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Preheat oven to 350 F. (325 for pan with colored outer surgace). Generously grease 10-inch Bundt or tube pan. In medium saucepan, heat first 5 ingredients until butter melts and mixture is bubbly, stirring constantly. Add liqueur or juice. Continue cooking until thickened, stirring constantly. Reserve 1/3 of mixture for cake; pour remaining into pan. Sprinkle with cherries. In large bowl, blend the 1/3 cup reserved mixture and first 3 cake ingredients until moistened; beat as directed on cake package. Stir in nuts; pour over mixture in pan. Bake 30 to 40 minutes or until top springs back when touched lightly in center. Cool upright in pan 15 minutes; invert to remove cake from pan (sauce mixture will glaze cake upon inverting). |