A question about an entry in cvsroots.php

Greetings,
 I just need clarification about the LOCATION entry in the cvsroots.php file.
According to the file -

"* 'location' [M] : Location on the filesystem of the CVSROOT"

Is this the location on the *local* file system (our machine). Or
does this refer to the remote fs.

Thank you for all your time and consideration in this matter.

--Chris


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