Commodity forward price with lease payment payment, forward, investing

yuoska

I'm confused by the arbitrage formulas for commodities in Schweser

"The commodity borrower is willing to pay the lease rate = convenience yield - storage cost. The value of the forward to the commodity borrower"

F >= S * (e^ (Rf - lease rate)*T)

In the secret sauce book, it says "Treating the lease payment as a dividend (for investing in the commodity), the forward price for a commodity with an active lease market is:"

F <= S * (e^ (Rf - lease rate)*T)

This whole section is confusing to me. Can anyone explain it in the plain english?