Intercreditor Agreements are an integral part of many structured finance transactions. The LMA-Intercreditor Agreement (Loan Market Association) is a document often used as standard form in international project finance. When it comes to an insolvency or a restructuring szenario, intercreditor agreements are among the most important contracts to consider. Still, intercreditor agreements have not yet recieved the attention they deserve in German legal literature. This work tries to close this gap. The author uses project finance as an example to demonstrate the mechanics most commonly found in intercreditor agreements and describes its role in complex structured finance transactions. He classifies the intercreditor rules under German civil law and examines how intercreditor agreements are treated under German insolvency law. A strong focus is put on the rank and subordination between creditors.