diff --git a/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionParser.cs b/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionParser.cs
index 96a85a9911..eea76cb51a 100644
--- a/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionParser.cs
+++ b/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionParser.cs
@@ -15,27 +15,33 @@ namespace ICSharpCode.XamlBinding
 		{
 			var info = new MarkupExtensionInfo();
 			
-			var tokens = MarkupExtensionTokenizer.Tokenize(text);
+			var tokenizer = new MarkupExtensionTokenizer(text);
 			
 			string argumentName = null;
 			
-			foreach (var token in tokens) {
-				switch (token.Kind) {
-					case MarkupExtensionTokenKind.TypeName:
-						info.Type = token.Value;
-						break;
-					case MarkupExtensionTokenKind.Membername:
-						argumentName = token.Value;
-						break;
-					case MarkupExtensionTokenKind.String:
-						if (argumentName != null) {
-							info.NamedArguments.Add(argumentName, ParseValue(token.Value));
-							argumentName = null;
-						} else {
-							info.PositionalArguments.Add(ParseValue(token.Value));
-						}
-						break;
+			try {
+				var token = tokenizer.NextToken();
+				while (token.Kind != MarkupExtensionTokenKind.EOF) {
+					switch (token.Kind) {
+						case MarkupExtensionTokenKind.TypeName:
+							info.Type = token.Value;
+							break;
+						case MarkupExtensionTokenKind.Membername:
+							argumentName = token.Value;
+							break;
+						case MarkupExtensionTokenKind.String:
+							if (argumentName != null) {
+								info.NamedArguments.Add(argumentName, ParseValue(token.Value));
+								argumentName = null;
+							} else {
+								info.PositionalArguments.Add(ParseValue(token.Value));
+							}
+							break;
+					}
+					token = tokenizer.NextToken();
 				}
+			} catch (MarkupExtensionParseException) {
+				// ignore parser errors
 			}
 			
 			return info;
diff --git a/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionTokenKind.cs b/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionTokenKind.cs
index 5c6e3efe6a..7dba8f1fc3 100644
--- a/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionTokenKind.cs
+++ b/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionTokenKind.cs
@@ -11,6 +11,7 @@ namespace ICSharpCode.XamlBinding
 {
 	public enum MarkupExtensionTokenKind
 	{
+		EOF,
 		OpenBrace,
 		CloseBrace,
 		Equals,
diff --git a/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionTokenizer.cs b/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionTokenizer.cs
index 67dbdbfc7f..891f3fa0e9 100644
--- a/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionTokenizer.cs
+++ b/src/AddIns/BackendBindings/XamlBinding/XamlBinding/MarkupExtensionTokenizer.cs
@@ -7,6 +7,7 @@
 
 using System;
 using System.Collections.Generic;
+using System.Diagnostics;
 using System.Text;
 
 namespace ICSharpCode.XamlBinding
@@ -17,26 +18,43 @@ namespace ICSharpCode.XamlBinding
 	/// </summary>
 	public sealed class MarkupExtensionTokenizer
 	{
-		private MarkupExtensionTokenizer() {}
+		public MarkupExtensionTokenizer(string text)
+		{
+			if (text == null)
+				throw new ArgumentNullException("text");
+			this.text = text;
+			
+			ParseBeginning();
+		}
 		
 		string text;
 		int pos;
-		List<MarkupExtensionToken> tokens = new List<MarkupExtensionToken>();
+		Queue<MarkupExtensionToken> tokens = new Queue<MarkupExtensionToken>();
 		
-		public static List<MarkupExtensionToken> Tokenize(string text)
+		/// <summary>
+		/// Retrieves the next token.
+		/// </summary>
+		/// <exception cref="MarkupExtensionParseException">A parse error occurred.</exception>
+		public MarkupExtensionToken NextToken()
 		{
-			MarkupExtensionTokenizer t = new MarkupExtensionTokenizer();
-			t.text = text;
-			t.Parse();
-			return t.tokens;
+			if (tokens.Count == 0) {
+				// produce new tokens on demand
+				ParseStep();
+				// a parse step must produce tokens unless we're at EOF
+				Debug.Assert(tokens.Count > 0 || pos == text.Length);
+			}
+			if (tokens.Count > 0)
+				return tokens.Dequeue();
+			else
+				return new MarkupExtensionToken(MarkupExtensionTokenKind.EOF, "");
 		}
 		
 		void AddToken(MarkupExtensionTokenKind kind, string val)
 		{
-			tokens.Add(new MarkupExtensionToken(kind, val));
+			tokens.Enqueue(new MarkupExtensionToken(kind, val));
 		}
 		
-		void Parse()
+		void ParseBeginning()
 		{
 			AddToken(MarkupExtensionTokenKind.OpenBrace, "{");
 			Expect('{');
@@ -47,9 +65,12 @@ namespace ICSharpCode.XamlBinding
 			while (pos < text.Length && !char.IsWhiteSpace(text, pos) && text[pos] != '}')
 				b.Append(text[pos++]);
 			AddToken(MarkupExtensionTokenKind.TypeName, b.ToString());
-			
+		}
+		
+		void ParseStep()
+		{
 			ConsumeWhitespace();
-			while (pos < text.Length) {
+			if (pos < text.Length) {
 				switch (text[pos]) {
 					case '}':
 						AddToken(MarkupExtensionTokenKind.CloseBrace, "}");
@@ -67,7 +88,6 @@ namespace ICSharpCode.XamlBinding
 						MembernameOrString();
 						break;
 				}
-				ConsumeWhitespace();
 			}
 		}
 		
@@ -87,8 +107,7 @@ namespace ICSharpCode.XamlBinding
 				ConsumeWhitespace();
 			} else {
 				int braceTotal = 0;
-				while (true) {
-					CheckNotEOF();
+				while (pos < text.Length) {
 					switch (text[pos]) {
 						case '\\':
 							pos++;
@@ -116,9 +135,8 @@ namespace ICSharpCode.XamlBinding
 				}
 				stop:;
 			}
-			CheckNotEOF();
 			string valueText = b.ToString();
-			if (text[pos] == '=') {
+			if (pos < text.Length && text[pos] == '=') {
 				AddToken(MarkupExtensionTokenKind.Membername, valueText.Trim());
 			} else {
 				AddToken(MarkupExtensionTokenKind.String, valueText);