ASP.NET Application Life Cycle - NOT page life cycle

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I am trying to debug an issue I am having with an asp.net web application running on IIS 7.5. I was expecting to find that when we deployed our application by changing the physical path to a new copy of the code, requests were not being completed.I was under the impression that currently executing requests would finish on the old instance of the app while new requests were executed against the new instance. If that is true, I expected the old instance to run until httpRuntime.shutdownTimeout was reached.To make a long story short, I tried to reproduce this locally and it didn't happen. No matter how long I made my request take IIS seems like it will wait beyond the setting in shutdownTimeout.This is the part of the life cycle I am interested in. What happens between a change to the physical path of the application and IIS pulling the plug on any currently executing requests?