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                September 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

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). [ ] Yes [x] No


<PAGE>


                       ICON Cash Flow Partners L.P. Seven
                                      Index


PART I - FINANCIAL INFORMATION

<TABLE>
<CAPTION>

     Item 1.  Condensed Consolidated Financial Statements

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

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

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

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

         Notes to Condensed Consolidated Financial Statements (Unaudited)                  9-14

     Item 2.  General Partner's Discussion and Analysis of Financial Condition
       and Results of Operations                                                          15-23

     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>

                         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)
                                                      September 30,   December 31,
                                                          2005            2004

<S>                                                   <C>             <C>
 Cash and cash equivalents                            $    104,527    $    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                            (1,249,965)      (833,310)
                                                      ------------    -----------

     Net investments in operating leases                 1,315,035      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                           4,803,240      3,813,458
 Due from General Partner and affiliates                        -         190,301
 Other assets, net                                         263,919        442,972
                                                      ------------    -----------

     Total assets                                     $ 11,394,297    $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

                                   (Unaudited)

<TABLE>
<CAPTION>
                                                          September 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                          128,561         341,323
 Security deposits, deferred credits and other payables          41,183         155,487
 Minority interest                                               13,151          17,316
                                                          -------------    ------------

    Total liabilities                                         6,026,433       8,688,127
                                                          -------------    ------------

 Commitments and contingencies

 Partners' equity:
    General Partner                                            (795,227)       (797,295)
    Limited Partners;  987,547.98 units outstanding,
     $100 per unit original issue price                       6,163,091       5,958,407
                                                          -------------    ------------

    Total partners' equity                                    5,367,864       5,161,112
                                                          -------------    ------------

    Total liabilities and partners' equity                $  11,394,297    $ 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                  Nine Months
                                                          Ended September 30,           Ended September 30,
                                                       2005                2004         2005          2004
                                                       ----                ----         ----          ---

<S>                                                <C>              <C>             <C>          <C>
Revenue:
    Rental income                                  $     150,000    $     113,555  $   450,000  $     323,380
    Finance income                                            -             2,897        1,928         10,582
    Net income from leveraged leases                          -                -            -       1,078,481
    Income from investments in joint ventures            383,780          398,393    1,262,752        931,283
    Gain on transfer of investment in joint venture           -                -     1,171,786             -
    Interest and other income                              3,327            5,157       24,031         37,927
                                                   -------------   --------------  -----------  -------------

      Total revenue                                      537,107          520,002    2,910,497      2,381,653
                                                   -------------   --------------  ------------ -------------

 Expenses:
    Impairment loss                                            -        1,580,839    1,320,826      6,280,839
    Depreciation                                         138,885          508,960      416,655      2,536,179
    Interest                                                  -           160,164      237,160        964,838
    Loss on disposal of assets                                -           931,628           -       1,604,750
    Management fees                                       75,000               -       225,000             -
    General and administrative                           169,963           58,914      425,827        460,949
    Management fees - General Partner                         -                -            -         387,287
    Administrative expense reimbursement -
      General Partner                                         -                -            -         154,958
    Reversal of provision for doubtful accounts               -           (21,979)          -        (134,391)
    Amortization of initial direct costs                  26,731           28,282       80,193         91,050
    Minority interest                                       (638)           (570)       (1,916)        (1,913)
                                                   -------------   --------------  -----------  --------------

      Total expenses                                     409,941        3,246,238    2,703,745     12,344,546
                                                   -------------   --------------  -----------  -------------

 Net income (loss)                                 $     127,166   $   (2,726,236) $   206,752  $  (9,962,893)
                                                   =============   ==============  ===========  ==============

 Net income (loss) allocable to:
    Limited partners                               $     125,894   $   (2,698,974) $   204,684  $  (9,863,264)
    General Partner                                        1,272          (27,262)       2,068        (99,629)
                                                   -------------   --------------  -----------  -------------

                                                   $     127,166   $   (2,726,236) $   206,752  $  (9,962,893)
                                                   =============   ==============  ===========  =============

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

 Net income  (loss) per weighted average limited
    partnership unit                               $        0.13   $       (2.73)  $      0.21  $      (9.99)
                                                   =============   ==============  ===========  =============

</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
                      Nine Months Ended September 30, 2005
                                   (Unaudited)

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

<S>                           <C>            <C>              <C>               <C>
 Balance, January 1, 2005       987,547.98   $    5,958,407   $     (797,295)   $    5,161,112

 Net income                           -             204,684            2,068           206,752
                              ------------   --------------   --------------    --------------

 Balance, September 30, 2005    987,547.98   $    6,163,091   $     (795,227)   $    5,367,864
                              ============   ==============   ===============   ==============

</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
                         Nine Months Ended September 30,
                                   (Unaudited)


<TABLE>
<CAPTION>

                                                                           2005           2004
                                                                           ----           ----

 Cash flows from operating activities
<S>                                                                    <C>            <C>
    Net income (loss)                                                  $   206,752    $ (9,962,893)
    Adjustments to reconcile net income (loss) to net cash
      provided by operating activities:
        Interest expense on non-recourse financing paid directly
          to lenders by lessees                                                 -          391,890
        Amortization of prepaid interest expense                           104,382         229,970
        Amortization of initial direct costs                                80,193          91,050
        Impairment loss                                                  1,320,826       6,280,839
        Loss on disposal of assets                                              -        1,604,750
        Reversal of provision for doubtful accounts                             -         (134,391)
        Depreciation                                                       416,655       2,536,179
        Net income from leveraged leases                                        -       (1,078,481)
        Income from investments in joint ventures                       (1,262,752)       (931,283)
        Gain on transfer of investment in joint venture                 (1,171,786)             -
        Minority interest                                                   (1,916)         (1,913)
      Changes in operating assets and liabilities:
        Collection of principal - non-financed receivables                 366,567         867,359
        Other assets                                                        (5,521)        190,615
        Security deposits, deferred credits and other payables            (114,305)        (20,633)
        Accrued interest expense                                            92,529              -
        Due from/to General Partner and affiliates, net                    (22,462)             -
                                                                       -----------    -----------

 Net cash provided by operating activities                                   9,162          63,058
                                                                       -----------    ------------

 Cash flows from investing activities:
    Proceeds from sales of equipment                                       234,487       1,548,754
    Distributions received from joint ventures                              16,764         956,057
                                                                       -----------    ------------

 Net cash provided by investing activities                                 251,251       2,504,811
                                                                       -----------    ------------

 Cash flows from financing activities:
    Principal payments on notes payable - recourse                      (2,422,992)     (4,477,654)
    Loans and advances from affiliates                                   2,172,992       1,980,751
    Distributions to minority interest in joint venture                     (2,250)             -
                                                                       -----------    ------------

 Net cash used in financing activities                                    (252,250)     (2,496,903)
                                                                       -----------    ------------

 Net increase in cash and cash equivalents                                   8,163          70,966
 Cash and cash equivalents, beginning of the period                         96,364         301,256
                                                                       -----------    ------------

 Cash and cash equivalents, end of the period                          $   104,527    $    372,222
                                                                       ===========    ============
</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
                         Nine Months Ended September 30,
                                   (Unaudited)


<TABLE>
<CAPTION>

                                                                                    2005            2004
                                                                                    ----            ----
 Supplemental disclosure of cash flow information:
<S>                                                                             <C>            <C>
    Cash paid during the period for interest                                    $      40,249  $     572,948
                                                                                =============  =============

 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                         $         -    $   5,530,831
                                                                                =============  =============
    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  $        -
                                                                                =============  =============
    Non-cash repayments of loan and advances from 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
                               September 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 the General Partner, 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 owner's  proportionate share of their
equity in the joint venture.  The minority interest is adjusted for the minority
owner'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 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  (the  "Management
Agreement")  with the  Partnership.  Additionally,  the General Partner has a 1%
ownership interest in the Partnership.

     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.

                                       9
<PAGE>
                       ICON Cash Flow Partners L.P. Seven
                        (A Delaware limited Partnership)
              Notes To Condensed Consolidated Financial Statements
                               September 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 their  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 three and nine month  periods ended
September 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 has a net  payable of  $128,561  due to the  General
Partner and  affiliates  at  September  30,  2005,  which is owed to the General
Partner for  management  fees and  administrative  expense  reimbursements  from
periods prior to July 1, 2004.

     On March 28, 2005,  the  Partnership  assigned its entire 50% finance lease
interest in assets leased to EKA  Chemicals,  Inc. to ICON Income Fund Nine, LLC
for $745,000. This assignment was made in order for the Partnership to repay its
outstanding  debt  obligation  to Fund  Nine  as  required  by the  Contribution
Agreement (see Note 7). This amount  represented the Partnership's fair value of
its  interest  in EKA  Chemicals,  Inc.  on March  28,  2005.  This  amount  was
determined to represent  the fair value of EKA  Chemicals,  Inc.  based upon the
expected future undiscounted cash flows.

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

<TABLE>
<CAPTION>
                                           Three Months Ended         Nine Months Ended
                                              September 30,            September 30,
                                             2005       2004         2005        2004
                                             ----       ----         ----        ----

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

                                         $    -      $     -      $    -      $   542,245
                                         =========   =========    =========   ============

</TABLE>

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

(4)     Joint Ventures

     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 in North Sea 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  venture  partners   ($10,001,284   represented  the
Partnership's  original 50% share).  The other parties to this joint venture are
not affiliates of the Partnership or the General Partner.

     As  discussed  in Note 7, in  connection  with the  Comerica  Bank Loan and
Security Agreement,  the Partnership entered into a Contribution  Agreement with
the Borrowers which require a Borrower to repay other Borrowers'  obligations to
Comerica  Bank as long as the repaid  amounts  are  promptly  reimbursed  to the
paying  Borrower.  During the quarter  ended  March 31,  2005,  the  Partnership
entered  into the  following  transactions  as  repayment  for  amounts  paid to
Comerica Bank under the terms of the Contribution Agreement: (i) during February
2005,  the  assignment  of 2.69% of the  Partnership's  interest in the profits,
losses and cash flows of North Sea valued at  $672,992 to ICON Income Fund Eight
B L.P.  ("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 September 30, 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 September
30, 2005 under this guarantee was approximately $33,000.

     On October 5, 2005,  the  operator of the  drilling  rig notified the owner
trustee of the rig that an "Event of Loss" occurred with respect to the rig. The
"Stipulated Loss Value" for the rig will be determined according to the terms of
the charter  between the operator of the  drilling rig and the owner  trustee of
the rig. The charter  provides that the  charterer  shall pay to the lender (and
upon satisfaction of all of the debt outstanding, to the owner trustee on behalf
of North Sea) an amount equal to the  "Stipulated  Loss Value" of the rig, which
is defined as the present  value of the  remaining  charter hire payments due to
the lender and the fair market  value of the rig at the end of the  charter.  At
this time the Stipulated Loss Value has not been determined.

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


(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.

     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 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 nine months ended  September  30, 2005.  The
impairment  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
$5,843,538,  which matures on November 27, 2006,  related to this  investment at
September  30,  2005.  If any,  or all,  of the  aircraft  are sold prior to the
maturity date of the recourse promissory note, 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 the  aircraft,  as  defined by the  agreement.  In  addition,  the
Partnership is required to prepay a portion of the recourse promissory note with
50% of the net  proceeds  from any of its assets which are not subject to senior
secured debt.

                                       12
<PAGE>

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

(7)    Line of Credit Agreement

     On May 30, 2002,  the  Partnership,  along with certain of its  affiliates;
ICON Income Fund Eight A L.P.,  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 accrued interest,  on all outstanding balances,
at an interest rate equal to the Comerica Bank base interest rate plus 1%. Under
the terms of the line of credit  agreement,  the Initial Funds could 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 also 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 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 Fund Nine.

     Effective March 8, 2005, the Borrowers  entered into a Seventh Amendment to
the Loan and Security  Agreement with Comerica Bank. This Agreement released 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.

                                       13
<PAGE>

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

(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. The Partnership has filed
counterclaims  against Fleet. 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

     The General Partner 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.

                                       14
<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 our
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.  We 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 anticipated that the
future  value of the  leased  equipment  will  exceed  the cash  portion  of the
purchase  price  paid  for the  equipment.  We had  anticipated  completing  our
liquidation  in  approximately  another  three to nine months,  however with the
recent  events  surrounding  the "Event of Loss" as discussed  below,  it may be
necessary to continue longer then previously stated.

     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.

                                       15
<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 43.825%  interest in a mobile  offshore  drilling rig
subject to lease  with  Rowan  Companies,  Inc.,  which has a monthly  rental of
approximately $436,000 that is paid semi-annually and expires on March 15, 2008.
We originally  acquired 100% of the Class C limited partner interest giving us a
50%  ownership  interest  in the mobile  offshore  drilling  rig.  The  original
purchase  price  was  approximately  $14,726,000,  consisting  of  approximately
$12,325,000 in cash and  approximately  $2,401,000 of non-recourse  debt. During
2004, we assigned 6.64% of our interest  (which is 3.32% of the entire  drilling
rig) and during  February 2005 we assigned an  additional  5.71% of our interest
(which is 2.86% of the  entire  drilling  rig) 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.

     On October 5, 2005,  the  operator of the  drilling  rig notified the owner
trustee of the rig that an "Event of Loss" occurred with respect to the rig. The
"Stipulated Loss Value" for the rig will be determined according to the terms of
the charter  between the operator of the  drilling rig and the owner  trustee of
the rig. The charter  provides that the  charterer  shall pay to the lender (and
upon satisfaction of all of the debt outstanding, to the owner trustee on behalf
of North Sea) an amount equal to the  "Stipulated  Loss Value" of the rig, which
is defined as the present  value of the  remaining  charter hire payments due to
the lender and the fair market  value of the rig at the end of the  charter.  At
this time the Stipulated Loss Value has not been determined.

     Air Transportation Equipment

     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.

                                       16
<PAGE>

     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.

     These  so-called  "Current  Generation"  Boeing  narrowbody  aircraft  were
amongst those whose values were initially hardest hit by the terrorist 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  Airlines,  Inc.
will  either  renew  the  current  leases,  as they did in  2003,  or agree to a
favorable  buyout when the current  leases expire.  As for the related  recourse
debt, we are not required to commence  interest only payments until December 31,
2005. We remain hopeful that when these aircraft are sold, all or  substantially
all of our recourse debt will be repaid from the  proceeds,  but there can be no
assurance  that this will be the case.  A sale of the aircraft  before  November
2006 for a low sales  price  would  result in our  being  required  to repay the
remaining  balance of the recourse debt in November  2006.  However,  we have no
control over when a potential sale would occur or the potential selling price.

     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 nine months ended  September 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 September 30, 2005

     We did not enter into any  leasing  transactions  during  the three  months
ended September 30, 2005.

     Mobile Offshore Drilling Rig

     On October 5, 2005,  the  operator of the  drilling  rig notified the owner
trustee of the rig that an "Event of Loss" occurred with respect to the rig. The
"Stipulated Loss Value" for the rig will be determined according to the terms of
the charter  between the operator of the  drilling rig and the owner  trustee of
the rig. The charter  provides that the  charterer  shall pay to the lender (and
upon satisfaction of all of the debt outstanding, to the owner trustee on behalf
of North Sea) an amount equal to the  "Stipulated  Loss Value" of the rig, which
is defined as the present  value of the  remaining  charter hire payments due to
the lender and the fair market  value of the rig at the end of the  charter.  At
this time the Stipulated Loss Value has not been determined.

     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.

                                       17
<PAGE>

     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.

     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

                                       18
<PAGE>
     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.

     Asset Impairments

     The significant assets in our asset portfolio are periodically reviewed, at
least annually,  by our General Partner,  to determine whether events or changes
in  circumstances  indicate  that the  carrying  value  of an  asset  may not be
recoverable.   The  General  Partner  uses  independent  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 the General
Partner, to determine whether an impairment charge may be required.  The General
Partner 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

     The General Partner 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.

                                       19
<PAGE>

Results of Operations  for the Three Months Ended  September 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
September 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.

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

<TABLE>
<CAPTION>
                                                Three Months Ended September 30,
                                                   2005                2004             Change
                                                   ----                ----             ------

<S>                                         <C>                 <C>                <C>
Total revenue                               $        537,107    $       520,002    $     17,105
                                            ================    ===============    ============

Rental income                               $        150,000    $       113,555    $     36,445
Finance income                              $             -     $         2,897    $     (2,897)
Income from investments in joint ventures   $        383,780    $       398,393    $    (14,613)
Interest and other income                   $          3,327    $         5,157    $     (1,830)

</TABLE>

     Total revenue for the 2005 Quarter  increased  $17,105,  or 3.3%,  over the
2004  Quarter.  The increase in income is derived  primarily  from rental income
from our  investment in an aircraft  subject to lease with World  Airways,  Inc.
This increase in total revenue was partially offset by a decrease in income from
our investments in joint ventures.

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

<TABLE>
<CAPTION>
                                              Three Months Ended September 30,
                                                   2005                2004             Change

<S>                                          <C>                <C>                 <C>
Total expenses                               $       409,941    $      3,246,238    $  (2,836,297)
                                             ===============    =================== ==============

Impairment loss                              $            -     $      1,580,839    $  (1,580,839)
Depreciation                                 $       138,885    $        508,960    $    (370,075)
Interest                                     $            -     $        160,164    $    (160,164)
Loss on disposal of assets                   $            -     $        931,628    $    (931,628)
Management fees                              $        75,000    $             -     $      75,000
General and administrative                   $       169,963    $         58,914    $     111,049
Reversal of provision for doubtful accounts  $            -     $        (21,979)   $      21,979
Amortization of initial direct costs         $        26,731    $         28,282    $      (1,551)
Minority interest                            $          (638)   $           (570)   $         (68)

</TABLE>

     Our total expenses for the 2005 Quarter decreased by $2,836,297,  or 87.4%,
over  the  2004  Quarter.  The  decrease  is  primarily  due  to a  decrease  in
depreciation expense,  impairment loss and loss on disposal of assets due to our
impairment and  terminations  of the SEACOR Smit and SEACOR Marine leases during
2004.  The increase in general and  administrative  expenses is primarily due to
continued costs associated with the Fleet litigation. During the 2005 Quarter we
paid approximately $132,000 in legal fees related to the Fleet litigation.

     Net Income (Loss)

     As a result of the factors  discussed  above, the net income (loss) for the
2005 Quarter and the 2004 Quarter was $127,166 and  $(2,726,236),  respectively.
The net income (loss) per weighted average limited  partnership unit outstanding
was $0.13 and $(2.73) for the 2005 Quarter and the 2004 Quarter, respectively.

                                       20
<PAGE>

Results of  Operations  for the Nine Months Ended  September 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>
                                                        Nine Months Ended September 30,
                                                          2005               2004              Change
                                                          ----               ----              ------
<S>                                                  <C>                  <C>               <C>
Total revenue                                        $      2,910,497     $   2,381,653     $     528,844
                                                     ================     =============     =============

Rental income                                        $        450,000     $     323,380     $     126,620
Finance income                                       $          1,928     $      10,582     $      (8,654)
Net income from leveraged leases                     $             -      $   1,078,481     $  (1,078,481)
Income from investments in joint ventures            $      1,262,752     $     931,283     $     331,469
Gain on transfer of investment in joint venture      $      1,171,786     $        -        $   1,171,786
Interest and other income                            $         24,031     $      37,927     $     (13,896)

</TABLE>

     Revenue for the 2005 Period increased by $528,844,  or 22.2%, over the 2004
Period. The increase in income is derived primarily from our gain on transfer of
investment in joint  ventures  which was derived from our assignment of 5.71% of
our interest in one of our 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.

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

     Our total expenses for the 2005 Period  decreased by $9,640,801,  or 78.1%,
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 losses
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  depreciation  expense  and the loss on disposal of assets were due
primarily to the terminations of five vessels on lease to SEACOR Smit and SEACOR
Marine  leases during the 2004 Period.  The decrease in interest  expense is the
result of the  termination or payment of our  non-recourse  and recourse debt in
the 2004  Period and the first  quarter of the 2005  Period.  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.

<TABLE>
<CAPTION>
                                              Nine Months Ended September 30,
                                                   2005           2004             Change
                                                   ----           ----             ------

<S>                                            <C>            <C>              <C>
Total expenses                                 $ 2,703,745    $   12,344,546   $  (9,640,801)
                                               ===========    ==============   ==============

Impairment loss                                $ 1,320,826    $    6,280,839   $  (4,960,013)
Depreciation                                   $   416,655    $    2,536,179   $  (2,119,524)
Interest                                       $   237,160    $      964,838   $    (727,678)
Loss on disposal of assets                     $        -     $    1,604,750   $  (1,604,750)
Management fees                                $   225,000    $           -    $     225,000
General and administrative                     $   425,827    $      460,949   $     (35,122)
Management fees - General Partner              $        -     $      387,287   $    (387,287)
Administrative expense reimbursement -
 General Partner                               $        -     $      154,958   $    (154,958)
Reversal of provision for doubtful accounts    $        -     $     (134,391)  $     134,391
Amortization of initial direct costs           $    80,193    $       91,050   $     (10,857)
Minority interest                              $    (1,916)   $       (1,913)  $          (3)

</TABLE>

     Net Income (Loss)

     As a result of the factors  discussed  above, the net income (loss) for the
2005 Period and the 2004 Period was $206,752 and $(9,962,893), respectively. The
net income (loss) per weighted average limited  partnership unit outstanding was
$0.21 and $(9.99) for the 2005 Period and the 2004 Period, respectively.

                                       21
<PAGE>

     Liquidity and Capital Resources

     Sources of Cash

     We  believe  that with the cash we have  currently  available,  cash  being
generated from our lease,  proceeds from equipment  sales and  distributions  we
receive from our joint  ventures,  we will have  sufficient cash to continue our
operations  through our liquidation  period.  We had anticipated  completing our
liquidation  in  approximately  another  three to nine months,  however with the
recent  events  surrounding  the "Event of Loss" as discussed  above,  it may be
necessary to continue longer then previously stated.

     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.  Beginning in December  2005,  we are
required to begin making  interest only payments in connection with the recourse
debt associated with the three Boeing 737-300 aircraft.

     Our cash flow from  operating  activities  may become less than our current
level  of  expenses.  If we have  insufficient  cash  flow  to pay  our  limited
operating  expenses,  we may be  required  to sell  assets  prior to maturity or
borrow funds from our General Partner against future cash flows.

     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 borrowed 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 accrued on all outstanding balances, at an interest rate
equal to the Comerica Bank base interest rate plus 1%. 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 nine months ended  September  30,
2005, we did not pay any distributions.

     Commitments

     At  September  30,  2005,  we  have  total  recourse  debt  outstanding  of
$5,843,538 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.

     Management Fees and Administrative Expense Reimbursements

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

     Risks and Uncertainties

     At  September  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 terrorist  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  737-300  aircraft
     commencing  in  December  2005  may  affect  our  ability  to make  further
     distributions to our investors.

     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.

                                       23
<PAGE>

Item 3.   Qualitative and Quantitative Disclosures About Market Risk

     We, like most other companies,  are exposed to certain market risks,  which
includes changes in interest rates and the demand for equipment (and the related
residuals)  owned by us. We recognize  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,  during our  reinvestment  phase,  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  General
Partner, 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  counterclaims  against  Fleet.  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 third
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.   ss.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.  ss.1350, as adopted pursuant
          to Section 906 of the Sarbanes-Oxley Act of 2002.

                                       25
<PAGE>

                                   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  (Registrant)  By its General  Partner,  ICON
Capital Corp.

Date: November 15, 2005           /s/ Beaufort J.B. Clarke
                                  ------------------------
                                  Beaufort J.B. Clarke
                                 Chairman, Chief Executive Officer and Director

Date: November 15, 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:  November 15, 2005

/s/ Beaufort J.B. Clarke
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: November 15, 2005

/s/ Thomas W. Martin
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 of ICON Cash Flow  Partners  L.P.  Seven,  certify,
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, (18 U.S.C.  ss.1350),
that, to the best of my knowledge:

     1.   The Quarterly  Report on Form 10-Q for the period ended  September 30,
          2005 (the "Periodic  Report") which this statement  accompanies  fully
          complies  with  the  requirements  of  Section  13(a)  or 15(d) of the
          Securities Exchange Act of 1934; and

     2.   The 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: November 15, 2005

 /s/ Beaufort J.B. Clarke
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 of ICON Cash Flow
Partners L.P. Seven, certify,  pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002, (18 U.S.C. ss.1350), that, to the best of my knowledge:

     1.   The Quarterly  Report on Form 10-Q for the period ended  September 30,
          2005 (the "Periodic  Report") which this statement  accompanies  fully
          complies  with  the  requirements  of  Section  13(a)  or 15(d) of the
          Securities Exchange Act of 1934; and

     2.   The 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: November 15, 2005

/s/ Thomas W. Martin
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.
                                       30