STEP ONEHEAT oven to 325°F. Stir sugar and cinnamon in large bowl until blended. Whisk in eggs. Whisk in evaporated milk, marmalade and vanilla.
STEP TWOCUT bread on a diagonal into 16 (3/4-inch thick) slices. Place about 5 slices of bread in egg mixture. Let soak about 30 seconds per side.
STEP THREEMeanwhile, HEAT oil in large nonstick skillet over medium heat. Remove soaked bread from egg mixture with slotted turner. Cook in hot oil until golden brown on bottom, about 2 minutes. Turn and cook an additional 1 to 2 minutes or until golden brown. Place cooked French toast on baking sheet. Repeat to prepare and cook remaining French toast, adding additional oil to skillet as necessary.
STEP FOURCOVER baking sheet with foil. Bake French toast 10 minutes or until heated through. Serve with sweetened condensed milk.