HEAT a large saute pan on medium-high heat; carefully add some of the oil. Sear lamb in batches, cooking 3 min. on each side or until golden brown, and adding additional oil as needed. Transfer to sheet pans fitted with wire racks. Refrigerate 5 min. or until slightly cooled.
COMBINE remaining ingredients in bowl. Spread mixture onto each lamb rack, totally encasing the meat. Place onto sheet pans sprayed with cooking spray.
BAKE in 450ºF convection oven 15 min. for rare, or until desired doneness. Remove from oven; let rest 5 min. before carving.