diff --git a/neutron/agent/l3/ha_router.py b/neutron/agent/l3/ha_router.py
index 9028b020b87..e02aadbe4bd 100644
--- a/neutron/agent/l3/ha_router.py
+++ b/neutron/agent/l3/ha_router.py
@@ -16,7 +16,6 @@ import os
 import shutil
 import signal
 
-import eventlet
 import netaddr
 from neutron_lib import constants as n_consts
 from oslo_log import log as logging
@@ -349,7 +348,7 @@ class HaRouter(router.RouterInfo):
         try:
             common_utils.wait_until_true(lambda: not pm.active,
                                          timeout=SIGTERM_TIMEOUT)
-        except eventlet.timeout.Timeout:
+        except common_utils.WaitTimeout:
             pm.disable(sig=str(int(signal.SIGKILL)))
 
     def update_initial_state(self, callback):
diff --git a/neutron/agent/linux/async_process.py b/neutron/agent/linux/async_process.py
index bcc8b7f5e4d..a29011ee6e7 100644
--- a/neutron/agent/linux/async_process.py
+++ b/neutron/agent/linux/async_process.py
@@ -104,7 +104,7 @@ class AsyncProcess(object):
         """Launch a process and monitor it asynchronously.
 
         :param block: Block until the process has started.
-        :raises eventlet.timeout.Timeout if blocking is True and the process
+        :raises utils.WaitTimeout if blocking is True and the process
                 did not start in time.
         """
         LOG.debug('Launching async process [%s].', self.cmd)
@@ -122,7 +122,7 @@ class AsyncProcess(object):
         :param block: Block until the process has stopped.
         :param kill_signal: Number of signal that will be sent to the process
                             when terminating the process
-        :raises eventlet.timeout.Timeout if blocking is True and the process
+        :raises utils.WaitTimeout if blocking is True and the process
                 did not stop in time.
         """
         if self._is_running:
diff --git a/neutron/agent/linux/ovsdb_monitor.py b/neutron/agent/linux/ovsdb_monitor.py
index a830de740e3..a3c16bec3ec 100644
--- a/neutron/agent/linux/ovsdb_monitor.py
+++ b/neutron/agent/linux/ovsdb_monitor.py
@@ -12,13 +12,13 @@
 #    License for the specific language governing permissions and limitations
 #    under the License.
 
-import eventlet
 from oslo_log import log as logging
 from oslo_serialization import jsonutils
 
 from neutron._i18n import _LE
 from neutron.agent.linux import async_process
 from neutron.agent.ovsdb import api as ovsdb
+from neutron.common import utils
 
 
 LOG = logging.getLogger(__name__)
@@ -113,6 +113,4 @@ class SimpleInterfaceMonitor(OvsdbMonitor):
     def start(self, block=False, timeout=5):
         super(SimpleInterfaceMonitor, self).start()
         if block:
-            with eventlet.timeout.Timeout(timeout):
-                while not self.is_active():
-                    eventlet.sleep()
+            utils.wait_until_true(self.is_active)
diff --git a/neutron/common/utils.py b/neutron/common/utils.py
index dc7351329af..9b31b59bbf0 100644
--- a/neutron/common/utils.py
+++ b/neutron/common/utils.py
@@ -28,6 +28,7 @@ import sys
 import time
 import uuid
 
+import debtcollector
 from debtcollector import removals
 import eventlet
 from eventlet.green import subprocess
@@ -58,6 +59,17 @@ SYNCHRONIZED_PREFIX = 'neutron-'
 synchronized = lockutils.synchronized_with_prefix(SYNCHRONIZED_PREFIX)
 
 
+class WaitTimeout(Exception, eventlet.TimeoutError):
+    """Default exception coming from wait_until_true() function.
+
+    The reason is that eventlet.TimeoutError inherits from BaseException and
+    testtools.TestCase consumes only Exceptions. Which means in case
+    TimeoutError is raised, test runner stops and exits while it still has test
+    cases scheduled for execution.
+    """
+    pass
+
+
 @removals.remove(
     message="Use ensure_tree(path, 0o755) from oslo_utils.fileutils")
 def ensure_dir(dir_path):
@@ -696,12 +708,26 @@ def wait_until_true(predicate, timeout=60, sleep=1, exception=None):
     Best practice is to instantiate predicate with functools.partial()
     :param timeout: Timeout in seconds how long should function wait.
     :param sleep: Polling interval for results in seconds.
-    :param exception: Exception class for eventlet.Timeout.
-    (see doc for eventlet.Timeout for more information)
+    :param exception: Exception instance to raise on timeout. If None is passed
+                      (default) then WaitTimeout exception is raised.
     """
-    with eventlet.timeout.Timeout(timeout, exception):
-        while not predicate():
-            eventlet.sleep(sleep)
+    try:
+        with eventlet.timeout.Timeout(timeout):
+            while not predicate():
+                eventlet.sleep(sleep)
+    except eventlet.TimeoutError:
+        if exception is None:
+            debtcollector.deprecate(
+                "Raising eventlet.TimeoutError by default has been deprecated",
+                message="wait_until_true() now raises WaitTimeout error by "
+                        "default.",
+                version="Ocata",
+                removal_version="Pike")
+            exception = WaitTimeout("Timed out after %d seconds" % timeout)
+        #NOTE(jlibosva): In case None is passed exception is instantiated on
+        #                the line above.
+        #pylint: disable=raising-bad-type
+        raise exception
 
 
 class _AuthenticBase(object):
diff --git a/neutron/services/trunk/drivers/openvswitch/agent/ovsdb_handler.py b/neutron/services/trunk/drivers/openvswitch/agent/ovsdb_handler.py
index 323fc65abb1..3814c311325 100644
--- a/neutron/services/trunk/drivers/openvswitch/agent/ovsdb_handler.py
+++ b/neutron/services/trunk/drivers/openvswitch/agent/ovsdb_handler.py
@@ -473,7 +473,7 @@ class OVSDBHandler(object):
                 bridge_has_port_predicate,
                 timeout=self.timeout)
             return True
-        except eventlet.TimeoutError:
+        except common_utils.WaitTimeout:
             LOG.error(
                 _LE('No port present on trunk bridge %(br_name)s '
                     'in %(timeout)d seconds.'),
diff --git a/neutron/tests/fullstack/test_trunk.py b/neutron/tests/fullstack/test_trunk.py
index 1c04e56919b..d1d35f31a90 100644
--- a/neutron/tests/fullstack/test_trunk.py
+++ b/neutron/tests/fullstack/test_trunk.py
@@ -14,7 +14,6 @@
 
 import functools
 
-import eventlet
 import netaddr
 from neutron_lib import constants
 from oslo_utils import uuidutils
@@ -293,7 +292,9 @@ class TestTrunkPlugin(base.BaseFullStackTestCase):
         )
         try:
             utils.wait_until_true(no_patch_ports_predicate)
-        except eventlet.TimeoutError:
+        except utils.WaitTimeout:
+            # Create exception object after timeout to provide up-to-date list
+            # of interfaces
             raise TrunkTestException(
                 "Integration bridge %s still has following ports while some of"
                 " them are patch ports for trunk that were supposed to be "
diff --git a/neutron/tests/functional/agent/linux/test_ovsdb_monitor.py b/neutron/tests/functional/agent/linux/test_ovsdb_monitor.py
index 020029b5576..6450934436c 100644
--- a/neutron/tests/functional/agent/linux/test_ovsdb_monitor.py
+++ b/neutron/tests/functional/agent/linux/test_ovsdb_monitor.py
@@ -22,7 +22,6 @@ Tests in this module will be skipped unless:
  - sudo testing is enabled (see neutron.tests.functional.base for details)
 """
 
-import eventlet
 from oslo_config import cfg
 
 from neutron.agent.common import ovs_lib
@@ -135,7 +134,7 @@ class TestSimpleInterfaceMonitor(BaseMonitorTest):
         try:
             utils.wait_until_true(
                 lambda: self.monitor.get_events().get('added'))
-        except eventlet.timeout.Timeout:
+        except utils.WaitTimeout:
             raise AssertionError('Initial call should always be true')
 
     def test_get_events_includes_ofport(self):
diff --git a/neutron/tests/functional/agent/test_l2_ovs_agent.py b/neutron/tests/functional/agent/test_l2_ovs_agent.py
index 3c7bb25e2d0..7e5288bfbe3 100644
--- a/neutron/tests/functional/agent/test_l2_ovs_agent.py
+++ b/neutron/tests/functional/agent/test_l2_ovs_agent.py
@@ -16,8 +16,6 @@
 
 import time
 
-from eventlet.timeout import Timeout
-
 from neutron.common import utils
 from neutron.plugins.ml2.drivers.openvswitch.agent.common import constants
 from neutron.tests.common import net_helpers
@@ -319,8 +317,8 @@ class TestOVSAgent(base.OVSAgentTestFramework):
                          unplug_ports=[self.ports[1]])
         self.wait_until_ports_state([self.ports[0]], up=True)
         self.assertRaises(
-            Timeout, self.wait_until_ports_state, [self.ports[1]], up=True,
-            timeout=10)
+            utils.WaitTimeout, self.wait_until_ports_state, [self.ports[1]],
+            up=True, timeout=10)
 
 
 class TestOVSAgentExtensionConfig(base.OVSAgentTestFramework):
diff --git a/neutron/tests/functional/common/test_utils.py b/neutron/tests/functional/common/test_utils.py
index bbbb37bf006..7e7713c07a4 100644
--- a/neutron/tests/functional/common/test_utils.py
+++ b/neutron/tests/functional/common/test_utils.py
@@ -10,9 +10,10 @@
 #    License for the specific language governing permissions and limitations
 #    under the License.
 
-import eventlet
 import testtools
 
+import eventlet
+
 from neutron.common import utils
 from neutron.tests import base
 
@@ -22,5 +23,17 @@ class TestWaitUntilTrue(base.BaseTestCase):
         utils.wait_until_true(lambda: True)
 
     def test_wait_until_true_predicate_fails(self):
-        with testtools.ExpectedException(eventlet.timeout.Timeout):
+        with testtools.ExpectedException(utils.WaitTimeout):
             utils.wait_until_true(lambda: False, 2)
+
+    def test_wait_until_true_predicate_fails_compatibility_test(self):
+        """This test makes sure that eventlet.TimeoutError can still be caught.
+        """
+        try:
+            utils.wait_until_true(lambda: False, 2)
+        except eventlet.TimeoutError:
+            return
+        except Exception:
+            pass
+        self.fail('wait_until_true() does not raise eventlet.TimeoutError '
+                  'compatible exception by default.')
diff --git a/neutron/tests/unit/agent/linux/test_async_process.py b/neutron/tests/unit/agent/linux/test_async_process.py
index 0512556d715..73d54f1235d 100644
--- a/neutron/tests/unit/agent/linux/test_async_process.py
+++ b/neutron/tests/unit/agent/linux/test_async_process.py
@@ -16,7 +16,6 @@ import signal
 
 import eventlet.event
 import eventlet.queue
-import eventlet.timeout
 import mock
 import testtools
 
@@ -88,7 +87,7 @@ class TestAsyncProcess(base.BaseTestCase):
         self.proc._is_running = True
         self.proc._kill_event = kill_event
         # Ensure the test times out eventually if the watcher loops endlessly
-        with eventlet.timeout.Timeout(5):
+        with self.assert_max_execution_time():
             with mock.patch.object(self.proc,
                                    '_handle_process_error') as func:
                 self.proc._watch_process(callback, kill_event)
diff --git a/neutron/tests/unit/services/trunk/drivers/openvswitch/agent/test_ovsdb_handler.py b/neutron/tests/unit/services/trunk/drivers/openvswitch/agent/test_ovsdb_handler.py
index 3460f260c2b..b143aebeca8 100644
--- a/neutron/tests/unit/services/trunk/drivers/openvswitch/agent/test_ovsdb_handler.py
+++ b/neutron/tests/unit/services/trunk/drivers/openvswitch/agent/test_ovsdb_handler.py
@@ -15,13 +15,13 @@
 
 import mock
 
-import eventlet
 import oslo_messaging
 from oslo_serialization import jsonutils
 from oslo_utils import uuidutils
 import testtools
 
 from neutron.api.rpc.handlers import resources_rpc
+from neutron.common import utils
 from neutron.objects import trunk as trunk_obj
 from neutron.services.trunk import constants
 from neutron.services.trunk.drivers.openvswitch.agent import exceptions
@@ -141,8 +141,8 @@ class TestOVSDBHandler(base.BaseTestCase):
                  'mac_address': 'mac'} for subport in self.fake_subports]}
 
     @mock.patch('neutron.agent.common.ovs_lib.OVSBridge')
-    @mock.patch('neutron.common.utils.wait_until_true',
-                side_effect=eventlet.TimeoutError)
+    @mock.patch.object(utils, 'wait_until_true',
+                       side_effect=utils.WaitTimeout)
     def test_handle_trunk_add_interface_wont_appear(self, wut, br):
         self.ovsdb_handler.handle_trunk_add('foo')
         self.assertTrue(self.trunk_manager.dispose_trunk.called)