What is the difference "Obsolete" and "Out of date"?

I see sometimes in CM assets are marked either "Obsolete", "Out Of Date", or "Newer Version Available". What's the difference between these?

Thanks in advance

Out of date/newer version available means that there are updated versions of those assets available but not yet installed/active. They will still be available for use until they are updated. Once done so, they become obsolete and will not be used by the game. Obsolete items can be deleted, as long as they aren't built in.

Obsolete items have already been updated in your CM, which is why they can just be deleted. Newer versions means you can right-click and select "list asset versions", and then download the new version from the list.