Steps to reproduce:

1. Open Unity;
2. Create new project and scene;
3. Import Vehicles package from Standart assets (Assets --> Import Package --> Vehicles);
4. In the Editor's Project window go to Assets - Standart Assets - Vehicles - Car - Models;
5. Drag 'SkyCar.fbx' model to the Scene view;
6. Right click on 'SkyCar' model and click "Show in Explorer";
7. Delete "SkyCar.fbx" file from the project folder in file explorer;
8. Click on red SkyCar prefab in Hierarchy view.

Actual result:
Unity crashes (see attached gif video).

Last calls in the stacktrace:
0x00000001400D6F53 (Unity) RenderNodeQueue::Cleanup
0x00000001400D705B (Unity) RenderNodeQueue::~RenderNodeQueue
0x0000000140B9B35E (Unity) GrayscaleFilterEffect::RenderGrayscaleFade
0x0000000140B9B430 (Unity) GrayscaleFilterEffect::RenderGrayscaleFade
0x0000000140B9B495 (Unity) GrayscaleFilterEffect::RenderGrayscaleFade
0x0000000140B9B56C (Unity) GrayscaleFilterEffect::RenderGrayscaleFade

Regression introduced in Unity 5.4.0a5.

Please notice, that crash may not happen each time.

Expected result:
Editor should not crash after deleting fbx files from project folder.

Notes:
- Reproduces in 5.4.0b5;
- Crash also happens when deleting .spm files (SpeedTree assets);
- Reproduces on both Windows 10, Windows 8.1 and on OSX 10.11.3;
- To reproduce this crash more likely the viewpoint in the scene should be situated very close to the model itself (see attached video for clarity);
- Crash also happens when deleting files from Editor's Project tab;
- Crash may produce different stacktrace or even not to launch bugreporter.