Heat oven to 350
Beat first 5 ingredients with mixer on low speed just until moistened, stopping frequently to scrape bottom and side of bowl. Beat on medium speed 2 min. Pour into greased and floured 13x9-inch pan.
Bake 35 min. or until toothpick inserted in center comes out clean. Cool completely.
Beat cream cheese and butter with mixer until well blended. Gradually beat in sugar.
Remove cake from pan. Carefully cut cake, crosswise in half using serrated knife. Place 1 cake half, top-side down, on plate; spread with some of the frosting. Top with remaining cake half, top side. Spread top and sides with remaining frosting. Press nuts into sides. Keep refrigerated.
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