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


                                    FORM 10-Q



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

For the quarterly period ended                       September 30, 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>
                                                                     September 30,    December 31,
                                                                          2003           2002
                                                                          ----           ----
                                                                      (unaudited)

         Assets

<S>                                                                <C>             <C>
Cash and cash equivalents                                          $      623,362  $   1,257,947
                                                                   --------------  -------------

Investment in finance leases
   Minimum rents receivable                                               998,002      2,252,134
   Estimated unguaranteed residual values                               1,295,044      1,717,816
   Initial direct costs, net                                               34,766         36,455
   Unearned income                                                        (93,590)      (137,106)
   Allowance for doubtful accounts                                       (239,516)      (289,301)
                                                                   --------------  -------------

                                                                        1,994,706      3,579,998
                                                                   --------------  -------------

Investment in operating leases
   Equipment at cost                                                    6,352,370     14,195,791
   Accumulated depreciation                                            (1,228,623)    (1,703,583)
                                                                   --------------  -------------

                                                                        5,123,747     12,492,208
                                                                   --------------  -------------

Equipment held for sale or lease, net                                  20,954,063     19,343,546
                                                                   --------------  -------------

Net investment in leveraged leases                                     21,554,366     27,877,708
                                                                   --------------  -------------

Investment in estimated unguaranteed residual values                    4,686,757     20,811,758
                                                                   --------------  -------------

Investments in unconsolidated joint ventures                            3,819,888      3,360,145
                                                                   --------------  -------------

Due from General Partner and affiliates                                   375,157        161,458
                                                                   --------------  -------------

Other assets, net                                                         932,727      1,249,535
                                                                   --------------  -------------

Total assets                                                       $   60,064,773  $  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>

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


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

<S>                                                         <C>                 <C>
Notes payable - non-recourse                                $      23,581,356   $     27,186,863
Notes and accrued interest payable - recourse                      12,390,412         27,707,802
Due to General Partner and affiliates                                  39,817            155,542
Security deposits, deferred credits and other payables                982,436            664,692
Minority interest in consolidated joint venture                        54,850             53,292
                                                            -----------------   ----------------

      Total liabilities                                            37,048,871         55,768,191
                                                            -----------------   ----------------

Commitments and Contingencies

Partners' equity (deficiency)
   General Partner                                                   (618,748)          (505,244)
   Limited Partners (987,548 units outstanding,
     $100 per unit original issue price)                           23,634,650         34,871,356
                                                            -----------------   ----------------

     Total partners' equity                                        23,015,902         34,366,112
                                                            -----------------   ----------------

Total liabilities and partners' equity                      $      60,064,773   $     90,134,303
                                                            =================   ================


</TABLE>

















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

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

                 Condensed Consolidated Statements of Operations

                                   (unaudited)


<TABLE>
<CAPTION>


                                                              Three Months                  Nine Months
                                                            Ended September 30,          Ended September 30,
                                                           2003           2002          2003           2002
                                                           ----           ----          ----           ----

<S>                                                  <C>             <C>            <C>            <C>
Revenues

Finance income                                       $       5,308   $      44,451  $      43,516  $     856,136
Rental income                                              258,390         230,145      1,145,650        751,636
Net income from leveraged leases                           108,307         618,833        434,025      1,805,053
Net (loss) gain on sales of equipment                      (11,000)      2,703,443        119,779      2,711,581
Income from investments in
  unconsolidated joint ventures                            296,939         315,974        931,513      1,016,894
Interest income and other                                       20          36,801          2,610         76,748
                                                     --------------  -------------  -------------  -------------

   Total revenues                                          657,964       3,949,647      2,677,093      7,218,048
                                                     -------------   -------------  -------------  -------------

Expenses
   Depreciation                                          1,518,259       1,004,679      4,277,007      3,014,737
   Interest                                                622,365         665,083      2,136,124      2,129,458
   General and administrative                              392,849         848,374      1,258,207      1,350,149
   Management fees - General Partner                       103,716         229,754        583,008        878,460
   Administrative expense reimbursements -
    General Partner                                         42,563         100,117        237,040        378,639
   Provision for impairment                              3,750,000          -           3,750,000         -
   Amortization of initial direct costs                     21,701          96,831        120,029        334,947
   Minority interest in consolidated
     joint venture                                           2,162           1,216          3,345          3,643
                                                     -------------   -------------  -------------  -------------

   Total expenses                                        6,453,615       2,946,054     12,364,760      8,090,033
                                                     -------------   -------------  -------------  -------------

Net (loss) income                                    $  (5,795,651)  $   1,003,593  $  (9,687,667) $    (871,985)
                                                     =============   =============  =============  =============

Net (loss) income allocable to:
   Limited Partners                                  $  (5,737,694)  $     993,557  $  (9,590,790)      (863,265)
   General Partner                                         (57,957)         10,036        (96,877)        (8,720)
                                                     -------------   -------------  -------------  -------------

                                                     $  (5,795,651)  $   1,003,593  $  (9,687,667) $    (871,985)
                                                     =============   =============  =============  =============

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

Net (loss) income per weighted average
   limited partnership unit                          $       (5.81)  $        1.01  $       (9.71) $        (.87)
                                                     =============   =============  =============  =============

</TABLE>


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

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

         Condensed Consolidated Statement of Changes in Partners' Equity

                      Nine Months Ended September 30, 2003

                                   (unaudited)

<TABLE>
<CAPTION>

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

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

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


Cash distributions to partners        $   1.66       $   -              (1,645,916)      (16,627)     (1,662,543)

Net loss                                                                (9,590,790)      (96,877)     (9,687,667)
                                                                   ---------------  ------------  --------------

Balance at
   September 30, 2003                                              $    23,634,650  $   (618,748) $   23,015,902
                                                                   ===============  ============  ==============


</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

                         Nine Months Ended September 30,

                                   (unaudited)

<TABLE>
<CAPTION>

                                                                                  2003                  2002
                                                                                  ----                  ----

<S>                                                                          <C>                 <C>
Cash flows from operating activities:
   Net loss                                                                  $     (9,687,667)   $      (871,985)
                                                                             ----------------    ---------------
   Adjustments to reconcile net loss to
     net cash used in operating activities:
       Finance income portion of receivables paid directly
         to lenders by lessees                                                            -             (548,029)
       Rental income paid directly to lenders by lessees                             (674,894)          (568,035)
       Interest expense on non-recourse financing paid
         directly to lenders by lessees                                             1,325,332          1,305,328
       Amortization of initial direct costs                                           120,029            334,947
       Provision for impairment                                                     3,750,000            -
       Depreciation expense                                                         4,277,007          3,014,737
       Income from leveraged leases                                                  (434,025)        (1,805,053)
       Income from investments in unconsolidated joint ventures                      (931,513)        (1,016,894)
       Net gain on sales of equipment                                                (119,779)        (2,711,581)
       Minority interest in consolidated joint venture                                  3,345              3,643
       Changes in operating assets and liabilities, net                             1,589,567           (830,115)
                                                                             ----------------    ---------------

           Total adjustments                                                        8,905,069         (2,821,052)
                                                                             ----------------    ---------------

       Net cash used in operating activities                                         (782,598)        (3,693,037)
                                                                             ----------------    ---------------

Cash flows from investing activities:
   Proceeds from sales of equipment                                                   887,662          6,138,403
   Distributions received from unconsolidated joint ventures                          325,557            846,563
                                                                             ---------------     ---------------

       Net cash provided by investing activities                                    1,213,219          6,984,966
                                                                             ----------------    ---------------


</TABLE>











                                                        (continued on next page)
<PAGE>

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

           Condensed Consolidated Statements of Cash Flows - Continued

                         Nine Months Ended September 30,

                                   (unaudited)


<TABLE>
<CAPTION>
                                                                                   2003                2002
                                                                                   ----                ----


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

   Cash distributions to partners                                                  (1,662,543)        (8,030,472)
   Proceeds from notes payable - recourse                                             690,000         10,800,439
   Principal payments on notes payable - recourse                                    (453,901)        (5,120,036)
   Principal payments of notes payable - non-recourse                                -                  (100,000)
   Redemption of limited partnership units                                           -                   (30,940)
                                                                             ----------------    ---------------

     Net cash (used in) financing activities                                       (1,426,444)        (2,481,009)
                                                                             ----------------    ---------------

Net (decrease) increase in cash and cash equivalents                                 (634,585)           810,920

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

Cash and cash equivalents at end of period                                   $        623,362    $     3,144,791
                                                                             ================    ===============


</TABLE>























                                                        (continued on next page)
<PAGE>

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

           Condensed Consolidated Statements of Cash Flows - Continued


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

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

<TABLE>
<CAPTION>

                                                              2003           2002
                                                              ----           ----

<S>                                                      <C>             <C>
Principal and interest on direct finance
   receivables paid directly to lenders by lessees       $  4,255,945    $  1,874,407
Rental income paid directly to lenders by lessees             674,894         568,035
Principal and interest on non-recourse
   financing paid directly to lenders by lessees           (4,930,839)     (2,442,442)
                                                         ------------    ------------

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

</TABLE>


<TABLE>
<CAPTION>


                                                              2003           2002
                                                              ----           ----

<S>                                                      <C>             <C>
Interest paid directly to lenders by lessees pursuant
   to non-recourse financings                            $  1,325,332    $ 1,305,328
Other interest                                                810,792        824,130
                                                         ------------    -----------

Total interest expense                                   $  2,136,124    $ 2,129,458
                                                         ============    ===========

</TABLE>


Reduction  in recourse  notes  payable and related  investment  in  unguaranteed
residual values as a result of August 29, 2003  restructuring of agreement (Note
9).


                                                           2003          2002
                                                           ----          ----

Reduction in investment in estimated unguaranteed
  residual values                                    $  16,125,000   $     -

Reduction of note payable-recourse                     (16,125,000)        -
                                                     -------------   -----------

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













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

                               September 30, 2003
                                   (unaudited)

1.   Basis of Presentation

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

     The General  Partner of the Partnership is ICON Capital Corp. (the "General
Partner"), a Connecticut  Corporation.  The General Partner manages and controls
the  business  affairs of the  Partnership's  equipment,  leases  and  financing
transactions under a management agreement with the Partnership.

2.   Disposition Period

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


3.       Seacor Vessels

     The Partnership is the sole owner of two special purpose entities  ("SPEs")
that own five marine vessels originally on charter to affiliates of Seacor Smit.
The results of each of the SPEs are  consolidated  with the  Partnership.  These
vessels are subject to outstanding  non-recourse  debt with a lender.  Under the
original  loan  agreements  with the SPEs,  all charter  revenue was paid to the
lender to amortize the outstanding debt. At the end of the original charter term
of each vessel,  it was expected  that the  individual  vessels  would either be
re-chartered  or sold with  proceeds paid to the lender until the debt was fully
repaid. Several of the vessels had been re-chartered during depressed periods of
bareboat  charter  rates.  As such, the lender has not received the full payment
and the  non-recourse  notes have been declared in default.  According to recent
appraisals received by the Partnership, the value of the vessels is estimated to
be  between  $15.6 and $24.5  million.  The total  outstanding  debt  balance at
September 30, 2003 is $7.25 million.

     On September 4, 2003,  the lender took control of the vessels and commenced
remarketing  efforts.  The General  Partner also continues to look for potential
sale or  re-charter  opportunities  on behalf of the SPEs.  The SPEs remains the
owner of the  vessels  and as such  are  entitled  to sale  proceeds  above  the
outstanding  debt balance  regardless of whether it is the General  Partner's or
the  lender's  remarketing  activities  that  produces a sale.  Both the General
Partner and the lender are seeking a sale in line with recent appraised values.

     Based upon its recent  remarketing  efforts,  the General Partner  believes
that the net book value of the vessels is in excess of current market value, and
as such, has recorded a provision for impairment of $3,750,000.
<PAGE>

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

        Notes to Condensed Consolidated Financial Statements - Continued

4.   Related Party Transactions

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

                               2003            2002
                               ----            ----

 Management fees             $ 583,008     $   878,460    Charged to Operations
 Administrative expense
   reimbursements              237,040         378,639    Charged to Operations
                             ---------     -----------

 Total                       $ 820,048     $ 1,257,099
                             =========     ===========


     The  Partnership  has formed eight joint  ventures with  affiliates for the
purpose of acquiring and managing various assets. The Partnership is entitled to
receive from ICON Cash Flow Partners L.P. Six $207,612 of distribution  that was
received on behalf of the Partnership from AIC/Trust. (See Note 6 for additional
information relating to the joint ventures.)

5.   Net Investment in Leveraged Leases

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

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

     The  net  investment  in the  leveraged  lease  to  Federal  Express  as of
September 30, 2003 consisted of the following:

                                                             September 30,
                                                                 2003
                                                                 ----

 Non-cancelable minimum rents receivable (net of
   principal and interest on non-recourse debt)           $      5,810,360
 Estimated unguaranteed residual values                         17,250,000
 Initial direct costs                                               80,579
 Unearned income                                                (1,586,573)
                                                          ----------------

                                                          $     21,554,366
                                                          ================


     Unearned  income is recognized  from leveraged  leases over the life of the
leases at a constant rate of return based on the positive net  investment in the
lease in the years such investment is positive.
<PAGE>


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

        Notes to Condensed Consolidated Financial Statements - Continued

     For the period ended  September 30, 2003, the Company reduced the estimated
unguaranteed  residual  value of the Federal  Express  aircraft  and recorded an
impairment  provision of $1,050,000 as a result of  management's  analysis which
indicated a lower  value at lease  termination  than  initially  estimated.  The
impairment provision has been reflected in net income from leveraged leases.

6.   Consolidated Venture and Investments in Unconsolidated Joint Ventures

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

Consolidated Venture

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

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

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

Investments In Unconsolidated Joint Ventures

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

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

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

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

        Notes to Condensed Consolidated Financial Statements - Continued

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

                                       Nine Months Ended       Nine Months Ended
                                      September 30, 2003      September 30, 2002
                                      ------------------      ------------------

 Net loss                              $        (50,673)       $        (73,135)
                                       ================        ================

 Partnership's share of net loss       $        (10,117)       $        (14,605)
                                       ================        ================


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

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

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

                                   Nine Months Ended        Nine Months Ended
                                  September 30, 2003       September 30, 2002
                                  ------------------       ------------------

Net loss                           $      (199,459)         $       (388,997)
                                   ===============          ================

Partnership's share of net loss    $       (33,250)         $        (64,847)
                                   ===============          ================


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

     In December  1998, the  Partnership  and three  affiliates,  ICON Cash Flow
Partners,  L.P.,  Series C ("Series  C"),  L.P. Six and ICON Income Fund Eight A
L.P.  ("Fund Eight A") formed  ICON/Boardman  Facility LLC ("ICON BF"),  for the
purpose of acquiring a lease for a coal handling  facility with Portland General
Electric,  a utility company.  The purchase price totaled  $27,421,810,  and was
funded with cash and non-recourse debt. The remaining  venturers' shares in ICON
BF at September 30, 2003 were .5025%,  .5025%,  and 98.995% for the Partnership,
L.P. Six, and Fund Eight A, respectively.  The outstanding debt at September 30,
2003 was $7,160,203.

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

                                      Nine Months Ended      Nine Months Ended
                                     September 30, 2003     September 30, 2002
                                     ------------------     ------------------

Net income                            $     1,074,363        $      1,003,012
                                      ===============        ================

Partnership's share of net income     $         5,398        $          5,041
                                      ===============        ================

<PAGE>

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

        Notes to Condensed Consolidated Financial Statements - Continued

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

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

     On December 28, 2001, AIC Trust sold its remaining  leases,  subject to the
related debt, at a loss for a note  receivable of  (pound)2,575,000  ($3,744,822
based upon the  exchange  rate at  December  31,  2001)  which is payable in six
installments  through  June  2004.  The  first two  installments  on the note of
(pound)475,000  each were collected in 2002 and the third and fourth installment
of  (pound)450,000  each was collected through the first three quarters of 2003.
As of September  30, 2003,  the gross amount due is  (pound)725,000  ($1,231,815
based upon the exchange rate at September 30, 2003).

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

                                       Nine Months Ended     Nine Months Ended
                                      September 30, 2003    September 30, 2002
                                      ------------------    ------------------

Net income                             $        32,151        $        340,534
                                       ===============        ================

Partnership's share of net income      $         9,890        $        104,748
                                       ===============        ================

Distributions                          $     1,396,948        $      1,752,886
                                       ===============        ================

Partnership's share of distribution    $       429,701        $        846,563
                                       ===============        ================

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

     In December  2000, the  Partnership  and three  affiliates,  L.P. Six, Fund
Eight A and Fund Eight B formed  ICON  Cheyenne  LLC ("ICON  Cheyenne")  for the
purpose of acquiring a portfolio of leases for an  aggregate  purchase  price of
$29,705,716,  which was paid for with cash of $11,401,151  and the assumption of
non-recourse  debt with an unaffiliated  third party lender of $18,304,565.  The
debt is structured to be amortized by the application to the debt of rentals due
under the various leases.  The leases expire on various dates through  September
2006.  The  Partnership,  L.P. Six, Fund Eight A and Fund Eight B have ownership
interests of 10.31%, 1.0%, 1.0% and 87.69%, respectively,  in ICON Cheyenne. The
outstanding debt at September 30, 2003 was $2,007,229.

<PAGE>

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

        Notes to Condensed Consolidated Financial Statements - Continued

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

                                      Nine Months Ended      Nine Months Ended
                                     September 30, 2003     September 30, 2002
                                     ------------------     ------------------

Net income                            $       (12,994)        $      1,258,307
                                      ===============         ================

Partnership's share of net income     $        (1,340)        $        129,731
                                      ===============         ================

Distributions                         $       741,759         $      2,981,327
                                      ===============         ================

Partnership's share of distribution   $        76,475         $        307,375
                                      ===============         ================

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

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

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

<TABLE>
<CAPTION>

                                         Nine Months Ended     Nine Months Ended
                                         September 30, 2003   September 30, 2002
                                         ------------------   ------------------

<S>                                        <C>                  <C>
Net (loss) income                          $  (2,499,071)       $      562,075
                                           =============        ==============

Partnership's share of net (loss) income   $     (49,981)       $       11,241
                                           =============        ==============

</TABLE>


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

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

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

        Notes to Condensed Consolidated Financial Statements - Continued

     The  Partnership has guaranteed an amount between the stipulated loss value
provided for in the financing and the loan balance. The maximum amount for which
the  Partnership  is  contingently  liable at  September  30,  2003  under  this
guarantee was approximately $87,000.

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

                                      Nine Months Ended     Nine Months Ended
                                     September 30, 2003     September 30, 2002
                                     ------------------     ------------------

Net income                            $      2,021,826       $      1,691,169
                                      ================       ================

Partnership's share of net income     $      1,010,913       $        845,585
                                      ================       ================


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

     During the three months ended  September 30, 2003  equipment  classified as
investment in operating  leases was  re-classified as equipment held for sale or
lease with a net book value of  $6,272,253.  The  Partnership  is  continuing to
record   depreciation  on  such  equipment  while  it  is  pursuing   re-leasing
opportunities.

     Included  in  equipment  held for sale or lease at  September  30, 2003 are
seven vessels (five of which are discussed in Note 3) with an aggregate carrying
value of $18,539,696.  The Partnership is currently  negotiating the re-lease or
sale of such vessels (see Note 3 for additional information).

8.    Line of Credit Agreement

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

<PAGE>

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

        Notes to Condensed Consolidated Financial Statements - Continued

aggregate obligations under the agreement.  The Funds' obligations to each other
under the Contribution Agreement are collateralized by a subordinate lien on the
assets of each  participating  Fund.  The line of credit was extended for twelve
additional  months expiring May 31, 2004. 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 September
30, 2003, the Partnership had $6,615,439  outstanding under the line.  Aggregate
borrowing by all Funds under the line of credit agreement aggregated $10,199,986
on September 30, 2003.

9.   Investment in Unguaranteed Residual

     On August  29,  2003,  the  Partnership  re-negotiated  its  investment  in
unguaranteed  residual  values with AAR  Aircraft & Engine Sales  Leasing,  Inc.
which  originally  gave the  Partnership the rights to purchase three Boeing 737
aircraft.  The modification resulted in the Partnership's  obligations under the
original  agreement being revised,  releasing the Partnership from a $16,125,000
recourse  obligation  and  reducing  the  residual  values  opportunities.   The
Partnership,  was originally  obligated to repay its  investment  cost which had
consisted of three promissory notes aggregating  $3,612,091 accruing interest at
8.5% per annum  through the maturity date of November 27, 2003, in addition to a
non-interest  bearing $16,125,000  obligation.  The modified agreement converted
these  notes  to a  single  recourse  promissory  note of  $5,751,009,  accruing
interest at 5% per annum.  The revised maturity date is November 27, 2006. As of
September  30,  2003,  the  outstanding   principal  and  accrued  interest  was
$5,774,972.

     The modification  agreement  provides the Partnership with an investment in
the  unguaranteed  residual  value of the  three  aircraft,  which is  valued at
$4,686,757  at September  30, 2003. If any or all of the aircraft are sold prior
to the maturity date of the recourse  promissory  note, then the Partnership may
have all or portion of the then outstanding  balance of the recourse  promissory
note forgiven.  If the aircraft are sold after the maturity date of the recourse
promissory  note,  then  the  Partnership   would  be  entitled  to  receive  33
1/3(percent)  of the net  proceeds  in  excess  of the  net  book  value  of the
aircraft, as defined by the modification agreement.

     The Partnership is also required to prepay $500,000 of interest  related to
the recourse  promissory  note during the quarter  ended  December 31, 2003.  In
addition,  the  Partnership  is  obligated  to prepay a portion of the  recourse
promissory  note with 50% of the proceeds  from the sale of its assets which are
not subject to senior secured debt.




<PAGE>

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

                               September 30, 2003

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

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

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

     Revenues  for the three months ended  September  30, 2003 ("2003  Quarter")
were $657,964 as compared to $3,949,647 in the quarter ended  September 30, 2002
("2002 Quarter") representing a decrease of $3,291,683. The decrease in revenues
resulted  primarily from a decrease in finance  income of $39,143,  decreases in
gain on sales of equipment of  $2,714,443  and income from  leveraged  leases of
$510,526.  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  decrease  in gain on  sales of  equipment  was due to a sale of
equipment  in the 2002  Quarter  whereas no similar  sale  occurred  in the 2003
Quarter.

     Expenses for the 2003 Quarter were  $6,453,615 as compared to $2,946,054 in
the 2002  Quarter,  representing  an increase  of  $3,507,561.  The  increase in
expenses was primarily  attributable  to a provision for residual  impairment of
$3,750,000  due to a  decrease  in the  value of  several  of the  Partnership's
equipment  held for sale or lease and an  increase  in  depreciation  expense of
$513,580,  due primarily to equipment being  reclassified from finance leases to
operating  leases  subsequent to the 2002 Quarter.  The increase in expenses was
partially  offset by an a decrease  in general  and  administrative  expenses of
$455,525.  The principal  reason for the decrease in general and  administrative
expenses  was  professional  fees in the 2002  Quarter  not  present in the 2003
Quarter.  The decrease in management fees - General  Partner of $126,038,  and a
decrease in administrative  expense  reimbursements - General Partner of $57,554
resulted  from the overall  decrease in the  average  size of the  Partnership's
lease portfolio. The decrease in amortization of initial direct costs of $75,130
resulted  from the  decrease in the average  size of the  Partnership's  finance
lease portfolio.

     Net  (loss)   income  for  the  2003  Quarter  and  the  2002  Quarter  was
$(5,795,651)  and $1,003,593,  respectively.  The net (loss) income per weighted
average limited partnership unit outstanding was $(5.81) and $1.01, for the 2003
Quarter and the 2002 Quarter, respectively.
<PAGE>


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

                               September 30, 2003

Results of Operations for the Nine Months Ended September 30, 2003 and 2002

     Revenues for the nine months ended  September 30, 2003 ("2003 Period") were
$2,677,093  as compared to  $7,218,048  in the Period ended  September  30, 2002
("2002 Period") representing a decrease of $4,540,955.  The decrease in revenues
resulted  primarily from  decreases in finance  income of $812,620,  income from
leveraged  leases of  $1,371,028  and decreases in gain on sales of equipment of
$2,591,802. The decrease in income was partially offset by an increase in rental
income of $394,014. 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 $1,050,000,  as result of management's  analysis
which  indicated a lower  estimated  value at lease  termination  than initially
projected.  The  decrease  in gain on  sales of  equipment  was due to a sale of
equipment  in the 2002  Quarter  whereas no similar  sale  occurred  in the 2003
Quarter. The increase in rental income was due to equipment,  previously held as
a leveraged lease, which was re-leased in the second quarter of 2003.

     Expenses for the 2003 Period were  $12,364,760 as compared to $8,090,033 in
the 2002  Period,  representing  an  increase  of  $4,274,727.  The  increase in
expenses was primarily  attributable to an increase in  depreciation  expense of
$1,262,270, due primarily to equipment being reclassified from finance leases to
operating  leases  subsequent  to the 2002 Period and a provision  for  residual
impairment  of  $3,750,000  due to a  decrease  in the value of  several  of the
Partnership's  equipment  held for sale or lease.  The  increase in expenses was
partially offset by a decrease in management fees - General Partner of $295,452,
a  decrease  in  administrative  expense  reimbursements  - General  Partner  of
$141,599,  and a decrease in  amortization  of initial direct costs of $214,918.
The decreases in management  fees - General Partner and  administrative  expense
reimbursement  - General  Partner  resulted  from the  overall  decrease  in the
average size of the Partnership's lease portfolio.  The decrease in amortization
of initial  direct costs  resulted  from the decrease in the average size of the
Partnership's finance lease portfolio.

     Net  loss for the  2003  Period  and the 2002  Period  was  $9,687,667  and
$871,985,  respectively.  The net loss per weighted average limited  partnership
unit  outstanding  was $9.71 and $.87,  for the 2003 Period and the 2002 Period,
respectively.

Liquidity and Capital Resources

     During the nine months ended September 30, 2003, the Partnership  used cash
in  operating  activities  of  $755,605  and paid  distributions  to partners of
$1,662,543.   The  Partnership  received  $325,557  in  distributions  from  its
unconsolidated  joint ventures and $887,662 in proceeds from sales of equipment.
Because the  Partnership's  use of cash  exceeded its sources of cash during the
quarter, its liquidity was reduced.
<PAGE>

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

                               September 30, 2003

     During the quarter  ended June 30,  2002,  the  Partnership  entered into a
$17,500,000  joint and several line of credit agreement dated as of May 30, 2002
shared with Fund Eight A and Fund Eight B (the "Initial  Funds"),  with Comerica
Bank as lender. Under the terms of the agreement,  the Partnership may borrow at
a rate  equal  to the  Comerica  Bank  base  rate  plus 1%  (together,  5.00% at
September  30,  2003)  and  all  borrowings  are  to be  jointly  and  severally
collateralized  by the present values of rents receivable and equipment owned by
all of the Initial  Funds  sharing in the joint line of credit.  On December 12,
2002,  the  agreement  was  amended  to  admit  ICON  Income  Fund  Nine,   LLC,
collectively  along with the Initial Funds (the "Funds"),  as a borrower sharing
the $17,500,000  joint line of credit  agreement.  The Funds have entered into a
Contribution Agreement,  dated as of May 30, 2002, as amended December 12, 2002,
pursuant  to which the Funds have agreed to  restrictions  on the amount and the
terms of their  respective  borrowings  under  the  line of  credit  in order to
minimize the risk that a Fund would not be able to repay its  allocable  portion
of the outstanding revolving loan obligation at any time, including restrictions
on any Fund  borrowing  in excess of the lesser of (A) an amount each Fund could
reasonably  expect to repay in one year out of its projected  free cash flow, or
(B) the  greater  of (i) the  Borrowing  Base (as  defined in the line of credit
agreement) as applied to such Fund,  and (ii) 50% of the net worth of such Fund.
The  Contribution  Agreement  provides  that, in the event a Fund pays an amount
under the agreement in excess of its allocable share of the obligation under the
agreement whether by reason of an Event of Default or otherwise, the other Funds
will  immediately  make a contribution  payment to such Fund in such amount that
the  aggregate  amount paid by each Fund  reflects  its  allocable  share of the
aggregate obligations under the agreement.  The Funds' obligations to each other
under the Contribution Agreement are collateralized by a subordinate lien on the
assets of each  participating  Fund.  The line of credit was extended for twelve
additional  months expiring May 31, 2004. 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 September
30, 2003, the Partnership had $6,615,439  outstanding under the line.  Aggregate
borrowing by all Funds under the line of credit agreement aggregated $10,199,986
on September 30, 2003.

     Cash  distributions  to limited  partners  for the 2003 Period and the 2002
Period,   which  were  paid  monthly,   totaled   $1,645,916   and   $7,959,806,
respectively.

     The Partnership is the sole owner of two special purpose entities  ("SPEs")
that own five marine vessels originally on charter to affiliates of Seacor Smit.
The  result of each of the SPEs are  consolidated  with the  Partnership.  These
vessels are subject to outstanding  non-recourse  debt with a lender.  Under the
original  loan  agreements  with the SPEs,  all charter  revenue was paid to the
lender to amortize the outstanding debt. At the end of the original charter term
of each vessel,  it was expected  that the  individual  vessels  would either be
re-chartered  or sold with  proceeds paid to the lender until the debt was fully
repaid. Several of the vessels had been re-chartered during depressed periods of
bareboat  charter  rates.  As such, the lender has not received the full payment
and the  non-recourse  notes have been declared in default.  According to recent
appraisals received by the Partnership, the value of the vessels is estimated to
be between $15.6 and $24.5 millions. The total outstanding debt balance is $7.25
million.

     On September 4, 2003,  the lender took control of the vessels and commenced
remarketing  efforts.  The General  Partner also continues to look for potential
sale or  re-charter  opportunities  on behalf of the SPEs.  The SPEs remains the
owner of the  vessels  and as such  are  entitled  to sale  proceeds  above  the
outstanding  debt balance  regardless of whether it is the General  Partner's or
the  lender's  remarketing  activities  that  produces a sale.  Both the General
Partner and the lender are seeking a sale in line with recent appraised values.

     Based upon its recent  remarketing  efforts,  the General Partner  believes
that the net book value of the vessels is in excess of current market value, and
as such, has recorded a provision for impairment of $3,750,000.
<PAGE>

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

                               September 30, 2003

     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.

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

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

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

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

Item 4.   Controls and Procedures

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

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

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

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

Item 1 - Legal Proceedings

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

Item 3 - Defaults on Senior Securities

     The Partnership is the sole owner of two special purpose entities  ("SPEs")
that own five marine  vessels  originally  on charter to  affiliates  of Seacor
Smit.  The  result of each of the SPEs are  consolidated  with the  Partnership.
These vessels are subject to outstanding  non-recourse debt with a lender. Under
the original loan  agreements with the SPEs, all charter revenue was paid to the
lender to amortize the outstanding debt. At the end of the original charter term
of each vessel,  it was expected  that the  individual  vessels  would either be
re-chartered  or sold with  proceeds paid to the lender until the debt was fully
repaid. Several of the vessels had been re-chartered during depressed periods of
bareboat  charter  rates.  As such, the lender has not received the full payment
and the  non-recourse  notes have been declared in default.  According to recent
appraisals received by the Partnership, the value of the vessels is estimated to
be between $15.6 and $24.5 millions. The total outstanding debt balance is $7.25
million.

     On September 4, 2003,  the lender took control of the vessels and commenced
remarketing  efforts.  The General  Partner also continues to look for potential
sale or  re-charter  opportunities  on behalf of the SPEs.  The SPEs remains the
owner of the  vessels  and as such  are  entitled  to sale  proceeds  above  the
outstanding  debt balance  regardless of whether it is the General  Partner's or
the  lender's  remarketing  activities  that  produces a sale.  Both the General
Partner and the lender are seeking a sale in line with recent appraised values.

     Based upon its recent  remarketing  efforts,  the General Partner  believes
that the net book value of the vessels is in excess of current market value, and
as such, has recorded a provision for impairment of $3,750,000.

Item 6 - Exhibits and Reports on Form 8K

(a)  Exhibits

     32.1 Certification of Chairman and Chief Executive Officer.

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

     33.1 Certification  of Chairman and Chief Executive  Officer pursuant to 18
          U.S.C.  (Section)1350,  as  adopted  pursuant  to  Section  906 of the
          Sarbanes-Oxley Act of 2002.

     33.2 Certification of Executive Vice President and Principal  Financial and
          Accounting  Officer  pursuant to 18 U.S.C.  (Section)1350,  as adopted
          pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
<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, 2003        /s/ Thomas W. Martin
        -----------------        -------------------------------
              Date               Thomas W. Martin
                                 Executive Vice President
                                 (Principal Financial and Accounting Officer
                                 of the General Partner of the Partnership)
<PAGE>

                              Certifications - 10-Q
                              ---------------------

EXHIBIT 32.1

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

     1. I have  reviewed this  quarterly  report of ICON Cash Flow Partners L.P.
Seven;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the Partnership as of, and for, the periods presented in this report;

4.   The  Partnership's  other  certifying  officer  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) for the Partnership and have:

     (a)  Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          Partnership, including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     (b)  Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     (c)  Evaluated the effectiveness of the Partnership's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

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

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

     (a)  All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to adversely  affect the  Partnership's  ability to
          record, process, summarize and report financial information; and

     (b)  Any fraud, whether or not material,  that involves management or other
          employees who have a significant  role in the  Partnership's  internal
          control over financial reporting.

Dated:  November 14, 2003

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

<PAGE>

                              Certifications - 10-Q
                              ---------------------

EXHIBIT 32.2

I, Thomas W. Martin, certify that:

1.   I have  reviewed  this  quarterly  report of ICON Cash Flow  Partners  L.P.
     Seven;

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material  fact or omit to state a  material  fact  necessary  to make the
     statements made, in light of the circumstances  under which such statements
     were made,  not  misleading  with  respect  to the  period  covered by this
     report;

3.   Based on my  knowledge,  the  financial  statements,  and  other  financial
     information  included  in  this  report,  fairly  present  in all  material
     respects the financial  condition,  results of operations and cash flows of
     the Partnership as of, and for, the periods presented in this report;

4.   The  Partnership's  other  certifying  officer  and I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and 15d-15(e))  and internal  control over
     financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and
     15d-15(f)) for the Partnership and have:

     (a)  Designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          Partnership, including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this report is being prepared;

     (b)  Designed such internal  control over  financial  reporting,  or caused
          such internal  control over  financial  reporting to be designed under
          our  supervision,   to  provide  reasonable  assurance  regarding  the
          reliability  of financial  reporting and the  preparation of financial
          statements for external purposes in accordance with generally accepted
          accounting principles;

     (c)  Evaluated the effectiveness of the Partnership's  disclosure  controls
          and procedures and presented in this report our conclusions  about the
          effectiveness of the disclosure controls and procedures, as of the end
          of the period covered by this report based on such evaluation; and

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

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

     (a)  All significant  deficiencies and material weaknesses in the design or
          operation  of internal  control  over  financial  reporting  which are
          reasonably  likely to adversely  affect the  Partnership's  ability to
          record, process, summarize and report financial information; and

     (b)  Any fraud, whether or not material,  that involves management or other
          employees who have a significant  role in the  Partnership's  internal
          control over financial reporting.

Dated:  November 14, 2003

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

<PAGE>

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

                               September 30, 2003

EXHIBIT 33.1

     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, 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:  November 14, 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)

                               September 30, 2003

EXHIBIT 33.2

     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,
          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:  November 14, 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