And I think that's too simplistic. It appears to define obsolete from the perspective of what a patron is currently able to do, not from what the intention of the casino is. Depending on how you define "and", that definition might allow a person to declare an LE "obsolete" as soon as it's sold out. If a casino is out of an LE, I "can't redeem AND BUY" that chip.

Just because a casino doesn't have any of a specific chip does not automatically imply it is obsolete. The fact that a casino does not have a chip does not make it obsolete IF they would sell it or use it IF they had it.

The fact that a casino will redeem a chip does not make it NOT obsolete IF they have no intention of using or reselling it once it's been redeemed. Some casinos consider it good will to take just about anything if they believe the customer is redeeming it in good faith.

A chip is obsolete IF no casino would use or sell that chip openly if they had it.