1 1/4 cups butter or margarine, softened
2 3/4 cups sugar
1 teaspoon vanilla extract
3 cups all-purpose flour
1 teaspoon baking powder
1/4 teaspoon salt
1 (14-ounce) can EAGLE BRAND® Sweetened Condensed Milk (NOT evaporated milk), divided
2 cups quartered maraschino cherries, well drained, reserving 1/3 cup juice
Preheat oven to 350°F. In large bowl, with electric mixer, beat butter, sugar, eggs and vanilla on low speed until blended, then on high speed 5 minutes until light and fluffy.
In separate bowl, combine flour, baking powder and salt. Add dry ingredients alternately with 1/2 cup EAGLE BRAND® to creamed mixture, mixing lightly after each addition. Fold in cherries. Turn batter into greased and floured 10-inch bundt or tube pan.
Bake for 55 minutes. Cover loosely with foil, shiny side out; continue baking for 15 to 20 minutes or until toothpick inserted near center comes out clean. Let cool in pan 5 minutes; invert cake onto rack and let cool completely.