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


                                    FORM 10-Q



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

For the period ended                        September 30, 1999
                     -----------------------------------------------------------

[ ] 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)


              600 Mamaroneck Avenue, Harrison, New York 10528-1632
--------------------------------------------------------------------------------
               (Address of principal executive offices) (Zip code)


                                 (914) 698-0600
--------------------------------------------------------------------------------
               Registrant's telephone number, including area code



         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                                        [ x ] Yes     [   ] No


<PAGE>


PART I  - FINANCIAL INFORMATION
Item 1.  Financial Statements

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

                           Consolidated Balance Sheets

                                   (unaudited)
<TABLE>

                                                               September 30,     December 31,
                                                                   1999             1998
                                                               ------------      -----------
       Assets

<S>                                                            <C>              <C>
Cash .......................................................   $   1,241,307    $   3,899,054
                                                               -------------    -------------

Investment in finance leases
   Minimum rents receivable ................................      83,343,310      122,539,958
   Estimated unguaranteed residual values ..................      76,430,289       77,403,065
   Initial direct costs ....................................       2,369,816        3,943,900
   Unearned income .........................................     (24,557,668)     (39,516,143)
   Allowance for doubtful accounts .........................      (1,067,610)        (868,450)
                                                               -------------    -------------

                                                                 136,518,137      163,502,330
                                                               -------------    -------------
Investment in estimated unguaranteed residual values .......      31,718,541       31,718,541
                                                               -------------    -------------

Net investment in leveraged leases .........................      13,696,158       12,568,089
                                                               -------------    -------------

Investment in financings
   Receivables due in installments .........................       2,166,754        2,357,992
   Initial direct costs ....................................           3,794            5,169
   Unearned income .........................................        (501,690)        (620,501)
   Allowance for doubtful accounts .........................          (9,611)          (8,772)
                                                               -------------    -------------

                                                                   1,659,247        1,733,888
                                                               -------------    -------------
Investments in unconsolidated joint ventures ...............       1,303,472        1,490,820
                                                               -------------    -------------

Accounts receivable from General Partner and affiliates, net         257,242             --
                                                               -------------    -------------

Other assets ...............................................       1,263,291        1,474,518
                                                               -------------    -------------

Total assets ...............................................   $ 187,657,395    $ 216,387,240
                                                               =============    =============


</TABLE>
                                                        (continued on next page)


<PAGE>


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

                     Consolidated Balance Sheets (Continued)

                                   (unaudited)
<TABLE>

                                                         September 30,     December 31,
                                                             1999             1998
                                                         ------------      -----------
       Liabilities and Partners' Equity

<S>                                                      <C>              <C>
Notes payable - non-recourse .........................   $  82,365,904    $ 110,848,356
Notes payable - recourse .............................      28,960,783       26,224,398
Accounts payable-equipment ...........................            --            501,318
Accounts payable - General Partner and affiliates, net            --             95,670
Security deposits, deferred credits and other payables       1,202,872          951,199
Minority interest in consolidated joint venture ......       3,041,732           24,851
                                                         -------------    -------------

                                                           115,571,291      138,645,792
                                                         -------------    -------------
Commitments and Contingencies

Partners' equity (deficiency)
   General Partner ...................................        (136,653)         (84,234)
   Limited partners (990,397.72 and 996,469.18  units
     outstanding, $100 per unit original
     issue price) ....................................      72,222,757       77,825,682
                                                         -------------    -------------

     Total partners' equity ..........................      72,086,104       77,741,448
                                                         -------------    -------------

Total liabilities and partners' equity ...............   $ 187,657,395    $ 216,387,240
                                                         =============    =============
</TABLE>















See accompanying notes to consolidated financial statements.


<PAGE>


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

                      Consolidated Statements of Operations

                                   (unaudited)
<TABLE>

                                               For the Three Months         For the Nine Months
                                                Ended September 30,         Ended September 30,
                                                1999          1998           1999         1998
                                                ----          ----           ----         ----
Revenues

<S>                                        <C>            <C>            <C>           <C>
   Finance income ......................   $ 3,941,337    $ 5,162,423    $14,228,803   $10,746,071
   Income from leveraged leases, net ...       385,156        357,809      1,128,069     1,056,971
   Income from investment
     in unconsolidated joint ventures ..       (52,767)       (93,913)       112,369       161,466
   Interest income and other ...........         2,763        121,510         15,171       289,022
   Net gain (loss) on sales of equipment         6,889        130,533        115,428       138,620
                                           -----------    -----------    -----------   -----------

   Total revenues ......................     4,283,378      5,678,362     15,599,840    12,392,150
                                           -----------    -----------    -----------   -----------

Expenses

   Interest ............................     1,936,747      2,870,179      7,266,539     5,937,845
   Management fees - General Partner ...       744,345        626,826      2,218,128     1,718,880
   Amortization of initial direct costs        463,214        584,990      1,713,101     1,407,631
   Administrative expense
     reimbursements - General Partner ..       313,944        260,099        936,526       730,252
   Provision for bad debts .............          --          300,000        200,000       700,000
   General and administrative ..........       107,156        112,396        400,555       337,791
   Minority interest in joint venture ..         5,761          1,134          8,175         3,373
                                           -----------    -----------    -----------   -----------

   Total expenses ......................     3,571,167      4,755,624     12,743,024    10,835,772
                                           -----------    -----------    -----------   -----------

Net income .............................   $   712,211    $   922,738    $ 2,856,816   $ 1,556,378
                                           ===========    ===========    ===========   ===========

Net income allocable to:
   Limited partners ....................   $   705,089    $   913,511    $ 2,828,248   $ 1,540,814
   General Partner .....................         7,122          9,227         28,568        15,564
                                           -----------    -----------    -----------   -----------

                                           $   712,211    $   922,738    $ 2,856,816   $ 1,556,378
                                           ===========    ===========    ===========   ===========

Weighted average number of limited
   partnership units outstanding .......       991,415        966,080        993,734       812,471
                                           ===========    ===========    ===========   ===========

Net income per weighted average
   limited partnership unit ............   $       .71    $       .95    $      2.85   $      1.90
                                           ===========    ===========    ===========   ===========
</TABLE>

See accompanying notes to consolidated financial statements.


<PAGE>


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

             Consolidated Statements of Changes in Partners' Equity

                For the Nine Months Ended September 30, 1999 and
                        the Year Ended December 31, 1998

                                   (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, 1997                                           $45,924,446  $ (23,323) $ 45,901,123

Proceeds from issuance
   of limited partnership
   units (438,528.99 units)                                     43,852,899        -     43,852,899

Sales and offering expenses                                     (5,917,882)       -     (5,917,882)

Limited partnership units
   redeemed (1,902 units)                                           (3,586)       -         (3,586)

Cash distributions to partners        $7.46       $3.29         (8,692,479)   (87,803)  (8,780,282)

Net income                                                       2,662,284     26,892    2,689,176
                                                               -----------  ---------  -----------

Balance at
   December 31, 1998                                            77,825,682    (84,234)  77,741,448

Cash distributions to partners        $5.22       $2.85         (8,016,190)   (80,987)  (8,097,177)

Limited Partnership units
   redeemed (6,071.46 units)                                      (414,983)       -       (414,983)

Net income                                                       2,828,248     28,568    2,856,816
                                                               -----------  ---------  -----------

Balance at September 30, 1999                                  $72,222,757  $(136,653) $72,086,104
                                                               ===========  =========  ===========


</TABLE>




See accompanying notes to consolidated financial statements.


<PAGE>


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

                      Consolidated Statements of Cash Flows

                     For the Nine Months Ended September 30,

                                   (unaudited)
<TABLE>
                                                                             1999           1998
                                                                             ----           ----
<S>                                                                     <C>             <C>
Cash flows from operating activities:
   Net income .......................................................   $  2,856,816    $  1,556,378
                                                                        ------------    ------------
   Adjustments to reconcile net income to
    net cash provided by operating activities:
      Finance income portion of receivables paid directly
        to lenders by lessees .......................................    (12,451,110)     (9,556,104)
      Interest expense on non-recourse financing paid
        directly by lessees .........................................      6,832,671       5,869,659
      Interest accrued on notes-payable-recourse ....................        149,170            --
      Amortization of initial direct costs ..........................      1,713,101       1,407,631
      Income from leveraged leases, net .............................     (1,128,069)     (1,056,971)
      Provision for bad debt ........................................        200,000         700,000
      Income from investments in unconsolidated joint venture .......       (112,369)       (161,466)
      Net gain on sales or remarketing of equipment .................       (115,428)       (138,620)
      Change in operating assets and liabilities:
         Collection of principal  - non-financed receivables ........      2,090,957         836,694
         Distributions received from unconsolidated joint ventures ..        443,565         518,804
         Investments in unconsolidated joint ventures ...............        (70,203)       (383,960)
         Other assets ...............................................         36,668        (322,493)
         Security deposits, deferred credits and other payables .....        251,673       4,212,386
         Accounts payable to General Partner and affiliates, net ....        (95,670)        (28,150)
         Accounts receivable from General Partner and affiliates, net       (257,242)     (2,097,438)
         Minority interest in consolidated joint venture ............      3,016,881           3,373
         Other, net .................................................       (236,814)       (671,136)
                                                                        ------------    ------------

           Total adjustments ........................................        267,781        (867,791)
                                                                        ------------    ------------

        Net cash provided by operating activities ...................      3,124,597         688,587
                                                                        ------------    ------------

Cash flows from investing activities:
   Equipment and receivables purchased ..............................       (672,309)    (24,563,083)
   Initial direct costs .............................................           --        (2,727,349)
   Proceeds from sale of equipment ..................................      1,222,327       1,328,835
                                                                        ------------    ------------

         Net cash provided by (used in) investing activities ........        550,018     (25,961,597)
                                                                        ------------    ------------

</TABLE>




                                                        (continued on next page)


<PAGE>


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

                Consolidated Statements of Cash Flows (Continued)

                     For the Nine Months Ended September 30,

                                   (unaudited)
<TABLE>
                                                                    1999           1998
                                                                    ----           ----

Cash flows from financing activities:
<S>                                                                              <C>
   Issuance of limited partnership units ...................           --        37,932,759
   Proceeds from recourse debt .............................      5,000,000       2,181,892
   Principal payments on notes payable - recourse ..........     (2,412,785)     (2,516,840)
   Principal payments on notes payable - non-recourse ......       (407,417)       (354,490)
   Cash distributions to partners ..........................     (8,097,177)     (6,843,867)
   Redemption of limited partnership units .................       (414,983)         (3,586)
                                                               ------------    ------------

         Net cash (used in) provided by financing activities     (6,332,362)     30,395,868
                                                               ------------    ------------

Net (decrease) increase in cash ............................     (2,657,747)      5,122,858

Cash at beginning of period ................................      3,899,054       4,516,385
                                                               ------------    ------------

Cash at end of period ......................................   $  1,241,307    $  9,639,243
                                                               ============    ============


</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 (Continued)

Supplemental Disclosure of Cash Flow Information

      For the nine months ended September 30, 1999 and 1998, non-cash activities
included the following:
<TABLE>

                                                                1999           1998
                                                                ----           ----

<S>                                                        <C>             <C>
Fair value of equipment and receivables purchased
   for debt and payables ...............................   $   (957,919)   $(67,592,278)
Non-recourse notes payable assumed in purchase price ...        957,919      63,759,065
Accounts payable - equipment ...........................           --         3,833,213

Principal and interest on direct finance receivables
   paid directly to lenders by lessees .................     35,865,625      26,984,407
Principal and interest on non-recourse financing paid
   directly to lenders by lessees ......................    (35,865,625)    (26,984,407)

Decrease in investments in finance leases and financings
   due to contribution to joint ventures ...............        (73,545)       (552,002)
Increase in equity investment in joint ventures ........         73,545         552,002
                                                           ------------    ------------

                                                           $       --      $       --
                                                           ============    ============
</TABLE>

      Interest  expense of $7,266,539  and  $5,937,845 for the nine months ended
September  30,  1999 and 1998  consisted  of  interest  expense on  non-recourse
financing  paid or accrued  directly  to lenders  by lessees of  $6,832,672  and
$5,869,659, respectively, interest on notes payable - non-recourse of $95,120 in
1999,  interest  on notes  payable  -  recourse  of  $338,747  in 1999 and other
interest of $68,186 in 1998.


<PAGE>


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

                   Notes to Consolidated Financial Statements

                               September 30, 1999

                                   (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 income for each period
shown.  Certain  information  and  footnote  disclosures  normally  included  in
consolidated financial statements prepared in accordance with generally accepted
accounting  principles 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 1998
Annual Report on Form 10-K.

2.    Redemption of Limited Partnership Units

      The  General  Partner  consented  to the  Partnership  redeeming  6,071.46
limited  partnership  units during the nine months ended September 30, 1999. The
redemption amount was 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.    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, 1999 and 1998
were as follows:

                                 1999           1998
                                 ----           ----

Underwriting commissions      $     -        $  877,058   Charged to Equity
Organization and offering           -         1,534,851   Charged to Equity
Acquisition fees                    -         2,727,349   Capitalized
Management fees                2,218,228      1,718,880   Charged to Operations
Administrative expense
  reimbursements                 936,526        730,252   Charged to Operations
                              ----------     ----------

Total                         $3,154,754     $7,588,390
                              ==========     ==========

      The  Partnership  has invested in five joint ventures with  affiliates for
the purpose of acquiring and managing various assets. (See Note 5 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

4.    Net Investment in Leveraged Leases

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

The net investment in the leveraged leases as of September 30, 1999 consisted of
the following:

      Non-cancelable minimum rents receivable (net of
        principal and interest on non-recourse debt)      $   910,000
      Estimated unguaranteed residual values               20,818,001
      Initial direct costs                                    805,173
      Unearned income                                      (8,837,016)
                                                          -----------
                                                          $13,696,158
                                                          ===========

      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
leases in years such net investment is positive.

5.    Investments in Joint Ventures

      The  Partnership  has invested in five joint ventures with  affiliates for
the purpose of acquiring and managing various assets.

AIC Trust

      In July 1999, the Partnership and two affiliates, ICON Income Fund Eight A
L. P. ("Eight A") and ICON Cash Flow  Partners  L.P.  Six ("L.P.  Six") formed a
joint  venture  ("AIC  Trust") for the purpose of managing a portfolio  of lease
assets. Profit, losses, excess cash and disposition proceeds are allocated based
on the  Partnership's  interest  in the  venture.  At  September  30,  1999  the
Partnership  had a  56.3%  interest  in the  joint  venture.  The  Partnership's
financial  statements  include 100% of the assets and  liabilities  of the joint
venture.  Eight A and L.P.  Six's  investments  in the joint  venture  have been
reflected as "Minority interest in joint venture."

ICON Boardman Funding L.L.C.

      In December  1998 the  Partnership  and three  affiliates,  ICON Cash Flow
Partners,  L.P.,  Series C ("Series C"), ICON Cash Flow Partners L.P. Six ("L.P.
Six") and Eight A formed ICON  Boardman  Funding  L.L.C.  ("ICON  BF"),  for the
purpose of acquiring a lease with Portland General Electric.  The purchase price
totaled  $27,421,810,  and was funded with cash and non-recourse debt assumed in
the purchase price. The Partnership,  Series C, L.P. Six, and Eight A received a
 .5%, .5%, .5% and 98.5% interest,  respectively,  in ICON BF. The  Partnership's
original investment was recorded at cost of $56,960 and is adjusted by its share
of  earnings,  losses and  distributions,  thereafter.  Simultaneously  with the
acquisition of the Portland  General Electric lease by ICON BF, a portion of the
rent  receivable  in excess of the senior debt payments was acquired by L.P. Six
from ICON BF for $3,801,108.


<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

      On March 30,  1999,  ICON BF  exercised  its right to acquire  L.P.  Six's
investment  in a portion of the rent  receivable  in excess of the  senior  debt
payments for $3,097,637 and simultaneously  financed, with a third party, all of
the rent receivable in excess of the senior debt payments.  There was no gain or
loss to L.P.  Six on this  transaction.  ICON BF  received  $7,643,867  from the
financing.  The proceeds from the  financing,  net of the purchase of L.P. Six's
investment,  were distributed to the members of ICON BF in accordance with their
ownership interests.

      Information as to the financial position and results of operations of ICON
BF as of and for the nine months ended September 30, 1999 is summarized below:

                                                 September 30, 1999
                                                 ------------------
         Assets                                     $26,362,449
                                                    ===========

         Liabilities                                $18,479,556
                                                    ===========

         Equity                                     $ 7,882,893
                                                    ===========

         Partnership's share of equity              $    39,414
                                                    ===========

                                                 Nine Months Ended
                                                 September 30, 1999
                                                 ------------------
         Net income                                  $1,037,134
                                                     ==========

         Partnership's share of net income           $    5,186
                                                     ==========

         Distributions                               $4,546,230
                                                     ==========

         Partnership's share of distributions        $   22,731
                                                     ==========
ICON Receivables 1997-B L.L.C.

      In August 1997 the Partnership,  ICON Cash Flow Partners,  L.P.,  Series E
("Series E") and L.P. Six formed ICON Receivables  1997-B L.L.C.  ("1997-B"),  a
special  purpose  entity  formed  for the  purpose  of  originating  leases  and
securitizing its portfolio.  The Partnership,  Series E and L.P. Six contributed
cash and received a 16.67%, 75.00% and 8.33% interest,  respectively, in 1997-B.
In order  to fund  the  acquisition  of  leases,  1997-B  obtained  a  warehouse
borrowing  facility (the "1997-B Warehouse  Facility") from a lender. In October
1998,  1997-B completed an equipment  securitization.  The net proceeds from the
securitization  of these  assets  were  used to  pay-off  the  remaining  1997-B
Warehouse  Facility  balance and any remaining  proceeds were distributed to the
1997-B members in accordance with their membership interests.  The Partnership's
original  investment  was  recorded  at cost  and is  adjusted  by its  share of
earnings,  losses and  distributions  thereafter.  The Partnerships  interest in
1997-B is less than 50% and is accounted for using the equity method.


<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

      Information  as to the  financial  position and results of  operations  of
1997-B as of and for the nine months  ended  September  30,  1999 is  summarized
below:

                                                 September 30, 1999
                                                 ------------------
       Assets                                        $31,270,536
                                                     ===========

       Liabilities                                   $29,507,730
                                                     ===========

       Equity                                        $ 1,762,806
                                                     ===========

       Partnership's share of equity                 $   293,860
                                                     ===========

                                                  Nine Months Ended
                                                  September 30, 1999
                                                  ------------------
       Net loss                                       $ (30,394)
                                                      =========

       Partnership's share of net income              $  (5,067)
                                                      =========

       Distributions                                  $ 582,432
                                                      =========

       Partnership's share of distributions           $  97,091
                                                      =========

ICON Receivables 1997-A L.L.C.

      In March 1997 the  Partnership,  ICON Cash Flow Partners,  L.P.,  Series D
("Series D"), and L.P. Six, contributed and assigned equipment lease and finance
receivables  and  residuals to ICON  Receivables  1997-A  L.L.C.  ("1997-A"),  a
special purpose entity created for the purpose of originating  leases,  managing
existing  contributed  assets and securitizing its portfolio.  In September 1997
the  Partnership,  Series E and L.P. Six  contributed  and  assigned  additional
equipment  lease  and  finance   receivables   and  residuals  to  1997-A.   The
Partnership,  Series D, Series E and L.P. Six received a 19.97%,  17.81%, 31.19%
and 31.03% interest, respectively, in 1997-A based on the present value of their
related contributions.  In September 1997, 1997-A securitized  substantially all
of its equipment leases and finance receivables and residuals. 1997-A became the
beneficial owner of a trust. The Partnership's  original investment was recorded
at cost and is  adjusted  by its share of  earnings,  losses  and  distributions
thereafter.  The  Partnerships  interest  in  1997-A  is  less  than  50% and is
accounted for using the equity method.


<PAGE>


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

             Notes to Consolidated Financial Statements - Continued

      Information  as to the  financial  position and results of  operations  of
1997-A as of and for the nine months  ended  September  30,  1999 is  summarized
below:

                                            September 30, 1999
                                            ------------------
      Assets                                   $21,011,645
                                               ===========

      Liabilities                              $16,870,651
                                               ===========

      Equity                                   $ 4,140,994
                                               ===========

      Partnership's share of equity            $   970,198
                                               ===========

                                            Nine Months Ended
                                            September 30, 1999
                                            ------------------
      Net income                                $  562,160
                                                ==========

      Partnership's share of net income         $  112,250
                                                ==========

      Distributions                             $1,621,550
                                                ==========

      Partnership's share of distributions      $  323,743
                                                ==========

ICON Cash Flow Partners L.L.C. III

      On December 31, 1996, the  Partnership  and an affiliate,  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. (see Note 4). The lease is a leveraged  lease and the lease term
expires in 2003.  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 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."




<PAGE>


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

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

      The  Partnership's  portfolio  consisted  of a net  investment  in finance
leases, estimated unguaranteed residual values, leveraged leases, financings and
investments in unconsolidated joint ventures,  representing 74%, 17%, 7%, 1% and
1% of total investments at September 30, 1999,  respectively,  and 81%, 12%, 5%,
1% and 1% of total investments at September 30, 1998, respectively.

Results of Operations for the Three Months Ended September 30, 1999 and 1998

      For the three  months ended  September  30, 1999 the  Partnership  did not
enter into any new leases or  financing  agreements.  For the three months ended
September 30, 1998 the Partnership leased or financed additional  equipment with
an initial cost of $9,260,343 to 5 lessees or equipment users.

      Revenues for the three months ended  September  30, 1999 were  $4,283,378,
representing  a decrease  of  $1,394,984  or 24.6% from 1998.  The  decrease  in
revenues  resulted  primarily from a decrease in finance income of $1,221,086 or
23.7%,  a decrease  in interest  income and other of  $118,747  or 97.7%,  and a
decrease in gain on sales of equipment  to $6,889 in 1999  compared to a gain on
sales or  remarketing  of  equipment  of $130,533 in 1998 These  decreases  were
partially offset by a decrease in loss from investment in  unconsolidated  joint
ventures of $41,146 or 43.8% and an increase in income from leveraged leases net
of $27,347 or 7.6%. The decrease in finance  income  resulted from a decrease in
the average size of the finance lease  portfolio from 1998 to 1999. The decrease
in interest  income and other was primarily due to a decrease in interest income
which resulted from a decrease in the size of the average cash balance from 1998
to 1999.  The net  gain on  sales or  remarketing  of  equipment  resulted  from
equipment being sold or remarketed for which proceeds received were greater than
the remaining  carrying value;  the decrease in net gain is attributable to less
sales  activity  during  the  period.  Based  on  an  analysis  of  delinquency,
assessment  of overall  risk and a review of  historical  loss  experience  ICON
Receivables 1997-B L.L.C.  ("1997-B")  recorded a loss provision of $900,000 for
the  quarter  ended  September  30,  1999 and  ICON  Receivables  1997-A  L.L.C.
("1997-A") recorded a loss provision for the quarter ended September 30, 1998 of
$600,000.   As  a  result  the   Partnership  had  a  loss  from  investment  in
unconsolidated  joint ventures for the third quarter 1999 and 1998.  Income from
leveraged leases increased due to an increase in the net investment in leveraged
leases.

      Expenses for the three months ended  September  30, 1999 were  $3,571,167,
representing  a decrease  of  $1,184,457  or 24.9% from 1998.  The  decrease  in
expenses  resulted  primarily from a decrease in interest expense of $933,432 or
32.5%, a decrease in  amortization of initial direct costs of $121,776 or 20.8%,
a decrease in the  provision for bad debts of $300,000 and a decrease in general
and  administrative  expense of $5,240 or 4.7%.  These  decreases were partially
offset by an increase in  management  fees of $117,519 or 18.7%,  an increase in
administrative  expense  reimbursements  of $53,845 or 20.7% and an  increase in
minority  interest in consolidated  joint venture of $4,627 or 408.0%.  Interest
expense decreased as a result of a decrease in the average debt outstanding from
1998  to  1999.   Amortization   of  initial   direct   costs  and  general  and
administrative  expense  decreased  due to a decrease in the average size of the
finance lease portfolio from 1998 to 1999.  Management  fees and  administrative
expense reimbursements  increased as a result of the Partnership recording third
quarter fees on one of its finance  lease  portfolios  in the fourth  quarter of
1998.  The  increase in  minority  interest in  consolidated  joint  venture was
principally  due to the addition of a joint venture in July 1999. As a result of
an  analysis  of  delinquency,  assessment  of  overall  risk  and a  review  of
historical  loss  experience  the  Partnership  determined  that  no  additional
provision  for bad debt was required for the three months  ending  September 30,
1999 compared to a $300,000  provision for the three months ended  September 30,
1998.


<PAGE>


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

      Net income for the three  months  ended  September  30,  1999 and 1998 was
$712,211 and $922,738, respectively. The net income per weighted average limited
partnership unit was $.71 and $.95, respectively.

Results of Operations for the Nine Months Ended September 30, 1999 and 1998

      For the nine months  ended  September  30,  1999 and 1998 the  Partnership
leased or financed  additional  equipment  with an initial  cost of $171,941 and
$90,911,644, respectively, to 1 and 150 lessees or equipment users.

      Revenues for the nine months ended  September  30, 1999 were  $15,599,840,
representing  an  increase of  $3,207,690  or 25.9% from 1998.  The  increase in
revenues resulted  primarily from an increase in finance income of $3,482,732 or
32.4% and an increase in income  from  leveraged  leases net of $71,098 or 6.7%.
These increases were partially offset by a decrease in interest income and other
of $273,851 or 94.8%,  a decrease in income from  investment  in  unconsolidated
joint  venture  of  $49,097  or  30.4%  and a  decrease  in net gain on sales or
remarketing  of  equipment of $23,192 or 16.7%.  The increase in finance  income
resulted  from an increase in the average  size of the finance  lease  portfolio
from 1998 to 1999.  Income from leveraged leases increased due to an increase in
the net investment in leveraged leases.  The decrease in interest income was due
to a decrease in the average cash  balances  from 1998 to 1999.  The decrease in
net gain on sales of  remarketing  of equipment  resulted from a decrease in the
number of leases maturing and the underlying  equipment being sold or remarketed
for which  proceeds  received  were in excess of the remaining  carrying  value.
Based on an analysis of delinquency,  assessment of overall risk and a review of
historical loss experience ICON Receivables 1997-B L.L.C. ("(1997-B") recorded a
loss provision of $900,000 for the nine months ended September 30, 1999 compared
to a loss provision  recorded by ICON  Receivables  1997-A L.L.C.  ("1997-A") of
$600,000 for the nine months ended  September 30, 1998,  resulting in a decrease
for the Partnership in income from investment in  unconsolidated  joint ventures
from 1998 to 1999.

      Expenses for the nine months ended  September  30, 1999 were  $12,743,024,
representing  an  increase of  $1,907,252  or 17.6% from 1998.  The  increase in
expenses  resulted  primarily from an increase in interest expense of $1,328,694
or 22.4%,  an increase in  amortization  of initial  direct costs of $305,470 or
21.7%,  an increase in the management  fees of $499,248 or 29.0%, an increase in
administrative  expense  reimbursements  of  $206,274  or 28.2%,  an increase in
general  and  administrative  of $62,764 or 18.6%,  and an  increase in minority
interest in consolidated joint venture of $4,802 or 142.4%. These increases were
partially  offset by a decrease  in the  provision  for bad debts of $500,000 or
71.4%. Interest expense increased as a result of an increase in the average debt
outstanding from 1998 to 1999.  Amortization of initial direct costs, management
fees,  administrative  expense  reimbursements  and general  and  administrative
expense  increased  due to an increase in the average size of the finance  lease
portfolio from 1998 to 1999. The increase in minority  interest in  consolidated
joint venture was due to an increase in the net income of the  underlying  joint
venture from 1998 to 1999. As a result of an analysis of delinquency, assessment
of overall  risk and a review of  historical  loss  experience  the  Partnership
determined  that a provision  for bad debt of $200,000 was required for the nine
months ending  September 30, 1999 compared to a $700,000  provision for the nine
months ended September 30, 1998. .

      Net income  for the nine  months  ended  September  30,  1999 and 1998 was
$2,856,816 and  $1,556,378,  respectively.  The net income per weighted  average
limited partnership unit was $2.85 and $1.90, respectively.


<PAGE>


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

Liquidity and Capital Resources

      The  Partnership's  primary  sources  of funds for the nine  months  ended
September 30, 1999 and 1998 were capital  contributions  from limited  partners,
net of  offering  expenses,  of $0 in 1999 and  $37,932,759  in  1998,  net cash
provided by operations of $3,124,597 and $688,587,  respectively,  proceeds from
sales of equipment of $1,222,327 and $1,328,835, respectively, and proceeds from
borrowings of $5,000,000 in 1999 and  $2,181,892 in 1998.  These funds were used
to make  payments  on  borrowings,  fund  cash  distributions,  and in 1998,  to
purchase equipment. The Partnership intends to fund cash distributions utilizing
cash  provided by  operations  and to purchase  additional  equipment  utilizing
proceeds from sales of equipment and borrowings.

      Cash distributions to limited partners for the nine months ended September
30, 1999 and 1998, which were paid monthly,  totaled  $8,016,190 and $6,775,428,
respectively,  of which  $2,828,248 and  $1,540,814  was  investment  income and
$5,187,942  and $5,234,614  was a return of capital,  respectively.  The monthly
annualized cash  distributions  rate to limited partners was 10.75% for 1999 and
1998 of which  3.79% and 2.44% was  investment  income and 6.96% and 8.31% was a
return of capital,  respectively.  The limited partner distribution per weighted
average unit  outstanding  for the nine months ended September 30, 1999 and 1998
was $8.07  and  $8.06,  respectively,  of which  $2.85 and $1.83 was  investment
income and $5.22 and $6.23 was a return of capital, respectively.

      The  Partnership and an affiliate,  ICON Income Fund Eight A L.P.  ("Eight
A") entered into a joint line of credit agreement (the "Facility") with a lender
in December  1998.  In May 1999 the Facility  was amended and restated  removing
Eight A as co-borrower on the Facility.  The maximum amount  available under the
Facility is  $5,000,000.  The  Facility is secured by eligible  receivables  and
residuals  and bears  interest  at the rate of Prime plus one half  percent.  At
September  30,  1999  the  Partnership  had  $5,000,000  outstanding  under  the
Facility.

      In July 1999 the Partnership, Eight A and ICON Cash Flow Partners L.P. Six
("L.P. Six") formed a joint venture, ("AIC Trust") for the purpose of managing a
portfolio of leases contributed by the Partnership.  Proceeds of $3,000,000 were
realized by the Partnership as a result of this joint venture.

      In December 1998 the Partnership and three affiliates,  Series C, L.P. Six
and Eight A formed ICON  Boardman  Funding  LLC,  for the purpose of acquiring a
lease with Portland General  Electric.  The purchase price totaled  $27,421,810,
and was funded with cash and  non-recourse  debt assumed in the purchase  price.
The  Partnership,  Series C, L.P.  Six and Eight A received a .5%,  .5%, .5% and
98.5% interest,  respectively,  in the joint venture. The Partnership's original
investment was recorded at cost and is adjusted by its share of earnings, losses
and  distributions,  thereafter.  Simultaneously  with  the  acquisition  of the
Portland  General Electric lease by ICON BF, a portion of the rent receivable in
excess of the senior debt  payments  was  acquired by L.P.  Six from ICON BF for
$3,801,108. On March 30, 1999, ICON BF exercised its right to acquire L.P. Six's
investment  in a portion of the rent  receivable  in excess of the  senior  debt
payments for $3,097,637 and simultaneously  financed, with a third party, all of
the rent receivable in excess of the senior debt payments.  There was no gain or
loss to L.P.  Six on this  transaction.  ICON BF  received  $7,643,867  from the
financing.  The proceeds from the  financing,  net of the purchase of L.P. Six's
investment,  were distributed to the members of ICON BF in accordance with their
ownership interests.




<PAGE>


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

      As  of  September  30,  1999  there  were  no  known  trends  or  demands,
commitments,  events  or  uncertainties  which are  likely to have any  material
effect on liquidity. As cash is realized from operations, sales of equipment and
borrowings, the Partnership will invest in equipment leases and financings where
it deems it to be prudent while  retaining  sufficient  cash to meet its reserve
requirements and recurring obligations.

Year 2000 Issue

      The Year 2000 issue arose  because many  existing  computer  programs have
been written using two digits rather than four to define the applicable year. As
a result,  programs could interpret dates ending in "00" as the year 1900 rather
than the year  2000.  In  certain  cases,  such  errors  could  result in system
failures  or  miscalculations   that  disrupt  the  operation  of  the  affected
businesses.

      The Partnership uses computer  information systems provided by the General
Partner and has no computer information systems of its own. The software related
to the General  Partner's primary computer  information  systems are provided by
third party vendors.  The General Partner has formally  communicated  with these
vendors and has received  assurance that their programs are Year 2000 compliant.
In addition,  the General Partner has gathered  information  about the Year 2000
readiness of  significant  vendors and  third-party  servicers  and continues to
monitor  developments  in this area.  All of the  General  Partner's  peripheral
computer  technologies,  such as its  network  operating  system and third party
software  applications,  including  payroll  and  electronic  banking  have been
evaluated and have been found to be Year 2000 compliant.  The ultimate impact of
the Year 2000  issue on the  Partnership  will  depend to a great  extent on the
manner in which the issue is addressed by the Partnership's lessees. Each of the
Partnership's  lessees will have a material  self interest in resolving any Year
2000 issue, however, non-compliance on the part of a lessee could result in lost
or  delayed  revenues  to the  Partnership.  The  effect  of  this  risk  to the
Partnership is not determinable.

      The General  Partner is  responsible  for costs relating to the assessment
and  development of its Year 2000  compliance  remediation  plan, as well as the
testing  of the  hardware  and  software  owned  or  licensed  for its  personal
computers.  The General  Partner's  costs  incurred to date and expected  future
costs are not material.



<PAGE>


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

PART II - OTHER INFORMATION

Item 6 - Exhibits and Reports on Form 8-K

No reports on Form 8-K were filed by the  Partnership  during the quarter  ended
September 30, 1999.



<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 12, 1999               /s/ Thomas W. Martin
-----------------               ------------------------------------------------
      Date                      Thomas W. Martin
                                Executive Vice President
                                (Principal financial and accounting officer
                                of the General Partner of the Registrant)



<PAGE>