diff --git a/src/log.ts b/src/log.ts
index 7cfd659..caf693a 100644
--- a/src/log.ts
+++ b/src/log.ts
@@ -1,5 +1,5 @@
 import {ConsoleLogger, Logger, LogLevel} from './util/log.js'
 
-export const log: Logger = new ConsoleLogger(LogLevel.ERROR)
+export const log: Logger = new ConsoleLogger(LogLevel.VERBOSE)
 // log.setStreamLevel('lexer', LogLevel.INFO)
 // log.setStreamLevel('token', LogLevel.INFO)
diff --git a/src/vm/commands/assign.ts b/src/vm/commands/assign.ts
index 1cbce99..f382693 100644
--- a/src/vm/commands/assign.ts
+++ b/src/vm/commands/assign.ts
@@ -8,9 +8,9 @@ export type AssignData = {
 }
 
 export class Assign extends Command<AssignData> {
-    attemptParse(context: ParseContext): Awaitable<AssignData> {
+    async attemptParse(context: ParseContext): Promise<AssignData> {
         return {
-            value: context.popTerm(),
+            value: await context.popTerm(),
         }
     }
 
diff --git a/src/vm/commands/call.ts b/src/vm/commands/call.ts
new file mode 100644
index 0000000..fc94086
--- /dev/null
+++ b/src/vm/commands/call.ts
@@ -0,0 +1,68 @@
+import {Command, ParseContext, StrTerm} from "./command.js";
+import {LexInput} from "../lexer.js";
+import {StrVM} from "../vm.js";
+
+type CallData = {
+    callable: StrTerm,
+    params: StrTerm[],
+}
+
+export class Call extends Command<CallData> {
+    async attemptParse(context: ParseContext): Promise<CallData> {
+        const data: CallData = {
+            callable: await context.popTerm(),
+            params: [],
+        }
+
+        let term: StrTerm|undefined
+        while ( term = await context.popOptionalTerm() ) {
+            data.params.push(term)
+        }
+
+        return data
+    }
+
+    getDisplayName(): string {
+        return 'call'
+    }
+
+    isParseCandidate(token: LexInput): boolean {
+        return this.isKeyword(token, 'call')
+    }
+
+    async execute(vm: StrVM, data: CallData): Promise<StrVM> {
+        return vm.replaceContextMatchingTerm(ctx => ({
+            override: (s) => {
+                // Resolve the callable and params
+                const callable = ctx.resolveLambda(data.callable)
+                const params = data.params.map(p => ctx.resolveRequired(p))
+
+                // If we received fewer params than the function actually takes,
+                // then this is a "partial application" -- return a new lambda.
+                if ( callable.value.params.length > params.length ) {
+                    // call (|$a $b| ...) foo
+                    //   => (|$b| call (|$a $b| ...) foo)
+                    const remainingParams = callable.value.params.slice(params.length)
+                    return {
+                        term: 'lambda',
+                        value: {
+                            params: remainingParams,
+                            body: [{
+                                command: new Call,
+                                data: {
+                                    callable: data.callable,
+                                    params: [
+                                        ...data.params,
+                                        ...remainingParams,
+                                    ],
+                                },
+                            }],
+                        },
+                    }
+                }
+
+                return s
+            },
+        }))
+    }
+}
diff --git a/src/vm/commands/command.ts b/src/vm/commands/command.ts
index f17fb4f..fae5206 100644
--- a/src/vm/commands/command.ts
+++ b/src/vm/commands/command.ts
@@ -2,7 +2,7 @@ import {createHash} from 'node:crypto';
 import {LexInput, LexToken, tokenIsLVal} from '../lexer.js'
 import {
     Executable,
-    ExpectedEndOfInputError,
+    ExpectedEndOfInputError, InvalidSubcontextError,
     InvalidVariableNameError,
     IsNotKeywordError,
     UnexpectedEndOfInputError, UnexpectedEndofStatementError
@@ -44,8 +44,8 @@ export type StrInt = { term: 'int', value: number }
 export type StrLamba = {
     term: 'lambda',
     value: {
-        args: StrLVal[],
-        exec: Executable<CommandData>[]
+        params: StrLVal[],
+        body: Executable<CommandData>[]
     },
 }
 
@@ -110,7 +110,7 @@ export const isStrTerm = (val: unknown): val is StrTerm =>
                 && hasOwnProperty(val, 'value')))
 
 export const isStrRVal = (term: StrTerm): term is StrRVal =>
-    term.term === 'string' || term.term === 'int' || term.term === 'destructured'
+    term.term === 'string' || term.term === 'int' || term.term === 'destructured' || term.term === 'lambda'
 
 export const unwrapString = (term: StrRVal): string => {
     if ( term.term === 'int' ) {
@@ -194,16 +194,20 @@ export class ParseContext {
         return exec
     }
 
-    popOptionalTerm(): StrTerm|undefined {
+    async popOptionalTerm(): Promise<StrTerm|undefined> {
         if ( this.inputs.length ) return this.popTerm()
         return undefined
     }
 
-    popTerm(): StrTerm {
+    async popTerm(): Promise<StrTerm> {
         if ( !this.inputs.length ) {
             throw new UnexpectedEndOfInputError('Unexpected end of input. Expected term.')
         }
 
+        if ( this.peekIsSubcontext() ) {
+            return this.popLambda()
+        }
+
         const input = this.inputs.shift()!
 
         if ( input.type === 'terminator' ) {
@@ -213,11 +217,24 @@ export class ParseContext {
         return this.parseInputToTerm(input)
     }
 
-    peekTerm(): StrTerm|undefined {
+    peekIsSubcontext(): boolean {
+        if ( !this.inputs.length ) {
+            return false
+        }
+
+        const input = this.inputs[0]
+        return input.type === 'input' && !input.literal && input.value.startsWith('(')
+    }
+
+    async peekTerm(): Promise<StrTerm|undefined> {
         if ( !this.inputs.length ) {
             return undefined
         }
 
+        if ( this.peekIsSubcontext() ) {
+            return (await this.peekLambda())[0]
+        }
+
         const input = this.inputs[0]
         if ( input.type === 'terminator' ) {
             return undefined
@@ -283,6 +300,168 @@ export class ParseContext {
 
         return { term: 'variable', name: input.value }
     }
+
+    async popLambda(): Promise<StrLamba> {
+        const [lambda, tokensToPop] = await this.peekLambda()
+        this.inputs = this.inputs.slice(tokensToPop)
+        return lambda
+    }
+
+    async peekLambda(): Promise<[StrLamba, number]> {
+        const [sc, tokensToPop] = this.peekSubcontext()
+
+        const lambda: StrLamba['value'] = {
+            params: [],
+            body: [],
+        }
+
+        if ( sc.inputs.length < 1 ) {
+            // This is the empty lambda -- no parameters, no body.
+            return [{ term: 'lambda', value: lambda }, tokensToPop]
+        }
+
+        if ( sc.inputs[0]!.type === 'terminator' ) {
+            throw new UnexpectedEndofStatementError('Unexpected end of statement terminator. Expected lambda.')
+        }
+
+        // Check if the subcontext starts w/ parameters -- e.g. (|$a, $b| ...) or is point-free (...)
+        // If so, parse the parameters:
+        if ( !sc.inputs[0]!.literal && sc.inputs[0]!.value.startsWith('|') ) {
+            // Inputs might be something like ['|$a', '$b', '$c|split', ...]
+            // Parameters must follow the form |$a $b $c| (spaces separated)
+            // Strip off the leading | and then accumulate parameters until we find the
+            // closing |
+
+            let paramString = sc.inputs[0]!.value.substring(1)
+            sc.inputs.shift()
+
+            while ( true ) {
+                if ( paramString.includes('|') ) {
+                    // We found the closing |
+                    break
+                }
+
+                let input = sc.inputs.shift()
+                if ( !input ) {
+                    throw new UnexpectedEndOfInputError('Unexpected end of input. Unterminated lambda parameters.')
+                }
+
+                if ( input.type === 'terminator' ) {
+                    throw new UnexpectedEndofStatementError('Unexpected end of statement terminator. Unterminated lambda parameters.')
+                }
+
+                paramString += ' ' + input.value
+            }
+
+            // paramString contains something like: $a $b $c|split
+            // split off the closing | and return the portion back to the input list:
+            const [combinedParams, head] = paramString.split('|', 1)
+            if ( head ) {
+                sc.inputs.unshift({
+                    type: 'input',
+                    value: head,
+                })
+            }
+
+            const params = combinedParams.split(' ')
+                .filter(Boolean)
+
+            for ( const param of params ) {
+                if ( !tokenIsLVal({type: 'input', value: param}) ) {
+                    throw new InvalidVariableNameError('Invalid variable name in lambda params: ' + param)
+                }
+            }
+
+            lambda.params = params
+                .map(name => ({
+                    term: 'variable',
+                    name,
+                }))
+        }
+
+        // Now, the remainder of the subcontext inputs should be a series of executables
+        // separated by `terminator` tokens -- e.g. (split _; join |), so parse executables
+        // from the subcontext until it is empty:
+        console.log(sc.inputs)
+        while ( sc.inputs.length > 0 ) {
+            const [exec, remainingInputs] = await this.childParser(sc.inputs)
+            lambda.body.push(exec)
+            sc.inputs = remainingInputs
+        }
+
+        return [{ term: 'lambda', value: lambda }, tokensToPop]
+    }
+
+    popSubcontext(): ParseSubContext {
+        const [sc, tokensToPop] = this.peekSubcontext()
+        this.inputs = this.inputs.slice(tokensToPop)
+        return sc
+    }
+
+    peekSubcontext(): [ParseSubContext, number] {
+        if ( this.inputs.length < 1 ) {
+            throw new UnexpectedEndOfInputError('Unexpected end of input. Expected lambda.')
+        }
+
+        let level = 0
+        let sc: ParseSubContext = {
+            inputs: [],
+        }
+
+        let tokenIdx = 0
+        let first = this.inputs[tokenIdx]!
+        tokenIdx += 1
+
+        if ( first.type === 'terminator' ) {
+            throw new UnexpectedEndofStatementError('Unexpected end of statement terminator. Expected lambda.')
+        }
+
+        if ( !first.value.startsWith('(') ) {
+            throw new InvalidSubcontextError('Unexpected term: ' + first.value + ' (expected: lambda subcontext)')
+        }
+
+        sc.inputs.push({
+            ...first,
+            value: first.value.substring(1),
+        })
+
+        level += 1
+
+        while ( level > 0 ) {
+            const input = this.inputs[tokenIdx]
+            tokenIdx += 1
+
+            if ( !input ) {
+                throw new UnexpectedEndOfInputError('Unexpected end of input. Incomplete lambda subcontext.')
+            }
+
+            sc.inputs.push(input)
+
+            if ( input.type === 'input' && !input.literal ) {
+                if ( input.value.startsWith('(') ) {
+                    // We're entering a nested subcontext, so increment the counter.
+                    level += 1
+                }
+
+                if ( input.value.endsWith(')') ) {
+                    // We're closing a subcontext (maybe a child, maybe our own) so decrement.
+                    level -= 1
+                }
+            }
+        }
+
+        // Trim the right-most right-paren from the last input in the subcontext
+        let last = sc.inputs.pop()!
+        if ( last.type === 'input' ) {
+            last = {
+                ...last,
+                value: last.value.substring(0, last.value.length - 1),
+            }
+        }
+        sc.inputs.push(last)
+
+        return [sc, tokenIdx]
+    }
 }
 
 export type CommandData = Record<string, unknown>
diff --git a/src/vm/commands/concat.ts b/src/vm/commands/concat.ts
index 82b567a..10b7f38 100644
--- a/src/vm/commands/concat.ts
+++ b/src/vm/commands/concat.ts
@@ -12,13 +12,13 @@ export class Concat extends Command<ConcatData> {
         return this.isKeyword(token, 'concat') || this.isKeyword(token, 'cat')
     }
 
-    attemptParse(context: ParseContext): ConcatData {
+    async attemptParse(context: ParseContext): Promise<ConcatData> {
         const data: ConcatData = {
             terms: [],
         }
 
         let term: StrTerm|undefined
-        while ( term = context.popOptionalTerm() ) {
+        while ( term = await context.popOptionalTerm() ) {
             data.terms.push(term)
         }
 
diff --git a/src/vm/commands/contains.ts b/src/vm/commands/contains.ts
index 9525a9a..79628cf 100644
--- a/src/vm/commands/contains.ts
+++ b/src/vm/commands/contains.ts
@@ -4,9 +4,9 @@ import {StrVM} from "../vm.js";
 import {Awaitable} from "../../util/types.js";
 
 export class Contains extends Command<{ find: StrTerm }> {
-    attemptParse(context: ParseContext): { find: StrTerm } {
+    async attemptParse(context: ParseContext): Promise<{ find: StrTerm }> {
         return {
-            find: context.popTerm(),
+            find: await context.popTerm(),
         }
     }
 
diff --git a/src/vm/commands/drop.ts b/src/vm/commands/drop.ts
index 94a8db8..2f0a15a 100644
--- a/src/vm/commands/drop.ts
+++ b/src/vm/commands/drop.ts
@@ -21,17 +21,17 @@ export type DropData = {
  */
 export class Drop extends Command<DropData> {
     async attemptParse(context: ParseContext): Promise<DropData> {
-        const next = context.peekTerm()
+        const next = await context.peekTerm()
         if ( next?.term === 'int' || next?.term === 'variable' ) {
             return {
                 type: 'index',
-                specific: context.popTerm(),
+                specific: await context.popTerm(),
             }
         }
 
         return {
             type: context.popKeywordInSet(['line', 'word', 'index']).value,
-            specific: context.popTerm(),
+            specific: await context.popTerm(),
         }
     }
 
diff --git a/src/vm/commands/enclose.ts b/src/vm/commands/enclose.ts
index 5d4b047..6572f4f 100644
--- a/src/vm/commands/enclose.ts
+++ b/src/vm/commands/enclose.ts
@@ -9,10 +9,10 @@ export type EncloseData = {
 }
 
 export class Enclose extends Command<EncloseData> {
-    attemptParse(context: ParseContext): EncloseData {
+    async attemptParse(context: ParseContext): Promise<EncloseData> {
         return {
-            left: context.popOptionalTerm(),
-            right: context.popOptionalTerm(),
+            left: await context.popOptionalTerm(),
+            right: await context.popOptionalTerm(),
         }
     }
 
diff --git a/src/vm/commands/indent.ts b/src/vm/commands/indent.ts
index 6d59413..7e6ca78 100644
--- a/src/vm/commands/indent.ts
+++ b/src/vm/commands/indent.ts
@@ -7,10 +7,10 @@ export type IndentData = {
 }
 
 export class Indent extends Command<IndentData> {
-    attemptParse(context: ParseContext): IndentData {
+    async attemptParse(context: ParseContext): Promise<IndentData> {
         return {
             type: context.popKeywordInSet(['space', 'tab']).value,
-            level: context.popOptionalTerm(),
+            level: await context.popOptionalTerm(),
         }
     }
 
diff --git a/src/vm/commands/index.ts b/src/vm/commands/index.ts
index c9f3ce4..5bee091 100644
--- a/src/vm/commands/index.ts
+++ b/src/vm/commands/index.ts
@@ -48,10 +48,12 @@ import {Set} from "./set.js";
 import {Assign} from "./assign.js";
 import {Zip} from "./zip.js";
 import {Concat} from "./concat.js";
+import {Call} from "./call.js";
 
 export type Commands = Command<CommandData>[]
 export const commands: Commands = [
     new Assign,
+    new Call,
     new Clear,
     new Concat,
     new Contains,
diff --git a/src/vm/commands/infile.ts b/src/vm/commands/infile.ts
index bb053f0..3e7b53b 100644
--- a/src/vm/commands/infile.ts
+++ b/src/vm/commands/infile.ts
@@ -9,8 +9,8 @@ export class InFile extends Command<{ path: StrTerm }> {
         return this.isKeyword(token, 'infile')
     }
 
-    attemptParse(context: ParseContext): { path: StrTerm } {
-        return { path: context.popTerm() }
+    async attemptParse(context: ParseContext): Promise<{ path: StrTerm }> {
+        return { path: await context.popTerm() }
     }
 
     getDisplayName(): string {
diff --git a/src/vm/commands/join.ts b/src/vm/commands/join.ts
index 45d3ef3..4d9c993 100644
--- a/src/vm/commands/join.ts
+++ b/src/vm/commands/join.ts
@@ -4,9 +4,9 @@ import {StrVM} from "../vm.js";
 import {Awaitable} from "../../util/types.js";
 
 export class Join extends Command<{ with?: StrTerm }> {
-    attemptParse(context: ParseContext): { with?: StrTerm } {
+    async attemptParse(context: ParseContext): Promise<{ with?: StrTerm }> {
         return {
-            with: context.popOptionalTerm(),
+            with: await context.popOptionalTerm(),
         }
     }
 
diff --git a/src/vm/commands/lipsum.ts b/src/vm/commands/lipsum.ts
index 4b8db1e..5dded74 100644
--- a/src/vm/commands/lipsum.ts
+++ b/src/vm/commands/lipsum.ts
@@ -50,9 +50,9 @@ const genLipsumSentence = (i: number = 0) => {
 
 
 export class Lipsum extends Command<LipsumData> {
-    attemptParse(context: ParseContext): LipsumData {
+    async attemptParse(context: ParseContext): Promise<LipsumData> {
         return {
-            length: context.popTerm(),
+            length: await context.popTerm(),
             type: context.popKeywordInSet(['word', 'words', 'line', 'lines', 'para', 'paras']).value,
         }
     }
diff --git a/src/vm/commands/load.ts b/src/vm/commands/load.ts
index 063ba78..4cdfbf3 100644
--- a/src/vm/commands/load.ts
+++ b/src/vm/commands/load.ts
@@ -11,8 +11,8 @@ export class Load extends Command<{ path?: StrTerm }> {
         return this.isKeyword(token, 'load')
     }
 
-    attemptParse(context: ParseContext): { path?: StrTerm } {
-        return { path: context.popOptionalTerm() }
+    async attemptParse(context: ParseContext): Promise<{ path?: StrTerm }> {
+        return { path: await context.popOptionalTerm() }
     }
 
     getDisplayName(): string {
diff --git a/src/vm/commands/lsub.ts b/src/vm/commands/lsub.ts
index d713c54..af437d6 100644
--- a/src/vm/commands/lsub.ts
+++ b/src/vm/commands/lsub.ts
@@ -9,10 +9,10 @@ export type LSubData = {
 }
 
 export class LSub extends Command<LSubData> {
-    attemptParse(context: ParseContext): LSubData {
+    async attemptParse(context: ParseContext): Promise<LSubData> {
         return {
-            offset: context.popTerm(),
-            length: context.popOptionalTerm(),
+            offset: await context.popTerm(),
+            length: await context.popOptionalTerm(),
         }
     }
 
diff --git a/src/vm/commands/missing.ts b/src/vm/commands/missing.ts
index 7b1a531..698fd2b 100644
--- a/src/vm/commands/missing.ts
+++ b/src/vm/commands/missing.ts
@@ -4,9 +4,9 @@ import {StrVM} from "../vm.js";
 import {Awaitable} from "../../util/types.js";
 
 export class Missing extends Command<{ find: StrTerm }> {
-    attemptParse(context: ParseContext): { find: StrTerm } {
+    async attemptParse(context: ParseContext): Promise<{ find: StrTerm }> {
         return {
-            find: context.popTerm(),
+            find: await context.popTerm(),
         }
     }
 
diff --git a/src/vm/commands/on.ts b/src/vm/commands/on.ts
index 8a0521a..e381509 100644
--- a/src/vm/commands/on.ts
+++ b/src/vm/commands/on.ts
@@ -29,11 +29,11 @@ export class On extends Command<OnData> {
     async attemptParse(context: ParseContext): Promise<OnData> {
         // Check if the next term we received is an int or a variable.
         // If so, we got the "on 3 <exec>" form of the command.
-        const next = context.peekTerm()
+        const next = await context.peekTerm()
         if ( next?.term === 'int' || next?.term === 'variable' ) {
             return {
                 type: 'index',
-                specific: context.popTerm(),
+                specific: await context.popTerm(),
                 exec: await context.popExecutable(),
             }
         }
@@ -41,7 +41,7 @@ export class On extends Command<OnData> {
         // Otherwise, assume we got the "on <type> <index> <exec>" form:
         return {
             type: context.popKeywordInSet(['line', 'word', 'index']).value,
-            specific: context.popTerm(),
+            specific: await context.popTerm(),
             exec: await context.popExecutable(),
         }
     }
diff --git a/src/vm/commands/outfile.ts b/src/vm/commands/outfile.ts
index 599021d..d0460d8 100644
--- a/src/vm/commands/outfile.ts
+++ b/src/vm/commands/outfile.ts
@@ -9,8 +9,8 @@ export class OutFile extends Command<{ path: StrTerm }> {
         return this.isKeyword(token, 'outfile')
     }
 
-    attemptParse(context: ParseContext): { path: StrTerm } {
-        return { path: context.popTerm() }
+    async attemptParse(context: ParseContext): Promise<{ path: StrTerm }> {
+        return { path: await context.popTerm() }
     }
 
     getDisplayName(): string {
diff --git a/src/vm/commands/prefix.ts b/src/vm/commands/prefix.ts
index 319c1ea..fe4c553 100644
--- a/src/vm/commands/prefix.ts
+++ b/src/vm/commands/prefix.ts
@@ -4,9 +4,9 @@ import {StrVM} from "../vm.js";
 import {Awaitable} from "../../util/types.js";
 
 export class Prefix extends Command<{ with: StrTerm }> {
-    attemptParse(context: ParseContext): { with: StrTerm } {
+    async attemptParse(context: ParseContext): Promise<{ with: StrTerm }> {
         return {
-            with: context.popTerm(),
+            with: await context.popTerm(),
         }
     }
 
diff --git a/src/vm/commands/quote.ts b/src/vm/commands/quote.ts
index 07ce5d1..57307c4 100644
--- a/src/vm/commands/quote.ts
+++ b/src/vm/commands/quote.ts
@@ -24,9 +24,9 @@ export const stripQuotemarkLayer = (s: string, marks?: string[]): string => {
 }
 
 export class Quote extends Command<{ with?: StrTerm }> {
-    attemptParse(context: ParseContext): { with?: StrTerm } {
+    async attemptParse(context: ParseContext): Promise<{ with?: StrTerm }> {
         return {
-            with: context.popOptionalTerm(),
+            with: await context.popOptionalTerm(),
         }
     }
 
diff --git a/src/vm/commands/redo.ts b/src/vm/commands/redo.ts
index 12cf831..e99898e 100644
--- a/src/vm/commands/redo.ts
+++ b/src/vm/commands/redo.ts
@@ -7,9 +7,9 @@ export class Redo extends Command<{ steps?: StrTerm }> {
         return this.isKeyword(token, 'redo')
     }
 
-    attemptParse(context: ParseContext): { steps?: StrTerm } {
+    async attemptParse(context: ParseContext): Promise<{ steps?: StrTerm }> {
         return {
-            steps: context.popOptionalTerm(),
+            steps: await context.popOptionalTerm(),
         }
     }
 
diff --git a/src/vm/commands/replace.ts b/src/vm/commands/replace.ts
index 04e781d..ebb7ba8 100644
--- a/src/vm/commands/replace.ts
+++ b/src/vm/commands/replace.ts
@@ -11,10 +11,10 @@ export type ReplaceData = {
 }
 
 export class Replace extends Command<ReplaceData> {
-    attemptParse(context: ParseContext): ReplaceData {
+    async attemptParse(context: ParseContext): Promise<ReplaceData> {
         return {
-            find: context.popTerm(),
-            with: context.popTerm(),
+            find: await context.popTerm(),
+            with: await context.popTerm(),
         }
     }
 
diff --git a/src/vm/commands/rsub.ts b/src/vm/commands/rsub.ts
index a033f7b..8df8384 100644
--- a/src/vm/commands/rsub.ts
+++ b/src/vm/commands/rsub.ts
@@ -10,10 +10,10 @@ export type RSubData = {
 }
 
 export class RSub extends Command<RSubData> {
-    attemptParse(context: ParseContext): RSubData {
+    async attemptParse(context: ParseContext): Promise<RSubData> {
         return {
-            offset: context.popTerm(),
-            length: context.popOptionalTerm(),
+            offset: await context.popTerm(),
+            length: await context.popOptionalTerm(),
         }
     }
 
diff --git a/src/vm/commands/runfile.ts b/src/vm/commands/runfile.ts
index d228d81..52a5365 100644
--- a/src/vm/commands/runfile.ts
+++ b/src/vm/commands/runfile.ts
@@ -6,8 +6,8 @@ export class RunFile extends Command<{ path: StrTerm }> {
         return this.isKeyword(token, 'runfile')
     }
 
-    attemptParse(context: ParseContext): { path: StrTerm } {
-        return { path: context.popTerm() }
+    async attemptParse(context: ParseContext): Promise<{ path: StrTerm }> {
+        return { path: await context.popTerm() }
     }
 
     getDisplayName(): string {
diff --git a/src/vm/commands/save.ts b/src/vm/commands/save.ts
index 62e9358..9ab6996 100644
--- a/src/vm/commands/save.ts
+++ b/src/vm/commands/save.ts
@@ -21,8 +21,8 @@ export class Save extends Command<{ path?: StrTerm }> {
         return this.isKeyword(token, 'save')
     }
 
-    attemptParse(context: ParseContext): { path?: StrTerm } {
-        return { path: context.popOptionalTerm() }
+    async attemptParse(context: ParseContext): Promise<{ path?: StrTerm }> {
+        return { path: await context.popOptionalTerm() }
     }
 
     getDisplayName(): string {
diff --git a/src/vm/commands/set.ts b/src/vm/commands/set.ts
index d31f608..abd57fe 100644
--- a/src/vm/commands/set.ts
+++ b/src/vm/commands/set.ts
@@ -14,14 +14,14 @@ export type SetData = {
  * $x = foo
  */
 export class Set extends Command<SetData> {
-    attemptParse(context: ParseContext): Awaitable<SetData> {
-        const term = context.peekTerm()!
+    async attemptParse(context: ParseContext): Promise<SetData> {
+        const term = (await context.peekTerm())!
         if ( term.term === 'string' && !term.literal && term.value === 'set' ) {
             // We got the `set $x foo` form of the command:
             context.popKeywordInSet(['set'])
             return {
                 lval: context.popLVal(),
-                rval: context.popTerm(),
+                rval: await context.popTerm(),
             }
         }
 
@@ -30,7 +30,7 @@ export class Set extends Command<SetData> {
         context.popKeywordInSet(['='])
         return {
             lval,
-            rval: context.popTerm(),
+            rval: await context.popTerm(),
         }
     }
 
diff --git a/src/vm/commands/split.ts b/src/vm/commands/split.ts
index 7021a04..84080ae 100644
--- a/src/vm/commands/split.ts
+++ b/src/vm/commands/split.ts
@@ -9,9 +9,9 @@ export type SplitData = {
 }
 
 export class Split extends Command<SplitData> {
-    attemptParse(context: ParseContext): SplitData {
+    async attemptParse(context: ParseContext): Promise<SplitData> {
         return {
-            on: context.popTerm(),
+            on: await context.popTerm(),
         }
     }
 
diff --git a/src/vm/commands/suffix.ts b/src/vm/commands/suffix.ts
index 57d6226..69ac1a3 100644
--- a/src/vm/commands/suffix.ts
+++ b/src/vm/commands/suffix.ts
@@ -4,9 +4,9 @@ import {StrVM} from "../vm.js";
 import {Awaitable} from "../../util/types.js";
 
 export class Suffix extends Command<{ with: StrTerm }> {
-    attemptParse(context: ParseContext): { with: StrTerm } {
+    async attemptParse(context: ParseContext): Promise<{ with: StrTerm }> {
         return {
-            with: context.popTerm(),
+            with: await context.popTerm(),
         }
     }
 
diff --git a/src/vm/commands/trim.ts b/src/vm/commands/trim.ts
index b2e4ebc..a4af700 100644
--- a/src/vm/commands/trim.ts
+++ b/src/vm/commands/trim.ts
@@ -10,10 +10,10 @@ export type TrimData = {
 }
 
 export class Trim extends Command<TrimData> {
-    attemptParse(context: ParseContext): TrimData {
+    async attemptParse(context: ParseContext): Promise<TrimData> {
         return {
             type: context.popOptionalKeywordInSet(['start', 'end', 'both', 'left', 'right', 'lines'])?.value,
-            char: context.popOptionalTerm(),
+            char: await context.popOptionalTerm(),
         }
     }
 
diff --git a/src/vm/commands/undo.ts b/src/vm/commands/undo.ts
index cec27d7..1ab9afe 100644
--- a/src/vm/commands/undo.ts
+++ b/src/vm/commands/undo.ts
@@ -7,9 +7,9 @@ export class Undo extends Command<{ steps?: StrTerm }> {
         return this.isKeyword(token, 'undo')
     }
 
-    attemptParse(context: ParseContext): { steps?: StrTerm } {
+    async attemptParse(context: ParseContext): Promise<{ steps?: StrTerm }> {
         return {
-            steps: context.popOptionalTerm(),
+            steps: await context.popOptionalTerm(),
         }
     }
 
diff --git a/src/vm/commands/unquote.ts b/src/vm/commands/unquote.ts
index 1c81209..648b2f2 100644
--- a/src/vm/commands/unquote.ts
+++ b/src/vm/commands/unquote.ts
@@ -5,9 +5,9 @@ import {StrVM} from "../vm.js";
 import {Awaitable} from "../../util/types.js";
 
 export class Unquote extends Command<{ with?: StrTerm }> {
-    attemptParse(context: ParseContext): { with?: StrTerm } {
+    async attemptParse(context: ParseContext): Promise<{ with?: StrTerm }> {
         return {
-            with: context.popOptionalTerm(),
+            with: await context.popOptionalTerm(),
         }
     }
 
diff --git a/src/vm/commands/zip.ts b/src/vm/commands/zip.ts
index 4e66848..8ac7da1 100644
--- a/src/vm/commands/zip.ts
+++ b/src/vm/commands/zip.ts
@@ -8,9 +8,9 @@ export type ZipData = {
 }
 
 export class Zip extends Command<ZipData> {
-	attemptParse(context: ParseContext): Awaitable<ZipData> {
+	async attemptParse(context: ParseContext): Promise<ZipData> {
 		return {
-			with: context.popTerm(),
+			with: await context.popTerm(),
 		}
 	}
 
diff --git a/src/vm/output.ts b/src/vm/output.ts
index 79f54b1..53e535c 100644
--- a/src/vm/output.ts
+++ b/src/vm/output.ts
@@ -55,6 +55,16 @@ export const getSubjectDisplay = (sub: StrRVal, prefix: string = '', firstLinePr
     }
 
     let annotated = firstLinePrefix + '┌───────────────'
+
+    if ( sub.term === 'lambda' ) {
+        const params = [...sub.value.params.map(param => param.name), '()'].join(' :: ')
+        annotated += `\n${prefix}│ (lambda)`
+        annotated += `\n${prefix}├───────────────`
+        annotated += `\n${prefix}│ :: ${params}`
+        annotated += `\n${prefix}└───────────────`
+        return annotated
+    }
+
     if ( sub.term === 'string' ) {
         const lines = sub.value.split('\n')
         const padLength = `${lines.length}`.length  // heh
diff --git a/src/vm/parse.ts b/src/vm/parse.ts
index 3d1dfe4..152d83e 100644
--- a/src/vm/parse.ts
+++ b/src/vm/parse.ts
@@ -13,3 +13,4 @@ export class UnexpectedEndOfInputError extends ParseError {}
 export class UnexpectedEndofStatementError extends ParseError {}
 export class ExpectedEndOfInputError extends InvalidCommandError {}
 export class InvalidVariableNameError extends ParseError {}
+export class InvalidSubcontextError extends ParseError {}
diff --git a/src/vm/vm.ts b/src/vm/vm.ts
index 3bb5ff7..786d872 100644
--- a/src/vm/vm.ts
+++ b/src/vm/vm.ts
@@ -1,7 +1,7 @@
 import {Awaitable, hasOwnProperty, JSONData} from "../util/types.js";
 import {
     CommandData, destructureToLines, isStrLVal,
-    isStrRVal, joinDestructured, StrDestructured,
+    isStrRVal, joinDestructured, StrDestructured, StrLamba,
     StrLVal,
     StrRVal,
     StrTerm, TypeError, unwrapDestructured,
@@ -342,6 +342,14 @@ export class ExecutionContext {
         return unwrapInt(this.resolveRequired(term))
     }
 
+    resolveLambda(term: StrTerm): StrLamba {
+        term = this.resolveRequired(term)
+        if ( term.term !== 'lambda' ) {
+            throw new TypeError(`Found unexpected ${term.term} (expected: lambda)`)
+        }
+        return term
+    }
+
     getSubject(): StrRVal {
         return {...this.subject}
     }