An implementation-dependent pathname, typically in the working directory that was current when Common Lisp was started up.
a pathname, used as the default whenever a function needs a default pathname and one is not supplied.
;; This example illustrates a possible usage for a hypothetical Lisp running on a
;; DEC TOPS-20 file system. Since pathname conventions vary between Lisp
;; implementations and host file system types, it is not possible to provide a
;; general-purpose, conforming example.
*default-pathname-defaults* ⇒ #P"PS:<FRED>"
(merge-pathnames (make-pathname :name "CALENDAR"))
⇒ #P"PS:<FRED>CALENDAR"
(let ((*default-pathname-defaults* (pathname "<MARY>")))
(merge-pathnames (make-pathname :name "CALENDAR")))
⇒ #P"<MARY>CALENDAR"
The implementation.