Cut or tear the bread into 1” chunks in a large bowl. In another bowl, whisk together the eggs, honey, eggnog and vanilla. Pour over the bread and let sit for an hour or two, stirring gently once in awhile. All the liquid should be well absorbed, but the bread shouldn't turn to mush (thus the good-quality crusty loaf).
Preheat the oven to 375°F. Pour the bread mixture into a baking dish that has been sprayed with nonstick spray, or any baking dish that will accommodate the quantity you made. Sprinkle with cinnamon and nutmeg.
Bake for 45 minutes, until puffed, golden and set.
Serve warm or at room temperature.