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


                                    FORM 10-Q/A
                                    (Amended)



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

For the period ended                 September 30, 2001
                     ----------------------------------------------------------

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

For the transition period from                        to
                              ------------------------    ----------------------

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

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


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


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


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



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


<PAGE>




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

                           Consolidated Balance Sheets

                                   (unaudited)

<TABLE>
                                                          September 30,     December 31,
                                                              2001            2000
                                                          -------------    -------------

       Assets

<S>                                                      <C>                <C>
Cash                                                     $ 2,651,453      $   5,083,906
                                                         -------------    -------------

Investment in finance leases
   Minimum rents receivable                               25,772,791         42,346,689
   Estimated unguaranteed residual values                 30,395,781         64,929,338
   Initial direct costs                                      384,898            296,890
   Unearned income                                       (11,413,277)       (16,198,661)
   Allowance for doubtful accounts                        (1,406,374)        (1,467,610)
                                                       -------------       -------------

                                                          43,733,819         89,906,646
                                                       --------------      -------------

Investment in estimated unguaranteed residual values      19,393,541         19,393,541
                                                        -------------     --------------

Net investment in leveraged leases                        26,831,755         25,175,398
                                                       -------------      -------------

Investment in operating leases
   Equipment at cost                                   $   4,548,536            --
   Accumulated depreciation                                 (200,725)           --
                                                       -------------      -------------

                                                           4,347,811            --
                                                       -------------      -------------

Equipment held for re-lease or sale                       19,379,264            --
                                                       -------------      -------------

Investment in financings
   Receivables due in installments                        3,573,464          1,003,883
   Initial direct costs                                       2,252              2,706
   Unearned income                                         (115,228)          (177,836)
   Allowance for doubtful accounts                           (9,611)            (9,611)
                                                       ------------       ------------
                                                          3,450,877            819,142
                                                      ------------       -------------

Investments in unconsolidated joint ventures              3,879,548          4,504,314
                                                      -------------      -------------

Other assets                                              1,144,339          2,082,803
                                                      -------------      -------------

Total assets                                         $ 124,812,407       $ 146,965,750
                                                     =============       =============
</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,
                                                                     2001          2000
                                                                 ------------   ------------

       Liabilities and Partners' Equity

<S>                                                             <C>              <C>
Notes payable - non-recourse                                    $  42,083,525    $  58,056,596
Note payable - recourse                                            20,357,403       23,832,595
Accounts payable - General Partner and affiliates                     620,830           59,122
Security deposits, deferred credits and other payables              1,043,807        1,056,953
Minority interest in consolidated joint ventures                    3,329,258           43,492
                                                                -------------    -------------

                                                                   67,434,823       83,048,758
                                                                -------------    -------------

Commitments and Contingencies

Partners' equity (deficiency)
   General Partner                                                   (282,681)        (217,868)
   Limited partners (988,608 and 989,588 units outstanding,
     $100 per unit original issue price)                           57,660,265       64,134,860
                                                                -------------    -------------

     Total partners' equity                                        57,377,584       63,916,992
                                                                -------------    -------------

Total liabilities and partners' equity                          $ 124,812,407    $ 146,965,750
                                                                =============    =============

</TABLE>
                                                       (continued on next page)

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,
                                                     2001         2000            2001           2000
                                                     ----         ----            ----           ----


Revenues

<S>                                               <C>             <C>                <C>             <C>
Finance income                                    $ 1,831,988    $ 4,664,280    $ 6,047,304    $ 12,795,317
Income from leveraged leases                          552,119        789,377      1,656,357       2,368,131
Rental income                                       1,379,547          --         2,309,983           --
(Loss) income from investments in
  unconsolidated joint ventures                      (41,969)        (33,708)      (459,913)        176,566
Gain on sales of equipment                           463,362         125,013        468,672         129,157
Interest income and other                              9,942          88,842         42,956         112,728
                                                 ------------   ------------    ------------    ------------

   Total revenues                                  4,194,989       5,633,804     10,065,359      15,581,899
                                                 ------------    ------------   ------------    ------------

Expenses
   Interest                                        1,035,560       2,176,846     3,619,734         5,797,783
   Depreciation expense                              760,026            --       1,280,644            --
   Management fees - General Partner                 657,366         850,246     1,887,889         2,535,423
   General and administrative                        198,720         216,781       568,455           649,407
   Administrative expense reimbursements-
     General Partner                                 169,708         190,850       667,085           924,551
   Amortization of initial direct costs              177,006         446,913       464,584         1,423,137
   Minority interest expense in consolidated
     joint venture                                     9,866             840        12,359             3,364
                                                ------------    ------------    ------------    ------------

   Total expenses                                  3,008,252       3,882,476     8,500,750        11,333,665
                                                ------------    ------------    ------------    ------------

Net income                                      $  1,186,737    $  1,751,328   $ 1,564,609      $  4,248,234
                                                ============    ============    ============    ============

Net income allocable to:
   Limited partners                             $  1,174,870    $  1,733,815   $  1,548,963    $  4,205,752
   General Partner                                    11,867          17,513         15,646          42,482
                                                ------------    ------------    ------------    ------------

                                                $  1,186,737    $  1,751,328   $  1,564,609    $  4,248,234
                                                ============    ============    ============    ============

Weighted average number of limited
   partnership units outstanding                     988,923         989,813         989,279         990,074
                                                ============    ============    ============    ============

Net income per weighted average
   limited partnership unit                     $       1.19    $       1.75   $       1.57    $       4.25
                                                ============    ============    ============    ============
</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, 2001 and
                        the Year Ended December 31, 2000

                                   (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, 1999                                               $  70,202,099 $  (156,961)       $ 70,045,138

Limited partnership units
   redeemed (650 units)                                                 (37,811)      --                 (37,811)

Cash distributions to partners        $ 6.09         $ 4.66         (10,641,411)   (107,493)         (10,748,904)

Net income                                                             4,611,983     46,586            4,658,569
                                                                   ------------  ------------        ------------

Balance at
   December 31, 2000                                                 64,134,860    (217,868)          63,916,992

Limited partnership units
   redeemed (980 units)                                                 (47,285)     --                  (47,285)

Cash distributions to partners       $ 6.50       $  1.57            (7,976,273)    (80,459)          (8,056,732)

Net income                                                            1,548,963      15,646             1,564,609
                                                                   ------------  ------------       -------------

Balance at
   September 30, 2001                                              $ 57,660,265  $  (282,681)       $  57,377,584
                                                                   ============  ============       ============
</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>
                                                                           2001            2000
                                                                      ------------    ------------
Cash flows from operating activities:
<S>                                                                   <C>             <C>
   Net income                                                         $  1,564,609    $  4,248,234
                                                                      ------------    ------------
   Adjustments to reconcile net income to
    net cash (used in) provided by operating activities:
     Finance income portion of receivables paid directly
      to lenders by lessees                                             (5,382,101)     (9,443,755)
     Rental income paid directly to lender by lessee                    (2,309,983)           --
     Interest expense on non-recourse financing paid
      directly by lessees                                                3,066,767       5,234,442
     Amortization of initial direct costs                                  464,584       1,423,137
     Depreciation expense                                                1,280,644            --
     Income from leveraged leases                                       (1,656,357)     (2,368,131)
     Loss (income) from investments in unconsolidated joint venture        459,913        (176,566)
     Gains on sales of equipment                                          (468,672)       (129,157)
     Minority interest expense in consolidated joint venture                12,359           3,364
     Change in operating assets and liabilities:
      Collection of principal - non-financed receivables                   656,848       2,382,272
      Other assets                                                         938,464         142,692
      Security deposits, deferred credits and other payables               (13,146)       (643,059)
     Interest accrued on notes payable - recourse                             --           162,355
     Accounts payable - General Partner and affiliates                     561,708        (101,333)
      Other                                                               (209,636)        (21,121)
                                                                      ------------    ------------

        Total adjustments                                               (2,598,608)     (3,534,860)
                                                                      ------------    ------------

     Net cash (used in) provided by operating activities                (1,033,999)        713,374
                                                                      ------------    ------------

Cash flows from investing activities:
   Equipment and receivables purchased                                        --       (14,892,241)
   Proceeds from sales of equipment                                      4,708,089       3,717,767
   Proceeds from sales of interests in consolidated joint venture        3,273,407       2,250,000
   Acquisition of minority interest in consolidated joint venture             --        (2,362,500)
   Distributions from unconsolidated joint venture                         165,136         114,784
   Acquisition of interest in unconsolidated joint venture                    (283)           --
   Liquidation of investment in unguaranteed
     residual value                                                           --        12,325,000
                                                                      ------------    ------------

     Net cash provided by investing activities                           8,146,349       1,152,810
                                                                      ------------    ------------
</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>


                                                               2001            2000
                                                           ------------    ------------

Cash flows from financing activities:
<S>                                                       <C>               <C>
   Proceeds from non-recourse debt                                 --        15,819,651
   Proceeds from recourse debt                                     --         2,775,111
   Proceeds from notes payable - non recourse                 2,111,726            --
   Principal payments on notes payable - recourse            (3,475,192)     (6,756,958)
   Principal payments on notes payable - non-recourse           (77,320)     (2,764,636)
   Cash distributions to partners                            (8,056,732)     (8,062,758)
   Redemption of limited partnership units                      (47,285)        (37,252)
                                                           ------------    ------------

     Net cash (used in) provided by financing activities     (9,544,803)        973,158
                                                           ------------    ------------

Net (decrease) increase in cash                              (2,432,453)      2,839,342

Cash at beginning of period                                $  5,083,906       4,688,025
                                                           ------------    ------------

Cash at end of period                                      $  2,651,453    $  7,527,367
                                                           ============    ============
</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 six  months  ended  September  30,  2001 and 2000,  non-cash  activities
included the following:
<TABLE>

                                                           2001          2000
                                                      ------------    ----------

<S>                                                   <C>              <C>
Principal and interest on direct finance
   receivables paid directly to lenders by lessees    $ 18,764,261    $ 34,586,539
Rental income  assigned operating lease receivables      2,309,983
Principal and interest on non-recourse
   financing paid directly to lenders by lessees       (21,074,244)    (34,586,539)
                                                      ------------    ------------

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


Interest  expense  of  $3,619,734  and  $5,797,783  for the  nine  months  ended
September  30,  2001 and 2000  consisted  of  interest  expense on  non-recourse
financing  paid or accrued  directly  to lenders  by lessees of  $3,066,767  and
$5,234,442  respectively,  and interest on notes  payable - recourse of $552,967
and $563,341, respectively.
<TABLE>

                                                             2001          2000
                                                         -----------   ---------

<S>                                                      <C>           <C>
Transfer of finance lease residual to operating leases   $25,007,721   $     --
                                                         ===========   =========

Transfer of operating leases to equipment held for
  re-lease or sale (net of accumulated depreciation)     $19,379,264   $     --
                                                         ===========   =========

Transfer of finance lease residual to investment
  in financings                                          $ 3,375,000   $     --
                                                         ===========   =========

</TABLE>



<PAGE>


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

                   Notes to Consolidated Financial Statements

                               September 30, 2001


                                   (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
2000 Annual Report on Form 10-K.


2.   Redemption of Limited Partnership Units

There  were 980 units of limited  partnership  redeemed  during the nine  months
ended  September  30, 2001.  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.   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, 2001 and 2000
were as follows:
<TABLE>

                          2001           2000
                        ---------    -----------

<S>                      <C>          <C>
Management fees          $1,887,889   $2,535,423   Charged to Operations
Administrative expense
  reimbursements            667,085      924,551   Charged to Operations
                       ----------   ------------

Total                    $2,554,974   $3,459,974
                         ==========   ============
</TABLE>

The  Partnership has formed eight joint ventures with affiliates for the purpose
of acquiring and managing various assets. (See Note 5 for additional information
relating to the joint ventures.)


<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, 2001 consisted of
the following:
<TABLE>

Non-cancelable minimum rents receivable (net of
<S>                                               <C>
  principal and interest on non-recourse debt)    $ 10,002,727
Estimated unguaranteed residual values              22,875,000
Initial direct costs                                   381,893
Unearned income                                     (6,427,865)
                                                  ------------

                                                  $ 26,831,755
                                                  ============
</TABLE>

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.


5.   Investments in Joint Ventures

The  Partnership  and  affiliates  formed ten joint  ventures for the purpose of
acquiring and managing various assets.

The four joint ventures  described below are majority owned and are 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 4). Profits,  losses,  excess
cash and  disposition  proceeds are allocated 99% to the  Partnership  and 1% to
Series E. The Partnership's  financial statements include 100% of the assets and
liabilities  of ICON Cash Flow LLC III.  Series E's investment in ICON Cash Flow
LLC  III  has  been  reflected  as  "Minority  interest  in  consolidated  joint
ventures."






<PAGE>




                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)
             Notes to Consolidated Financial Statements - Continued



     Seacor Joint Ventures

On July 13, 2001,  the  Partnership  and ICON Cash Flow  Partners  L.P.  Eight B
("Eight  B") formed  three  joint  ventures  known as  "ICON/Janson  Graham LLC,
"ICON/Pearl  Graham LLC" and  "ICON/Amanda  Graham LLC",  the three of which are
referred  to  collectively  as the  "Seacor  Joint  Ventures".  The  Partnership
contributed three offshore supply vessels with a net book and approximate market
value of $7,595,271,  and L.P.  Eight B contributed  $3,273,407 in cash into the
Seacor Joint  Ventures.  The  Partnership and Eight B received 69.88% and 30.12%
ownership interests,  respectively,  in the Seacor Joint Ventures as a result of
these contributions.

Eight B has the right  during the first year of the  ventures to sell any of its
three joint venture interests to the Partnership at a price equal to 110% of its
outstanding  investment  balance  for any vessel that is not  generating  rental
revenue for a three month period. The Partnership has the right during the first
year of the venture to purchase any of Eight B's three joint  venture  interests
at a price  equal to 105% of Eight B's  outstanding  investment  balance for any
vessel that is not  generating  rental  revenue for a three  month  period.  The
vessels were subject to operating  leases during the quarter ended September 30,
2001, however, the leases expired and currently all three vessels are off-lease.

The  Partnership's   financial   statements  include  100%  of  the  assets  and
liabilities  of the Seacor Joint  Ventures.  The vessels are included  under the
caption  Equipment held for re-lease or sale (see Note 6). Eight B's interest in
the Seacor Joint  Ventures is reflected  as "Minority  interest in  consolidated
joint ventures."

The six joint ventures described below are less than 50% owned and are accounted
for following the equity method.

     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.

Information as to the financial  position and results of operations of 1997-A as
of and for the nine months ended  September  30, 2001 and 2000 is  summarized on
the following page:




<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)
             Notes to Consolidated Financial Statements - Continued

<TABLE>


                                                  September 30, 2001   September 30, 2000
                                                  ------------------   ------------------

<S>                                              <C>                    <C>
Assets                                           $ 2,317,470           $ 10,906,112
                                                 =============         ============

Liabilities                                      $ 2,020,887           $  8,391,993
                                                 ==============        ============

Equity                                           $   296,583           $  2,514,119
                                                  ==============      ============

Partnership's share of equity                   $     59,225           $    645,389
                                                 ================      ============


                                                 Nine Months Ended   Nine Months Ended
                                                 September 30, 2001   September 30, 2000

Net (loss) income                               $  (1,895,962)         $   (340,318)
                                                ==============          ============

Partnership's share of net loss                 $    (521,972)         $    (67,930)
                                                ===============        ============

Distributions                                   $       --             $    450,867
                                                ===============        =============

Partnership's share of distributions            $      --              $     90,016
                                                ==============         ============
</TABLE>


1997-A  recorded a provision for bad debts of  $1,825,000  during the nine month
period ended  September  30, 2001,  and $500,000 for the nine month period ended
September 30, 2000.

      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"),  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  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.

Information as to the financial  position and results of operations of 1997-B as
of and for the  nine  months  ended  September  30,  2001 is  summarized  on the
following page:





<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)
             Notes to Consolidated Financial Statements - Continued

<TABLE>


                                                  September 30, 2001        September 30, 2000
                                                  ------------------       ------------------

<S>                                               <C>                      <C>
Assets                                            $ 11,785,339             $21,338,478
                                                   ============             ===========

Liabilities                                       $ 10,598,827             $18,843,767
                                                  =============            ===========

Equity                                            $  1,186,512             $ 2,494,711
                                                  =============            ===========

Partnership's share of equity                    $     197,792            $   415,868
                                                 ==============           ===========

                                                  Nine Months Ended        Nine Months Ended
                                                  September 30, 2001       September 30, 2000
                                                  ------------------       ------------------

Net (loss) income                                $ (1,069,591)             $   659,027
                                                 ==============             ===========

Partnership's share of net (loss) income         $   (178,302)             $   109,860
                                                 ==============             ===========

Distributions                                   $      --                  $   148,578
                                                ===============            ===========

Partnership's share of distributions            $     --                   $    24,768
                                                ===============            ===========
</TABLE>


1997-B  recorded a provision for bad debts of  $1,055,114  during the nine month
period ended September 30, 2001.

     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. ("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.  As  a  result  of  the
liquidation of Series C, ICON BF acquired  Series C's interest in September 2001
at a cost of $56,370,  which approximated  market value.  Series C recognized no
gain or loss on the sale of its interest.  The $56,370 purchase price was funded
by the  Partnership,  L.P. Six and Eight A in  accordance  with their  remaining
interests' in ICON BF. The Partnership's  share of the purchase price was $ 283.
The remaining  interests' in ICON BF as of and on September 30, 2001 are .5025%,
 .5025% and 98.995% for the Partnership, LP Six, and Eight A respectively.


<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 ICON BF as
or September 30, 2001 and 2000 is summarized below:

<TABLE>
                                                  September 30, 2001   September 30, 2000

<S>                                               <C>                   <C>
Assets                                            $ 24,252,534          $26,055,869
                                                  ==============        ===========

Liabilities                                       $ 13,301,458          $16,003,804
                                                  ==============        ===========

Equity                                            $ 10,951,076          $10,052,065
                                                  ==============        ===========

Partnership's share of equity                     $     55,040           $    48,637
                                                  ==============         ===========


                                                  Nine Months Ended    Six Months Ended
                                                  September 30, 2001   September 30, 2000
                                                  ------------------   ------------------

Net income                                         $ 1,027,862         $   867,657
                                                   ==============      ===========

Partnership's share of net income                 $      5,139         $     4,337
                                                  ==============        ===========
</TABLE>

     AIC Trust

The Partnership acquired a portfolio of equipment leases and in 1999 contributed
such  leases,  subject to related  debt,  with a book value of  $6,854,830  to a
wholly owned trust ("AIC Trust").  Subsequently,  the Partnership sold interests
in this  trust  at  various  dates  in  1999 to  Eight  A, an  affiliate  of the
Partnership,  for $3,000,000  and to L.P. Six, an affiliate of the  Partnership,
for $1,750,000.  These  transactions were at book value, which approximated fair
market value at the dates of sale. Therefore, the Partnership recognized no gain
or loss on the sales of these interests to either Eight A or to L.P. Six.

As a result of the sales of these  interests,  at  September  30, 2001 and 2000,
respectively, L.P. Six and Eight A owned interests aggregating 25.51% and 43.73%
in the trust,  respectively,  with the Partnership owning a 30.76% interest. The
trust  is  operated  as a  joint  venture.  Profits,  losses,  excess  cash  and
disposition  proceeds  are  allocated  based upon the  Partnerships'  percentage
ownership   interests  in  the  venture  during  the   respective   periods  the
Partnerships  held such interests.  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 Financial Statements - Continued

Information as to the financial  position and results of operations of AIC Trust
as of and for the nine months ended  September  30, 2001 and 2000 is  summarized
below:
<TABLE>

                                                                September 30, 2001     September 30, 2000
                                                                ------------------     ------------------

<S>                                                              <C>                    <C>
              Assets                                             $    13,405,657        $    17,681,716
                                                                 ===============        ===============

              Liabilities                                        $     6,138,074        $    10,421,507
                                                                 ===============        ===============

              Equity                                             $     7,267,583        $     7,260,209
                                                                 ===============        ===============

              Partnership's share of equity                      $     2,246,880        $     2,244,212
                                                                 ===============        ===============

                                                                 Nine Months Ended      Nine Months Ended
                                                                September 30, 2001     September 30, 2000
                                                                ------------------     ------------------

              Net income                                         $       439,449        $       423,509
                                                                 ===============        ===============

              Partnership's share of net income                  $       135,219        $       130,299
                                                                 ===============        ===============

              Distributions                                      $       536,853        $          -
                                                                 ===============        ===============


              Partnership's share of distributions               $       165,136        $          -
                                                                 ===============        ===============
</TABLE>

     ICON Cheyenne LLC

In the fourth quarter of 2000, the Partnership and three  affiliates,  L.P. Six,
Eight A and ICON Income Fund Eight B ("Eight B") formed ICON Cheyenne LLC ("ICON
Cheyenne")  for the purpose of acquiring a portfolio of lease  investments.  The
purchase  price totaled  $29,705,716  and was funded with cash and  non-recourse
debt assumed. The Partnership,  L.P. Six, Eight A and Eight B received a 10.31%,
1%, 1% and 87.69%  interest,  respectively,  in ICON Cheyenne.  The  Partnership
accounts for this investment under the equity method of accounting.


<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)
                    Notes to Financial Statements - Continued

Information as to the financial  position and results of operations of the joint
venture as of and for the nine months  ended  September  30, 2001 is  summarized
below:

<TABLE>
                                                                September 30, 2001
                                                                ------------------

<S>                                                             <C>
Assets                                                          $26,064,505
                                                                ===========

Liabilities                                                     $13,772,128
                                                                ===========

Equity                                                          $12,292,377
                                                                ===========

Partnership's share of equity                                   $ 1,267,344
                                                                ===========

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

Net income                                                      $   891,227
                                                                 ===========

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

     ICON Aircraft 24846, LLC

In the fourth quarter of 2000, the Partnership  and two affiliates,  Eight A and
Eight B formed ICON Aircraft  24846,  LLC ("ICON  Aircraft")  for the purpose of
acquiring an  investment in an aircraft  with a purchase  price of  $44,515,416,
which was funded with cash and non-recourse  debt assumed in the purchase price.
This  aircraft  is subject to an  operating  lease  with  Scandinavian  Airlines
System.  The Partnership  has a 2% interest,  with Eight A and Eight B having 2%
and 96% interests,  respectively.  The  Partnership  accounts for its investment
under the equity method of accounting.

Information as to the financial  position and results of operations of the joint
venture as of and for the nine months  ended  September  30, 2001 is  summarized
below:

                                                             September 30, 2001
                                                             ------------------

              Assets                                         $    42,445,595
                                                             ==============

              Liabilities                                    $    39,782,306
                                                             ===============

              Equity                                         $     2,663,289
                                                             ===============

              Partnership's share of equity                  $        53,267
                                                             ===============

                                                             Nine Months Ended
                                                             September 30, 2001

              Net income                                    $       405,824
                                                            ===============

              Partnership's share of net income             $         8,118
                                                            ===============
</TABLE>


<PAGE>


                       ICON Cash Flow Partners L. P. Seven
                        (A Delaware Limited Partnership)
                    Notes to Financial Statements - Continued

6.       Investment in Operating Leases and Equipment Held for Re-lease or Sale

In the second quarter of 2001,  the original lease terms of six offshore  supply
vessel leases  originally  accounted for as direct finance leases  expired.  The
residual  values  at the  expiration  of the  original  lease  terms  aggregated
$25,007,721.  These leases were renewed for a three month period with options to
extend the lease terms on an additional  month-to-month  basis.  As of September
30,  2001,  five of these  vessels  were  off-lease  and one  vessel was under a
month-to-month  lease.  The  Partnership is seeking to re-lease or sell the five
vessels  presently  off-lease.  The five  off-lease  vessels are included on the
balance  sheet as Equipment  held for re-lease or sale while the other vessel is
included on the balance  sheet as an  operating  lease.  Three of the  off-lease
vessels relate to the Seacor Joint Ventures (see Note 5).

7.       Investment in Financings

In 2001, the original lease term of a production  facility  equipment  accounted
for as a direct  finance  lease  expired.  The residual  value at the end of the
original  lease  term was  $3,375,000.  The  underlying  equipment  was sold and
financed under a five-year note agreement.  The note received as a result of the
financing is included in investment in financings.

There was no gain or loss  recognized  when the  underlying  equipment  residual
value was financed under the note agreement.


<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,  operating leases,
equipment   off-lease,   financings  and  investments  in  unconsolidated  joint
ventures, representing 36%, 16%, 22%, 4%, 16%, 3% and 3% of total investments at
September 30, 2001,  respectively,  and 63%,15%, 19%, 0%, 0%, 1% and 2% of total
investments at September 30, 2000, respectively.

Results of Operations for the Three Months Ended September 30, 2001 and 2000

Revenues  for  the  three  months  ended  September  30,  2001  were  $4,194,989
representing  a decrease  of  $1,438,815  from 2000.  The  decrease  in revenues
resulted  primarily  from  decreases in finance  income of $2,832,292 and income
from leveraged leases of $237,258.  The decrease in revenue was partially offset
by increases in rental  income of  $1,379,547  and gain on sales of equipment of
$338,349.  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 were renewed in
2001 are now  classified as operating  leases during their  renewal  terms.  The
decrease in income from  leveraged  leases  resulted from a  reassessment  of an
estimated  residual value in the fourth quarter of 2000, which reduced leveraged
lease income to be  recognized  over the remaining  lease term.  The increase in
rental income was due to the finance leases which were renewed in 2001 and which
are now classified as operating leases.  As a result,  rentals received relating
to such leases are now reported as rental income; prior to the reclassification,
such rentals were included as collection of finance lease  receivables  with the
finance portion included in finance income. Gain on sales of equipment increased
primarily due to the two large sale  transactions  which were consummated in the
2001 period related to computer  equipment  formerly on lease to America Online,
Inc.

Expenses  for the  three  months  ended  September  30,  2001  were  $3,008,252,
representing a decrease of $874,224 from 2000. The decrease in expenses resulted
primarily from decreases in interest  expense of $1,141,286,  management  fees -
General  Partner of $192,880,  amortization  of initial direct costs of $269,907
and administrative  expense  reimbursements - General Partner of $21,142,  which
were  partially  offset by  increases  in  depreciation  expense of $760,026 and
minority  interest  expense  of  $9,026.  Interest  expense  decreased  due to a
decrease in the average debt  outstanding  from 2000 to 2001.  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
decrease in  amortization  of initial direct costs resulted from the decrease in
the average size of the lease investment portfolio. The increase in depreciation
expense was due to leases  renewed in 2001 which are now classified as operating
leases during their renewal terms. The increase in minority interest expense was
due to the  origination in the 2001 period of the Seacor joint venture with ICON
Cash Flow Partners L.P. Eight B.

Net income for the three months ended September 30, 2001 and 2000 was $1,186,737
and  $1,751,328,  respectively.  The net income  per  weighted  average  limited
partnership unit outstanding was $1.19 and $1.75, for the 2001 and 2000 periods,
respectively.


<PAGE>


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



Results of Operations for the Nine Months Ended September 30, 2001 and 2000

Revenues  for the  nine  months  ended  September  30,  2001  were  $10,065,359,
representing  a decrease  of  $5,516,540  from 2000.  The  decrease  in revenues
resulted primarily from a decreases in finance income of $6,748,013, income from
leveraged  leases of $711,774 and a loss from  investments  in joint ventures in
2001 of $459,913  versus income of $176,566 in 2000. The decrease in revenue was
partially offset by the increase in rental income of $2,309,983 and gain on sale
of equipment of $339,515. The decrease in finance income resulted primarily from
(1) a decrease in the average size of the  Partnership's  lease portfolio due to
sales of leased equipment and lease  reclassifications  (2) certain leases which
were  renewed and are  generating  lower levels of finance  income  during their
renewal terms and (3) due to certain  finance  leases which were renewed in 2001
and which are now classified as operating leases during their renewal terms. The
decrease in income from  leveraged  leases  resulted from a  reassessment  of an
estimated  residual value in the fourth quarter of 2000, which reduced leveraged
lease  income to be  recognized  over the  remaining  lease term.  The loss from
equity  investment in joint ventures in 2001 was due primarily to provisions for
bad debts recorded by two of the underlying joint ventures, 1997-A and 1997-B of
$1,825,000 and $1,055,114,  respectively.  The increase in rental income was due
to the finance leases which were renewed in 2001 and which are now classified as
operating  leases  during their renewal  terms.  As a result,  rentals  received
relating  to such  leases  are now  reported  as  rental  income;  prior  to the
reclassification,  such rentals were  included as  collection  of finance  lease
receivables with the finance portion included in finance income. The increase in
gain or sales of  equipment  was due to two large sale  transactions  which were
consummated in the third quarter of 2001 related to equipment formerly leased to
America Online, Inc.

Expenses  for  the  nine  months  ended  September  30,  2001  were  $8,500,750,
representing  a decrease  of  $2,832,915  from 2000.  The  decrease  in expenses
resulted   primarily   from   decreases  in  interest   expense  of  $2,178,049,
amortization  of initial  direct  costs of $958,553,  management  fees - General
Partner of $647,534 and administrative  expense reimbursements - General Partner
of $257,466,  which were partially offset by an increase in depreciation expense
of $1,280,644.  Interest expense decreased due to a decrease in the average debt
outstanding from 2000 to 2001. The decrease in management fees - General Partner
and  administrative  expense  reimbursements - 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 decrease in  amortization of
initial  direct cost resulted from the decrease in the average size of the lease
investment  portfolio.  The increase in  depreciation  expense was due to leases
renewed  in 2001 which are now  classified  as  operating  leases  during  their
renewal terms.

Net income for the nine months ended  September 30, 2001 and 2000 was $1,564,609
and  $4,248,234,  respectively.  The net income  per  weighted  average  limited
partnership   unit  was  $1.57  and  $4.25,  for  the  2001  and  2000  periods,
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, 2001 and 2000 were  provided  by sale  proceeds  of  $4,708,089  in 2001 and
$3,717,767 in 2000,  proceeds from the sale of interests in  consolidated  joint
ventures of $3,273,407 and $2,250,000 in 2000, and $2,111,726 and $18,594,762 of
borrowings in 2001 and 2000, respectively. These funds along with available cash
balances  were used  primarily  to make  payments  on  borrowings  and fund cash
distributions to partners in 2001 and 2000, and to acquire equipment under lease
in 2000. Cash  distributions to partners for the nine months ended September 30,
2001 and 2000 totaled $8,056,732 and $8,062,758, respectively.

The  Partnership is monitoring  closely the impact of a slowing  economy and the
terrorist  attacks of September  11, 2001 on its lessees in certain  industries,
including the airline industry.  However, as of September 30, 2001 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.


<PAGE>


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



Item 3.  Qualitative and Quantitative Disclosures About Market Risk

The  Partnership  is exposed  to  certain  market  risks,  including  changes in
interest rates. 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. The
fixed rate debt service  obligation  streams are generally matched by fixed rate
lease receivable streams generated by the Partnership's lease investments.

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  borrowing under a floating rate line of credit as
of  September  30,  2001  was  $1,344,291.  The  Partnership  believes  the risk
associated with rising interest rates under this line is not significant.





<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, 2001.



<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 13, 2001                  /s/ Thomas W. Martin
-------------------------------     -------------------------------------------
   Date                             Thomas W. Martin
                                    Executive Vice President
                                   (Principal financial and accounting officer
                                      of the General Partner of the Registrant)