The :KEY parameter is included in some functions that ship with Common Lisp. All of the descriptions that I have found of them are unhelpful, and :KEY
:KEY
The :key argument is a function of one parameter; it is applied to each element of the sequence to generate the value used for testing. If omitted, the identity function is used.
:key
Here's an example from the CLHS:
(member 2 '((1 . 2) (3 . 4)) :test-not #'= :key #'cdr) => ((3 . 4))