Dynamically exit a loop

Hi All,

I'm trying to find a way to dynamically exit a loop before its completed its number of iterations if a certain even occurs. so logically it need to look something like this ..

Loop 20 times

Refresh page

wait 1sec

    If (Text = bob)

          exit loop 

    else

          Loop count ++

end loop

The reason im needing to do this is that we have a cloud service that can 'acceptably' take upto 10mins to process new information if it takes longer than 10mins i want the test to fail, but i don't want the test to wait 10 mins if the data comes back quicker. the data is not pushed to the page but has to be pulled by a page refresh. from the research we've done here we cant find a way to force exit the loop, has anyone done this before? 

Thanks,

Dan