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Solve the following problem using Python, implementing the functions described below, one line at a time
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Description:

def _wait_for_spot_instance(update_callback,
                            update_args=None,
                            update_kwargs=None,
                            timeout=10 * 60,
                            interval=30,
                            interval_multiplier=1,
                            max_failures=10):
    '''
    Helper function that waits for a spot instance request to become active
    for a specific maximum amount of time.

    :param update_callback: callback function which queries the cloud provider
                            for spot instance request. It must return None if
                            the required data, running instance included, is
                            not available yet.
    :param update_args: Arguments to pass to update_callback
    :param update_kwargs: Keyword arguments to pass to update_callback
    :param timeout: The maximum amount of time(in seconds) to wait for the IP
                    address.
    :param interval: The looping interval, i.e., the amount of time to sleep
                     before the next iteration.
    :param interval_multiplier: Increase the interval by this multiplier after
                                each request; helps with throttling
    :param max_failures: If update_callback returns ``False`` it's considered
                         query failure. This value is the amount of failures
                         accepted before giving up.
    :returns: The update_callback returned data
    :raises: SaltCloudExecutionTimeout

    '''
    if update_args is None:
        update_args = ()
    if update_kwargs is None:
        update_kwargs = {}

    duration = timeout
    while True:
        log.debug(
            'Waiting for spot instance reservation. Giving up in '
            '00:%02d:%02d', int(timeout // 60), int(timeout % 60)
        )
        data = update_callback(*update_args, **update_kwargs)
        if data is False:
            log.debug(
                'update_callback has returned False which is considered a '
                'failure. Remaining Failures: %s', max_failures
            )
            max_failures -= 1
            if max_failures <= 0:
                raise SaltCloudExecutionFailure(
                    'Too many failures occurred while waiting for '
                    'the spot instance reservation to become active.'
                )
        elif data is not None:
            return data

        if timeout < 0:
            raise SaltCloudExecutionTimeout(
                'Unable to get an active spot instance request for '
                '00:{0:02d}:{1:02d}'.format(
                    int(duration // 60),
                    int(duration % 60)
                )
            )
        time.sleep(interval)
        timeout -= interval

        if interval_multiplier > 1:
            interval *= interval_multiplier
            if interval > timeout:
                interval = timeout + 1
            log.info('Interval multiplier in effect; interval is '
                     'now %ss', interval)