This cake is adapted from my Cold Oven Cream Cheese Pound Cake; I chose that cake because the cream cheese is a nice, tangy fit with the margarita flavors.
Adjust the oven rack to the lower middle position. Spray a 12 cup bundt pan with a grease/flour combo such as Baker’s Joy (or do it yourself). (You can also split into a 10-cup bundt and 2 mini loaves.) Set aside.
Beat the cream cheese for 30 seconds on medium speed until it is quite creamy. Add the butter and lime zest and beat for 1 minute on medium speed, until the butter and cream cheese are completely blended.
With the mixer on medium speed add the eggs, one at a time, scraping down the sides of the bowl after each addition. After the last egg, add the ground vanilla, lime juice, tequila and orange extract. Beat for 1 more minute.
Turn the mixer down to low and add the flour in 5 additions, scraping down the sides of the bowl after each addition. After the last addition, beat the batter on medium speed for 30 seconds. Scrape the batter into the prepared bundt pan, smoothing the top out when finished. Place the pan in the cold oven.
Turn the temperature to 325 F and bake for 65-80 minutes–do not open the oven any more than necessary (to check for doneness). (I was able to whisk out my mini loaves without adverse effect at around the 30 minute mark, and I checked for doneness for my 10-cup bundt at 55 minutes.) The cake is done when it is golden brown and a cake tester comes out clean.
Place the sugar and lime juice into a small sauce pan and bring to a boil. Whisk until the sugar is dissolved and add the tequila. Whisk and then remove from the heat.
Cool the cake in the pan for 15 minutes. Then invert it onto a cooling rack, and place wax paper or foil under the rack. Using a silicone brush, brush the glaze all over the warm cake. Repeat until the glaze is gone.
Squeeze the lime juice into a bowl. Add 1/2 cup of powdered sugar and whisk. Continue adding powdered sugar until the glaze is thick but pourable. You may not use all of the powdered sugar. Whisk in the heavy cream when done.
When the cake has cooled completely, drizzle the glaze over the cake. Catch what falls beneath with either foil or wax paper. Place fresh wax paper or foil under the cake drizzle the drippings back over the cake. Repeat until either the glaze is gone or you are happy with the amount of glaze.
Let the cake stand until the glaze has set.