Periodic Report") which this statement accompanies fully complies with the
     requirements  of Section 13(a) of the  Securities  Exchange Act of 1934 (15
     U.S.C. 78m) and

(2)  information  contained  in the  Periodic  Report  fairly  presents,  in all
     material  respects,  the  financial  condition and results of operations of
     ICON Cash Flow Partners L.P. Seven.

Dated:  August 13, 2003



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

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

                                     June 30, 2003

EXHIBIT 99.4

     I, Thomas W. Martin,  Executive  Vice  President  (Principal  Financial and
Accounting Officer) of ICON Capital Corp., the sole General Partner of ICON Cash
Flow Partners L.P. Seven, certify, pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, that:

(1)  the  Quarterly  Report on Form 10-Q for the period ended June, 30 2003 (the
     "Periodic Report") which this statement accompanies fully complies with the
     requirements  of Section 13(a) of the  Securities  Exchange Act of 1934 (15
     U.S.C. 78m) and

(2)  information  contained  in the  Periodic  Report  fairly  presents,  in all
     material  respects,  the  financial  condition and results of operations of
     ICON Cash Flow Partners L.P. Seven.

Dated:  August 13, 2003



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