diff --git a/app/controllers/concerns/notes_actions.rb b/app/controllers/concerns/notes_actions.rb
index 839cac3687c..ad4e936a3d4 100644
--- a/app/controllers/concerns/notes_actions.rb
+++ b/app/controllers/concerns/notes_actions.rb
@@ -41,7 +41,7 @@ module NotesActions
     @note = Notes::CreateService.new(note_project, current_user, create_params).execute
 
     if @note.is_a?(Note)
-      Notes::RenderService.new(current_user).execute([@note], @project)
+      Notes::RenderService.new(current_user).execute([@note])
     end
 
     respond_to do |format|
@@ -56,7 +56,7 @@ module NotesActions
     @note = Notes::UpdateService.new(project, current_user, note_params).execute(note)
 
     if @note.is_a?(Note)
-      Notes::RenderService.new(current_user).execute([@note], @project)
+      Notes::RenderService.new(current_user).execute([@note])
     end
 
     respond_to do |format|
diff --git a/app/controllers/concerns/renders_notes.rb b/app/controllers/concerns/renders_notes.rb
index e7ef297879f..36e3d76ecfe 100644
--- a/app/controllers/concerns/renders_notes.rb
+++ b/app/controllers/concerns/renders_notes.rb
@@ -4,7 +4,7 @@ module RendersNotes
     preload_noteable_for_regular_notes(notes)
     preload_max_access_for_authors(notes, @project)
     preload_first_time_contribution_for_authors(noteable, notes)
-    Notes::RenderService.new(current_user).execute(notes, @project)
+    Notes::RenderService.new(current_user).execute(notes)
 
     notes
   end
diff --git a/app/controllers/groups_controller.rb b/app/controllers/groups_controller.rb
index 283c3e5f1e0..5ac4b8710e2 100644
--- a/app/controllers/groups_controller.rb
+++ b/app/controllers/groups_controller.rb
@@ -173,7 +173,9 @@ class GroupsController < Groups::ApplicationController
       .new(@projects, offset: params[:offset].to_i, filter: event_filter)
       .to_a
 
-    Events::RenderService.new(current_user).execute(@events, atom_request: request.format.atom?)
+    Events::RenderService
+      .new(current_user)
+      .execute(@events, atom_request: request.format.atom?)
   end
 
   def user_actions
diff --git a/app/controllers/projects/notes_controller.rb b/app/controllers/projects/notes_controller.rb
index dd41b9648e8..86c50d88a2a 100644
--- a/app/controllers/projects/notes_controller.rb
+++ b/app/controllers/projects/notes_controller.rb
@@ -68,7 +68,7 @@ class Projects::NotesController < Projects::ApplicationController
   private
 
   def render_json_with_notes_serializer
-    Notes::RenderService.new(current_user).execute([note], project)
+    Notes::RenderService.new(current_user).execute([note])
 
     render json: note_serializer.represent(note)
   end
diff --git a/app/helpers/markup_helper.rb b/app/helpers/markup_helper.rb
index 2fe1927a189..39e7a7fd396 100644
--- a/app/helpers/markup_helper.rb
+++ b/app/helpers/markup_helper.rb
@@ -256,7 +256,7 @@ module MarkupHelper
     return '' unless html.present?
 
     context.merge!(
-      current_user:   (current_user if defined?(current_user)),
+      current_user: (current_user if defined?(current_user)),
 
       # RelativeLinkFilter
       commit:         @commit,
diff --git a/app/services/events/render_service.rb b/app/services/events/render_service.rb
index 0b62d8aedf1..bb72d7685dd 100644
--- a/app/services/events/render_service.rb
+++ b/app/services/events/render_service.rb
@@ -1,15 +1,17 @@
 module Events
   class RenderService < BaseRenderer
     def execute(events, atom_request: false)
-      events.map(&:note).compact.group_by(&:project).each do |project, notes|
-        render_notes(notes, project, atom_request)
-      end
+      notes = events.map(&:note).compact
+
+      render_notes(notes, atom_request)
     end
 
     private
 
-    def render_notes(notes, project, atom_request)
-      Notes::RenderService.new(current_user).execute(notes, project, render_options(atom_request))
+    def render_notes(notes, atom_request)
+      Notes::RenderService
+        .new(current_user)
+        .execute(notes, render_options(atom_request))
     end
 
     def render_options(atom_request)
diff --git a/app/services/notes/render_service.rb b/app/services/notes/render_service.rb
index a77e98c2b07..efc9d6da2aa 100644
--- a/app/services/notes/render_service.rb
+++ b/app/services/notes/render_service.rb
@@ -3,19 +3,18 @@ module Notes
     # Renders a collection of Note instances.
     #
     # notes - The notes to render.
-    # project - The project to use for redacting.
-    # user - The user viewing the notes.
-
+    #
     # Possible options:
+    #
     # requested_path - The request path.
     # project_wiki - The project's wiki.
     # ref - The current Git reference.
     # only_path - flag to turn relative paths into absolute ones.
     # xhtml - flag to save the html in XHTML
-    def execute(notes, project, **opts)
-      renderer = Banzai::ObjectRenderer.new(project, current_user, **opts)
-
-      renderer.render(notes, :note)
+    def execute(notes, options = {})
+      Banzai::ObjectRenderer
+        .new(user: current_user, redaction_context: options)
+        .render(notes, :note)
     end
   end
 end
diff --git a/changelogs/unreleased/rendering-markdown-multiple-projects.yml b/changelogs/unreleased/rendering-markdown-multiple-projects.yml
new file mode 100644
index 00000000000..8685772c089
--- /dev/null
+++ b/changelogs/unreleased/rendering-markdown-multiple-projects.yml
@@ -0,0 +1,5 @@
+---
+title: Support Markdown rendering using multiple projects
+merge_request:
+author:
+type: performance
diff --git a/lib/banzai/commit_renderer.rb b/lib/banzai/commit_renderer.rb
index f5ff95e3eb3..c351a155ae5 100644
--- a/lib/banzai/commit_renderer.rb
+++ b/lib/banzai/commit_renderer.rb
@@ -3,7 +3,7 @@ module Banzai
     ATTRIBUTES = [:description, :title].freeze
 
     def self.render(commits, project, user = nil)
-      obj_renderer = ObjectRenderer.new(project, user)
+      obj_renderer = ObjectRenderer.new(user: user, default_project: project)
 
       ATTRIBUTES.each { |attr| obj_renderer.render(commits, attr) }
     end
diff --git a/lib/banzai/filter/issuable_state_filter.rb b/lib/banzai/filter/issuable_state_filter.rb
index 8f541dcfdb2..1a415232545 100644
--- a/lib/banzai/filter/issuable_state_filter.rb
+++ b/lib/banzai/filter/issuable_state_filter.rb
@@ -11,7 +11,8 @@ module Banzai
       def call
         return doc unless context[:issuable_state_filter_enabled]
 
-        extractor = Banzai::IssuableExtractor.new(project, current_user)
+        context = RenderContext.new(project, current_user)
+        extractor = Banzai::IssuableExtractor.new(context)
         issuables = extractor.extract([doc])
 
         issuables.each do |node, issuable|
diff --git a/lib/banzai/filter/redactor_filter.rb b/lib/banzai/filter/redactor_filter.rb
index 9f9882b3b40..caf11fe94c4 100644
--- a/lib/banzai/filter/redactor_filter.rb
+++ b/lib/banzai/filter/redactor_filter.rb
@@ -7,7 +7,11 @@ module Banzai
     #
     class RedactorFilter < HTML::Pipeline::Filter
       def call
-        Redactor.new(project, current_user).redact([doc]) unless context[:skip_redaction]
+        unless context[:skip_redaction]
+          context = RenderContext.new(project, current_user)
+
+          Redactor.new(context).redact([doc])
+        end
 
         doc
       end
diff --git a/lib/banzai/issuable_extractor.rb b/lib/banzai/issuable_extractor.rb
index 49603d0b363..ae7dc71e7eb 100644
--- a/lib/banzai/issuable_extractor.rb
+++ b/lib/banzai/issuable_extractor.rb
@@ -12,11 +12,11 @@ module Banzai
       [@data-reference-type="issue" or @data-reference-type="merge_request"]
     ).freeze
 
-    attr_reader :project, :user
+    attr_reader :context
 
-    def initialize(project, user)
-      @project = project
-      @user = user
+    # context - An instance of Banzai::RenderContext.
+    def initialize(context)
+      @context = context
     end
 
     # Returns Hash in the form { node => issuable_instance }
@@ -25,8 +25,10 @@ module Banzai
         document.xpath(QUERY)
       end
 
-      issue_parser = Banzai::ReferenceParser::IssueParser.new(project, user)
-      merge_request_parser = Banzai::ReferenceParser::MergeRequestParser.new(project, user)
+      issue_parser = Banzai::ReferenceParser::IssueParser.new(context)
+
+      merge_request_parser =
+        Banzai::ReferenceParser::MergeRequestParser.new(context)
 
       issuables_for_nodes = issue_parser.records_for_nodes(nodes).merge(
         merge_request_parser.records_for_nodes(nodes)
diff --git a/lib/banzai/object_renderer.rb b/lib/banzai/object_renderer.rb
index 2691be81623..a176f1e261b 100644
--- a/lib/banzai/object_renderer.rb
+++ b/lib/banzai/object_renderer.rb
@@ -13,14 +13,13 @@ module Banzai
   # As an example, rendering the attribute `note` would place the unredacted
   # HTML into `note_html` and the redacted HTML into `redacted_note_html`.
   class ObjectRenderer
-    attr_reader :project, :user
+    attr_reader :context
 
-    # project - A Project to use for redacting Markdown.
+    # default_project - A default Project to use for redacting Markdown.
     # user - The user viewing the Markdown/HTML documents, if any.
     # redaction_context - A Hash containing extra attributes to use during redaction
-    def initialize(project, user = nil, redaction_context = {})
-      @project = project
-      @user = user
+    def initialize(default_project: nil, user: nil, redaction_context: {})
+      @context = RenderContext.new(default_project, user)
       @redaction_context = base_context.merge(redaction_context)
     end
 
@@ -48,17 +47,21 @@ module Banzai
       pipeline = HTML::Pipeline.new([])
 
       objects.map do |object|
-        pipeline.to_document(Banzai.render_field(object, attribute))
+        document = pipeline.to_document(Banzai.render_field(object, attribute))
+
+        context.associate_document(document, object)
+
+        document
       end
     end
 
     def post_process_documents(documents, objects, attribute)
       # Called here to populate cache, refer to IssuableExtractor docs
-      IssuableExtractor.new(project, user).extract(documents)
+      IssuableExtractor.new(context).extract(documents)
 
       documents.zip(objects).map do |document, object|
-        context = context_for(object, attribute)
-        Banzai::Pipeline[:post_process].to_document(document, context)
+        pipeline_context = context_for(document, object, attribute)
+        Banzai::Pipeline[:post_process].to_document(document, pipeline_context)
       end
     end
 
@@ -66,20 +69,21 @@ module Banzai
     #
     # Returns an Array containing the redacted documents.
     def redact_documents(documents)
-      redactor = Redactor.new(project, user)
+      redactor = Redactor.new(context)
 
       redactor.redact(documents)
     end
 
     # Returns a Banzai context for the given object and attribute.
-    def context_for(object, attribute)
-      @redaction_context.merge(object.banzai_render_context(attribute))
+    def context_for(document, object, attribute)
+      @redaction_context.merge(object.banzai_render_context(attribute)).merge(
+        project: context.project_for_node(document)
+      )
     end
 
     def base_context
       {
-        current_user: user,
-        project: project,
+        current_user: context.current_user,
         skip_redaction: true
       }
     end
diff --git a/lib/banzai/redactor.rb b/lib/banzai/redactor.rb
index fd457bebf03..28928d6f376 100644
--- a/lib/banzai/redactor.rb
+++ b/lib/banzai/redactor.rb
@@ -2,13 +2,15 @@ module Banzai
   # Class for removing Markdown references a certain user is not allowed to
   # view.
   class Redactor
-    attr_reader :user, :project
+    attr_reader :context
 
-    # project - A Project to use for redacting links.
-    # user - The currently logged in user (if any).
-    def initialize(project, user = nil)
-      @project = project
-      @user = user
+    # context - An instance of `Banzai::RenderContext`.
+    def initialize(context)
+      @context = context
+    end
+
+    def user
+      context.current_user
     end
 
     # Redacts the references in the given Array of documents.
@@ -70,11 +72,11 @@ module Banzai
     end
 
     def redact_cross_project_references(documents)
-      extractor = Banzai::IssuableExtractor.new(project, user)
+      extractor = Banzai::IssuableExtractor.new(context)
       issuables = extractor.extract(documents)
 
       issuables.each do |node, issuable|
-        next if issuable.project == project
+        next if issuable.project == context.project_for_node(node)
 
         node['class'] = node['class'].gsub('has-tooltip', '')
         node['title'] = nil
@@ -95,7 +97,7 @@ module Banzai
       end
 
       per_type.each do |type, nodes|
-        parser = Banzai::ReferenceParser[type].new(project, user)
+        parser = Banzai::ReferenceParser[type].new(context)
 
         visible.merge(parser.nodes_visible_to_user(user, nodes))
       end
diff --git a/lib/banzai/reference_extractor.rb b/lib/banzai/reference_extractor.rb
index 7e6357f8a00..78588299c18 100644
--- a/lib/banzai/reference_extractor.rb
+++ b/lib/banzai/reference_extractor.rb
@@ -10,8 +10,8 @@ module Banzai
     end
 
     def references(type, project, current_user = nil)
-      processor = Banzai::ReferenceParser[type]
-        .new(project, current_user)
+      context = RenderContext.new(project, current_user)
+      processor = Banzai::ReferenceParser[type].new(context)
 
       processor.process(html_documents)
     end
diff --git a/lib/banzai/reference_parser/base_parser.rb b/lib/banzai/reference_parser/base_parser.rb
index 279fca8d043..68752f5bb5a 100644
--- a/lib/banzai/reference_parser/base_parser.rb
+++ b/lib/banzai/reference_parser/base_parser.rb
@@ -45,9 +45,13 @@ module Banzai
         @data_attribute ||= "data-#{reference_type.to_s.dasherize}"
       end
 
-      def initialize(project = nil, current_user = nil)
-        @project = project
-        @current_user = current_user
+      # context - An instance of `Banzai::RenderContext`.
+      def initialize(context)
+        @context = context
+      end
+
+      def project_for_node(node)
+        context.project_for_node(node)
       end
 
       # Returns all the nodes containing references that the user can refer to.
@@ -224,7 +228,11 @@ module Banzai
 
       private
 
-      attr_reader :current_user, :project
+      attr_reader :context
+
+      def current_user
+        context.current_user
+      end
 
       # When a feature is disabled or visible only for
       # team members we should not allow team members
diff --git a/lib/banzai/reference_parser/issue_parser.rb b/lib/banzai/reference_parser/issue_parser.rb
index 230827129b6..6bee5ea15b9 100644
--- a/lib/banzai/reference_parser/issue_parser.rb
+++ b/lib/banzai/reference_parser/issue_parser.rb
@@ -5,15 +5,10 @@ module Banzai
 
       def nodes_visible_to_user(user, nodes)
         issues = records_for_nodes(nodes)
-        issues_to_check = issues.values
+        issues_to_check, cross_project_issues = partition_issues(issues, user)
 
-        unless can?(user, :read_cross_project)
-          issues_to_check, cross_project_issues = issues_to_check.partition do |issue|
-            issue.project == project
-          end
-        end
-
-        readable_issues = Ability.issues_readable_by_user(issues_to_check, user).to_set
+        readable_issues =
+          Ability.issues_readable_by_user(issues_to_check, user).to_set
 
         nodes.select do |node|
           issue_in_node = issues[node]
@@ -25,7 +20,7 @@ module Banzai
           # but not the issue.
           if readable_issues.include?(issue_in_node)
             true
-          elsif cross_project_issues&.include?(issue_in_node)
+          elsif cross_project_issues.include?(issue_in_node)
             can_read_reference?(user, issue_in_node)
           else
             false
@@ -33,6 +28,32 @@ module Banzai
         end
       end
 
+      # issues - A Hash mapping HTML nodes to their corresponding Issue
+      #          instances.
+      # user - The current User.
+      def partition_issues(issues, user)
+        return [issues.values, []] if can?(user, :read_cross_project)
+
+        issues_to_check = []
+        cross_project_issues = []
+
+        # We manually partition the data since our input is a Hash and our
+        # output has to be an Array of issues; not an Array of (node, issue)
+        # pairs.
+        issues.each do |node, issue|
+          target =
+            if issue.project == project_for_node(node)
+              issues_to_check
+            else
+              cross_project_issues
+            end
+
+          target << issue
+        end
+
+        [issues_to_check, cross_project_issues]
+      end
+
       def records_for_nodes(nodes)
         @issues_for_nodes ||= grouped_objects_for_nodes(
           nodes,
diff --git a/lib/banzai/reference_parser/user_parser.rb b/lib/banzai/reference_parser/user_parser.rb
index 8932d4f2905..ceb7f1d165c 100644
--- a/lib/banzai/reference_parser/user_parser.rb
+++ b/lib/banzai/reference_parser/user_parser.rb
@@ -58,7 +58,7 @@ module Banzai
       def can_read_project_reference?(node)
         node_id = node.attr('data-project').to_i
 
-        project && project.id == node_id
+        project_for_node(node)&.id == node_id
       end
 
       def nodes_user_can_reference(current_user, nodes)
@@ -71,6 +71,7 @@ module Banzai
         nodes.select do |node|
           project_id = node.attr(project_attr)
           user_id = node.attr(author_attr)
+          project = project_for_node(node)
 
           if project && project_id && project.id == project_id.to_i
             true
diff --git a/lib/banzai/render_context.rb b/lib/banzai/render_context.rb
new file mode 100644
index 00000000000..e30fc9f469b
--- /dev/null
+++ b/lib/banzai/render_context.rb
@@ -0,0 +1,32 @@
+# frozen_string_literal: true
+
+module Banzai
+  # Object storing the current user, project, and other details used when
+  # parsing Markdown references.
+  class RenderContext
+    attr_reader :current_user
+
+    # default_project - The default project to use for all documents, if any.
+    # current_user - The user viewing the document, if any.
+    def initialize(default_project = nil, current_user = nil)
+      @current_user = current_user
+      @projects = Hash.new(default_project)
+    end
+
+    # Associates an HTML document with a Project.
+    #
+    # document - The HTML document to map to a Project.
+    # object - The object that produced the HTML document.
+    def associate_document(document, object)
+      # XML nodes respond to "document" but will return a Document instance,
+      # even when they belong to a DocumentFragment.
+      document = document.document if document.fragment?
+
+      @projects[document] = object.project if object.respond_to?(:project)
+    end
+
+    def project_for_node(node)
+      @projects[node.document]
+    end
+  end
+end
diff --git a/spec/lib/banzai/commit_renderer_spec.rb b/spec/lib/banzai/commit_renderer_spec.rb
index e7ebb2a332f..1f53657c59c 100644
--- a/spec/lib/banzai/commit_renderer_spec.rb
+++ b/spec/lib/banzai/commit_renderer_spec.rb
@@ -6,7 +6,10 @@ describe Banzai::CommitRenderer do
       user = build(:user)
       project = create(:project, :repository)
 
-      expect(Banzai::ObjectRenderer).to receive(:new).with(project, user).and_call_original
+      expect(Banzai::ObjectRenderer)
+        .to receive(:new)
+        .with(user: user, default_project: project)
+        .and_call_original
 
       described_class::ATTRIBUTES.each do |attr|
         expect_any_instance_of(Banzai::ObjectRenderer).to receive(:render).with([project.commit], attr).once.and_call_original
diff --git a/spec/lib/banzai/issuable_extractor_spec.rb b/spec/lib/banzai/issuable_extractor_spec.rb
index 69763476dac..f42951d9781 100644
--- a/spec/lib/banzai/issuable_extractor_spec.rb
+++ b/spec/lib/banzai/issuable_extractor_spec.rb
@@ -3,7 +3,7 @@ require 'spec_helper'
 describe Banzai::IssuableExtractor do
   let(:project) { create(:project) }
   let(:user) { create(:user) }
-  let(:extractor) { described_class.new(project, user) }
+  let(:extractor) { described_class.new(Banzai::RenderContext.new(project, user)) }
   let(:issue) { create(:issue, project: project) }
   let(:merge_request) { create(:merge_request, source_project: project) }
   let(:issue_link) do
diff --git a/spec/lib/banzai/object_renderer_spec.rb b/spec/lib/banzai/object_renderer_spec.rb
index 074d521a5c6..1fe034ae9a2 100644
--- a/spec/lib/banzai/object_renderer_spec.rb
+++ b/spec/lib/banzai/object_renderer_spec.rb
@@ -3,7 +3,14 @@ require 'spec_helper'
 describe Banzai::ObjectRenderer do
   let(:project) { create(:project, :repository) }
   let(:user) { project.owner }
-  let(:renderer) { described_class.new(project, user, custom_value: 'value') }
+  let(:renderer) do
+    described_class.new(
+      default_project: project,
+      user: user,
+      redaction_context: { custom_value: 'value' }
+    )
+  end
+
   let(:object) { Note.new(note: 'hello', note_html: '<p dir="auto">hello</p>', cached_markdown_version: CacheMarkdownField::CACHE_VERSION) }
 
   describe '#render' do
diff --git a/spec/lib/banzai/redactor_spec.rb b/spec/lib/banzai/redactor_spec.rb
index 441f3725985..aaeec953e4b 100644
--- a/spec/lib/banzai/redactor_spec.rb
+++ b/spec/lib/banzai/redactor_spec.rb
@@ -3,7 +3,7 @@ require 'spec_helper'
 describe Banzai::Redactor do
   let(:user) { create(:user) }
   let(:project) { build(:project) }
-  let(:redactor) { described_class.new(project, user) }
+  let(:redactor) { described_class.new(Banzai::RenderContext.new(project, user)) }
 
   describe '#redact' do
     context 'when reference not visible to user' do
@@ -54,7 +54,7 @@ describe Banzai::Redactor do
 
     context 'when project is in pending delete' do
       let!(:issue) { create(:issue, project: project) }
-      let(:redactor) { described_class.new(project, user) }
+      let(:redactor) { described_class.new(Banzai::RenderContext.new(project, user)) }
 
       before do
         project.update(pending_delete: true)
diff --git a/spec/lib/banzai/reference_parser/base_parser_spec.rb b/spec/lib/banzai/reference_parser/base_parser_spec.rb
index 6175d4c4ca9..4e6e8eca38a 100644
--- a/spec/lib/banzai/reference_parser/base_parser_spec.rb
+++ b/spec/lib/banzai/reference_parser/base_parser_spec.rb
@@ -5,13 +5,14 @@ describe Banzai::ReferenceParser::BaseParser do
 
   let(:user) { create(:user) }
   let(:project) { create(:project, :public) }
+  let(:context) { Banzai::RenderContext.new(project, user) }
 
   subject do
     klass = Class.new(described_class) do
       self.reference_type = :foo
     end
 
-    klass.new(project, user)
+    klass.new(context)
   end
 
   describe '.reference_type=' do
@@ -23,6 +24,19 @@ describe Banzai::ReferenceParser::BaseParser do
     end
   end
 
+  describe '#project_for_node' do
+    it 'returns the Project for a node' do
+      document = instance_double('document', fragment?: false)
+      project = instance_double('project')
+      object = instance_double('object', project: project)
+      node = instance_double('node', document: document)
+
+      context.associate_document(document, object)
+
+      expect(subject.project_for_node(node)).to eq(project)
+    end
+  end
+
   describe '#nodes_visible_to_user' do
     let(:link) { empty_html_link }
 
@@ -164,7 +178,7 @@ describe Banzai::ReferenceParser::BaseParser do
         self.reference_type = :test
       end
 
-      instance = dummy.new(project, user)
+      instance = dummy.new(Banzai::RenderContext.new(project, user))
       document = Nokogiri::HTML.fragment('<a class="gfm"></a><a class="gfm" data-reference-type="test"></a>')
 
       expect(instance).to receive(:gather_references)
diff --git a/spec/lib/banzai/reference_parser/commit_parser_spec.rb b/spec/lib/banzai/reference_parser/commit_parser_spec.rb
index 3505659c2c3..cca53a8b9b9 100644
--- a/spec/lib/banzai/reference_parser/commit_parser_spec.rb
+++ b/spec/lib/banzai/reference_parser/commit_parser_spec.rb
@@ -5,7 +5,7 @@ describe Banzai::ReferenceParser::CommitParser do
 
   let(:project) { create(:project, :public) }
   let(:user) { create(:user) }
-  subject { described_class.new(project, user) }
+  subject { described_class.new(Banzai::RenderContext.new(project, user)) }
   let(:link) { empty_html_link }
 
   describe '#nodes_visible_to_user' do
diff --git a/spec/lib/banzai/reference_parser/commit_range_parser_spec.rb b/spec/lib/banzai/reference_parser/commit_range_parser_spec.rb
index 21813177deb..23e16fe0213 100644
--- a/spec/lib/banzai/reference_parser/commit_range_parser_spec.rb
+++ b/spec/lib/banzai/reference_parser/commit_range_parser_spec.rb
@@ -5,7 +5,7 @@ describe Banzai::ReferenceParser::CommitRangeParser do
 
   let(:project) { create(:project, :public) }
   let(:user) { create(:user) }
-  subject { described_class.new(project, user) }
+  subject { described_class.new(Banzai::RenderContext.new(project, user)) }
   let(:link) { empty_html_link }
 
   describe '#nodes_visible_to_user' do
diff --git a/spec/lib/banzai/reference_parser/external_issue_parser_spec.rb b/spec/lib/banzai/reference_parser/external_issue_parser_spec.rb
index 25969b65168..1cb31e57114 100644
--- a/spec/lib/banzai/reference_parser/external_issue_parser_spec.rb
+++ b/spec/lib/banzai/reference_parser/external_issue_parser_spec.rb
@@ -5,7 +5,7 @@ describe Banzai::ReferenceParser::ExternalIssueParser do
 
   let(:project) { create(:project, :public) }
   let(:user) { create(:user) }
-  subject { described_class.new(project, user) }
+  subject { described_class.new(Banzai::RenderContext.new(project, user)) }
   let(:link) { empty_html_link }
 
   describe '#nodes_visible_to_user' do
diff --git a/spec/lib/banzai/reference_parser/issue_parser_spec.rb b/spec/lib/banzai/reference_parser/issue_parser_spec.rb
index cb7f8b20dda..77c2064caba 100644
--- a/spec/lib/banzai/reference_parser/issue_parser_spec.rb
+++ b/spec/lib/banzai/reference_parser/issue_parser_spec.rb
@@ -7,7 +7,7 @@ describe Banzai::ReferenceParser::IssueParser do
   let(:user)    { create(:user) }
   let(:issue)   { create(:issue, project: project) }
   let(:link)    { empty_html_link }
-  subject       { described_class.new(project, user) }
+  subject       { described_class.new(Banzai::RenderContext.new(project, user)) }
 
   describe '#nodes_visible_to_user' do
     context 'when the link has a data-issue attribute' do
diff --git a/spec/lib/banzai/reference_parser/label_parser_spec.rb b/spec/lib/banzai/reference_parser/label_parser_spec.rb
index b700161d6c2..e4df2533821 100644
--- a/spec/lib/banzai/reference_parser/label_parser_spec.rb
+++ b/spec/lib/banzai/reference_parser/label_parser_spec.rb
@@ -6,7 +6,7 @@ describe Banzai::ReferenceParser::LabelParser do
   let(:project) { create(:project, :public) }
   let(:user) { create(:user) }
   let(:label) { create(:label, project: project) }
-  subject { described_class.new(project, user) }
+  subject { described_class.new(Banzai::RenderContext.new(project, user)) }
   let(:link) { empty_html_link }
 
   describe '#nodes_visible_to_user' do
diff --git a/spec/lib/banzai/reference_parser/merge_request_parser_spec.rb b/spec/lib/banzai/reference_parser/merge_request_parser_spec.rb
index 14542342cf6..5417b1f00be 100644
--- a/spec/lib/banzai/reference_parser/merge_request_parser_spec.rb
+++ b/spec/lib/banzai/reference_parser/merge_request_parser_spec.rb
@@ -6,7 +6,7 @@ describe Banzai::ReferenceParser::MergeRequestParser do
   let(:user) { create(:user) }
   let(:project) { create(:project, :public) }
   let(:merge_request) { create(:merge_request, source_project: project) }
-  subject { described_class.new(project, user) }
+  subject { described_class.new(Banzai::RenderContext.new(merge_request.target_project, user)) }
   let(:link) { empty_html_link }
 
   describe '#nodes_visible_to_user' do
diff --git a/spec/lib/banzai/reference_parser/milestone_parser_spec.rb b/spec/lib/banzai/reference_parser/milestone_parser_spec.rb
index 7dacdf8d629..751d042ffde 100644
--- a/spec/lib/banzai/reference_parser/milestone_parser_spec.rb
+++ b/spec/lib/banzai/reference_parser/milestone_parser_spec.rb
@@ -6,7 +6,7 @@ describe Banzai::ReferenceParser::MilestoneParser do
   let(:project) { create(:project, :public) }
   let(:user) { create(:user) }
   let(:milestone) { create(:milestone, project: project) }
-  subject { described_class.new(project, user) }
+  subject { described_class.new(Banzai::RenderContext.new(project, user)) }
   let(:link) { empty_html_link }
 
   describe '#nodes_visible_to_user' do
diff --git a/spec/lib/banzai/reference_parser/snippet_parser_spec.rb b/spec/lib/banzai/reference_parser/snippet_parser_spec.rb
index 69ec3f66aa8..d410bd4c164 100644
--- a/spec/lib/banzai/reference_parser/snippet_parser_spec.rb
+++ b/spec/lib/banzai/reference_parser/snippet_parser_spec.rb
@@ -9,7 +9,7 @@ describe Banzai::ReferenceParser::SnippetParser do
   let(:external_user) { create(:user, :external) }
   let(:project_member) { create(:user) }
 
-  subject { described_class.new(project, user) }
+  subject { described_class.new(Banzai::RenderContext.new(project, user)) }
   let(:link) { empty_html_link }
 
   def visible_references(snippet_visibility, user = nil)
diff --git a/spec/lib/banzai/reference_parser/user_parser_spec.rb b/spec/lib/banzai/reference_parser/user_parser_spec.rb
index b079a3be029..112447f098e 100644
--- a/spec/lib/banzai/reference_parser/user_parser_spec.rb
+++ b/spec/lib/banzai/reference_parser/user_parser_spec.rb
@@ -6,7 +6,7 @@ describe Banzai::ReferenceParser::UserParser do
   let(:group) { create(:group) }
   let(:user) { create(:user) }
   let(:project) { create(:project, :public, group: group, creator: user) }
-  subject { described_class.new(project, user) }
+  subject { described_class.new(Banzai::RenderContext.new(project, user)) }
   let(:link) { empty_html_link }
 
   describe '#referenced_by' do
diff --git a/spec/lib/banzai/render_context_spec.rb b/spec/lib/banzai/render_context_spec.rb
new file mode 100644
index 00000000000..ad17db11613
--- /dev/null
+++ b/spec/lib/banzai/render_context_spec.rb
@@ -0,0 +1,37 @@
+# frozen_string_literal: true
+
+require 'spec_helper'
+
+describe Banzai::RenderContext do
+  let(:document) { Nokogiri::HTML.fragment('<p>hello</p>') }
+
+  describe '#project_for_node' do
+    it 'returns the default project if no associated project was found' do
+      project = instance_double('project')
+      context = described_class.new(project)
+
+      expect(context.project_for_node(document)).to eq(project)
+    end
+
+    it 'returns the associated project if one was associated explicitly' do
+      project = instance_double('project')
+      obj = instance_double('object', project: project)
+      context = described_class.new
+
+      context.associate_document(document, obj)
+
+      expect(context.project_for_node(document)).to eq(project)
+    end
+
+    it 'returns the project associated with a DocumentFragment when using a node' do
+      project = instance_double('project')
+      obj = instance_double('object', project: project)
+      context = described_class.new
+      node = document.children.first
+
+      context.associate_document(document, obj)
+
+      expect(context.project_for_node(node)).to eq(project)
+    end
+  end
+end
diff --git a/spec/services/events/render_service_spec.rb b/spec/services/events/render_service_spec.rb
index b4a4a44d07b..075cb45e46c 100644
--- a/spec/services/events/render_service_spec.rb
+++ b/spec/services/events/render_service_spec.rb
@@ -9,9 +9,7 @@ describe Events::RenderService do
     context 'when the request format is atom' do
       it 'renders the note inside events' do
         expect(Banzai::ObjectRenderer).to receive(:new)
-          .with(event.project, user,
-                only_path: false,
-                xhtml: true)
+          .with(user: user, redaction_context: { only_path: false, xhtml: true })
           .and_call_original
 
         expect_any_instance_of(Banzai::ObjectRenderer)
@@ -24,7 +22,7 @@ describe Events::RenderService do
     context 'when the request format is not atom' do
       it 'renders the note inside events' do
         expect(Banzai::ObjectRenderer).to receive(:new)
-          .with(event.project, user, {})
+          .with(user: user, redaction_context: {})
           .and_call_original
 
         expect_any_instance_of(Banzai::ObjectRenderer)
diff --git a/spec/services/notes/render_service_spec.rb b/spec/services/notes/render_service_spec.rb
index faac498037f..f771620bc0d 100644
--- a/spec/services/notes/render_service_spec.rb
+++ b/spec/services/notes/render_service_spec.rb
@@ -4,23 +4,28 @@ describe Notes::RenderService do
   describe '#execute' do
     it 'renders a Note' do
       note = double(:note)
-      project = double(:project)
       wiki = double(:wiki)
       user = double(:user)
 
-      expect(Banzai::ObjectRenderer).to receive(:new)
-        .with(project, user,
-             requested_path: 'foo',
-             project_wiki: wiki,
-             ref: 'bar',
-             only_path: nil,
-             xhtml: false)
+      expect(Banzai::ObjectRenderer)
+        .to receive(:new)
+        .with(
+          user: user,
+          redaction_context: {
+              requested_path: 'foo',
+              project_wiki: wiki,
+              ref: 'bar',
+              only_path: nil,
+              xhtml: false
+          }
+        )
         .and_call_original
 
       expect_any_instance_of(Banzai::ObjectRenderer)
-        .to receive(:render).with([note], :note)
+        .to receive(:render)
+        .with([note], :note)
 
-      described_class.new(user).execute([note], project,
+      described_class.new(user).execute([note],
                                         requested_path: 'foo',
                                         project_wiki: wiki,
                                         ref: 'bar',
diff --git a/spec/support/filter_spec_helper.rb b/spec/support/filter_spec_helper.rb
index b871b7ffc90..721d359c2ee 100644
--- a/spec/support/filter_spec_helper.rb
+++ b/spec/support/filter_spec_helper.rb
@@ -18,6 +18,11 @@ module FilterSpecHelper
       context.reverse_merge!(project: project)
     end
 
+    render_context = Banzai::RenderContext
+      .new(context[:project], context[:current_user])
+
+    context = context.merge(render_context: render_context)
+
     described_class.call(html, context)
   end
 
diff --git a/spec/support/reference_parser_helpers.rb b/spec/support/reference_parser_helpers.rb
index 5d5e80851e6..c01897ed1a1 100644
--- a/spec/support/reference_parser_helpers.rb
+++ b/spec/support/reference_parser_helpers.rb
@@ -5,9 +5,11 @@ module ReferenceParserHelpers
 
   shared_examples 'no N+1 queries' do
     it 'avoids N+1 queries in #nodes_visible_to_user', :request_store do
+      context = Banzai::RenderContext.new(project, user)
+
       record_queries = lambda do |links|
         ActiveRecord::QueryRecorder.new do
-          described_class.new(project, user).nodes_visible_to_user(user, links)
+          described_class.new(context).nodes_visible_to_user(user, links)
         end
       end
 
@@ -19,9 +21,11 @@ module ReferenceParserHelpers
     end
 
     it 'avoids N+1 queries in #records_for_nodes', :request_store do
+      context = Banzai::RenderContext.new(project, user)
+
       record_queries = lambda do |links|
         ActiveRecord::QueryRecorder.new do
-          described_class.new(project, user).records_for_nodes(links)
+          described_class.new(context).records_for_nodes(links)
         end
       end