diff --git a/CHANGELOG.md b/CHANGELOG.md
index 094f66a..f1136df 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -20,6 +20,7 @@ Improvements
 - Added InputHandler mouse and touch position querying that preserves the game's viewport
 
 Fixes
+- **Fixed a formatting Code only knowing about the last Token that it is applied in**
 - Fixed StaticSpriteBatch handling rotated sprites incorrectly
 
 Removals
diff --git a/MLEM/Formatting/Codes/Code.cs b/MLEM/Formatting/Codes/Code.cs
index f08f075..2e12144 100644
--- a/MLEM/Formatting/Codes/Code.cs
+++ b/MLEM/Formatting/Codes/Code.cs
@@ -1,3 +1,4 @@
+using System.Collections.Generic;
 using System.Text.RegularExpressions;
 using Microsoft.Xna.Framework;
 using Microsoft.Xna.Framework.Graphics;
@@ -20,9 +21,10 @@ namespace MLEM.Formatting.Codes {
         /// </summary>
         public readonly Match Match;
         /// <summary>
-        /// The token that this formatting code is a part of
+        /// The tokens that this formatting code is a part of.
+        /// Note that this array only has multiple entries if additional tokens have to be started while this code is still applied.
         /// </summary>
-        public Token Token { get; internal set; }
+        public IList<Token> Tokens { get; internal set; }
 
         /// <summary>
         /// Creates a new formatting code based on a formatting code regex and its match.
@@ -71,12 +73,12 @@ namespace MLEM.Formatting.Codes {
         }
 
         /// <inheritdoc cref="Formatting.Token.DrawCharacter"/>
-        public virtual bool DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, int indexInToken, ref Vector2 pos, GenericFont font, ref Color color, ref float scale, float depth) {
+        public virtual bool DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, Token token, int indexInToken, ref Vector2 pos, GenericFont font, ref Color color, ref float scale, float depth) {
             return false;
         }
 
         /// <inheritdoc cref="Formatting.Token.DrawSelf"/>
-        public virtual void DrawSelf(GameTime time, SpriteBatch batch, Vector2 pos, GenericFont font, Color color, float scale, float depth) {}
+        public virtual void DrawSelf(GameTime time, SpriteBatch batch, Token token, Vector2 pos, GenericFont font, Color color, float scale, float depth) {}
 
         /// <summary>
         /// Creates a new formatting code from the given regex and regex match.
diff --git a/MLEM/Formatting/Codes/ImageCode.cs b/MLEM/Formatting/Codes/ImageCode.cs
index aef7616..1024e85 100644
--- a/MLEM/Formatting/Codes/ImageCode.cs
+++ b/MLEM/Formatting/Codes/ImageCode.cs
@@ -36,7 +36,7 @@ namespace MLEM.Formatting.Codes {
         }
 
         /// <inheritdoc />
-        public override void DrawSelf(GameTime time, SpriteBatch batch, Vector2 pos, GenericFont font, Color color, float scale, float depth) {
+        public override void DrawSelf(GameTime time, SpriteBatch batch, Token token, Vector2 pos, GenericFont font, Color color, float scale, float depth) {
             var actualColor = this.copyTextColor ? color : Color.White.CopyAlpha(color);
             batch.Draw(this.image.CurrentRegion, new RectangleF(pos, new Vector2(font.LineHeight * scale)), actualColor);
         }
diff --git a/MLEM/Formatting/Codes/LinkCode.cs b/MLEM/Formatting/Codes/LinkCode.cs
index 10d5c26..866c639 100644
--- a/MLEM/Formatting/Codes/LinkCode.cs
+++ b/MLEM/Formatting/Codes/LinkCode.cs
@@ -20,13 +20,17 @@ namespace MLEM.Formatting.Codes {
         /// </summary>
         /// <returns>True if this code is currently selected</returns>
         public virtual bool IsSelected() {
-            return this.isSelected(this.Token);
+            foreach (var token in this.Tokens) {
+                if (this.isSelected(token))
+                    return true;
+            }
+            return false;
         }
 
         /// <inheritdoc />
-        public override bool DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, int indexInToken, ref Vector2 pos, GenericFont font, ref Color color, ref float scale, float depth) {
+        public override bool DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, Token token, int indexInToken, ref Vector2 pos, GenericFont font, ref Color color, ref float scale, float depth) {
             // since we inherit from UnderlineCode, we can just call base if selected
-            return this.IsSelected() && base.DrawCharacter(time, batch, c, cString, indexInToken, ref pos, font, ref color, ref scale, depth);
+            return this.IsSelected() && base.DrawCharacter(time, batch, c, cString, token, indexInToken, ref pos, font, ref color, ref scale, depth);
         }
 
     }
diff --git a/MLEM/Formatting/Codes/ShadowCode.cs b/MLEM/Formatting/Codes/ShadowCode.cs
index 61055c4..aecdeff 100644
--- a/MLEM/Formatting/Codes/ShadowCode.cs
+++ b/MLEM/Formatting/Codes/ShadowCode.cs
@@ -18,7 +18,7 @@ namespace MLEM.Formatting.Codes {
         }
 
         /// <inheritdoc />
-        public override bool DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, int indexInToken, ref Vector2 pos, GenericFont font, ref Color color, ref float scale, float depth) {
+        public override bool DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, Token token, int indexInToken, ref Vector2 pos, GenericFont font, ref Color color, ref float scale, float depth) {
             font.DrawString(batch, cString, pos + this.offset * scale, this.color.CopyAlpha(color), 0, Vector2.Zero, scale, SpriteEffects.None, depth);
             // we return false since we still want regular drawing to occur
             return false;
diff --git a/MLEM/Formatting/Codes/UnderlineCode.cs b/MLEM/Formatting/Codes/UnderlineCode.cs
index ddee86c..df14e48 100644
--- a/MLEM/Formatting/Codes/UnderlineCode.cs
+++ b/MLEM/Formatting/Codes/UnderlineCode.cs
@@ -19,9 +19,9 @@ namespace MLEM.Formatting.Codes {
         }
 
         /// <inheritdoc />
-        public override bool DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, int indexInToken, ref Vector2 pos, GenericFont font, ref Color color, ref float scale, float depth) {
+        public override bool DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, Token token, int indexInToken, ref Vector2 pos, GenericFont font, ref Color color, ref float scale, float depth) {
             // don't underline spaces at the end of lines
-            if (c == ' ' && this.Token.DisplayString.Length > indexInToken + 1 && this.Token.DisplayString[indexInToken + 1] == '\n')
+            if (c == ' ' && token.DisplayString.Length > indexInToken + 1 && token.DisplayString[indexInToken + 1] == '\n')
                 return false;
             var (w, h) = font.MeasureString(cString) * scale;
             var t = h * this.thickness;
diff --git a/MLEM/Formatting/Codes/WobblyCode.cs b/MLEM/Formatting/Codes/WobblyCode.cs
index 6723605..f2f34dd 100644
--- a/MLEM/Formatting/Codes/WobblyCode.cs
+++ b/MLEM/Formatting/Codes/WobblyCode.cs
@@ -28,8 +28,8 @@ namespace MLEM.Formatting.Codes {
         }
 
         /// <inheritdoc />
-        public override bool DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, int indexInToken, ref Vector2 pos, GenericFont font, ref Color color, ref float scale, float depth) {
-            var offset = new Vector2(0, (float) Math.Sin(this.Token.Index + indexInToken + this.TimeIntoAnimation.TotalSeconds * this.modifier) * font.LineHeight * this.heightModifier * scale);
+        public override bool DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, Token token, int indexInToken, ref Vector2 pos, GenericFont font, ref Color color, ref float scale, float depth) {
+            var offset = new Vector2(0, (float) Math.Sin(token.Index + indexInToken + this.TimeIntoAnimation.TotalSeconds * this.modifier) * font.LineHeight * this.heightModifier * scale);
             pos += offset;
             // we return false since we still want regular drawing to occur, we just changed the position
             return false;
diff --git a/MLEM/Formatting/Token.cs b/MLEM/Formatting/Token.cs
index 9b47836..ca18f00 100644
--- a/MLEM/Formatting/Token.cs
+++ b/MLEM/Formatting/Token.cs
@@ -50,9 +50,6 @@ namespace MLEM.Formatting {
             this.RawIndex = rawIndex;
             this.Substring = substring;
             this.RawSubstring = rawSubstring;
-
-            foreach (var code in appliedCodes)
-                code.Token = this;
         }
 
         /// <summary>
@@ -96,7 +93,7 @@ namespace MLEM.Formatting {
         /// <param name="depth">The depth to draw at</param>
         public void DrawSelf(GameTime time, SpriteBatch batch, Vector2 pos, GenericFont font, Color color, float scale, float depth) {
             foreach (var code in this.AppliedCodes)
-                code.DrawSelf(time, batch, pos, font, color, scale, depth);
+                code.DrawSelf(time, batch, this, pos, font, color, scale, depth);
         }
 
         /// <summary>
@@ -114,7 +111,7 @@ namespace MLEM.Formatting {
         /// <param name="depth">The depth to draw at</param>
         public void DrawCharacter(GameTime time, SpriteBatch batch, char c, string cString, int indexInToken, Vector2 pos, GenericFont font, Color color, float scale, float depth) {
             foreach (var code in this.AppliedCodes) {
-                if (code.DrawCharacter(time, batch, c, cString, indexInToken, ref pos, font, ref color, ref scale, depth))
+                if (code.DrawCharacter(time, batch, c, cString, this, indexInToken, ref pos, font, ref color, ref scale, depth))
                     return;
             }
 
diff --git a/MLEM/Formatting/TokenizedString.cs b/MLEM/Formatting/TokenizedString.cs
index 9dd2cef..585479a 100644
--- a/MLEM/Formatting/TokenizedString.cs
+++ b/MLEM/Formatting/TokenizedString.cs
@@ -1,4 +1,5 @@
 using System.Collections.Generic;
+using System.Collections.ObjectModel;
 using System.Linq;
 using System.Text;
 using Microsoft.Xna.Framework;
@@ -44,8 +45,13 @@ namespace MLEM.Formatting {
             this.RawString = rawString;
             this.String = strg;
             this.Tokens = tokens;
+
             // since a code can be present in multiple tokens, we use Distinct here
             this.AllCodes = tokens.SelectMany(t => t.AppliedCodes).Distinct().ToArray();
+            // TODO this can probably be optimized by keeping track of a code's tokens while tokenizing
+            foreach (var code in this.AllCodes)
+                code.Tokens = new ReadOnlyCollection<Token>(this.Tokens.Where(t => t.AppliedCodes.Contains(code)).ToList());
+
             this.RecalculateTokenData(font, alignment);
         }