Cut loaf of bread into 1 to 1 1/2 inch slices. Whisk the eggs. Add flour, sugar, baking powder, cinnamon and nutmeg. Beat until smooth. Add milk and vanilla. Beat well. Pour into ungreased 9x13 inch pan. Place bread in pan. Coat one side then turn and coat the other side. Cover and refrigerate overnight. Remove toast and turn slices.
Preheat oven to 400 degrees. Melt 1/4 cup butter and pour it over a 10x15 inch jelly roll pan. Place toast in butter and bake 15 minutes. Turn toast and bake for 10 more minutes. Serve with butter and syrup.