Phospholipase hydrolyzing both fatty acid esters of phospholipid, i.e. it hydrolyzes phosphatidylcholine (PC) to lysophosphatidylcholine (LPC) and then LPC to glycerophosphorylcholine (GPC). There are two forms of LDH. The LDH(S) may be a protein in which 13 residues of the N-terminal of LDH(L) are deleted. Belongs to the 'GDSL' lipolytic enzyme family.