In a large, shallow bowl, whisk together the eggs, milk, sugar, vanilla, cinnamon, salt, and nutmeg.
Place the bread slices in the mixture and keep turning over until all the slices are soaked.
Set aside while you preheat your grill.
Preheat your Foreman Grill to high with the top closed.
While the grill is heating up, whisk together the butter and oil in a small bowl.
Brush both plates of the grill generously with the butter and oil mixture.
Place as many slices of bread on the grill that will fit and close the top.
Grill until golden brown and a little crispy, approximately 2 to 3 minutes. Repeat until all the bread is grilled.
Serve the toast with maple syrup or a dusting of powdered sugar and a side of grilled bacon.