Nighlty build/bundle: jre-7-ea-bin-b122-windows-i586-14_dec_2010.exe
Build Location: http://rehudson.sfbay.sun.com:8080/hudson/user/in81039/my-views/view/DeployJDK7/job/deploy-2-build-windows-i586-product/ws/deploy/build/windows-i586/bundles/

Applets are failing to load inside the inside IE/FF browser using the above mentioned nighlty build. It has been noticed that client VM fails to start at all and following exception is getting thrown by server VM

IE runs:
IExplorerPlugin.InPlaceActivate(cAxControl = 0x3a15d58) entered
IExplorerPlugin.InPlaceActivate(cAxControl = 0x3a15d58) exited
IExplorerPlugin.SetObjectRects(cAxControl = 0x3a15d58, left = 14, right = 614, t
op = 87, bottom = 337)
  Attempting to start applet
Exception in thread "Thread-0" java.lang.NullPointerException
        at sun.plugin2.main.server.ClientJVMSelectionParameters.setFxRequirement
(Unknown Source)
        at sun.plugin2.main.server.ClientJVMSelectionParameters.extract(Unknown
Source)
        at sun.plugin2.main.server.JVMManager.startAppletImpl(Unknown Source)
        at sun.plugin2.main.server.JVMManager.startApplet(Unknown Source)
        at sun.plugin2.main.server.JVMManager.startApplet(Unknown Source)
        at sun.plugin2.main.server.IExplorerPlugin.maybeStartApplet(Unknown Sour
ce)
        at sun.plugin2.main.server.IExplorerPlugin.access$200(Unknown Source)
        at sun.plugin2.main.server.IExplorerPlugin$BackgroundStarter$1.run(Unkno
wn Source)

FF runs:
NativeLibLoader: trying to load C:\PROGRA~1\Java\jre7\bin\new_plugin\npjp2.dll
  (Succeeded)
MozillaPlugin.MozillaPlugin
MozillaPlugin.setWindow sun.plugin2.main.server.MozillaPlugin@ec16a4 hWndControl
Window = 1550387112
  Attempting to start applet
Exception in thread "main" java.lang.NullPointerException
        at sun.plugin2.main.server.ClientJVMSelectionParameters.setFxRequirement
(Unknown Source)
        at sun.plugin2.main.server.ClientJVMSelectionParameters.extract(Unknown
Source)
        at sun.plugin2.main.server.JVMManager.startAppletImpl(Unknown Source)
        at sun.plugin2.main.server.JVMManager.startApplet(Unknown Source)
        at sun.plugin2.main.server.JVMManager.startApplet(Unknown Source)
        at sun.plugin2.main.server.MozillaPlugin.maybeStartApplet(Unknown Source
)
        at sun.plugin2.main.server.MozillaPlugin.setWindow(Unknown Source)
MozillaPlugin.setWindow sun.plugin2.main.server.MozillaPlugin@ec16a4 hWndControl
Window = 1550387112

Steps to reproduce:
1) Install the above mentioned nightly build
2) if applet fails to load and server VM throws above mentioned exception then bug is reproduced