Path in CC5: System settings - Assets - Conditions
The system is delivered with some general asset conditions that can be edited later on. Select New condition to add, or Edit to change the existing condition. Conditions can also be added by exporting/importing from Excel. Read more under Excel import and export.
To delete a condition, check off to the left of the line and then select Delete. If there are assets linked to a condition, these assets must be moved before the condition can be deleted.