Beat eggs, milk, orange juice, orange peel, vanilla, cinnamon and nutmeg in large bowl with wire whisk until blended. Dip bread in egg mixture.
Melt 2 tablespoons I Can't Believe It's Not Butter!® Spread in 12-inch nonstick skillet or griddle pan and cook 4 bread slices, turning once, until golden brown, about 5 minutes. Repeat with remaining Spread and bread. To serve, sprinkle, if desired, with confectioners sugar.