It is controversial in the literature whether the First Participle in German ('Present Participle'; henceforth: Part I) is an adjective or a verbal form. Syntactically, it occurs exclusively in adjectival positions but it does not behave like an adjective in other respects. This paper provides an analysis of Part I starting from a diachronic perspective and arriving at a synchronic interpretation of its position in the field of 'finite verb + nonfinite verb constructions' in New High German. Against such positions as Paul's (1920), which regard Part I as an adjective only, it will be argued that, for an adequate description of its structural properties, its verbal character must be taken into account both diachronically and synchronically. It will be shown that Part I fits into and completes a paradigmatic structure together with other nonfinite verbal forms.

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