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


                                    FORM 10-Q



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

For the quarterly period ended             March 31, 2003
                               -------------------------------------------------

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

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

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


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


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


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



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


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



<PAGE>


PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

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

                      Condensed Consolidated Balance Sheets


<TABLE>
<CAPTION>


                                                           March 31,      December 31,
                                                             2003            2002
                                                             ----            ----
                                                        (unaudited)
       Assets
       ------

<S>                                                    <C>             <C>
Cash                                                   $    301,787    $  1,257,947
                                                       ------------    ------------

Investment in finance leases
   Minimum rents receivable                               1,699,546       2,252,134
   Estimated unguaranteed residual values                 1,686,136       1,717,816
   Initial direct costs                                      35,396          36,455
   Unearned income                                         (114,084)       (137,106)
   Allowance for doubtful accounts                         (251,857)       (289,301)
                                                        ------------    ------------

                                                          3,055,137       3,579,998
                                                        ------------    ------------
Investment in operating leases
   Equipment at cost                                      9,647,253      14,195,791
   Accumulated depreciation                              (1,125,000)     (1,703,583)
                                                        ------------    ------------

                                                          8,522,253      12,492,208
                                                        ------------    ------------

Equipment held for sale or lease, net                    21,734,484      19,343,546
                                                        ------------    ------------

Net investment in leveraged leases                       23,935,259      27,877,708
                                                        ------------    ------------

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

Investments in unconsolidated joint ventures              3,402,939       3,360,145
                                                        ------------    ------------

Due from General Partner and affiliates                     161,461         161,458
                                                        ------------    ------------

Other assets                                              1,021,309       1,249,535
                                                        ------------    ------------

Total assets                                            $ 82,946,387   $ 90,134,303
                                                        ============   ============

</TABLE>






                                                        (continued on next page)


<PAGE>


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

                Condensed Consolidated Balance Sheets (Continued)



<TABLE>
<CAPTION>


                                                           March 31,       December 31,
                                                            2003              2002
                                                            ----              ----
                                                         (unaudited)

       Liabilities and Partners' Equity

<S>                                                      <C>             <C>
Notes payable - non-recourse                             $ 23,030,832    $ 27,186,863
Notes payable - recourse                                   27,431,353      27,707,802
Due to General Partner and affiliates                         747,395         155,542
Security deposits, deferred credits and other payables        766,251         664,692
Minority interest in consolidated joint ventures               54,476          53,292
                                                         ------------    ------------

                                                           52,030,307      55,768,191
                                                         ------------    ------------

Partners' equity (deficiency)
   General Partner                                           (539,744)       (505,244)
   Limited partners (987,548 units outstanding,
     $100 per unit original issue price)                   31,455,824      34,871,356
                                                         ------------    ------------

     Total partners' equity                                30,916,080      34,366,112
                                                         ------------    ------------

Total liabilities and partners' equity                   $ 82,946,387    $ 90,134,303
                                                         ============    ============



</TABLE>




















See accompanying notes to condensed consolidated financial statements.


<PAGE>


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

                 Condensed Consolidated Statements of Operations

                      For the Three Months Ended March 31,

                                   (unaudited)

                                                  2003           2002
                                                  ----           ----

Revenues
Finance income                              $    23,022    $   457,069
Rental income                                   367,686        285,096
Income from leveraged leases                    249,918        590,170
Gain on sales of equipment                       38,548          8,138
Income from investments in
  unconsolidated joint ventures                 303,990        368,117
Interest income and other                         2,331         38,894
                                            -----------    -----------

   Total revenues                               985,495      1,747,484
                                            -----------    -----------

Expenses

   Depreciation expense                       1,379,374      1,004,971
   Interest                                     693,830        743,113
   General and administrative                   364,419        277,220
   Management fees - General Partner            442,619        504,403
   Administrative expense reimbursements-
     General Partner                            178,516        211,344
   Amortization of initial direct costs         128,680        131,710
   Minority interest expense                      1,183          1,217
                                            ------------   ------------

   Total expenses                             3,188,621      2,873,978
                                            ------------   ------------

Net loss                                    $(2,203,126)   $(1,126,494)
                                            ============   ============

Net loss allocable to:
   Limited partners                         $(2,181,095)   $(1,115,229)
   General Partner                              (22,031)       (11,265)
                                            ------------   ------------

                                            $(2,203,126)   $(1,126,494)
                                            ============   ============

Weighted average number of limited
   partnership units outstanding                987,548        988,505
                                            ============   ============

Net loss per weighted average
   limited partnership unit                 $     (2.21)   $     (1.13)
                                            ============   ============



See accompanying notes to condensed consolidated financial statements.


<PAGE>


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

         Condensed Consolidated Statement of Changes in Partners' Equity

                    For the Three Months Ended March 31, 2003

                                   (unaudited)


<TABLE>
<CAPTION>

                                   Limited Partner Distributions

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

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


Cash distributions to partners      $ 1.25          $  --       (1,234,437)       (12,469)       (1,246,906)

Net loss                                                        (2,181,095)       (22,031)       (2,203,126)
                                                               ------------    ------------    ------------

Balance at
   March 31, 2003                                              $ 31,455,824    $ (539,744)     $ 30,916,080
                                                              ============    ============     ============


</TABLE>

























See accompanying notes to condensed consolidated financial statements.


<PAGE>


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

                 Condensed Consolidated Statements of Cash Flows

                      For the Three Months Ended March 31,

                                   (unaudited)


<TABLE>
<CAPTION>

                                                                      2003           2002
                                                                      ----           ----

<S>                                                               <C>            <C>
Cash flows from operating activities:

   Net loss                                                       $(2,203,126)   $(1,126,494)
                                                                  -----------    -----------
   Adjustments to reconcile net loss to
     net cash used in operating activities:
       Finance income portion of receivables paid directly
         to lenders by lessees                                           --         (278,563)
       Rental income paid directly to lender by lessees              (367,686)      (285,096)
       Interest expense on non-recourse financing paid
         directly by lessees and interest accreted                    425,087        390,786
       Amortization of initial direct costs                           128,680        131,710
       Depreciation expense                                         1,379,374      1,004,971
       Income from leveraged leases                                  (249,918)      (590,170)
       Income from investments in unconsolidated joint ventures      (303,990)      (368,117)
       Gains on sales of equipment                                    (38,548)        (8,138)
       Minority interest expense                                        1,183          1,217
       Changes in operating assets and liabilities                  1,067,486         (1,709)
                                                                  -----------    -----------

           Total adjustments                                        2,041,668         (3,109)
                                                                  -----------    -----------

       Net cash used in operating activities                         (161,458)    (1,129,603)
                                                                  -----------    -----------

Cash flows from investing activities:
   Proceeds from sales of equipment                                   202,480         62,146
   Distributions received from unconsolidated joint ventures          249,724        306,366
                                                                  -----------    -----------

       Net cash provided by investing activities                      452,204        368,512
                                                                  -----------    -----------

Cash flows from financing activities:
   Cash distributions to partners                                  (1,246,906)    (2,676,075)
   Proceeds from notes payable - recourse debt                           --        1,200,000
   Principal payments on notes payable - recourse debt                   --          (46,147)
   Redemption of limited partnership units                               --          (13,275)
                                                                     -----------    -----------

       Net cash used in financing activities                       (1,246,906)    (1,535,497)
                                                                  -----------    -----------

Net decrease in cash and cash equivalents                            (956,160)    (2,296,588)

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

Cash and cash equivalents at end of period                        $   301,787    $    37,283
                                                                  ===========    ===========
</TABLE>

                                                        (continued on next page)


<PAGE>


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

           Condensed Consolidated Statements of Cash Flows (Continued)

                                   (unaudited)

Supplemental Disclosure of Cash Flow Information

     For the three  months  ended March 31, 2003 and 2002,  non-cash  activities
included the following:

                                                         2003            2002
                                                         ----            ----

Principal and interest on direct finance
   receivables paid directly to lenders by lessees   $ 4,213,432    $   853,410
Rental income  assigned operating lease receivables      367,686        285,096
Principal and interest on non-recourse
   financing paid directly to lenders by lessees      (4,581,118)    (1,138,506)
                                                     -----------    -----------

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

     Interest  expense of $693,830 and $743,113 for the three months ended March
31, 2003 and 2002 consisted of interest  expense on non-recourse  financing paid
or  accrued   directly  to  lenders  by  lessees  of  $425,087   and   $390,786,
respectively,  and interest on notes  payable-recourse of $268,743 and $352,327,
respectively.


























See accompanying notes to condensed consolidated financial statements.


<PAGE>


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

              Notes to Condensed Consolidated Financial Statements

                                 March 31, 2003

                                   (unaudited)

1.   Basis of Presentation

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

2.   Disposition Period

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

3.   Related Party Transactions

     Fees and other  expenses paid or accrued by the  Partnership to the General
Partner or its  affiliates  for the three  months  ended March 31, 2003 and 2002
were as follows:

                           2003       2002
                           ----       ----

Management fees          $442,619   $504,403   Charged to Operations
Administrative expense
  reimbursements          178,516    211,344   Charged to Operations
                         --------   --------

Total                    $621,135   $715,747
                         ========   ========

     The  Partnership  has formed eight joint  ventures with  affiliates for the
purpose of acquiring and managing  various  assets.  (See Note 5 for  additional
information relating to the joint ventures).  The Partnership and its affiliates
have  identical  investment  objectives  and  participate  on the same terms and
conditions.


<PAGE>


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

        Notes to Condensed Consolidated Financial Statements - Continued

4.   Net Investment in Leveraged Leases

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

     Effective May 1, 2003 the Continental aircraft was returned and immediately
re-leased to World  Airlines,  Inc.,  for an eight month term with an option for
World Airlines to extend another four months.

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

                                                      March 31,     December 31,
                                                        2003            2002
                                                    -----------    -------------
Non-cancelable minimum rents receivable (net of
  principal and interest on non-recourse debt)    $  5,810,360    $ 10,002,727
Estimated unguaranteed residual values              20,515,000      20,865,000
Initial direct costs                                   134,212         181,010
Unearned income                                     (2,524,313)     (3,171,029)
                                                  ------------    ------------

                                                  $ 23,935,259    $ 27,877,708
                                                  ============    ============

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

     For the period  ended March 31,  2003,  the Company  reduced the  estimated
unguaranteed  residual  value of one of the aircraft and recorded an  impairment
provision of $350,000 as a result of  management's  analysis  which  indicated a
lower  value at lease  termination  than  initially  estimated.  The  impairment
provision has been reflected net in income from leveraged leases.

5.   Consolidated Venture and Investments in Unconsolidated Joint Ventures


     The  Partnership and its affiliates  formed eight ventures  discussed below
for the purpose of acquiring and managing  various  assets.  The Partnership and
its affiliates have identical investment  objectives and participate on the same
terms and  conditions.  The Partnership has a right of first refusal to purchase
the equipment,  on a pro-rata  basis,  if any of the  affiliates  desire to sell
their interests in the equipment.


Consolidated Venture

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

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

     In  December  1996,  the  Partnership  and an  affiliate,  ICON  Cash  Flow
Partners,  L.P., Series E ("Series E") formed ICON Cash Flow Partners L.L.C. III
("ICON Cash Flow L.L.C. III"), for the purpose of



<PAGE>


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

        Notes to Condensed Consolidated Financial Statements - Continued

acquiring and managing an aircraft  currently on lease to Continental  Airlines,
Inc. The aircraft is a 1976 McDonnell Douglas DC-10-30 and cost $11,429,751. The
lease is a leveraged lease and the lease term expired April 30, 2003.  Effective
May 1, 2003, the aircraft was leased to a new lessee, World Airlines,  Inc. (see
Note 4). Profits, losses, excess cash and disposition proceeds are allocated 99%
to the Partnership and 1% to Series E. The  Partnership's  financial  statements
include 100% of the assets and  liabilities and 100% of the revenue and expenses
of ICON Cash Flow L.L.C. III. Series E's investment in ICON Cash Flow L.L.C. III
has been  reflected as minority  interest in joint  venture on the  consolidated
balance sheets and minority  interest expense on the consolidated  statements of
operations.

Investments in Unconsolidated Joint Ventures

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

     ICON Receivables 1997-A LLC
     ---------------------------

     In March 1997 the Partnership and affiliates,  ICON Cash Flow Partners L.P.
Six  ("L.P.  Six")  and ICON Cash  Flow  Partners  L.P.  Series D  ("Series  D")
contributed and assigned  equipment lease and finance  receivables and residuals
to ICON Receivables  1997-A LLC ("1997-A").  In September 1997, the Partnership,
Series E and L.P. Six  contributed and assigned  additional  equipment lease and
finance  receivables  and  residuals  to  1997-A.  As of  March  31,  2003,  the
Partnership,  Series E, L.P.  Six and Series D own  19.97%,  31.19%,  31.03% and
17.81%  interests,  respectively,  in 1997-A.  The Partnership  accounts for its
investment in 1997-A under the equity method of accounting.

     Information  as to the unaudited  financial  position of 1997-A as of March
31, 2003 and December 31, 2003 and the results of its  operations  for the three
months ended March 31, 2003 and 2002 is summarized below:

                                March 31, 2003      December 31, 2002
                                --------------      -----------------

Assets                             $ 768,393           $ 694,761
                                   =========           =========

Liabilities                        $ 490,652           $ 390,389
                                   =========           =========

Equity                             $ 277,741           $(304,372)
                                   =========           =========

Partnership's share of equity      $  55,467           $ (60,784)
                                   =========           =========

                               Three Months Ended   Three Months Ended
                                  March 31, 2003       March 31, 2002
                                  --------------       --------------

Net loss                           $ (26,631)          $ (23,095)
                                   ========             ========

Partnership's share of net loss    $  (5,317)          $  (4,611)
                                   ========             ========


<PAGE>



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

        Notes to Condensed Consolidated Financial Statements - Continued


     ICON Receivables 1997-B LLC
     ---------------------------

     In August 1997,  the  Partnership  and  affiliates,  Series E and L.P. Six,
formed ICON Receivables  1997-B LLC ("1997-B").  The  Partnership,  Series E and
L.P. Six each  contributed  cash,  equipment leases and residuals and received a
16.67%,  75.00% and 8.33%  interest,  respectively,  in 1997-B.  The Partnership
accounts for its investment in 1997-B under the equity method of accounting.

     Information  as to the unaudited  financial  position of 1997-B as of March
31, 2003 and December 31, 2002 and the results of its  operations  for the three
months ended March 31, 2003 and 2002 is summarized below:

                                March 31, 2003       December 31, 2002
                                --------------       -----------------

Assets                            $2,196,466            $3,241,761
                                  ==========            ==========

Liabilities                       $1,977,828            $2,825,588
                                  ==========            ==========

Equity                            $  218,638            $  416,173
                                  ==========            ==========

Partnership's share of equity     $   36,448            $   69,377
                                  ==========            ==========

                              Three Months Ended     Three Months Ended
                                March 31, 2003        March 31, 2002
                                --------------        --------------

Net loss                          $ (197,535)            $ (33,883)
                                  ==========            ==========

Partnership's share of net loss   $  (32,929)            $  (5,647)
                                  ==========            ==========

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

     In December  1998, the  Partnership  and three  affiliates,  ICON Cash Flow
Partners,  L.P.,  Series C ("Series  C"),  L.P. Six and ICON Income Fund Eight A
L.P. ("Fund Eight A"),  formed ICON Boardman  /Facility LLC ("ICON BF"), for the
purpose of acquiring a lease for a coal handling  facility with Portland General
Electric,  a utility  company.  The purchase price totaled  $27,421,810  and was
funded with cash and non-recourse debt. The Partnership, Series C, L.P. Six, and
Fund Eight A received a .5%, .5%, .5% and 98.5% interest,  respectively, in ICON
BF. The  Partnership  accounts  for its  investment  in ICON BF under the equity
method of accounting.

     In 2001 the other joint  venturers in ICON BF acquired  Series C's interest
in accordance with their  proportionate  shares of ICON BF, at an aggregate cost
of $56,370,  which represented Series C's carrying value of the investment.  The
Partnership's  share of the purchase  price was $283.  The remaining  venturers'
shares in ICON BF at March 31,  2003 were  .5025%,  .5025%,  and 98.995% for the
Partnership, L.P. Six, and Fund Eight A, respectively.



<PAGE>


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

        Notes to Condensed Consolidated Financial Statements - Continued

     Information as to the unaudited  financial  position of ICON BF as of March
31, 2003 and December 31, 2002 and the results of its  operations  for the three
months ended March 31, 2003 and 2002 is summarized below:

                                March 31, 2003       December 31, 2002
                                --------------       -----------------

Assets                            $19,945,319           $23,193,438
                                  ===========           ===========

Liabilities                       $ 6,981,199           $10,583,632
                                  ===========           ===========

Equity                            $12,964,120           $12,609,806
                                 ============           ===========

Partnership's share of equity     $    65,144           $    63,364
                                 ===========            ===========


                                Three Months Ended   Three Months Ended
                                  March 31, 2003       March 31, 2002
                                  --------------       --------------

Net income                        $   354,314           $   310,871
                                  ===========           ===========

Partnership's share of net income $     1,780           $     1,554
                                  ===========           ==========

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

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

     On December 28, 2001, AIC Trust sold its remaining  leases,  subject to the
related debt, at a loss, for a note receivable of  (pound)2,575,000  ($3,744,822
based upon the  exchange  rate at  December  31,  2001)  which is payable in six
installments  through  June  2004.  The  first two  installments  on the note of
(pound)475,000 each were collected in 2002 and the third installment on the note
of (pound)450,000 was collected in the first quarter 2003. As of March 31, 2003,
the remaining amount due is (pound)1,175,000 ($1,824,474 based upon the exchange
rate at March 31, 2003).


<PAGE>


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

        Notes to Condensed Consolidated Financial Statements - Continued

     Information as to the unaudited financial position of AIC Trust as of March
31, 2003 and December 31, 2002 and the results of its  operations  for the three
months ended March 31, 2003 and 2002 is summarized below:

                                    March 31, 2003      December 31, 2002
                                    --------------      -----------------

Assets                                $1,824,274           $2,572,522
                                      ==========           ==========

Liabilities                           $    --              $     --
                                      ==========           ==========

Equity                                $1,824,274           $2,572,522
                                      ==========           ==========

Partnership's share of equity         $  561,147           $  791,308
                                      ==========           ==========

                                    Three Months Ended    Three Months Ended
                                      March 31, 2003        March 31, 2002
                                     --------------        --------------

Net income                            $   11,051           $   37,457
                                      ==========           ==========

Partnership's share of net income     $    3,400           $   11,521
                                      ==========           ==========

Distributions                         $  722,005           $  995,989
                                      ==========           ==========

Partnership's share of distributions  $  222,089           $  306,366
                                      =========            ==========

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

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


<PAGE>


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

        Notes to Condensed Consolidated Financial Statements - Continued

     Information as to the unaudited  financial  position of ICON Cheyenne as of
March 31, 2003 and December 31, 2002 and the results of its  operations  for the
three months ended March 31, 2003 and 2002 is summarized below:

                                      March 31, 2003      December 31, 2002
                                      --------------      -----------------

Assets                                 $14,091,628         $14,765,333
                                       ===========         ===========

Liabilities                            $ 4,479,140         $ 5,141,481
                                       ===========         ===========

Equity                                 $ 9,612,488         $ 9,623,852
                                       ===========         ===========

Partnership's share of equity          $   991,047         $   992,219
                                       ===========         ===========

                                   Three Months Ended    Three Months Ended
                                     March 31, 2003       March 31, 2002
                                    --------------        --------------

Net income                             $   256,681         $   762,893
                                       ===========         ===========

Partnership's share of net income      $    26,463         $    78,654
                                       ===========         ===========

Distributions                          $   268,045         $     --
                                       ===========         ===========

Partnership's share of distributions   $    27,635         $     --
                                       ===========         ============

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

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



<PAGE>


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

        Notes to Condensed Consolidated Financial Statements - Continued

     Information as to the unaudited  financial  position of ICON Aircraft as of
March 31, 2003 and December 31, 2002 and the results of its  operations  for the
three months ended March 31, 2003 and 2002 is summarized below:




                                 March 31, 2003      December 31, 2002
                                 --------------      -----------------

Assets                            $38,435,324           $39,175,547
                                  ===========           ===========

Liabilities                       $34,491,632           $35,419,214
                                  ===========           ===========

Equity                            $ 3,943,692           $ 3,756,333
                                  ===========           ===========

Partnership's share of equity     $    78,873           $    75,126
                                  ===========           ===========

                                Three Months Ended   Three Months Ended
                                  March 31, 2003       March 31, 2002
                                  -------------        --------------

Net income                        $   187,359           $   187,358
                                  ===========           ===========

Partnership's share of net income $     3,747           $     3,747
                                  ===========           ===========




     North Sea (Connecticut) Limited Partnership

     In 2000,  a joint  venture,  North Sea  (Connecticut)  Limited  Partnership
("North  Sea"),  in which the  Partnership  is a 50%  Class C  limited  partner,
exercised  its  option  to  acquire a  drilling  rig and  leased  the rig to the
operator.  The lease was then  discounted on a non recourse  basis at a bank and
the proceeds  were used to pay for the  exercise of the option,  with the excess
loan proceeds of  $20,002,567  distributed to the joint  venturers  ($10,001,284
represented  the  Partnership's  50% share).  The other joint  venturers are not
affiliates of the Partnership.

     The  Partnership has guaranteed an amount between the stipulated loss value
provided for in the financing and the loan balance. The maximum amount for which
the  Partnership is  contingently  liable at March 31, 2003 under this guarantee
was approximately $103,000.



<PAGE>


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

        Notes to Condensed Consolidated Financial Statements - Continued

     Information as to the unaudited financial position of North Sea as of March
31, 2003 and December 31, 2002 and the results of its  operations  for the three
months ended March 31, 2003 and 2002 is summarized below:

                                March 31, 2003         December 31, 2002
                                --------------         -----------------

Assets                            $  9,029,310          $ 10,504,336
                                  ============          ============

Liabilities                       $ 20,857,683          $ 22,983,403
                                  ============          ============

Partners' deficit                 $(11,828,373)         $(12,479,067)
                                  ============          ============

Partnership's share of equity     $  1,614,813          $  1,307,967
                                  ============          ============

                              Three Months Ended    Three Months Ended
                                March 31, 2003        March 31, 2002
                                --------------        --------------

Net income                        $    613,693          $    542,978
                                  ============          ============

Partnership's share of net income $    306,846          $    271,489
                                  ============          ============

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

     During the quarter ended March 31, 2003,  operating  lease equipment with a
net  book  value  of  $3,444,412  was  returned  to  the   Partnership  and  was
reclassified as equipment held for sale or lease.  The Partnership is continuing
to record  depreciation  on such equipment while it is attempting to re-lease or
sell the  equipment.  Included in the  $21,734,484 of equipment held for sale or
lease are six vessels  with an  aggregate  carrying  value of  $18,858,483.  The
Partnership is currently  negotiating the re-lease or sale of such vessels.  The
net carrying value of the vessels  approximate their estimated fair values based
on appraisals completed in March 2003.

7.   Line of Credit Agreement

     During the quarter  ended June 30,  2002,  the  Partnership  entered into a
$17,500,000  joint and several line of credit agreement dated as of May 30, 2002
shared with Fund Eight A and Fund Eight B (the "Initial  Funds"),  with Comerica
Bank as lender. Under the terms of the agreement,  the Partnership may borrow at
a rate equal to the Comerica  Bank base rate plus 1%  (together,  5.25% at March
31, 2003) and all borrowings are to be jointly and severally  collateralized  by
the present values of rents receivable and equipment owned by all of the Initial
Funds sharing in the joint line of credit.  On December 12, 2002,  the agreement
was  amended to admit ICON Income Fund Nine,  LLC,  collectively  along with the
Initial Funds (the "Funds"), as a borrower sharing the $17,500,000 joint line of
credit agreement. The Funds have entered into a Contribution Agreement, dated as
of May 30, 2002, as amended December 12, 2002,  pursuant to which the Funds have
agreed  to  restrictions  on the  amount  and  the  terms  of  their  respective
borrowings  under the line of credit in order to  minimize  the risk that a Fund
would not be able to repay its allocable  portion of the  outstanding  revolving
loan  obligation at any time,  including  restrictions  on any Fund borrowing in
excess of the lesser of (A) an amount each Fund could reasonably expect to repay
in one year out of its  projected  free cash flow, or (B) the greater of (i) the
Borrowing  Base (as defined in the line of credit  agreement) as applied to such
Fund, and (ii) 50% of the net worth of such



<PAGE>


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

        Notes to Condensed Consolidated Financial Statements - Continued

     Fund. The Contribution Agreement provides that, in the event a Fund pays an
amount under the  agreement in excess of its allocable  share of the  obligation
under the agreement  whether by reason of an Event of Default or otherwise,  the
other Funds will  immediately  make a contribution  payment to such Fund in such
amount that the aggregate  amount paid by each Fund reflects its allocable share
of the aggregate obligations under the agreement. The Funds' obligations to each
other under the Contribution  Agreement are collateralized by a subordinate lien
on the assets of each  participating  Fund. The expiration  date of this line of
credit is May 31,  2003.  The  Partnership  violated  a  financial  covenant  at
December 31, 2002 creating an Event of Default. The bank granted a waiver to the
Partnership  with respect to this Event of Default.  As of March 31,  2003,  the
Partnership had $5,925,439  outstanding under the line.  Aggregate  borrowing by
all Funds under the line of credit agreement aggregated  $7,484,986 on March 31,
2003.


<PAGE>


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

                                 March 31, 2003

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

     Forward-Looking  Information - The following discussion and analysis should
be read in conjunction with the audited financial  statements dated December 31,
2002.  Certain  statements  within this document may constitute  forward-looking
statements made pursuant to the safe harbor provision of the Private  Securities
Litigation  Reform Act of 1995. These statements are identified by words such as
"anticipate," "believe," "estimate," "expects," "intend," "predict" or "project"
and similar  expressions.  This information may involve risks and  uncertainties
that could cause actual results to differ  materially  from the  forward-looking
statements. Although the Partnership believes that the expectations reflected in
such  forward-looking  statements  are  based on  reasonable  assumptions,  such
statements  are  subject  to risks and  uncertainties  that could  cause  actual
results to differ materially from those projected.

Results of Operations for the Three Months Ended March 31, 2003 and 2002

     Revenues for the three months  ended March 31, 2003 ("2003  Quarter")  were
$985,495 as compared to  $1,747,484  in the quarter  ended March 31, 2002 ("2002
Quarter") representing a decrease of $761,990. The decrease in revenues resulted
primarily  from a  decrease  in finance  income of  $434,047,  and  income  from
leveraged leases of $340,252 and income from investments in unconsolidated joint
ventures of $64,127. The decrease in income was partially offset by increases in
rental income of $82,590, gain on sales of equipment of $30,410. The decrease in
finance income resulted primarily from (1) a decrease in the average size of the
Partnership's  lease  portfolio,   (2)  certain  leases  were  renewed  and  are
generating  lower levels of finance income during the  respective  renewal terms
and (3) certain  finance  leases came to term in 2002 and were  reclassified  as
operating  leases  during  their  renewal  terms.  The  decrease  in income from
leveraged leases was due to a reduction in the estimated  unguaranteed  residual
value of $350,000,  as result of  management's  analysis which indicated a lower
rate value at lease termination than initially estimated. The increase in rental
income in the 2003 Quarter  resulted from the rentals  associated with equipment
which was reclassified to operating leases subsequent to the 2002 Quarter.

     Expenses for the 2003 Quarter were  $3,188,621 as compared to $2,873,978 in
the 2002 Quarter, representing an increase of $314,643. The increase in expenses
was primarily  attributable to an increase in depreciation  expense of $374,403,
due primarily to equipment being  reclassified  from finance leases to operating
leases  subsequent  to  the  2002  Quarter,  and  an  increase  in  general  and
administrative  expenses of $87,199.  The  principal  reason for the increase in
general  and  administrative  expenses  was  the  storage  and  insurance  costs
associated  with  off-lease  vessels  during the 2003  Quarter.  The increase in
expenses were partially offset by a decrease in interest  expense of $49,283,  a
decrease  in  management  fees - General  Partner  of  $61,784,  a  decrease  in
administrative  expense  reimbursements  - General  Partner  of  $32,828,  and a
decrease in  amortization  of initial direct costs of $3,030.  Interest  expense
decreased due to a decrease in the average debt  outstanding  from 2002 to 2003.
The decreases in management  fees - General Partner and  administrative  expense
reimbursement  - General  Partner  resulted  from the  overall  decrease  in the
average size of the Partnership's lease portfolio.  The decrease in amortization
of initial  direct costs  resulted  from the decrease in the average size of the
lease portfolio.

     Net loss for the 2003  Quarter  and the 2002  Quarter  was  $2,203,126  and
$1,126,494,  respectively. The net loss per weighted average limited partnership
unit outstanding was $2.21 and $1.13, for the 2003 Quarter and the 2002 Quarter,
respectively.

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

                                 March 31, 2003

Liquidity and Capital Resources

     During the three months ended March 31, 2003, the Partnership  used cash in
operating   activities  of  $161,458  and  paid  distributions  to  partners  of
$1,246,906.   The  Partnership  received  $249,724  in  distributions  from  its
unconsolidated  joint ventures.  Because the Partnership's uses of cash exceeded
its  sources  of cash  during  the  quarter,  its  liquidity  was  reduced.  The
Partnership currently owns six vessels which are off lease.

     During the quarter  ended June 30,  2002,  the  Partnership  entered into a
$17,500,000  joint and several line of credit agreement dated as of May 30, 2002
shared with Fund Eight A and Fund Eight B (the "Initial  Funds"),  with Comerica
Bank as lender. Under the terms of the agreement,  the Partnership may borrow at
a rate equal to the Comerica  Bank base rate plus 1%  (together,  5.25% at March
31, 2003) and all borrowings are to be jointly and severally  collateralized  by
the present values of rents receivable and equipment owned by all of the Initial
Funds sharing in the joint line of credit.  On December 12, 2002,  the agreement
was  amended to admit ICON Income Fund Nine,  LLC,  collectively  along with the
Initial Funds (the "Funds"), as a borrower sharing the $17,500,000 joint line of
credit agreement. The Funds have entered into a Contribution Agreement, dated as
of May 30, 2002, as amended December 12, 2002,  pursuant to which the Funds have
agreed  to  restrictions  on the  amount  and  the  terms  of  their  respective
borrowings  under the line of credit in order to  minimize  the risk that a Fund
would not be able to repay its allocable  portion of the  outstanding  revolving
loan  obligation at any time,  including  restrictions  on any Fund borrowing in
excess of the lesser of (A) an amount each Fund could reasonably expect to repay
in one year out of its  projected  free cash flow, or (B) the greater of (i) the
Borrowing  Base (as defined in the line of credit  agreement) as applied to such
Fund,  and (ii) 50% of the net worth of such Fund.  The  Contribution  Agreement
provides  that, in the event a Fund pays an amount under the agreement in excess
of its allocable share of the obligation  under the agreement  whether by reason
of an Event of Default or  otherwise,  the other Funds will  immediately  make a
contribution  payment to such Fund in such amount that the aggregate amount paid
by each Fund reflects its allocable share of the aggregate obligations under the
agreement. The Funds' obligations to each other under the Contribution Agreement
are  collateralized  by a subordinate  lien on the assets of each  participating
Fund.  The  expiration  date  of this  line  of  credit  is May  31,  2003.  The
Partnership violated a financial covenant at December 31, 2002 creating an Event
of Default.  The bank granted a waiver to the  Partnership  with respect to this
Event  of  Default.  As of  March  31,  2003,  the  Partnership  had  $5,925,439
outstanding under the line.  Aggregate  borrowing by all Funds under the line of
credit agreement aggregated $7,484,986 on March 31, 2003.

     As of March 31, 2003, except as noted above,  there were no known trends or
demands,  commitments,  events or  uncertainties  which  are  likely to have any
material  effect on  liquidity.  As cash is realized from  operations,  sales of
equipment and borrowings,  the Partnership  will invest in equipment  leases and
financings where it deems to be prudent while retaining  sufficient cash to meet
its reserve  requirements  and  recurring  obligations.  We do not  consider the
impact of inflation to be material in the analysis of our overall operations.

Item 3.  Qualitative and Quantitative Disclosures About Market Risk


     The  Partnership is exposed to certain market risks,  including  changes in
interest rates and the demand for equipment (and the related  residual) owned by
the Partnership and its investees. Except as described


<PAGE>



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

                                 March 31, 2003

below,  the  Partnership  believes  its  exposure  to  other  market  risks  are
insignificant to both its financial position and results of operations.

     The Partnership manages its interest rate risk by obtaining fixed rate debt
for most of its obligations. The Partnership borrows funds under a floating rate
lines of credit  and is  therefore  exposed  to  interest  rate  risk  until the
floating rate lines of credit are repaid. The Partnership's  borrowing under the
floating rate lines of credit as of March 31, 2003 aggregated $5,925,439.

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

Item 4.    Controls and Procedures


     Beaufort  J.B.  Clarke and Thomas W. Martin,  the  Principal  Executive and
Principal Financial Officers,  respectively,  of ICON Capital Corp. ("ICC"), the
General Partner of the Partnership,  have evaluated the disclosure  controls and
procedures  of the  Partnership  within  90 days  prior  to the  filing  of this
quarterly report. As used herein, the term "disclosure  controls and procedures"
has the meaning given to the term by Rule 13a-14 under the  Securities  Exchange
Act of 1934, as amended  ("Exchange  Act"),  and includes the controls and other
procedures  of the  Partnership  that are  designed to ensure  that  information
required to be  disclosed by the  Partnership  in the reports that it files with
the SEC under the Exchange Act is recorded,  processed,  summarized and reported
within the time periods specified in the SEC's rules and forms. As part of their
evaluation,  Messrs. Clarke and Martin conferred with the finance and accounting
staff of ICC and the finance and accounting  staff of ICON Holdings  Corp.,  the
parent of ICC.  Based  upon their  evaluation,  Messrs.  Clarke and Martin  have
concluded that the  Partnership's  disclosure  controls and  procedures  provide
reasonable  assurance  that the  information  required  to be  disclosed  by the
Partnership  in this report is  recorded,  processed,  summarized  and  reported
within the time periods specified in the SEC's rules and forms applicable to the
preparation of this report.

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




<PAGE>


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

PART II - OTHER INFORMATION

Item 1 - Legal Proceedings

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

Item 6 - Exhibits and Reports on Form 8K

(b) Reports on Form 8-K

     Form 8-K filed on February 5, 2003
     Item 4. Changes in Registrant's Certifying Accountant

(c)  Exhibits

99.1 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.

99.2 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.





<PAGE>


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

                                   SIGNATURES



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

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



        May 12, 2003                /s/ Thomas W. Martin
------------------------------     --------------------------------------------
        Date                        Thomas W. Martin
                                    Executive Vice President
                                    (Principal Financial and Accounting Officer
                                    of the General Partner of the Registrant)


<PAGE>


                              Certifications - 10-Q

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  quarterly  report does not contain any untrue
     statements 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 quarterly 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
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed  such  disclosure  controls  and  procedures  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 as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent function):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls; and

     6.   The  registrant's  other  certifying  officers and I have indicated in
          this quarterly report whether or not there were significant changes in
          internal controls or in other factors that could significantly  affect
          internal   controls   subsequent  to  the  date  of  our  most  recent
          evaluation,   including   any   corrective   actions  with  regard  to
          significant deficiencies and material weaknesses.

Dated:  May 12, 2003

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



<PAGE>


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

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  quarterly  report does not contain any untrue
     statements 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 quarterly 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
     quarterly report;

4.   The  registrant's  other  certifying  officers  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:


     a)   designed  such  disclosure  controls  and  procedures  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 as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented  in  this  quarterly   report  our  conclusions   about  the
          effectiveness  of the disclosure  controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent  evaluation,  to the  registrant's  auditors  and the audit
     committee of  registrant's  board of directors (or persons  performing  the
     equivalent function):

     a)   all  significant  deficiencies  in the design or operation of internal
          controls  which could  adversely  affect the  registrant's  ability to
          record,  process,   summarize  and  report  financial  data  and  have
          identified for the  registrant's  auditors any material  weaknesses in
          internal controls; and

          b) any fraud,  whether or not material,  that  involves  management or
          other  employees  who  have a  significant  role  in the  registrant's
          internal controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


Dated:  May 12, 2003

/s/ Thomas W. Martin
----------------------------------------
Thomas W. Martin
Executive Vice President
(Principal Financial and Accounting Officer
of the General Partner of the Registrant)


<PAGE>


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


                                 March 31, 2003


EXHIBIT 99.1

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

     (1)  the Quarterly  Report on Form 10-Q for the period ended March 31, 2003
          (the  "Periodic  Report")  which  this  statement   accompanies  fully
          complies  with the  requirements  of Section  13(a) of the  Securities
          Exchange Act of 1934 (15 U.S.C. 78m) and

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

Dated:  May 12, 2003




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



<PAGE>


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


                                 March 31, 2003


EXHIBIT 99.2

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

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

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

Dated:  May 12, 2003




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