In a small bowl, combine the first six ingredients; set aside. Cut bread diagonally into 1 in. slices to within 1/2 in. of bottom of loaf. Repeat cuts in opposite direction. Arrange cheese slices in cuts. Drizzle butter mixture over bread.
Wrap loaf in foil; place on a baking sheet. Bake at 350 degrees for 15 minutes. Uncover; bake 10 minutes longer or until cheese is melted. Yield: 8 servings.