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Preheat oven to 350°F; butter one 9 inch springform pan.
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Toast the pecans at 350°F for 6 minutes. Remove pecans and set aside. Leave oven at 350°F In a small saucepan, melt the unsalted butter.
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Combine vanilla wafer crumbs with the melted butter then press into the bottom of the prepared springform pan. Place the pan onto a cookie sheet and bake for 10 minutes. Remove and allow to cool.
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In a double boiler, or a bowl set over barely simmering water, melt the caramels in the evaporated milk. Stir until smooth. Pour this over the cooled crust. Sprinkle the nuts over the top.
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In a bowl, combine the cheese, sugar, and vanilla and beat until smooth, scraping down the bowl several times. Add the eggs, one at a time and beat until smooth. Melt the chocolate chips in the double boiler and mix into the cheese mixture. Pour the batter over the caramel layer.
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Bake at 350°F for 40 minutes or until barely set. Chill overnight in the refrigerator before serving. Enjoy.
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