“Key Man Clause”是基金中的“关键人条款”。是指当指定的基金管理团队的核心成员身故或离开基金时，基金将暂停投资或解散并清算。A key man clause is a contractual clause that prohibits an investment firm or fund manager from making new investments if one or more key persons are not available to devote the necessary time to the investment. A key man is an important employee or executive who is critical to the operation of the business, and whose death, absence, or disability may have a significant negative effect on the operation of a company

关键人物的退出、离开或者更换，可能对基金运作产生重大影响。关键人一般是指在基金募集、项目获取、投资决策、增值服务、投资退出等重要环节发挥关键性作用的团队核心成员。因此，关键人条款通常是私募股权基金有限合伙协议的必备条款。不同协议对关键人条款的规定有所不同，一般而言是指关键人在整个基金存续期间不得离开，否则LP有权要求中止向基金进行出资承诺和后续投资，若未能在规定期限内就替代人选达成协议，基金将解散并进行清算。关键人士可以有一名或多名，人数不同也会影响协议的具体规定；若有多名关键人，即便其中一人离职，也不一定会对基金运作产生很大影响。

以下为相关条款双语示例：

Key Man Provision. A new Section 9.26 shall be inserted: "Key Man. If any two of Michael Tennenbaum, Howard Levkowitz and Mark Holdsworth die, become incapacitated or depart from the Investment Manager and cease to be actively involved in the management of the Borrower, the Administrative Agent may veto a proposed replacement for one of such individuals and may veto portfolio transactions in excess of 15% of the total assets of the Borrower until a replacement principal has been appointed to fill one of such positions."

关键人条款。新的第9.26节将予以插入，内容如下：“关键人。若Michael Tennenbaum, Howard Levkowitz 和 Mark Holdsworth三人中任意两人死亡、丧失工作能力或离开投资经理且不再积极参与对借款人的管理，则行政代理人可否决对其中一位该等个人的拟议替换，并可否决超过借款人总资产15%的组合交易，直至已任命替代管理人填补该等职位空缺”。