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This option should contain a function name to be executed each time a editor instance is initialized. The format of this function is: initInstance(inst) where inst is the editor instance object reference.
function myCustomInitInstance(inst) {
alert("Editor: " + inst.editorId + " is now initialized.");
}
tinyMCE.init({
...
init_instance_callback : "myCustomInitInstance"
});
Also see the the setup callback option it enabled you to bind events before the editor instance is initialized.
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