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 period ended                    September 30, 2002
                     -----------------------------------------------------------

[ ] 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
--------------------------------------------------------------------------------
  (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

<PAGE>


PART I - FINANCIAL INFORMATION
Item 1.  Financial Statements

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

                           Consolidated Balance Sheets

                                   (unaudited)

                                                September 30,      December 31,
                                                    2002               2001
                                                    ----               ----

       Assets
       ------

Cash                                            $   3,144,791     $   2,333,871
                                                -------------     -------------

Investment in finance leases
 Minimum rents receivable                           2,864,352         8,506,468
 Estimated unguaranteed residual values            11,800,377        14,587,490
 Initial direct costs                                  37,687           196,525
 Unearned income                                     (186,982)       (1,043,118)
 Allowance for doubtful accounts                     (289,301)         (915,985)
                                                -------------     -------------

                                                   14,226,133        21,331,380

Investment in operating leases
 Equipment at cost                                  4,548,538         9,678,415
 Accumulated depreciation                            (803,004)         (895,169)
                                                -------------     -------------

                                                    3,745,534         8,783,246

Equipment held for sale or lease, net              20,264,648        18,769,730
                                                -------------     -------------

Net investment in leveraged leases                 29,095,953        27,290,900
                                                -------------     -------------

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

Accounts receivable - General Partner
 and affiliates                                       480,662              -
                                                -------------     -------------

Investments in unconsolidated
 joint ventures                                     3,284,751         3,114,325
                                                -------------     -------------

Other assets                                        1,400,518         1,899,697
                                                -------------     -------------

Total assets                                    $  96,454,748     $ 104,334,907
                                                =============     =============






                                                  (continued on next page)


<PAGE>


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

                     Consolidated Balance Sheets (Continued)

                                   (unaudited)

                                                September 30,      December 31,
                                                   2002               2001
                                                   ----               ----

    Liabilities and Partners' Equity
    --------------------------------

Notes payable - non-recourse                    $  28,460,968     $  29,698,082
Notes payable - recourse                           27,532,782        21,286,774
Accounts payable - General Partner
 and affiliates                                          --           3,895,849
Security deposits, deferred credits and
 other payables                                     1,047,378         1,110,828
Minority interest in consolidated
 joint ventures                                        52,097            48,454
                                                -------------     -------------

                                                   57,093,225        56,039,987
                                                -------------     -------------

Partners' equity (deficiency)
 General Partner                                     (445,700)         (366,314)
 Limited partners (987,848 and 988,649
  units outstanding, $100 per unit
  original issue price)                            39,807,223        48,661,234
                                                -------------     -------------

 Total partners' equity                            39,361,523        48,294,920
                                                -------------     -------------

Total liabilities and partners' equity          $  96,454,748     $ 104,334,907
                                                =============     =============










See accompanying notes to consolidated financial statements.


<PAGE>


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

                      Consolidated Statements of Operations

                                   (unaudited)

<TABLE>
                                                       For the Three Months           For the Nine Months
                                                       Ended September 30,            Ended September 30,
                                                        2002          2001             2002          2001
                                                        ----          ----             ----          ----
Revenues                                                           (restated)                       (restated)

<S>                                                <C>               <C>             <C>           <C>
 Finance income                                    $      44,451     $     934,788   $   856,136   $  3,440,072
 Rental income                                           230,145         1,565,547       751,636      2,867,983
 Income from leveraged leases                            618,833           552,119     1,805,053      1,656,357
 Gain on sales of equipment                            2,703,443           463,362     2,711,581        468,672
 Income from investments in
  unconsolidated joint ventures                          315,974           212,789     1,016,894        285,857
 Other                                                    36,801           (11,987)       76,748        (11,564)
                                                   -------------     -------------   -----------   ------------

 Total revenues                                        3,949,647         3,716,618     7,218,048      8,707,377
                                                   -------------     -------------   -----------   ------------

Expenses

 Depreciation expense                                  1,004,679           904,573     3,014,737      1,641,334
 Interest                                                665,083           719,380     2,129,458      2,652,495
 General and administrative                              848,374           198,720     1,350,149        568,455
 Management fees - General Partner                       229,754           657,366       878,460      1,887,889
 Administrative expense reimbursements -
  General Partner                                        100,117           169,708       378,639        667,085
 Amortization of initial direct costs                     96,831           188,857       334,947        500,137
 Minority interest expense                                 1,216             9,866         3,643         12,359
                                                   -------------     -------------   -----------   ------------

 Total expenses                                        2,946,054         2,848,470     8,090,033      7,929,754
                                                   -------------     -------------   -----------   ------------

Net income (loss)                                  $   1,003,593     $     868,148   $  (871,985)  $    777,623
                                                   =============     =============   ===========   ============

Net income (loss) allocable to:
 Limited partners                                  $     993,557     $     859,467   $  (863,265)  $    769,847
 General Partner                                          10,036             8,681        (8,720)         7,776
                                                   -------------     -------------   -----------   ------------

                                                   $   1,003,593     $     868,148   $  (871,985)  $    777,623
                                                   =============     =============   ===========   ============

Weighted average number of limited
 partnership units outstanding                           988,219           988,923       988,339        989,279
                                                   =============     =============   ===========   ============

Net income (loss) per weighted average
 limited partnership unit                          $        1.01     $         .87   $      (.87)  $        .78
                                                   =============     =============   ===========   ============

</TABLE>

See accompanying notes to consolidated financial statements.


<PAGE>


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

             Consolidated Statements of Changes in Partners' Equity

                For the Nine Months Ended September 30, 2002 and
                        the Year Ended December 31, 2001

                                   (unaudited)
<TABLE>

                                    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
 December 31, 2000, restated                                       $    60,803,205  $   (251,521) $   60,551,684

Limited partnership units
 redeemed (939 units)                                                      (47,009)         -            (47,009)

Cash distributions to partners        $ 10.75       $ -                (10,632,716)     (100,023)    (10,732,739)

Net loss                                                                (1,462,246)      (14,770)     (1,477,016)
                                                                   ---------------  ------------  --------------

Balance at
 December 31, 2001                                                      48,661,234      (366,314)     48,294,920

Limited partnership units
 redeemed (801 units)                                                      (30,940)         -            (30,940)

Cash distributions to partners        $  8.06       $ -                 (7,959,806)      (70,666)     (8,030,472)

Net loss                                                                  (863,265)       (8,720)       (871,985)
                                                                   ---------------  ------------  --------------

Balance at
 September 30, 2002                                                $    39,807,223  $   (445,700) $   39,361,523
                                                                   ===============  ============  ==============
</TABLE>






See accompanying notes to consolidated financial statements.


<PAGE>


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

                      Consolidated Statements of Cash Flows

                     For the Nine Months Ended September 30,

                                   (unaudited)
                                                         2002          2001
                                                         ----          ----
                                                                    (restated)
Cash flows from operating activities:
 Net (loss) income                                   $  (871,985)   $   777,623
                                                     -----------    -----------
 Adjustments to reconcile net (loss) income to
   net cash used in operating activities:
    Finance income portion of receivables
     paid directly to lenders by lessees                (548,029)    (2,965,213)
    Rental income paid directly to lender
     by lessee                                          (568,035)    (2,309,983)
    Interest expense on non-recourse
     financing paid directly by lessees and
     interest accreted                                 1,305,328      2,513,800
    Amortization of initial direct costs                 334,947        500,137
    Depreciation expense                               3,014,737      1,641,334
    Income from leveraged leases                      (1,805,053)    (1,656,357)
    Income from investments in unconsolidated
     joint ventures                                   (1,016,894)      (285,857)
    Gain on sales of equipment                        (2,711,581)      (468,672)
    Minority interest expense in consolidated
     joint venture                                         3,643         12,359
    Change in operating assets and liabilities          (830,115)     1,206,830
                                                     -----------    -----------

      Total adjustments                               (2,821,052)    (1,811,622)
                                                     -----------    -----------

    Net cash used in operating activities             (3,693,037)    (1,033,999)
                                                     -----------    -----------

Cash flows from investing activities:
 Proceeds from sales of equipment                      6,138,403      4,708,089
 Proceeds from sales of interests in consolidated
  joint venture                                             -         3,273,407
 Distributions from unconsolidated joint ventures        846,563        165,136
 Acquisition of interest in unconsolidated
  joint venture                                             -              (283)
                                                     -----------    -----------

    Net cash provided by investing activities          6,984,966      8,146,349
                                                     -----------    -----------







                                            (continued on next page)


<PAGE>


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

                Consolidated Statements of Cash Flows (Continued)

                     For the Nine Months Ended September 30,

                                   (unaudited)

                                                          2002          2001
                                                          ----          ----
                                                                     (restated)

Cash flows from financing activities:
 Cash distributions to partners                      (8,030,472)     (8,056,732)
 Proceeds from notes payable - recourse              10,800,439            -
 Principal payments on notes payable - recourse      (5,120,036)     (3,475,192)
 Redemption of limited partnership units                (30,940)        (47,285)
 Proceeds from notes payable - non-recourse                -          2,111,726
 Principal payments on notes payable -
  non-recourse                                         (100,000)        (77,320)
                                                   ------------    ------------

    Net cash used in financing activities            (2,481,009)     (9,544,803)
                                                   ------------    ------------

Net increase (decrease) in cash and
 cash equivalents                                       810,920      (2,432,453)

Cash and cash equivalents at beginning
 of period                                            2,333,871       5,083,906
                                                   ------------    ------------

Cash and cash equivalents at end
 of period                                         $  3,144,791    $  2,651,453
                                                   ============    ============










See accompanying notes to consolidated financial statements.


<PAGE>


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

                Consolidated Statements of Cash Flows (Continued)

Supplemental Disclosure of Cash Flow Information
------------------------------------------------

     For the nine months ended September 30, 2002 and 2001,  non-cash activities
included the following:

                                                      2002             2001
                                                      ----             ----
Principal and interest on direct finance
 receivables paid directly to lenders
 by lessees                                       $  1,874,407     $ 18,444,606
Rental income  assigned operating lease
 receivables                                           568,035        2,867,983
Principal and interest on non-recourse
 financing paid directly to lenders
 by lessees                                         (2,442,442)     (21,312,589)
                                                  ------------     ------------

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

     Interest  expense of $2,129,458  and  $2,652,495  for the nine months ended
September 30, 2002 and 2001, respectively consisted of interest expense on notes
payable  non-recourse  paid  or  accrued  directly  to  lenders  by  lessees  of
$1,305,328 and $2,471,535 respectively,  and interest expense on notes payable -
recourse paid or accrued of $824,130 and $180,960, respectively.




<PAGE>


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

                   Notes to Consolidated Financial Statements

                               September 30, 2002

                                   (unaudited)
1.   Basis of Presentation

     The 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 consolidated financial statements should be read in conjunction with
the consolidated  financial  statements and notes included in the  Partnership's
2001 Annual Report on Form 10-K. Certain items have been reclassified to conform
with the 2002  presentation.  As discussed in Note 3, the results of  operations
for the three and nine months ended September 30, 2001 have been restated.

2.   Redemption of Limited Partnership Units

     There were 801 limited  partnership  units redeemed  during the nine months
ended  September  30, 2002.  Redemption  amounts are  calculated  following  the
redemption formula specified in the Partnership  Agreement.  Redeemed units have
no voting rights and do not share in  distributions.  The Partnership  Agreement
limits the number of units which can be  redeemed  in any one year and  redeemed
units may not be reissued.  Redeemed limited partnership units are accounted for
as a reduction from partners' equity.

3.   Restatements

     In  connection  with a change  in  accounting  personnel  in 2002,  the new
accounting  personnel  identified errors in key  reconciliations  and accounting
records as of and for the year ended December 31, 2001. As a result,  management
performed  a  detailed  review of the  Partnership's  accounting  practices  and
processes relating to all of its complex lease transactions.  Upon completion of
this review,  management determined that during 2001, three leases with a single
lessee and the related lease remittances had been  misclassified when each lease
was  renewed;  in  another  situation,  a lease was  included  in the  financial
statements  when it had no economic  value.  Adjustments to correct these errors
have been made in the books and  records of the  Partnership  and the  financial
statements have been restated to reflect the proper accounting for such leases.



<PAGE>



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

             Notes to Consolidated Financial Statements - Continued

     The following  summarizes the impact on the statement of operations of such
adjustments for the quarter and nine months ended September 30, 2001:

<TABLE>
                                                For the quarter ended                 For the nine months ended
                                                 September 30, 2001                      September 30, 2001
                                                 ------------------                      ------------------

                                       Originally                               Originally
                                       Reported    Adjustments    Restated      Reported    Adjustments   Restated
                                       --------    -----------    --------      --------    -----------   --------

<S>                                   <C>          <C>         <C>              <C>         <C>         <C>
Finance income                        $ 1,831,988  $ (360,042) $  1,471,946     $6,047,304  $(984,296)  $ 5,063,008
Rental income                         $ 1,379,547  $  186,000  $  1,565,547     $2,309,983  $ 558,000   $ 2,867,983
Depreciation expense                  $   760,026  $  144,546  $    904,572     $1,280,644  $ 360,690   $ 1,641,334
Net income                            $ 1,186,737  $ (318,589) $    868,148     $1,564,609  $(786,986)  $   777,623
Net income allocable to:
 Limited partners                     $ 1,174,870  $ (315,403) $    859,467     $1,548,963  $(779,116)  $   769,847
 General Partner                      $    11,867  $   (3,186) $      8,681     $   15,646  $  (7,870)  $     7,776
Net income per weighted
 average limited partnership
 unit                                 $      1.19  $     (.32) $        .87     $     1.57  $    (.79)  $       .78
</TABLE>

     The  restatement  adjustments  for the  quarter  ended  September  30, 2001
reflected  above are as follows:  (1) the  reclassification  of revenue from one
finance  lease  aggregating  $186,000,  with  respect to a single  lessee,  from
finance  income to rental income due to the fact that this finance lease came to
term in  January  2001,  but was  extended  on a month to month  basis,  and the
recording of depreciation  expense of $144,546 related thereto; (2) the reversal
of  $110,654  of  uncollected  late  charge  income,  which had been  improperly
recorded as finance  income;  and (3) the reversal of $63,388 of finance  income
related to the booked residual of a finance lease which had been inappropriately
recognized after the lease was terminated.

     The  restatement  adjustments  for the nine months ended September 30, 2001
reflected  above are as follows:  (1) the  reclassification  of revenue from one
finance  lease  aggregating  $558,000,  with  respect to a single  lessee,  from
finance  income to rental income due to the fact that this finance lease came to
term in  January  2001,  but was  extended  on a month to month  basis,  and the
recording of depreciation  expense of $360,690 related thereto; (2) the reversal
of  $242,158  of  uncollected  late  charge  income,  which had been  improperly
recorded as finance  income;  and (3) the reversal of $184,138 of finance income
related to the booked residual of a finance lease which had been inappropriately
recognized after the lease was terminated.



<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

     In  addition,  in  the  restated  financial  statements,   the  Partnership
reclassified  a finance  lease to an investment in joint venture as described in
Note 6 to the consolidated financial statements. Though the reclassification had
no impact on the  reported net income for the nine months  ended  September  30,
2001, the impact of such reclassification on the statement of operations for the
quarter and nine months ended September 30, 2001 was as follows:

<TABLE>
                                                                             For the quarter ended
                                                                               September 30, 2001
                                                                               ------------------

                                                               Restated
                                                               Amounts          Reclassification   Reclassified
                                                               -------          ----------------   ------------
<S>                                                         <C>                 <C>               <C>
Finance income                                              $   1,471,946       $    (537,158)    $      934,788
(Loss) income from investments in
 joint ventures                                             $     (41,969)      $     254,758     $      212,789
Other                                                       $       9,942       $     (21,929)    $      (11,987)
Interest expense                                            $   1,035,560       $    (316,180)    $      719,380
Amortization of initial direct costs                        $     177,006       $      11,851     $      188,857
Net income                                                  $     868,148       $          -      $      868,148

                                                                           For the nine months ended
                                                                               September 30, 2001
                                                                               ------------------

                                                               Restated
                                                               Amounts           Reclassification   Reclassified
                                                               -------           ----------------   ------------
Finance income                                              $   5,063,008       $  (1,622,936)    $    3,440,072
(Loss) income from investments in joint ventures            $    (459,913)      $     745,770     $      285,857
Other                                                       $      42,956       $     (54,520)    $      (11,564)
Interest expense                                            $   3,619,734       $    (967,239)    $    2,652,495
Amortization of initial direct costs                        $     464,584       $      35,553     $      500,137
Net income                                                  $     777,623       $          -      $      777,623

</TABLE>

4.   Related Party Transactions

     Fees and other  expenses paid or accrued by the  Partnership to the General
Partner or its affiliates for the nine months ended  September 30, 2002 and 2001
were as follows:

                              2002           2001
                              ----           ----
 Management fees          $   878,460     $  1,887,889   Charged to Operations
 Administrative expense
  reimbursements              378,639          667,085   Charged to Operations
                          -----------     ------------

 Total                    $ 1,257,099     $  2,554,974
                          ===========     ============

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



<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

     In 1997, the Partnership  financed a portion of the free cash flow relating
to a leveraged lease (see Note 5) with an affiliate, Series D. The lease expires
in July  2004,  at which  time the  maturity  value of the  financing  was to be
$2,000,000.  The Partnership has exercised its  discretionary  right to prepay a
portion of the financing and,  during the quarter ended  September 30, 2002, the
Partnership prepaid $100,000 to Series D.

5.   Net Investment in Leveraged Leases

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

     The net  investment  in the  leveraged  leases  as of  September  30,  2002
consisted of the following:

  Non-cancelable minimum rents receivable (net of
   principal and interest on non-recourse debt)          $   10,002,727
  Estimated unguaranteed residual values                     22,700,000
  Initial direct costs                                          225,903
  Unearned income                                            (3,832,677)
                                                         --------------

                                                         $   29,095,953
                                                         ==============


     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  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.

6.   Consolidated Venture and Investments in Unconsolidated Joint Ventures

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

     Consolidated Venture

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

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

     On December 31, 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 LLC  III"),  for the  purpose of  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 expires in March 2003 (see Note 5). Profits,  losses,  excess
cash and  disposition  proceeds are allocated 99% to the  Partnership  and 1% to
Series E. The Partnership's  financial statements include 100% of the assets and
liabilities  and 100% of the  revenue  and  expenses  of ICON Cash Flow LLC III.
Series E's  investment in ICON Cash Flow LLC 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.


<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

     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 L.L.C.
     ------------------------------

     In March 1997, the Partnership and affiliates, ICON Cash Flow Partners L.P.
Six  ("L.P.  Six")  and ICON Cash  Flow  Partners  L.P.  Series D  ("Series  D")
contributed and assigned  equipment lease and finance  receivables and residuals
to ICON Receivables 1997-A L.L.C. ("1997-A").  In September 1997, Series E, L.P.
Six and the Partnership  contributed and assigned additional equipment lease and
finance  receivables  and  residuals to 1997-A.  As of September  30, 2002,  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
interest in 1997-A under the equity method of accounting.

     Information  as to the  unaudited  financial  position  and the  results of
operations  of 1997-A as of September 30, 2002 and December 31, 2001 and for the
nine months ended September 30, 2002 and 2001 is summarized below:

                                  September 30, 2002      December 31, 2001
                                  ------------------      -----------------

 Assets                             $       468,960        $     1,856,582
                                    ===============        ===============

 Liabilities                        $       392,958        $     1,707,445
                                    ===============        ===============

 Equity                             $        76,002        $       149,137
                                    ===============        ===============

 Partnership's share of equity      $        15,178        $        29,783
                                    ===============        ===============


                                    Nine Months Ended      Nine Months Ended
                                   September 30, 2002     September 30, 2001
                                   ------------------     ------------------

 Net loss                           $       (73,135)       $    (1,895,962)
                                    ===============        ===============

 Partnership's share of net loss    $       (14,605)       $      (521,972)
                                    ===============        ===============

     1997-A  recorded a provision  for bad debts of  $1,825,000  during the nine
month period ended September 30, 2001.



<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

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

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

     Information  as to the  unaudited  financial  position  and the  results of
operations  of 1997-B as of September 30, 2002 and December 31, 2001 and for the
nine months ended September 30, 2002 and 2001 is summarized below:

                                     September 30, 2002    December 31, 2001
                                     ------------------    -----------------

  Assets                               $     3,184,884      $     8,265,689
                                       ===============      ===============

  Liabilities                          $     3,184,884      $     7,876,692
                                       ===============      ===============

  Equity                               $           -        $       388,997
                                       ===============      ===============

  Partnership's share of equity        $           -        $        64,847
                                       ===============      ===============

                                      Nine Months Ended    Nine Months Ended
                                      September 30, 2002   September 30, 2001
                                      ------------------   ------------------

  Net loss                             $      (388,997)     $    (1,069,591)
                                       ===============      ===============

  Partnership's share of net loss      $       (64,847)     $      (178,302)
                                       ===============      ===============

     1997-B recorded a provision for bad debts of $440,000 and $1,055,114 during
the nine month periods ended September 30, 2002 and 2001, respectively.



<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

     ICON Boardman Funding L.L.C.
     ----------------------------

     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  Funding L.L.C.  ("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 September 30, 2002 were .5025%, .5025%, and 98.995% for the
Partnership, L.P. Six, and Fund Eight A, respectively.

     Portland  General  Electric  ("PGE") is a wholly owned  subsidiary of Enron
Corporation  ("Enron"),  which filed for  Chapter 11  bankruptcy  protection  in
December 2001. PGE has not filed for  bankruptcy.  While Enron owns all of PGE's
outstanding  common stock, PGE has its own legal entity,  owns its assets and is
responsible for its own day-to-day  operations.  PGE continues to make its lease
payments and is current through October 2002.

     Information  as to the  unaudited  financial  position  and the  results of
operations of ICON BF as of September 30, 2002 and December 31, 2001 and for the
nine months ended September 30, 2002 and 2001 is summarized below:

                                     September 30, 2002    December 31, 2001
                                     ------------------    -----------------

 Assets                               $     22,629,512      $    24,855,375
                                      ================      ===============

 Liabilities                          $     10,360,059      $    13,588,934
                                      ================      ===============

 Equity                               $     12,269,453      $    11,266,441
                                      ================      ===============

 Partnership's share of equity        $         61,655      $        56,614
                                      ================      ===============

                                      Nine Months Ended    Nine Months Ended
                                     September 30, 2002    September 30, 2001
                                     ------------------    ------------------

 Net income                           $      1,003,012      $     1,027,862
                                      ================      ===============

 Partnership's share of net income    $          5,041      $         5,139
                                      ================      ===============


<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

     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 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 were
collected in January and June 2002, respectively.  As of September 30, 2002, the
gross amount due is  (pound)1,625,000  ($2,494,534  on a discounted  basis based
upon the exchange rate at September 30, 2002).

     Information  as to the  unaudited  financial  position  and the  results of
operations  of AIC Trust as of September  30, 2002 and December 31, 2001 and for
the nine months ended September 30, 2002 and 2001 is summarized below:

                                      September 30, 2002    December 31, 2001
                                      ------------------    -----------------

 Assets                                 $     2,494,534       $   3,849,439
                                        ===============       =============

 Liabilities                            $        57,447       $        -
                                        ===============       =============

 Equity                                 $     2,437,087       $   3,849,439
                                        ===============       =============

 Partnership's share of equity          $       749,647       $   1,184,087
                                        ===============       =============

                                        Nine Months Ended   Nine Months Ended
                                       September 30, 2002  September 30, 2001
                                       ------------------  ------------------

 Net income                             $       340,534       $     439,449
                                        ===============       =============

 Partnership's share of net income      $       104,748       $     135,219
                                        ===============       =============

 Distributions                          $     1,752,886       $     536,853
                                        ===============       =============

 Partnership's share of distributions   $       846,563       $     165,136
                                        ===============       =============

     AIC Trust  recorded a foreign  exchange  gain of  $200,857  during the nine
months ended September 30, 2002.

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

     In December  2000, the  Partnership  and three  affiliates,  L.P. Six, Fund
Eight A and ICON Income Fund Eight B L.P.  ("Fund Eight B") formed ICON Cheyenne
LLC ("ICON  Cheyenne") for the purpose of acquiring a portfolio of leases for an




<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

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 term 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.

     Information  as to the  unaudited  financial  position  and the  results of
operations  of ICON  Cheyenne as of September 30, 2002 and December 31, 2001 and
for the nine months ended September 30, 2002 and 2001 is summarized below:

                                        September 30, 2002    December 31, 2001
                                        ------------------    -----------------

   Assets                                 $    19,060,988       $   23,869,671
                                          ===============       ==============

   Liabilities                            $     8,059,843       $   11,145,506
                                          ===============       ==============

   Equity                                 $    11,001,145       $   12,724,165
                                          ===============       ==============

   Partnership's share of equity          $     1,134,217       $    1,311,861
                                          ===============       ==============

                                         Nine Months Ended    Nine Months Ended
                                         September 30, 2002   September 30, 2001
                                         ------------------   ------------------

   Net income                             $     1,258,307        $     891,227
                                          ===============        =============

   Partnership's share of net income      $       129,731        $      91,885
                                          ===============        =============

   Distributions                          $     2,981,327        $        -
                                          ===============        =============

   Partnership's share of distributions   $       307,375        $        -
                                          ===============        =============


     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 an 767-300ER aircraft leased to Scandinavian  Airline
Systems  for a purchase  price of  $44,515,416,  which was  funded  with cash of
$2,241,371 and non-recourse debt of $42,274,045. The rents and the aircraft have
been assigned to the unaffiliated non-recourse lender. The lease is scheduled to
expire  in March  2003,  at which  time the  balance  of the  non-recourse  debt
outstanding is scheduled to be approximately $34,500,000. 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 Consolidated Financial Statements - Continued

     Information  as to the  unaudited  financial  position  and the  results of
operations of ICON Aircraft 24846 as of September 30, 2002 and December 31, 2001
and for the nine months ended September 30, 2002 and 2001 is summarized below:

                                       September 30, 2002    December 31, 2001
                                       ------------------    -----------------

  Assets                                 $    39,896,944       $   41,952,008
                                         ===============       ==============

  Liabilities                            $    36,327,970       $   38,945,109
                                         ===============       ==============

  Equity                                 $     3,568,974       $    3,006,899
                                         ===============       ==============

  Partnership's share of equity          $        71,379       $       60,138
                                         ===============       ==============

                                        Nine Months Ended    Nine Months Ended
                                        September 30, 2002   September 30, 2001
                                        ------------------   ------------------

  Net income                             $       562,075       $      405,824
                                         ===============       ==============

  Partnership's share of net income      $        11,241       $        8,118
                                         ===============       ==============


     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.  In 2000, the Partnership originally reflected its pro rata share of
the lease and related debt on its balance sheet.  However, in the fourth quarter
of  2001,  upon  subsequent  review,  the  transaction  was  reclassified  as an
investment in a joint  venture.  Amounts in the September 30, 2001  statement of
operations have been reclassified to reflect the current period's  presentation.
Neither  the net  income  recorded  in the 2001  period nor the amount of equity
recorded at September 30, 2001 was affected by the reclassification.

     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  September  30,  2002  under  such
guarantee was $120,394.


<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

     Information  as to the  unaudited  financial  position  and the  results of
operations  of North Sea as of September  30, 2002 and December 31, 2001 and for
the nine months ended September 30, 2002 and 2001 is summarized below:

                                        September 30, 2002  December 31, 2001
                                        ------------------  -----------------

  Assets                                  $  9,361,874        $   11,169,465
                                          ============        ==============

  Liabilities                             $ 21,951,523        $   25,450,283
                                          ============        ==============

  Partners' deficit                       $(12,589,649)       $  (14,280,818)
                                          ============        ==============

  Partnership's share of equity           $  1,252,675        $      407,090
                                          ============        ==============

                                        Nine Months Ended   Nine Months Ended
                                        September 30, 2002  September 30, 2001
                                        ------------------  ------------------

  Net income                              $  1,691,169       $    1,491,540
                                          ============       ==============

  Partnership's share of net income       $    845,585       $      745,770
                                          ============       ==============

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

     During the quarter ended September 30, 2002, operating lease equipment with
a  net  book  value  of  $755,363  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 release or
sell the equipment.  Also included in the $20,264,648 of equipment held for sale
or lease were five vessels with an aggregate carrying value of $16,756,356.  The
Partnership is currently  negotiating  the release or sale of such vessels.  The
net carrying value of the vessels approximates their estimated fair values based
on appraisals completed in March 2002.

8.   Line of Credit

     During the nine months ended  September 30, 2002, the  Partnership  entered
into a $17,500,000 joint line of credit agreement,  shared with Fund Eight A and
Fund Eight B, with Comerica Bank as lender,  replacing its prior $7,500,000 line
of credit agreement. The Partnership borrowed $7,775,439 under the new agreement
and used $3,175,439 to pay off its outstanding  borrowings  under its prior line
of  credit  and  $3,644,700  to repay  to Fund  Eight B the  amount  due for the
repurchase in December 2001 of a joint venture interest.  Under the terms of the
new agreement,  the  Partnership may borrow at a rate equal to the Comerica Bank
base rate plus 1% (5.75% at  September  30, 2002) and all  borrowings  are to be
collateralized  by the present values of rents  receivable  and  residuals.  The
expiration date of the new line of credit agreement is May 31, 2003.





<PAGE>


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

                               September 30, 2002

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

     The financial  statements for 2001 have been restated and  reclassified  as
explained in Note 3 of Notes to Consolidated  Financial Statements.  The General
Partner's discussion and analysis below compare the 2002 results to the restated
and reclassified 2001 results.

Results of Operations for the Three Months Ended September 30, 2002 and 2001

     Revenues  for the three months ended  September  30, 2002 ("2002  Quarter")
were  $3,949,647 as compared to  $3,716,618  in the quarter ended  September 30,
2001 ("2001  Quarter")  representing  an increase of  $233,029.  The increase in
revenues  resulted  primarily  from  increases in gains on sales of equipment of
$2,240,081,  income from leveraged leases of $66,714 and income from investments
in  unconsolidated  joint  ventures  of  $103,185.  The  increase in revenue was
partially  offset by decreases  in finance  income of $890,337 and a decrease in
rental income of $1,335,402.  Gain on sales of equipment increased due primarily
to a sale of equipment to Petsmart,  Inc.,  which generated a gain of $2,686,609
in the 2002 Quarter.  The increase in income from leveraged leases is consistent
with the increase in the  investment in leverage  leases on which such income is
based. The increase in income from equity investments in joint ventures resulted
primarily  from a large  provision for bad debts recorded by one of the ventures
in the 2001 Quarter.  The decrease in finance income resulted primarily from (1)
a decrease in the average size of the Partnership's lease portfolio; (2) certain
leases which were  renewed and are  generating  lower  levels of finance  income
during the respective  renewal terms;  and (3) certain finance leases which came
to term in 2001 and 2002 and were either (a) renewed and classified as operating
leases during their  renewal terms or (b) are currently off lease.  The decrease
in rental income from the 2001 Quarter resulted from the rentals associated with
equipment  which  was  reclassified  to  equipment  held  for  sale or  re-lease
subsequent to the 2001 Quarter.

     Expenses for the 2002 Quarter were  $2,946,054 as compared to $2,848,470 in
the 2001 Quarter,  representing an increase of $97,584. The increase in expenses
was primarily  attributable  to increases in  depreciation  expense of $100,106,
general and  administrative  expenses of $649,654.  The increase in expenses was
partially  offset by a  decrease  in  amortization  of initial  direct  costs of
$92,026,  a decrease in interest  expense of $54,297,  a decrease in  management
fees - General  Partner of  $427,612  and a decrease in  administrative  expense
reimbursements  - General  Partner of  $69,591.  The  increase  in  depreciation
expense  was  due   principally  to   depreciation   associated  with  equipment
reclassified  from finance leases to operating leases or equipment held for sale
or lease subsequent to the 2001 Quarter.  The principal reasons for the increase
in general and  administrative  expenses  was the storage  and  insurance  costs
associated  with the off-lease  vessels as well as increased  professional  fees
during the 2002 Quarter.  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 investment portfolio and
the timing of rentals received.

     Net income for the 2002  Quarter and the 2001  Quarter was  $1,003,593  and
$868,148,  respectively. The net income per weighted average limited partnership
unit  outstanding was $1.01 and $.87, for the 2002 Quarter and the 2001 Quarter,
respectively.



<PAGE>


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

                               September 30, 2002

Results of Operations for the Nine Months Ended September 30, 2002 and 2001

     Revenues for the nine months ended  September 30, 2002 ("2002 Period") were
$7,218,048  as compared to  $8,707,377  for the nine months ended  September 30,
2001 ("2001  Period")  representing  a decrease of  $1,489,329.  The decrease in
revenues  resulted  primarily from decreases in finance income of $2,583,936 and
rental income of  $2,116,347.  The decrease in revenue was  partially  offset by
increases  in  income  from  leveraged   leases  of  $148,696  and  income  from
investments  in  unconsolidated  joint ventures of $731,037 and gain on sales of
equipment of $2,242,909.  The decrease in finance income resulted primarily from
(1) a decrease in the average size of the  Partnership's  lease  portfolio;  (2)
certain  leases  which were renewed and are  generating  lower levels of finance
income during the respective renewal terms; and (3) certain finance leases which
came to term in 2001 and 2002 and were  either (a)  renewed  and  classified  as
operating  leases during their renewal terms or (b) are currently off lease. The
decrease  in  rental  income  from the 2001  Period  resulted  from the  rentals
associated with equipment  which was  reclassified to equipment held for sale or
re-lease  subsequent to the 2001 Period.  The increase in income from  leveraged
leases is consistent  with the increase in the investment in leverage  leases on
which such income is based.  The increase in income from equity  investments  in
joint ventures  resulted  primarily from  provisions for bad debts of $1,825,000
and $1,055,114  recorded by two of the ventures in the 2001 Period. Gain on sale
of equipment increased due primarily to a sale in 2002 of equipment to Petsmart,
Inc., which generated a gain of $2,686,609.

     Expenses for the 2002 Period were  $8,090,033  as compared to $7,929,754 in
the 2001 Period,  representing an increase of $160,279. The increase in expenses
was primarily  attributable to increases in depreciation  expense of $1,373,403,
and general and  administrative  expenses of $781,694.  The increase in expenses
was partially offset by a decrease in interest  expense of $523,037,  management
fees - General  Partner of  $1,009,429,  a decrease  in  administrative  expense
reimbursements - General Partner of $288,446,  and a decrease in amortization of
initial direct costs of $165,190.  The increase in depreciation  expense was due
principally to depreciation  associated with equipment reclassified from finance
leases to operating leases or equipment held for sale or lease subsequent to the
2001   Period.   The   principal   reasons  for  the  increase  in  general  and
administrative expenses were the storage and insurance costs associated with the
off-lease vessels as well as increased professional fees during the 2002 Period.
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 investment  portfolio and the timing of
rentals received.

     Net (loss)  income for the 2002 Period and the 2001  Period was  $(871,985)
and $777,623,  respectively.  The net (loss) income per weighted average limited
partnership  unit  outstanding  was $(.87) and $.78, for the 2002 Period and the
2001 Period, respectively.




<PAGE>


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

                               September 30, 2002

Liquidity and Capital Resources

     During the nine months ended September 30, 2002 the  Partnership  used cash
in operating  activities of  $3,693,037  and paid  distributions  to partners of
$8,030,472.  The  Partnership  received  $6,138,403  in  proceeds  from sales of
equipment. The Partnership borrowed $10,800,439 under its lines of credit during
the period and repaid  $5,120,036 due under such lines. As of September 30, 2002
the  Partnership  has  aircraft  parts  with  an  aggregate  carrying  value  of
$3,508,291 and five vessels with an aggregate  carrying value of $16,756,356 off
lease. The Partnership is currently exploring options to either sell or re-lease
these assets. The Partnership's ability to continue making cash distributions at
the current rate is dependent on the  Partnership's  ability to remarket or sell
assets coming off lease.

     During the nine months ended  September 30, 2002, the  Partnership  entered
into a $17,500,000 joint line of credit agreement,  shared with Fund Eight A and
Fund Eight B, with Comerica Bank as lender,  replacing its prior $7,500,000 line
of credit agreement. The Partnership borrowed $7,775,439 under the new agreement
and used $3,175,439 to pay off its outstanding  borrowings  under its prior line
of  credit  and  $3,644,700  to repay  to Fund  Eight B the  amount  due for the
repurchase in December 2001 of a joint venture interest.  Under the terms of the
new agreement,  the  Partnership may borrow at a rate equal to the Comerica Bank
base rate plus 1% (5.75% at  September  30, 2002) and all  borrowings  are to be
collateralized  by the present values of rents  receivable  and  residuals.  The
expiration date of the new line of credit agreement is May 31, 2003.

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 residuals) owned by
the Partnership and its investees.  Except as described  below,  the Partnership
believes  its  exposure  to other  market  risks are  insignificant  to both its
financial position and results of operations.

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


     The  Partnership  borrows funds under two 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 borrowings under its floating rate lines of
credit as of September 30, 2002 aggregated $6,379,341.  The Partnership believes
the  risk  associated  with  rising  interest  rates  under  these  lines is not
significant.


     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.



<PAGE>


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

                               September 30, 2002

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.  Management  has  presented  the  results  of its  most  recent
evaluation to the Partnership's independent auditors, KPMG LLP. 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 6 - Exhibits and Reports on Form 8-K
-----------------------------------------

No reports on Form 8-K were filed by the Partnership during the quarter ended
September 30, 2002.

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.



        November 14, 2002           /s/ Thomas W. Martin
-------------------------------     --------------------------------------------
               Date                 Thomas W. Martin
                                    Executive Vice President
                                    (Principal Financial and Accounting Officer
                                    of the Manager of the Registrant)

                              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;



<PAGE>


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


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:  November 14, 2002

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



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;



<PAGE>


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



     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:  November 14, 2002

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





<PAGE>


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

                               September 30, 2002

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  September 30, 2002
     (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:  November 14, 2002




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



<PAGE>


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

                               September 30, 2002


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  September 30, 2002
     (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:  November 14, 2002




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