Question 187.6: Consider the following statements about the commodity lease rate:

I. A positive lease rate, convenience yield and dividend yield are similar in that they all, ceteris paribus, tend to push the commodity forward curve down (toward backwardation)
II. A lease rate (on a consumption commodity) is like a dividend yield (on a financial commodity like a stock index) in that both are observable, require a storable commodity, and are earned by the owner regardless of whether the commodity is loaned

According to McDonald, which of the statements is (are) TRUE?