This makes sense. Something similar has likely happened with some apartment landlords as COVID hit big cities. Rather than lowering rents and triggering a re-va

This makes sense. Something similar has likely happened with some apartment landlords as COVID hit big cities. Rather than lowering rents and triggering a re-valuation, they let occupancy slide but could argue that potential rent was still the same. Both of these cases do require that the debt has the valuation terms in it, which not all do.