diff --git a/go.mod b/go.mod
index 174e96ed518..18c36d08920 100644
--- a/go.mod
+++ b/go.mod
@@ -28,7 +28,7 @@ require (
 	k8s.io/code-generator v0.23.9
 	k8s.io/klog v1.0.0
 	k8s.io/kube-openapi v0.0.0-20220124234850-424119656bbf
-	knative.dev/pkg v0.0.0-20220805012121-7b8b06028e4f
+	knative.dev/pkg v0.0.0-20220818004048-4a03844c0b15
 	sigs.k8s.io/yaml v1.3.0
 )
 
diff --git a/go.sum b/go.sum
index ea834dce740..71461be2780 100644
--- a/go.sum
+++ b/go.sum
@@ -2037,8 +2037,8 @@ k8s.io/utils v0.0.0-20210802155522-efc7438f0176/go.mod h1:jPW/WVKK9YHAvNhRxK0md/
 k8s.io/utils v0.0.0-20211116205334-6203023598ed/go.mod h1:jPW/WVKK9YHAvNhRxK0md/EJ228hCsBRufyofKtW8HA=
 k8s.io/utils v0.0.0-20220210201930-3a6ce19ff2f9 h1:HNSDgDCrr/6Ly3WEGKZftiE7IY19Vz2GdbOCyI4qqhc=
 k8s.io/utils v0.0.0-20220210201930-3a6ce19ff2f9/go.mod h1:jPW/WVKK9YHAvNhRxK0md/EJ228hCsBRufyofKtW8HA=
-knative.dev/pkg v0.0.0-20220805012121-7b8b06028e4f h1:kW4K5SsjZ7qMzM8TCqHdDmpv0xKN4Jje4BXhDcByFUI=
-knative.dev/pkg v0.0.0-20220805012121-7b8b06028e4f/go.mod h1:nBMKMJvyoaJdkpUrjwLVs/DwaP6d73R3UkXK6lblJyE=
+knative.dev/pkg v0.0.0-20220818004048-4a03844c0b15 h1:GNmzHVaUo3zoi/wtIN71LPQaWy6DdoYzmb+GIq2s4fw=
+knative.dev/pkg v0.0.0-20220818004048-4a03844c0b15/go.mod h1:YLjXbkQLlGHok+u0FLfMbBHFzY9WGu3GHhnrptoAy8I=
 mvdan.cc/gofumpt v0.1.1/go.mod h1:yXG1r1WqZVKWbVRtBWKWX9+CxGYfA51nSomhM0woR48=
 mvdan.cc/interfacer v0.0.0-20180901003855-c20040233aed/go.mod h1:Xkxe497xwlCKkIaQYRfC7CSLworTXY9RMqwhhCm+8Nc=
 mvdan.cc/lint v0.0.0-20170908181259-adc824a0674b/go.mod h1:2odslEg/xrtNQqCYg2/jCoyKnw3vv5biOc3JnIcYfL4=
diff --git a/hack/update-deps.sh b/hack/update-deps.sh
index 5cfc3c4263e..de6a2cee6c6 100755
--- a/hack/update-deps.sh
+++ b/hack/update-deps.sh
@@ -22,7 +22,7 @@ source $(git rev-parse --show-toplevel)/vendor/github.com/tektoncd/plumbing/scri
 
 cd ${REPO_ROOT_DIR}
 
-VERSION="release-1.6"
+VERSION="release-1.7"
 
 # The list of dependencies that we track at HEAD and periodically
 # float forward in this repository.
diff --git a/vendor/knative.dev/pkg/network/handlers/drain.go b/vendor/knative.dev/pkg/network/handlers/drain.go
index d6ef19f4eac..5eee2ea42e3 100644
--- a/vendor/knative.dev/pkg/network/handlers/drain.go
+++ b/vendor/knative.dev/pkg/network/handlers/drain.go
@@ -70,12 +70,15 @@ type Drainer struct {
 	// after Drain is called before it may return.
 	QuietPeriod time.Duration
 
-	// once is used to initialize timer
-	once sync.Once
-
 	// timer is used to orchestrate the drain.
 	timer timer
 
+	// used to synchronize callers of Drain
+	drainCh chan struct{}
+
+	// used to synchronize Drain and Reset
+	resetCh chan struct{}
+
 	// HealthCheckUAPrefixes are the additional user agent prefixes that trigger the
 	// drainer's health check
 	HealthCheckUAPrefixes []string
@@ -106,7 +109,7 @@ func (d *Drainer) ServeHTTP(w http.ResponseWriter, r *http.Request) {
 		return
 	}
 
-	d.reset()
+	d.resetTimer()
 	d.Inner.ServeHTTP(w, r)
 }
 
@@ -115,19 +118,36 @@ func (d *Drainer) ServeHTTP(w http.ResponseWriter, r *http.Request) {
 func (d *Drainer) Drain() {
 	// Note: until the first caller exits, the others
 	// will wait blocked as well.
-	d.once.Do(func() {
-		t := func() timer {
-			d.Lock()
-			defer d.Unlock()
-			if d.QuietPeriod <= 0 {
-				d.QuietPeriod = network.DefaultDrainTimeout
+	ch := func() chan struct{} {
+		d.Lock()
+		defer d.Unlock()
+		if d.drainCh != nil {
+			return d.drainCh
+		}
+
+		if d.QuietPeriod <= 0 {
+			d.QuietPeriod = network.DefaultDrainTimeout
+		}
+
+		timer := newTimer(d.QuietPeriod)
+		drainCh := make(chan struct{})
+		resetCh := make(chan struct{})
+
+		go func() {
+			select {
+			case <-resetCh:
+			case <-timer.tickChan():
 			}
-			d.timer = newTimer(d.QuietPeriod)
-			return d.timer
+			close(drainCh)
 		}()
 
-		<-t.tickChan()
-	})
+		d.drainCh = drainCh
+		d.resetCh = resetCh
+		d.timer = timer
+		return drainCh
+	}()
+
+	<-ch
 }
 
 // isHealthcheckRequest validates if the request has a user agent that is for healthcheck
@@ -145,8 +165,27 @@ func (d *Drainer) isHealthCheckRequest(r *http.Request) bool {
 	return false
 }
 
-// reset resets the drain timer to the full amount of time.
-func (d *Drainer) reset() {
+// Reset interrupts Drain and clears the drainers internal state
+// Thus further calls to Drain will block and wait for the entire QuietPeriod
+func (d *Drainer) Reset() {
+	d.Lock()
+	defer d.Unlock()
+
+	if d.timer != nil {
+		d.timer.Stop()
+		d.timer = nil
+	}
+
+	if d.resetCh != nil {
+		close(d.resetCh)
+		d.resetCh = nil
+	}
+	if d.drainCh != nil {
+		d.drainCh = nil
+	}
+}
+
+func (d *Drainer) resetTimer() {
 	if func() bool {
 		d.RLock()
 		defer d.RUnlock()
diff --git a/vendor/modules.txt b/vendor/modules.txt
index 2244364d190..01538452290 100644
--- a/vendor/modules.txt
+++ b/vendor/modules.txt
@@ -1176,7 +1176,7 @@ k8s.io/utils/internal/third_party/forked/golang/net
 k8s.io/utils/net
 k8s.io/utils/pointer
 k8s.io/utils/trace
-# knative.dev/pkg v0.0.0-20220805012121-7b8b06028e4f
+# knative.dev/pkg v0.0.0-20220818004048-4a03844c0b15
 ## explicit; go 1.18
 knative.dev/pkg/apis
 knative.dev/pkg/apis/duck