Heat oven to 400 degrees.
Cut bread diagonally, part way through, into 1-inch slices, leaving the bottom intact. In a small bowl, thoroughly blend butter, parsley, green onion, garlic, basil, salt and pepper with a fork. Butter both sides of bread slices, then top crust. (At this point the loaf can be wrapped tightly with heavy-duty aluminum foil and stored. Refrigerate up to 3 days, or freeze up to one month.) Wrap loosely with foil and place on a baking sheet. Bake about 15 minutes. Serve.
From refrigerator, heat oven to 400 degrees, loosen foil and bake 20 minutes or until golden brown; from the freezer. Follow the above instructions, but bake 30 to 35 minutes.