Heat oven to 350°F. In small microwavable bowl, microwave 1/4 cup of the butter uncovered on High 30 to 50 seconds or until melted. Line bottom of 9x5-inch loaf pan with Reynolds® Parchment Paper. Lightly brush bottom and sides with small amount of the melted butter. In small bowl, mix granulated sugar, cherries and orange peel; set aside.