Hot Fudge Sauce

INGREDIENTS
1 cup semisweet chocolate chips
2 tablespoons butter or margarine
1 (14 ounce) can EAGLE BRAND Sweetened Condensed Milk
2 tablespoons water
1 teaspoon vanilla extract

DIRECTIONS
In medium-sized saucepan, over medium heat, melt chips, butter, sweetened condensed milk and water. Beat smooth with wire whisk if necessary.
Stir in vanilla. Serve warm over ice cream or as fruit dipping sauce. Refrigerate leftovers.
FOOTNOTES: if you use the microwave watch it really close because it will burn easily
Microwave
In 1-quart glass measure, combine ingredients. Cook on 100% power (high) 3 to 3 1/2 minutes, stirring after each minute. Proceed as above.
To Reheat
In small heavy saucepan, combine desired amount of sauce with small amount of water. Over low heat, stir constantly until heated through.
You may substitute 4 (1-ounce) squares semi-sweet chocolate for the 6-ounces chocolate chips.