Deletes edges or vertices from the polygon mesh depending on what components are selected.
When vertices are selected, it removes any shared vertices that are selected on the mesh. Shared edges associated with the selected vertices are also removed as a result. The faces surrounding the deleted vertices and edges are replaced with a single n-sided polygon created from the vertices surrounding the deleted vertex.
When edges are selected, it removes any shared edges that are selected on the mesh as well as any shared vertices that are associated with the deleted edges. Delete Edge/Vertex does not delete border edges on a polygonal mesh.
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You can also press 
+ Delete or