diff --git a/lib/icinga/downtime.cpp b/lib/icinga/downtime.cpp
index 336329bc2..4180747ac 100644
--- a/lib/icinga/downtime.cpp
+++ b/lib/icinga/downtime.cpp
@@ -210,6 +210,10 @@ bool Downtime::IsExpired() const
 
 bool Downtime::HasValidConfigOwner() const
 {
+	if (!ScheduledDowntime::AllConfigIsLoaded()) {
+		return true;
+	}
+
 	String configOwner = GetConfigOwner();
 	return configOwner.IsEmpty() || GetObject<ScheduledDowntime>(configOwner);
 }
diff --git a/lib/icinga/scheduleddowntime.cpp b/lib/icinga/scheduleddowntime.cpp
index 449507e0c..37c3693bd 100644
--- a/lib/icinga/scheduleddowntime.cpp
+++ b/lib/icinga/scheduleddowntime.cpp
@@ -80,6 +80,8 @@ void ScheduledDowntime::OnAllConfigLoaded()
 
 	if (!GetCheckable())
 		BOOST_THROW_EXCEPTION(ScriptError("ScheduledDowntime '" + GetName() + "' references a host/service which doesn't exist.", GetDebugInfo()));
+
+	m_AllConfigLoaded.store(true);
 }
 
 void ScheduledDowntime::Start(bool runtimeCreated)
@@ -339,3 +341,10 @@ void ScheduledDowntime::ValidateChildOptions(const Lazy<Value>& lvalue, const Va
 		BOOST_THROW_EXCEPTION(ValidationError(this, { "child_options" }, "Invalid child_options specified"));
 	}
 }
+
+bool ScheduledDowntime::AllConfigIsLoaded()
+{
+	return m_AllConfigLoaded.load();
+}
+
+std::atomic<bool> ScheduledDowntime::m_AllConfigLoaded (false);
diff --git a/lib/icinga/scheduleddowntime.hpp b/lib/icinga/scheduleddowntime.hpp
index 158349291..4322999b7 100644
--- a/lib/icinga/scheduleddowntime.hpp
+++ b/lib/icinga/scheduleddowntime.hpp
@@ -23,6 +23,7 @@
 #include "icinga/i2-icinga.hpp"
 #include "icinga/scheduleddowntime-ti.hpp"
 #include "icinga/checkable.hpp"
+#include <atomic>
 
 namespace icinga
 {
@@ -47,6 +48,7 @@ public:
 
 	static void EvaluateApplyRules(const intrusive_ptr<Host>& host);
 	static void EvaluateApplyRules(const intrusive_ptr<Service>& service);
+	static bool AllConfigIsLoaded();
 
 	void ValidateRanges(const Lazy<Dictionary::Ptr>& lvalue, const ValidationUtils& utils) override;
 	void ValidateChildOptions(const Lazy<Value>& lvalue, const ValidationUtils& utils) override;
@@ -62,6 +64,8 @@ private:
 	std::pair<double, double> FindNextSegment();
 	void CreateNextDowntime();
 
+	static std::atomic<bool> m_AllConfigLoaded;
+
 	static bool EvaluateApplyRuleInstance(const Checkable::Ptr& checkable, const String& name, ScriptFrame& frame, const ApplyRule& rule);
 	static bool EvaluateApplyRule(const Checkable::Ptr& checkable, const ApplyRule& rule);
 };