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                          June 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)



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

     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.

                                            [   ] Yes     [ X ] 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)

                                                  June 30,         December 31,
                                                    2002              2001
                                                    ----              ----
       Assets

Cash                                            $   1,287,865     $   2,333,871
                                                -------------     -------------
Investment in finance leases
  Minimum rents receivable                          5,729,035         8,506,468
  Estimated unguaranteed residual values           14,587,490        14,587,490
  Initial direct costs                                 81,327           196,525
  Unearned income                                    (278,132)       (1,043,118)
  Allowance for doubtful accounts                    (754,590)         (915,985)
                                                -------------     -------------

                                                   19,365,130        21,331,380
                                                -------------     -------------

Investment in operating leases
   Equipment at cost                                5,508,545         9,678,415
   Accumulated depreciation                          (822,785)         (895,169)
                                                -------------     -------------

                                                    4,685,760         8,783,246

Equipment held for sale or lease, net              20,657,406        18,769,730
                                                -------------     -------------

Net investment in leveraged leases                 28,477,120        27,290,900
                                                -------------     -------------

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

Investments in unconsolidated
 joint ventures                                     3,284,601         3,114,325
                                                -------------     -------------

Other assets                                        2,135,205         1,899,697
                                                -------------     -------------

Total assets                                    $ 100,704,845     $ 104,334,907
                                                =============     =============






                                                     (continued on next page)


<PAGE>


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

                     Consolidated Balance Sheets (Continued)

                                   (unaudited)

                                                   June 30,        December 31,
                                                     2002              2001
                                                     ----              ----
   Liabilities and Partners' Equity

Notes payable - non-recourse                    $  28,432,972     $  29,698,082
Notes payable - recourse                           29,210,146        21,286,774
Accounts payable - General Partner
 and affiliates                                        86,888         3,895,849
Security deposits, deferred credits
 and other payables                                 1,884,910         1,110,828
Minority interest in consolidated
 joint ventures                                        50,881            48,454
                                                -------------     -------------

                                                   59,665,797        56,039,987
                                                -------------     -------------

Partners' equity (deficiency)
   General Partner                                   (429,453)         (366,314)
   Limited partners (987,848 and 988,649
    units outstanding, $100 per unit original
    issue price)                                   41,468,501        48,661,234
                                                -------------     -------------

     Total partners' equity                        41,039,048        48,294,920
                                                -------------     -------------

Total liabilities and partners' equity          $ 100,704,845     $ 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 Six Months
                                                            Ended June 30,                     Ended June 30,
                                                        2002              2001             2002            2001
                                                        ----              ----             ----            ----
Revenues                                                               (restated)                       (restated)
<S>                                                <C>                <C>             <C>             <C>
   Finance income                                  $     354,616     $     916,272   $     811,685   $    2,505,284
   Rental income                                         236,395         1,116,436         521,491        1,302,436
   Income from leveraged leases                          596,050           552,119       1,186,220        1,104,238
   Gain on sales of equipment                                  -                 -           8,138            5,310
   Income (loss) from investments in
    unconsolidated joint ventures                        332,803          (209,330)        700,920           73,068
   Other                                                   1,053            (9,341)         39,947              423
                                                   -------------     -------------   -------------   --------------

   Total revenues                                      1,520,917         2,366,156       3,268,401        4,990,759
                                                   -------------     -------------   -------------   --------------

Expenses

   Depreciation expense                                1,005,087           628,690       2,010,058          736,761
   Interest                                              721,262           883,766       1,464,375        1,933,115
   General and administrative                            224,555           195,356         501,775          369,735
   Management fees - General Partner                     144,303           397,470         648,706        1,230,523
   Administrative expense reimbursements -
    General Partner                                       67,178           154,151         278,522          497,377
   Amortization of initial direct costs                  106,406           128,393         238,116          311,280
   Minority interest expense                               1,210             1,243           2,427            2,493
                                                   -------------     -------------   -------------   --------------

   Total expenses                                      2,270,001         2,389,069       5,143,979        5,081,284
                                                   -------------     -------------   -------------   --------------

Net loss                                           $    (749,084)    $     (22,913)  $  (1,875,578)  $      (90,525)
                                                   =============     =============   =============   ==============

Net loss allocable to:
   Limited partners                                $    (741,593)    $     (22,684)  $  (1,856,822)  $      (89,620)
   General Partner                                        (7,491)             (229)        (18,756)            (905)
                                                   -------------     -------------   -------------   --------------

                                                   $    (749,084)    $     (22,913)  $  (1,875,578)  $      (90,525)
                                                   =============     =============   =============   ==============

Weighted average number of limited
   partnership units outstanding                         988,219           989,238         988,339          989,238
                                                   =============     =============   =============   ==============

Net loss per weighted average
   limited partnership unit                        $        (.75)    $        (.02)  $       (1.88)  $         (.09)
                                                   =============     =============   =============   ==============
</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 Six Months Ended June 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        $  5.37       $ -                 (5,304,971)      (44,383)     (5,349,354)

Net loss                                                                (1,856,822)      (18,756)     (1,875,578)
                                                                   ---------------  ------------  --------------

Balance at
   June 30, 2002                                                   $    41,468,501  $   (429,453) $   41,039,048
                                                                   ===============  ============  ==============

</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 Six Months Ended June 30,

                                   (unaudited)

                                                        2002            2001
                                                                     (restated)
Cash flows from operating activities:
   Net loss                                          $(1,875,578)   $   (90,525)
                                                     -----------    -----------
   Adjustments to reconcile net loss to
     net cash used in operating activities:
       Finance income portion of receivables
         paid directly to lenders by lessees            (548,118)    (2,030,425)
       Rental income paid directly to lender
        by lessee                                       (378,690)    (1,302,436)
       Interest expense on non-recourse
         financing paid directly by lessees
         and interest accreted                           955,927      1,752,155
       Amortization of initial direct costs              238,116        311,280
       Depreciation expense                            2,010,058        736,761
       Income from leveraged leases                   (1,186,220)    (1,104,238)
       Income from investments in unconsolidated
        joint ventures                                  (700,920)       (73,068)
       Gain on sales of equipment                         (8,138)        (5,310)
       Minority interest expense in consolidated
        joint venture                                      2,427          2,493
       Change in operating assets and liabilities     (2,507,614)     1,338,348
                                                     -----------    -----------

           Total adjustments                          (2,123,172)      (374,440)
                                                     -----------    -----------

       Net cash used in operating activities          (3,998,750)      (464,965)
                                                     -----------    -----------

Cash flows from investing activities:
  Proceeds from sales of equipment                       271,896        729,930
  Distributions from unconsolidated
   joint ventures                                        530,739           --
                                                     -----------    -----------

       Net cash provided by investing activities         802,635        729,930
                                                     -----------    -----------







                                                      (continued on next page)


<PAGE>


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

                Consolidated Statements of Cash Flows (Continued)

                        For the Six Months Ended June 30,

                                   (unaudited)

                                                         2002            2001
                                                                      (restated)
Cash flows from financing activities:
  Cash distributions to partners                     (5,349,354)     (5,371,201)
  Proceeds from notes payable - recourse             10,800,439            --
  Principal payments on notes payable - recourse     (3,270,036)       (625,451)
  Redemption of limited partnership units               (30,940)        (16,908)
  Proceeds from notes payable - non-recourse               --         2,111,726
                                                   ------------    ------------

       Net cash provided by (used in) financing
        activities                                    2,150,109      (3,901,834)
                                                   ------------    ------------

Net decrease in cash and cash equivalents            (1,046,006)     (3,636,869)

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

Cash and cash equivalents at end of period         $  1,287,865    $  1,447,037
                                                   ============    ============









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 six months ended June 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                                      $  1,842,347     $  9,872,287
Rental income  assigned operating lease
 receivables                                           378,690        1,302,436
Principal and interest on non-recourse
 financing paid directly to lenders
 by lessees                                         (2,221,037)     (11,174,723)
                                                  ------------     ------------

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

     Interest expense of $1,464,375 and $1,933,115 for the six months ended June
30, 2002 and 2001,  respectively  consisted of interest expense on notes payable
non-recourse  paid or accrued  directly  to lenders by lessees of  $955,927  and
$1,752,155  respectively,  and interest expense on notes payable - recourse paid
or accrued of $508,448 and $180,960, respectively.




<PAGE>


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

                   Notes to Consolidated Financial Statements

                                  June 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 six months ended June 30, 2001 have been restated.

2.   Redemption of Limited Partnership Units

     There were 801 limited  partnership  units  redeemed  during the six months
ended June 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 six months ended June 30, 2001:
<TABLE>

                                               For the quarter ended                  For the six months ended
                                                    June 30, 2001                           June 30, 2001
                                                    -------------                           -------------

                                         Originally                             Originally
                                         Reported  Adjustments    Restated      Reported    Adjustments   Restated

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

Finance income                        $ 1,712,124  $ (256,864) $  1,455,260     $4,215,316  $ (624,253)  $ 3,591,063
Rental income                         $   930,436  $  186,000  $  1,116,436     $  930,436   $ 372,000   $ 1,302,436
Depreciation expense                  $   520,618  $  108,072  $    628,690     $  520,618   $ 216,144   $   736,762
Net income (loss)                     $   156,023  $ (178,936) $    (22,913)    $  377,872   $(468,397)  $   (90,525)
Net income (loss) allocable to:
   Limited partners                   $   154,463  $ (177,147) $    (22,684)    $  374,093   $(463,713)  $   (89,620)
   General Partner                    $     1,560  $   (1,789) $       (229)    $    3,779   $  (4,684)  $      (905)
Net income (loss) per weighted
   average limited partnership
   unit                               $       .16  $     (.18) $       (.02)    $      .38   $    (.47)  $      (.09)
</TABLE>

     The  restatement  adjustments for the quarter ended June 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 $108,072 related thereto; (2) the reversal of $9,503 of
uncollected  late charge income,  which had been improperly  recorded as finance
income;  and (3) the reversal of $61,361 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  six  months  ended  June  30,  2001
reflected  above are as follows:  (1) the  reclassification  of revenue from one
finance  lease  aggregating  $372,000,  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 $216,144 related thereto; (2) the reversal
of  $131,503  of  uncollected  late  charge  income,  which had been  improperly
recorded as finance  income;  and (3) the reversal of $120,750 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  (loss) for the six months ended June 30,
2001, the impact of such reclassification on the statement of operations for the
quarter and six months ended June 30, 2001 was as follows:

<TABLE>
                                                                             For the quarter ended
                                                                                  June 30, 2001

                                                               Restated
                                                               Amounts        Reclassification      Reclassified
<S>                                                         <C>                 <C>               <C>
Finance income                                              $   1,455,260       $    (538,988)    $      916,272
Income (loss) from investments in joint ventures            $    (461,353)      $     252,023     $     (209,330)
Other                                                       $      10,940       $     (20,281)    $       (9,341)
Interest expense                                            $   1,202,863       $    (319,097)    $      883,766
Amortization of initial direct costs                        $     116,542       $      11,851     $      128,393
Net loss                                                    $     (22,913)      $          -      $      (22,913)

                                                                            For the six months ended
                                                                                  June 30, 2001

                                                               Restated
                                                               Amounts        Reclassification      Reclassified
Finance income                                              $   3,591,063       $  (1,085,779)    $    2,505,284
Income (loss) from investments in joint ventures            $    (417,944)      $     491,012     $       73,068
Other                                                       $      33,014       $     (32,591)    $          423
Interest expense                                            $   2,584,174       $    (651,059)    $    1,933,115
Amortization of initial direct costs                        $     287,578       $      23,702     $      311,280
Net loss                                                    $     (90,525)      $          -      $      (90,525)

</TABLE>

4.   Related Party Transactions

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

                                2002            2001
                                ----            ----
  Management fees          $    648,706    $   1,230,523  Charged to Operations
  Administrative expense
    reimbursements              278,522          497,377  Charged to Operations
                           ------------    -------------

  Total                    $    927,228    $   1,727,900
                           ============    =============

     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


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 June 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                                            262,749
   Unearned income                                              (4,488,356)
                                                              ------------

                                                              $ 28,477,120
                                                              ============

     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  June  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 June 30, 2002 and  December 31, 2001 and for the six
months ended June 30, 2002 and 2001 is summarized below:

                                       June 30, 2002      December 31, 2001
                                       -------------      -----------------

    Assets                              $   633,941          $  1,856,582
                                        ===========          ============

    Liabilities                         $   538,636          $  1,707,445
                                        ===========          ============

    Equity                              $    95,305          $    149,137
                                        ===========          ============

    Partnership's share of equity       $    19,037          $     29,783
                                        ===========          ============


                                      Six Months Ended      Six Months Ended
                                        June 30, 2002        June 30, 2001
                                        -------------        -------------

    Net loss                            $   (53,832)         $ (1,868,675)
                                        ===========          ============

    Partnership's share of net loss     $   (10,746)         $   (516,524)
                                        ===========          ============

     1997-A  recorded a  provision  for bad debts of  $1,825,000  during the six
month period ended June 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 June 30, 2002 and  December 31, 2001 and for the six
months ended June 30, 2002 and 2001 is summarized below:

                                          June 30, 2002       December 31, 2001
                                          -------------       -----------------

    Assets                               $     4,230,393        $   8,265,689
                                         ===============        =============

    Liabilities                          $     4,230,393        $   7,876,692
                                         ===============        =============

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

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

                                         Six Months Ended     Six Months Ended
                                           June 30, 2002        June 30, 2001
                                           -------------        -------------

    Net loss                             $      (388,997)       $    (311,245)
                                         ===============        =============

    Partnership's share of net loss      $       (64,847)       $     (51,885)
                                         ===============        =============

     1997-B  recorded a provision for bad debts of $440,000 and $275,000  during
the six month periods ended June 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 June 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. 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 August 2002.

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

                                              June 30, 2002   December 31, 2001
                                              -------------   -----------------

    Assets                                  $     22,256,680   $    24,855,375
                                            ================   ===============

    Liabilities                             $     10,337,276   $    13,588,934
                                            ================   ===============

    Equity                                  $     11,919,404   $    11,266,441
                                            ================   ===============

    Partnership's share of equity           $         59,895   $        56,614
                                            ================   ===============

                                            Six Months Ended   Six Months Ended
                                              June 30, 2002      June 30, 2001
                                              -------------      -------------

    Net income                              $        652,963   $       699,814
                                            ================   ===============

    Partnership's share of net income       $          3,281   $         3,499
                                            ================   ===============


<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 June 30, 2002, the gross
amount due is (pound)1,625,000  ($2,407,821 on a discounted basis based upon the
exchange rate at June 30, 2002).

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

                                             June 30, 2002     December 31, 2001
                                             -------------     -----------------

    Assets                                    $  3,127,943       $ 3,849,439
                                              ============       ===========

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

    Equity                                    $  3,070,496       $ 3,849,439
                                              ============       ===========

    Partnership's share of equity             $    944,484       $ 1,184,087
                                              ============       ===========

                                            Six Months Ended   Six Months Ended
                                              June 30, 2002     June 30, 2001
                                              -------------     -------------

    Net income                                $    253,820       $   252,956
                                              ============       ===========

    Partnership's share of net income         $     78,075       $    77,836
                                              ============       ===========

    Distributions                             $  1,032,763       $      -
                                              ============       ===========

    Partnership's share of distributions      $    317,678       $      -
                                              ============       ===========

     AIC Trust  recorded a foreign  exchange loss of $71,152 in the three months
ended March 31, 2002 and a foreign exchange gain of $198,080 in the three months
ended June 30, 2002.

     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




<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

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 June 30, 2002 and  December 31, 2001 and for
the six months ended June 30, 2002 and 2001 is summarized below:

                                             June 30, 2002    December 31, 2001
                                             -------------    -----------------

     Assets                                   $ 19,967,473      $ 23,869,671
                                              ============      ============

     Liabilities                              $  8,290,031      $ 11,145,506
                                              ============      ============

     Equity                                   $ 11,677,442      $ 12,724,165
                                              ============      ============

     Partnership's share of equity            $  1,203,944      $  1,311,861
                                              ============      ============

                                            Six Months Ended  Six Months Ended
                                              June 30, 2002     June 30, 2001
                                              -------------     -------------

     Net income                               $  1,019,824       $   621,225
                                              ============       ===========

     Partnership's share of net income        $    105,144       $    64,048
                                              ============       ===========

     Distributions                            $  2,066,547       $        -
                                              ============       ===========

     Partnership's share of distributions     $    213,061       $        -
                                              ============       ===========


     ICON Aircraft 24846, LLC

     In 2000, the Partnership and two affiliates, Fund Eight A and Fund Eight B,
formed ICON  Aircraft  24846 for the purpose of  acquiring an  investment  in an
aircraft  leased to a commercial  airline for a purchase  price of  $44,515,416,
which  was  funded  with  cash  of  $2,241,371  and  non-recourse  debt  of  the
$42,274,045.  The rents and the aircraft have been assigned to the  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 as of June 30, 2002 and  December 31, 2001 and for
the six months ended June 30, 2002 and 2001 is summarized below:

                                            June 30, 2002     December 31, 2001
                                            -------------     -----------------

   Assets                                    $ 40,599,897       $ 41,952,008
                                             ============       ============

   Liabilities                               $ 37,218,282       $ 38,945,109
                                             ============       ============

   Equity                                    $  3,381,615       $  3,006,899
                                             ============       ============

   Partnership's share of equity             $     67,632       $     60,138
                                             ============       ============

                                           Six Months Ended   Six Months Ended
                                             June 30, 2002      June 30, 2001
                                             -------------      -------------

   Net income                                $    374,716       $    254,045
                                             ============       ============

   Partnership's share of net income         $      7,494       $      5,082
                                             ============       ============

     North Sea (Connecticut) Limited Partnership

     In 2000, a joint  venture,  North Sea (C  onnecticut)  Limit ed Partnership
(North  Sea),  in which  the  Partnership  is a 50%  Class C limit  ed  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 June  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 June 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 June 30, 2002 under such guarantee was
$137,999.


<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 June 30, 2002 and  December  31, 2001 and for the
six months ended June 30, 2002 and 2001 is summarized below:

                                           June 30, 2002    December 31, 2001
                                           -------------    -----------------

    Assets                                 $  10,893,802      $  11,169,465
                                           =============      =============

    Liabilities                            $  24,009,581      $  25,450,283
                                           =============      =============

    Partners' deficit                      $ (13,115,779)     $ (14,280,818)
                                           =============      =============

    Partnership's share of equity          $     989,609      $     407,090
                                           =============      =============

                                         Six Months Ended   Six Months Ended
                                           June 30, 2002      June 30, 2001
                                           -------------      -------------

    Net income                             $   1,165,039      $     982,024
                                           =============      =============

    Partnership's share of net income      $     582,519      $     491,012
                                           =============      =============

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

     During the quarter ended June 30, 2002,  operating  lease  equipment with a
net  book  value  of  $3,578,716  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.

8.   New Line of Credit Agreement

     During the quarter  ended June 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 June  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)

                                  June 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 June 30, 2002 and 2001

     Revenues  for the three months  ended June 30, 2002 ("2002  Quarter")  were
$1,520,917  as compared to  $2,366,156 in the quarter ended June 30, 2001 ("2001
Quarter") representing a decrease of $845,239. The decrease in revenues resulted
primarily  from decreases in finance income of $561,656 and a decrease in rental
income of $880,041. The decrease in revenue was partially offset by increases in
income  from  leveraged  leases  of  $43,931  and  income  from  investments  in
unconsolidated  joint  ventures of  $542,133.  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 were  either (a) renewed in 2001
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. 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  decrease in
loss  from  equity  investment  in  joint  ventures  resulted  primarily  from a
provision  for bad debts of  $1,825,000  recorded by one of the  ventures in the
2001 Period.

     Expenses for the 2002 Quarter were  $2,270,001 as compared to $2,389,069 in
the 2001 Quarter,  representing a decrease of $119,068. The decrease in expenses
was  primarily  attributable  to a decrease  in  interest  expense of  $162,504,
management  fees - General  Partner of  $253,167,  a decrease in  administrative
expense  reimbursements  -  General  Partner  of  $86,973,  and  a  decrease  in
amortization  of initial  direct costs of $21,987.  The decrease in expenses was
partially offset by increases in depreciation  expense of $376,397,  and general
and  administrative  expenses of $29,199.  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.  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 reason for the
increase in general and  administrative  expenses was the storage and  insurance
costs associated with the off-lease vessels during the 2002 Quarter.

     Net  loss for the  2002  Quarter  and the 2001  Quarter  was  $749,084  and
$22,913,  respectively.  The net loss per weighted  average limited  partnership
unit  outstanding  was $.75 and $.02, for the 2002 Quarter and the 2001 Quarter,
respectively.



<PAGE>


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

                                  June 30, 2002

Results of Operations for the Six Months Ended June 30, 2002 and 2001


     Revenues  for the six  months  ended June 30,  2002  ("2002  Period")  were
$3,268,401  as compared  to  $4,990,759  for the six months  ended June 30, 2001
("2001 Period") representing a decrease of $1,722,358.  The decrease in revenues
resulted  primarily  from  decreases in finance  income of $1,693,599 and rental
income of $780,945. The decrease in revenue was partially offset by increases in
income  from  leveraged  leases  of  $81,982  and  income  from  investments  in
unconsolidated  joint  ventures of  $627,852.  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 were  either (a) renewed in 2001
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 investment in joint ventures resulted  primarily from a provision for bad
debts of $1,825,000 recorded by one of the ventures in the 2001 Period.

     Expenses for the 2002 Period were  $5,143,979  as compared to $5,081,284 in
the 2001 Period,  representing an increase of $62,695.  The increase in expenses
was primarily attributable to an increase in depreciation expense of $1,273,297,
from $736,761 to $2,010,058 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,  and an increase in general and
administrative  expenses of $132,040.  The principal  reason for the increase in
general  and  administrative  expenses  was  the  storage  and  insurance  costs
associated  with the off-lease  vessels during the 2002 Period.  The increase in
expenses were partially offset by a decrease in interest expense of $468,740,  a
decrease  in  management  fees - General  Partner of  $581,817,  a  decrease  in
administrative  expense  reimbursements  - General  Partner of  $218,855,  and a
decrease in  amortization of initial direct costs of $73,164.  Interest  expense
decreased due to a decrease in the average debt  outstanding  from 2001 to 2002.
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 for the  2002  Period  and the 2001  Period  was  $1,875,578  and
$90,525,  respectively.  The net loss per weighted  average limited  partnership
unit  outstanding  was $1.88 and $.09,  for the 2002 Period and the 2001 Period,
respectively.



<PAGE>


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

                                  June 30, 2002

Liquidity and Capital Resources

     During the six  months  ended June 30,  2002 the  Partnership  used cash in
operating  activities  of  $3,998,750  and paid  distributions  to  partners  of
$5,349,354.  The  Partnership  borrowed  $10,800,439  under  its lines of credit
during the  period and repaid  $3,270,036  due under  such  lines.  Because  the
Partnership's  uses of cash  exceeded  sources of cash  during the  period,  its
liquidity was reduced.  As of June 30, 2002 the  Partnership  has aircraft parts
with an  aggregate  carrying  value  of  $3,229,926  and  five  vessels  with an
aggregate  carrying value of $17,427,480 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 quarter  ended June 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  initially 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 June 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 June 30, 2002 aggregated  $8,229,341.  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)





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
June 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.



     September 16, 2002             /s/ Thomas W. Martin
   ------------------------         --------------------------------------------
          Date                      Thomas W. Martin
                                    Executive Vice President
                                    (Principal financial and accounting officer
                                    of the General Partner of the Registrant)

                                 Certifications


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.

Dated:  September 16, 2002

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



<PAGE>


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


I, Thomas W. Martin certify that:

1.   I have  reviewed  this  quarterly  report  on Form  10-Q of ICON  Cash Flow
     Partners L.P. Seven.

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

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

Dated:  September 16, 2002

/s/ Thomas W. Martin
----------------------------------------
Thomas W. Martin
Executive Vice President
(Principal financial and accounting officer
of the General Partner of the Registrant)





<PAGE>


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

                                  June 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 June 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:  September 16, 2002




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



<PAGE>


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

                                  June 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 June 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:  September 16, 2002




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