Cutting a keyset is essentially the same as copying keys to the keys clipboard then deleting them.
The Current Time Indicator moves to the clicked position and the key is now selected.
 -click
                  and select Cut from the menu that appears.
 -click
                  and select Cut from the menu that appears.
               If Time Range-All is on in the Cut Keys options, all keys for the current object are cut. If Time Range-Start/End is on in the Cut Key options, only keys between the specified Start and End time are cut. If Time Range-Time Slider is on in the Cut Keys options, only the keys between the Range Slider’s Start and End times are cut.
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            The Cut Keys Options window closes.
The Cut Keys Options window remains open.