Default-application-backup schedule type - SLP?

Hi,

Using NB7.5, Master server windows admin console.

I am configuring the schedules tab of a backup of an Oracle database. Should the "Default-Application-Backup" entry be associated with a specific SLP? My understanding (probably very poor) was that the Default-application-backup works in tandem with the other schedules e.g. "Daily Incremental" or "Weekly Full", and the SLP associated with those was used, therefore Default-Application-Backup doesn't need to have an SLP assigned e.g:

(SLP names blacked out to protect the innocent)

Also, is "infinity" the default retention for Default-Application-Backup? 

Thanks