Fitch Rates General Electric Dealer Floorplan Master Note Trust 2006-4.

NEW YORK -- Fitch rates General Electric Dealer Floorplan Master Note Trust, series 2006-4, as follows:

Series 2006-4:

-- $1,193,750,000 class A floating-rate asset-backed notes 'AAA';

-- $43,750,000 class B floating-rate asset-backed notes 'A';

-- $12,500,000 class C floating-rate asset-backed notes 'BBB'.

The ratings on the notes are based upon their respective levels of subordination and the specified credit enhancement amounts. All ratings reflect the transaction's sound legal structure and the high quality of the floorplan receivables generated under revolving credit agreements between various dealers, manufacturers, and distributors ('dealers').

The series 2006-4 collateral securing the notes consists of direct and indirect interests in the receivables, namely floorplan receivables, accounts receivables, and asset-based lending receivables. The series is the eighth issuance from the master note trust formed in mid-2004. The originators of the receivables include CDF, GECC, Brunswick Acceptance Company, LLC (BAC), Polaris Acceptance (PA), and other originators from time to time (all collectively referred to as the Originators). PA is a new originator added to the trust with the issuance of this series and the first time that receivables originated by PA are being included in the trust.

The issuer has a direct interest in receivables that the Originators transfer to CDF Funding, Inc. (the Depositor), and that the Depositor will transfer to the issuer. The issuer has a direct interest in receivables that the Originators transfer to the Depositor and that the Depositor will then transfer to the issuer.

Initial enhancement for the series for the class A notes as a percentage of collateral balance, is 7% (3.50% subordination from the class B notes, 1% the class C notes, and the 2.50% reserve); 3.50% for the class B notes (1% subordination from the class C notes and 2.50% reserve); and 2.50% for the class C notes comprising of the 2.50% reserve account.

There have been no changes in the structure, credit enhancement levels, or concentration limits (manufacturer, dealers and product concentration limits) in 2006-4 when compared to 2006-3. Concentration limits on dealers, manufacturers and product types are established to ensure diversification of the trust receivables and to limit over-exposure to an individual dealer or manufacturer bankruptcies. On the closing date, there will be a 3% seller's interest minimum, requiring the pool balance to equal 103% of all outstanding series' invested amounts.

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