I am taking no credit for this post. It is directly derived from Johannes Tacskovics blog post: http://blog.johannest.com/2009/05/22/the-movieclip-life-cycle-event-frame_constructed-and-event-exit_frame/
He also offers a more complete description of the events. I only need to make sure that I have the reference to the life cycle, so here it is:

  1. Event of event type Event.ENTER_FRAME dispatched.
  2. Constructor code of children MovieClips is executed.
  3. Event of event type Event.FRAME_CONSTRUCTED dispatched.
  4. Frame actions are executed.
  5. Frame actions of children MovieClips are executed.
  6. Event of event type Event.EXIT_FRAME dispatched.
  7. Event of event type Event.RENDER dispatched.

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