Resorts cost of sales, as a percentage of gross sales (prior to the impact of estimated uncollectible VOI notes receivable and gain on sales of notes receivable), was 21% in both the first quarter of 2008 and the first quarter of 2007.
In addition, SFAS 152 requires that Resorts sales be reduced by estimated uncollectible VOI notes receivable, which were estimated to be $16.
Net realized and unrealized gains on notes receivable were $7.
7 million in net unrealized gains on notes receivable during 2006, approximately $36.
The remainder of the net unrealized gains on notes receivable consisted of unrealized gains related to the 2006 settlement with the Kickapoo Traditional Tribe of Texas ("Kickapoo Tribe") in the amount of approximately $6.
In March 2007, the $105 million credit agreement was repaid in conjunction with the Pokagon notes receivable participation transaction discussed above.
Forward looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting the Company and its operations, markets, products and services, as well as the risk that the Company will not be able to consummate sales of notes receivable
under the timeshare purchase facility referred to above or borrow against the AD&C facility referred to above, and the risks and other factors detailed in the Company's SEC filings, including its most recent Annual Report on Form 10-K filed on March 16, 2006.
When the Purchase Facility was executed in June 2001 and again when it was amended and restated in April 2002, the operative documents included provisions that allowed the Company to substitute new notes receivable for up to 20% of the notes receivable previously sold.
During the term of the Purchase Facility, the Company consummated two term securitization transactions, one in December 2002 and one in July 2004, which included substantially all of the notes receivable that had been previously accounted for as having been sold under the Purchase Facility.
The net unrealized gain on notes receivable
decreased by $0.