Applying LUT to Source - order of operations

Right-clicking a clip in the Media Pool or a Thumbnail in a Timeline of the Color page allows you to apply a LUT to source.
What is the order of operation for applying a LUT directly to the clip? is it applied after the node editor?
It doesn't seem to be covered in the user guide.
What is the order of operation for applying a LUT directly to the clip? is it applied after the node editor?
It doesn't seem to be covered in the user guide.